According to a new report published by Allied Market Research, titled, Optical Coating Equipment by Material, Application and End-user Industry: Global Opportunity Analysis and Industry Forecast, the optical coating equipment market was valued at $3,402 million in 2016, and is projected to reach at $4,611 million by 2023, growing at a CAGR of 4.6% from 2017 to 2023. Asia-Pacific is expected to be the leading contributor to the global optical coating equipment market, followed by Europe and North America.
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The increase in scope of application for materials science and engineering across different industry verticals is expected to drive the demand for optical coating equipment. Also, the advancement in fabrication technology for applying thin-film optical coating has profound influence over the market growth and is subsequently the technological advancement is also expected to drive the market growth.
However, the utilization of state-of-the art technology such as sputtering and ion deposition in the equipment has resulted in high costs of equipment installation and maintenance. Subsequently, is expected to hinder the market growth.
In 2016, the evaporation deposition, accounted for the maximum revenue share in the overall optical coating equipment market by technology owing to their lower cost of operations and large production capabilities. However, the ion beam sputtering is expected to provide profitable opportunities to the manufacturers owing to their precision high quality optical coating abilities across different curvatures.
The electronics segment is expected to grow at a fastest CAGR of 5.21% owing to increase in demand for consumer electronics globally. Moreover, the medical and automotive end users in the optical coating equipment market is also expected to generate attractive business opportunities during the forecast period (2017-2023).
North America accounted for the major share of the global optical coating equipment market in 2016 owing to the increase in demand from military and aerospace industry. However, Asia-Pacific is estimated to grow at the highest rate followed by Europe due to rising demand from consumer electronics and automotive industries.
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