Chemical Vapor Deposition Market Revenue Growth and Quantitative Analysis Till 2030
Chemical Vapor Deposition Market
The global chemical vapor deposition market was valued at USD 28.96 billion in 2020 to USD 58.58 billion by 2027, at a CAGR of 10.59% from 2021 to 2027. The rising demand for microelectronics applications and high-performance films in solar panels are the key factors driving the market's growth. The Chemical Vapor Deposition process is the widely used deposition method for producing high-quality, high-performance, solid materials, mostly under vacuum. CVD is often used in the semiconductor industry to make thin films and goes into various segments, such as smartphones, PCs, tablets, and other medical electronics.
Metals, such as aluminum, copper, etc., which are used in microelectronics manufacturing, are often deposited by CVD methods. Copper CVD is generally used as a substitute in integrated circuits. According to UK Research and Innovation, microelectronics of aerospace, automotive, consumer technology, and defense industries collectively account for EUR 78 billion of the UK’s GDP and employ almost 2.9% of the UK workforce.
The United Arab Emirates is one of the most important markets in the Middle East & African region for consumer electronics trade flows due to its position as a regional hub and re-exporter of devices in the region. Imported machines from East Asia mainly serve the domestic market. At the same time, the United Arab Emirates is a major re-exporter of these products to Africa and other Middle Eastern countries. With the growth in the electronics and appliance segment, the chemical vapor deposition (CVD) market is expected to witness positive growth during the forecast period.
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Global Chemical Vapor Deposition Market Dynamics
Drivers: Use of High-Performance Films in Solar Panels
Chemical vapor deposition (CVD) films are widely used in the fabrication of solar cells. Due to the absence of energetic particles in hot-wire chemical vapor deposition (HWCVD), the layers grow softly and free of damage, thus ensuring excellent surface passivation, hence providing highly efficient solar cells. A thin-film solar panel is made up of an assembly of several thin-film (CVD) solar cells. These CVD solar panels offer many advantages over traditional solar panels, such as being lightweight, cost-effective, having less impact on the environment (because of less silicon usage), easy to install, and requiring less labor.
Renewables will have the fastest growth in the electricity sector by providing almost 30% of power demand by 2023. Renewables are also forecast to meet more than 70% of electricity generation growth globally due to the increase in solar PV, followed by wind, hydropower, and bioenergy. Solar PV is running well to meet its SDS target, which required electricity generation to grow from solar PV from 460TWh in the year 2017 to reach more than 2700 TWh by the year 2030.
Restraints: High Capital Investment for Technology
Chemical vapor deposition (CVD) is a process in which films of materials are deposited from the vapor phase by decomposition of chemicals on the surface of the substrate. The CVD process involves depositing a solid material from a gaseous phase; the chemical reaction controls this deposition of the film. In addition, CVD produces filaments with extremely high mechanical properties, thus fabricating the fibers individually. One reactor is necessary for each fiber made, resulting in increased production costs. There are several types of CVD processes, including atmospheric pressure chemical vapor deposition, metal-organic chemical vapor deposition, low-pressure chemical vapor deposition, laser CVD, photochemical vapor deposition, and plasma-enhanced CVD. CVD is a broadly used process for coating metallic or ceramic compounds, including element metals and their alloys and intermetallic compounds. During this process, the constituents of a vapor phase, often diluted with an inert carrier gas, are introduced into a reaction chamber and absorbed on the heated substrate surface, which results in a solid coating via a chemical reaction. This process takes time; thus, high costs are required in this technology.
Scope of the Report
The study categorizes the chemical vapor deposition market based on category, application, and regions.
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- CVD Equipment
- CVD Materials
- Solar Panel
- Cutting Tools
- Medical Devices
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
CVD Equipment, by Category, has the highest revenue share in the market of chemical vapor deposition
Based on the product and service, the global chemical vapor deposition market has been segmented into CVD Equipment and CVD Materials. In 2020, CVD equipment will have the highest revenue share of 70.47% in the chemical vapor deposition market.
CVD equipment is used in research and production, including advanced sub-processes such as plasma, laser, and photon CVD. CVD equipment does not usually require an ultra-high vacuum and generally can be adapted to many process variations. Its flexibility is such that it allows many changes in composition during deposition, and the co-deposition of elements or compounds is readily achieved. CVD equipment includes atmospheric pressure CVD (APCVD), low-pressure CVD (LPCVD), metal-organic CVD (MOCVD), and ultra-high vacuum CVD (UHVCVD), among others.
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Asia Pacific accounts for the highest CAGR during the forecast period in the chemical vapor deposition market
Based on region, the global CVD equipment market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 7.42% during the forecast period 2021-2027.
The Asia-Pacific market is witnessing a range of developments in the field of semiconductor equipment. South Korea is one of the biggest markets in the Asia-Pacific region with significant demand for semiconductor equipment and covers ~40% of the total market. Asia-Pacific is a hub for electronic gadgets, with millions of them being produced every year either for consumption in its locale or for export purposes. The Asia-Pacific region, which mainly includes developing nations, has reduced the costs of manufacturing and designing compared to North America. Along with the increasing electronics market, these two factors act as drivers for the growth of the semiconductor equipment market in this part of the world. China occupied the third-largest market share in the Asia-Pacific semiconductor equipment market and is estimated to grow at a CAGR of 7.54% during the forecast period. The primary reason is the emergence of IC design over Packaging & Testing. However, Japan has always been one of the leading regions when it comes to developments in technology. This is primarily because of its refined communications infrastructure.
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Key Market Players
Lam Research Corporation, Applied Materials Inc., Tokyo Electron Limited, CVD Equipment Corporation, IHI Corporation, ASM International, Hitachi Kokusai Electric Inc., Jusung Engineering Co. Ltd., Aixtron, Veeco Instruments Inc., and UlVAC Inc. are some key players in the market chemical vapor deposition.