The use of optical coatings to improve the transmission or reflection of light at the surface of an optic has increased the market’s size considerably in the past few years. The most common type of optical coating is an antireflection coating, which decreases unwanted reflections from surfaces and is used in an extensive range of applications comprising of photographic and ophthalmic lenses. The anti-reflection coatings are used on most of the refractive optics and are used to exploit throughput and decrease unwanted reflections. The optical coating market which was valued currently at USD 7,964.8 million in 2017 and is estimated to touch revenues worth USD 11,788.3 million by the end of 2023 while expanding at a CAGR of 7.07 percent in the forecast period.
Demand for optical add-on products in consumer electronics together with the intensifying usage of advanced technological automotive is anticipated to boost the market’s demand in the forecast period. Additionally, increasing demand for a cleaner source of power generation, particularly solar energy, is likely to deliver a lucrative opportunity to market participants. Increasing government investments in setting up solar plants to meet the increasing energy demand, chiefly in emerging economies, is anticipated to augment the growth. Growing demand for products to improve light transmissivity in optic and laser industry along with escalating sales of a smartphone with better user interference is projected to drive the demand in the duration of the forecast period. Furthermore, growing application of optic coatings in laser systems for defense and medical is projected to augment the market growth further. Moreover, surging demand for vacuum deposition technology in medical equipment & devices and increasing need for a renewable source of energy, especially solar energy, are creating new opportunities for the optical coating market.
Owing to the superior properties and several optical coating techniques, electronics & telecommunication and automotive industries are major end use applications in the optical coatings market globally. Mounting sales of smartphone together with ultra-high definition TV sales are gaining impetus, driven by an upsurge in consumer awareness and new, lower priced models being launched in the market which will further propel the market’s growth in the forecast period.
Segmental Analysis
The optical coating market is segmented based on end-use industry, type, coating method, and coating material. On basis of end-use industry, the market is segmented into healthcare, automotive, electronics & telecommunication, aerospace & defense, solar, and others. Amid these end-use industry, the electronics & telecommunication is controlling the market with over one-third shares. On the basis of coating method, the market is segmented into sputter deposition (ion beam sputtering (IBS), vacuum deposition/ evaporative deposition (thermal evaporation, electron beam deposition/ electron beam evaporation), reactive sputtering, ion assisted deposition (IAS), magnetron sputtering, plasma sputtering, gas flow sputtering), and others. The Vacuum Deposition/ Evaporative Deposition segment had accounted for the chief share of the market in 2017 and is projected to touch USD 3,833.7 million in revenue in the forecast period. The market is segmented on the basis on the type into beam-splitter coatings, anti-reflective coatings, filter coatings (short-pass & long-pass, notch filter, bandpass, others), electrochromic (EC) coatings, high reflective coatings, partial reflection coatings, transparent conductive coatings, and others. The anti-reflective coatings was leading the market in 2017, however the filter coatings segment is projected to grow at the maximum CAGR of 7.86 percent during the forecast period. The coating material segment of the market is segmented into dielectric materials and metallic materials. Among the coating materials, the metallic materials is attributed for the main market share, nonetheless during the forecast period dielectric materials is expected to develop at the highest CAGR of 7.57 percent.
Detailed Regional Analysis
The optical coating market covers regions such as Latin America, North America, Europe, Asia-Pacific, and Middle East & Africa. The Asia Pacific region is expected to be the major market for optical coating in the duration of the forecast period. This is principally owing to the varying lifestyle of the people in this region and positive government policies adopted by the emerging markets such as India, China, and South Korea. The developing demand from the renewable energy sector, particularly from solar energy, is likely to fuel the optical coating market during the forecast period. Following the APAC region, the North American region is the next major region in this market. The European region is another significant region in this market, which is closely following the North American market. Regions such as Middle East, Africa and Latin America on the other hand, hold comparatively limited shares in this market.
Competitive Analysis
The optical coating market is characterized by the healthy competition among these players on account of the huge growth potential. The market has a substantial number of the established tier-1 and tier-2 companies, along with a considerable presence of small and medium scale industries. The key players functioning in the market for optical coating are Thorlabs inc, Edmund Optics Inc, Angstrom Engineering Inc, Optiforms Inc, Abrisa Technologies, Carl Zeiss Jena GmbH, Inrad Optics, Berliner Glas, Reynard Corporation, MKS Instruments, PPG industries, Optics Balzers AG, AMETEK, II-VI Incorporation, DowDuPont Inc, Optical Coatings Japan among others.
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With the oil condition monitoring, the maintenance of the engines, machines, and other systems is completed in an effective way, which in turn, decreases the downtime expense.
• Increasing integration of big data analytics and rising adoption of Industrial Internet of Things (IIoT) is expected to offer growth opportunity to the oil condition monitoring system during the forecast period.
• Limited availability of skilled professionals and extra expenses of retrofitting existing system are some factors hampering the growth of the oil condition monitoring market.
The automobile industry, oil & gas industry, and mining sector has seen a considerable downfall in its operations due to the disruption in the supply and demand for finished goods from across these sectors.
In 2019, North America held the largest share in the global oil condition monitoring market, followed by Europe and Asia Pacific.
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The growth sectors of the Process Analyzer Market Size are identified with precision for a better growth perspective.The global process analyzer market, according to the latest report by Market Research Future (MRFR), is slated to acquire a significant market valuation expand at a CAGR of approximately 6% over the forecast period (2017-2023).Process analyzers are fundamentally used to control the physical properties of substances involved in industrial processes.
These process analyzers assist in improving the safety and quality of the product as well while liquid process analyzers are used for monitoring the process of chemistry and aid in offering process optimization and control.Drivers and RestraintsMajor influential factors that are driving the growth of the global process analyzer market is the increasing demand for water & wastewater treatment plants and rising competition among major market players in the market to offer technologically advanced and superior-quality products.
In additon to these factors, the demand for process analyzers in oil and gas industries is also expected to witness a substantial rise, consequently driving the growth of the global process analyzer market over the review period.Segmental AnalysisThe global process analyzer market is segmented on the basis of the service, type, and industry.
On the basis of the type, the process analyzer market is segmented into conductivity analyzers, pH/ORP analyzers, near-infrared analyzers, dissolved oxygen analyzers, turbidity analyzers, chlorine analyzers, MLSS analyzers, liquid density analyzers, TOC analyzers, ammonia analyzers, aluminum analyzers, fluoride analyzers, and others.
Whereas, the post-sales segment is further segmented into parts & spares services, preventive maintenance services, and on-site training services.
