PLEASANTON CA, Oct. 26, 2021 (GLOBE NEWSWIRE) -- The Global UV LED Market is expected to grow from USD 0.4 Bn in 2020 to USD 1.3 Bn by 2027, at a CAGR of 20.2%.
The increasing usage of UV LED to eliminate bacteria, viruses and others driving the growth of the market during the forecast period. For instance, in May 2020, Seoul Viosys announced that customer inquiry for its Violed UV LED products, which can be used for sterilizing bacteria, increased more than 5 times over March, fuelled through concerns over the continuous spread of the novel coronavirus across the globe. In collaboration with Korea University, the company showcased that its Violed LED modules could remove 99.9% of the SARS-COV-2 virus the usage of a 30-second dose from a distance of 3 centimetres, which can proliferate the demand for UV LED market.
Based on type, the UV LED market is segmented into UV-A, UV-B, and UV-C. The UV-C segment is growing at the highest CAGR during the forecast period. The growth in the region is attributed to the increasing adoption of advanced medical care and purification systems. Moreover, Ultraviolet C (UV-C) Sterilization LED Lighting is COVID-19 pandemic blooming market because it is used to disinfect germs for surface contacts.
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One of the major challenges confronted through the UV LED Market across the globe is the excessive setup cost. UV LEDs are relatively more expensive than other alternatives. This tends to restrain its demand for UV LEDs, therefore, bringing major challenges in its market growth. Several other challenges were predicted to hinder the market growth by hampering the adoption of UV LEDs the usage of Silicon Carbide and Gallium Nitride materials, especially for those in the UV-B (280nm – 315nm) and UV-C (100nm-280nm) spectral regions. LED producers are suffering to enhance the light output and performance while at the same time is expected to increase the reliability and useable life of the LED. Improvements are being made, however, this has brought an exponential rise in the overall cost of these UV LEDs. This brings the main challenge in the market growth of UV LEDs in the forecast period.
Technical issues such as light output, efficiency, and others are the major challenge that limits the UV LED market growth. Furthermore, an increase in the trend toward the development of advanced UV LEDs for newer applications provides a lucrative opportunity for the growth of the UV LED industry.
The key players operating in the UV LED market are:
LG Electronics, Koninklijke Philips N.V., Crystal IS, Inc., NICHIA CORPORATION, SemiLEDs Corporation, Phoseon Technology, Seoul Viosys Co. Ltd, DOWA Electronics Materials Co., Ltd., Halma plc, Heraeus Holding, OSRAM GmbH, Lumileds Holding B.V., NITRIDE SEMICONDUCTORS .Co.,Ltd., Honle UV America, Inc., SENSOR ELECTRONIC TECHNOLOGY, INC. and Among Others
Global UV LED Market by Region Outlook (Revenue, USD Million, 2021-2027)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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In terms of geography, North America is expected to dominate the market during the forecast period. The growth in the region is attributed to the presence of major market players in this region which provides technology upgrades in UV LEDs. Moreover, the increasing emergence of innovation in manufacturing is anticipated to drive the demand for more efficient and robust UV processes which includes curing, printing, adhesives, lithography, and others.
The Global UV LED Industry Segmentation:
Global UV LED Market by Type Industry Outlook (Revenue, USD Million, 2021-2027)
- UV-A
- UV-B
- UV-C
Global UV LED Market by Material Industry Outlook (Revenue, USD Million, 2021-2027)
- Silicon Carbide
- Gallium Nitride
- Sapphire
- Other
Global UV LED Market by Application Industry Outlook (Revenue, USD Million, 2021-2027)
- Curing
- Purification
- Indoor Gardening
- Counterfeit Detection
- Others
Global UV LED Market by Industry Vertical Industry Outlook (Revenue, USD Million, 2021-2027)
- Healthcare & Medical
- Agriculture
- Industrial
- Residential
- Commercial
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Key Findings:
- Based on the type, the UV-C segment is growing at the fastest CAGR during the forecast period
- Based on the application, curing held the largest market share in 2020
- Based on the industry vertical, the healthcare & medical segment has a significant market share during the forecast period
- Based on region, North America is expected to dominate the market during the forecast period
Recent News:
- In December 2020, Toyoda Gosei Co., Ltd. released new deep UV LED products that could eliminate viruses and bacteria, a UVC space disinfector, and a disinfection box. They are the trendy addition to Toyoda Gosei’s lineup of products that contribute to accomplishing the United Nations Sustainable Development Goals.
- In September 2021, ProPhotonix Limited, a designer and producer of LED illumination systems and laser diode modules with operations in Ireland and the United Kingdom, launched an interesting addition to their variety of UV LED Curing systems - The COBRA Cure FX4. The COBRA Cure FX4 is a compact, UV LED lamp solution that can be used for small to big format digital printers as well as high speed, single-pass industrial print or coatings applications. With COBRA Cure FX4, the entire UV LED lamp has been optimized to provide an excellent cure offering device manufacturers the possibility to benefit from a competitive edge.
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