Burlingame, Dec. 21, 2023 (GLOBE NEWSWIRE) -- As per the recent analysis by Coherent Market Insights, the global UV LED market size was valued at US$ 787.9 million in 2023 and is predicted to reach US$ 3,708.0 million by 2030. Also, the study states that the market reveals a robust 21.5% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2030.
The UV LED market is driven by two main factors. Firstly, there is a growing demand for energy-efficient lighting solutions across various industries such as healthcare, automotive, aerospace, and electronics. UV LEDs have a longer lifespan and consume less energy compared to traditional UV lamps, making them a preferred choice for these industries. Moreover, UV LEDs offer benefits such as instant on/off switching, compact size, and minimal heat emission, making them ideal for applications where precision, control, and reliability are crucial.
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Secondly, the increasing adoption of UV LED technology in various applications such as curing, disinfection, and counterfeit detection is driving market growth. UV LEDs are widely used in the printing and packaging industry for curing inks and coatings, which enhances production efficiency and reduces energy consumption. In the healthcare sector, UV LEDs are used for sterilization and medical imaging applications. Additionally, UV LEDs are employed in counterfeit detection systems to authenticate products and documents, which is crucial for industries such as pharmaceuticals, currency, and consumer electronics.
Recent development:
In September 2022, the high output 280mn NCSU434C released by Nichia Corporation. With an emphasis on the stabilisation and inactivation of various viruses and bacteria, particularly those used in industrial air and water application, the business intends to start mass prodcing further innovative high radiant flux UV-C LEDs.
In June 2022, Typhon Treatment System Ltd., will receive its latest Violed technology from Soeul Viosys Co. Ltd., according to their announcement.
Key Market Takeaways:
The UV LED market is anticipated to witness a CAGR of 21.5% during the forecast period 2022-2030, owing to the increasing demand for UV-C LEDs in sterilization applications and the growing adoption of UV LED curing technology in various industries.
On the basis of technology, the UV-A segment is expected to hold a dominant position, owing to its wide application in industries such as agriculture, security, and specialty lighting. UV-A LEDs are used for insect trapping, currency validation, forensic analysis, and other specialized applications.
On the basis of application, the optical sensor and instrumentation segment is expected to hold a dominant position, due to the increasing usage of UV LEDs in sensors, medical devices, analytical instruments, and scientific equipment. UV LEDs offer high reliability, precision, and accuracy, making them ideal for optical sensor and instrumentation applications.
North America is expected to hold a dominant position in the UV LED market over the forecast period, due to the presence of several key players, technological advancements, and growing investments in research and development. The region is witnessing increased adoption of UV LEDs in various industries, such as healthcare, manufacturing, and automotive.
Key players operating in the UV LED market include FUJIFILM Business Innovation Corp., Lumileds Holding BV, Heraeus Holding GmbH, Koninklijke Philips NV, CRYSTAL IS Inc. (Asahi Kasei Corporation), Nordson Corporation, EPIGAP Optronic GmbH, Honle UV America Inc. (Honle Group), Semileds Corporation, Seoul Viosys Co. Ltd., and Nichia Corporation. These key players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market. The UV LED market is highly competitive, with companies trying to develop advanced UV LED products to cater to the increasing demand from various industries.
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Market Trends:
Increasing demand for UV LEDs in the healthcare sector:
The healthcare industry is witnessing a significant shift towards UV LED technology for various applications such as disinfection, phototherapy, and medical imaging. UV LEDs provide a safer and more efficient alternative to traditional UV lamps in hospitals, clinics, and laboratories, as they offer precise control of UV radiation and reduce the risk of cross-contamination.
Growing adoption of UV LEDs in the automotive industry:
The automotive industry is increasingly adopting UV LED technology for various applications such as curing adhesives, coatings, and paints in the manufacturing process. UV LEDs enable faster curing times, improved quality and durability of the finished products, and reduced energy consumption. Additionally, UV LEDs are used for interior and exterior lighting
Market Opportunities:
Increasing Demand for UV-C LEDs in Sterilization Applications
The UV-C segment is expected to witness significant growth in the UV LED market during the forecast period. UV-C LEDs are widely used in sterilization applications due to their ability to kill bacteria, viruses, and other harmful microorganisms. With the ongoing global pandemic and growing concerns about cleanliness and hygiene, there is a rising demand for UV-C LEDs for sterilizing air, water, surfaces, and objects. UV-C LEDs offer a cost-effective and chemical-free method of sterilization, making them highly preferred in industries such as healthcare, pharmaceuticals, food and beverage, and water treatment. This increasing demand for UV-C LEDs in sterilization applications presents a major market opportunity for UV LED manufacturers.
Growing Adoption of UV LED Curing Technology in Various Industries
UV LED curing is a process in which UV light is used to instantly cure or dry inks, coatings, adhesives, and materials. This technology offers numerous advantages over traditional curing methods, including energy efficiency, faster production speeds, reduced waste generation, and enhanced product quality. As a result, there is a growing adoption of UV LED curing technology in industries such as printing, packaging, automotive, electronics, and healthcare. The UV LED market is expected to witness significant growth in the UV curing segment, with more companies shifting towards UV LED curing systems to improve their production efficiency and reduce environmental impact. This increasing adoption of UV LED curing technology presents a lucrative market opportunity for UV LED manufacturers.
Read complete market research report," UV LED Market, By Technology, By Application, and Other Applications By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
- Global UV LED Market, By Technology
- UV – A
- UV – B
- UV – C
- Global UV LED Market, By Application
- Optical Sensors and Instrumentation
- Counterfeit Detection
- Sterilization
- UV Curing
- Medical Light Therapy
- Other Applications (Photo Catalytic Purification and Tanning)
- Global UV LED Market, By Geography
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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