Yahoo Finance Global UV LED Market Size is Predicted to Achieve Impressive 21.7% CAGR, Reveals Straits Research
The rapid expansion of UV curing in new applications such as bio-based products, resins, disinfection, and purification has led to a rise in UV LED market penetration.
New York, United States, Oct. 09, 2023 (GLOBE NEWSWIRE) -- UV LED technology can transform electrical energy into ultraviolet light. UV LED products are manufactured employing multiple technologies, including UV-A, UV-B, and UV-C. Typically, it operates at temperatures below 100 degrees Fahrenheit. “The global UV LED market size is projected to reach USD 3,641 million by 2031, growing with a CAGR of 21.7% during the forecast period (2023–2031).” stated by Research Manager at Straits Research P. Ltd.
Key Drivers
UV curing has been utilized in industries for drying and coating purposes due to technological advancements and developments that reduce the time required for curing processes compared to conventional curing techniques. UV LEDs are in high demand and widespread use in industrial and printing applications. In addition, increasing government initiatives, particularly in the United States and Europe, to implement eco-friendly curing technologies encourage industries to adopt UV curing systems.
Regional Analysis
North America holds the biggest share of the UV LED market and is expected to register a CAGR of 16.3%. The market is driven by the increasing use of UV LED in curing systems and many other applications, such as disinfection, purification, counterfeit detection, and sterilization, among others. The UV LED market is anticipated to expand significantly more rapidly in the United States than in any other North American nation. This is due to the United States' extensive adoption of advanced UV LED technologies, which is anticipated to create growth opportunities for the UV LED market over the forecast period.
Asia Pacific is the fastest-growing market for UV LED, registering a CAGR of 23%. Increases in industrialization and manufacturing in India, China, and South Korea contribute to the expansion of the Asia-Pacific UV LED market. The Asia-Pacific UV LED market is anticipated to become the largest regional market due to a sharp increase in the number of developers and the thriving electronics industry. Massive investments are being made by major Japanese and Chinese companies in response to the expanding applications of UV LEDs, such as disinfection and sterilization. Using solid-state lighting, Nichia Corporation launched a 280 nm UVC NCSU334A deep blue ultraviolet-emitting LED in April 2019 to address the needs of the mass market for air sterilization and water purification.
The UV LEDs market in Europe is expected to grow at a rapid pace due to increased demand for UV-curing systems for industrial applications such as printing, adhesiveness, coating, and others. Higher import duties, the increasing adoption of UV LEDs in consumer electronics, and emerging trends drive Europe's UV LED market.
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Key Highlights
North America holds the biggest share of the UV LED market and is expected to register a CAGR of 16.3%.
Based on type, the market is categorized into UV-A, UV-B, and UV-C. The UV A segment is the highest contributor to the market, registering a CAGR of 16.0% during the forecast period.
Based on application, the market is divided into UV curing, purification, indoor gardening, counterfeit detection, and others. The disinfection/purification segment is the highest contributor to the market and is growing at a CAGR of 19.8% during the forecast period.
Based on industry vertical, the market is divided into healthcare and medical, agriculture, industrial, residential, and commercial. The healthcare and medical segment is the highest contributor to the market, growing at a CAGR of 22.8% during the forecast period.
Competitive Players
The key players in the market are Nordson Corporation, LG Innotek Co. Ltd., Lumileds Holding BV, Nichia Corporation, OSRAM, Koninklijke Philips N.V., Semileds Corporation, Crystal IS, Sensor Electronic Technology, and Phoseon Technology.
Market News
In October 2021, Nichia, the largest LED manufacturer in the world and the inventor of the high-brightness blue and white LED, began mass production of a new high radiant flux UV-C LED to aid in the inactivation and sterilization of various bacteria and viruses, particularly in industrial water and air applications.
In August 2021, Integration Technology, the creator of UV LED and UV Lamp technology, introduced the DVZ high-dose UV LED curing system. The DVZ 14w/cm2 double row, air-cooled, UV LED system is a high-dose lamp head designed for single-pass, coding and marking, and label applications to maximize productivity and satisfy the rising demand for faster production rates.
Global UV LED Market: Segmentation
By Type
UVA
UVB
UVC
By Application
Curing
Disinfection/Purification
Indoor Gardening
Counterfeit Detection
Others
By End User
Healthcare and Medical
Agriculture
Industrial
Residential
Commercial
By Region
North America
Europe
Asia Pacific
LAMEA
About Straits Research Pvt Ltd.
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