Dublin, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The "Global UV LED Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Application, End User and Regions" report has been added to ResearchAndMarkets.com's offering.
Global UV LED market was valued at ~USD 350 million in 2017, it is estimated to be ~USD 600 million in 2022, and is expected to reach a market size of ~US$ 1,100 million by 2028 growing with a CAGR of 10%.
The growth is primarily attributed to the increasing adoption of smart home devices across countries. The growing trend of horticulture and indoor farming in developing countries is also a major contributing factor to UV LED growth.
Increasing government energy-saving policies, and strategies are one of the major factors propelling UV LED market growth.
For instance, in August 2022, the U.S. Department of Energy, an executive department of the U.S. federal government, released two reports focused on better understanding the current state and viability of commercial ultraviolet (UV) LED products. First, initial UV LED standards and distinctions with white LEDs, followed by an operating lifetime study of UV LED products.
In August 2022, the National Institute of Standards and Technology (NIST), a U.S. government agency; International Ultraviolet Association Inc. (IUVA), a U.S.-based non-profit organization devoted to public health and environmental applications; and Vektrex, a U.S.-based electronics manufacturer, collaborated to produce the LM-92 UV LED Testing Standard with maximum wavelengths ranging from 200 to 400nm.
In September 2021, the UK government banned halogen light bulbs in favor of new LED bulbs, saving 1.26 million tons of CO2, the equivalent of expelling over 500,000 cars from UK roads.
Rising individual awareness for the importance of drinking intensely treated water due to the increasing prevalence of water-borne diseases worldwide drives demand for UV-powered LED water purification technology/systems.
For instance, according to a study on Environmental Research and Public Health conducted by the Multidisciplinary Digital Publishing Institute (MDPI), a Switzerland-based publisher of peer-reviewed, and open-access journals, in 2021, nearly 1.5 million individuals die globally from water-borne diseases (WBDs) every year.
UV LEDs are considerably more expensive technology than other alternatives due to their higher ink cost, which is made primarily with a special photo initiator and formulation, which might hinder its market growth.
The ongoing Covid-19 pandemic, the UV LED market is witnessing a significant surge in demand due to its usage in disinfecting surfaces and germ-killing properties. Numerous industry verticals have increasingly adopted the use of UV lamps to clean surfaces and prevent them from getting contaminated.
Competitive Landscape
The Global UV LED market is highly competitive, with ~500 players, including globally diversified players, regional players, and a large number of country-niche players, each with their emerging deep-UV (DUV) chip-scale technologies due to significant advancement, as well as increasing interest in the development and deployment of disinfection systems using compact devices that emit in the deep-UV spectral band with wavelengths ranging from 200 to 280 nm. The industry's ongoing progress in chip-scale solutions for deep-UV light sources is expected to drive demand for UV disinfection in the forthcoming years.
Country-Niche players control about ~65% of the market, while regional players hold a share of ~25%. Some of the major players in the market include Koninklijke Philips N.V., Nichia Corporation, Nordson Corporation, Phoseon Technology, SemiLEDs Corporation, Seoul Semiconductor Co. Ltd., Crystal IS, Inc., Lumileds Holding B.V., L.G Electronic, Sensor Electronics Technology and among others.
Recent Developments Related to Major Players and Organizations
- In September 2022, Nichia Corporation, a Japanese chemicals company, announced that it will begin mass production of its new UV-C LED radiant flux in December 2022 to help target the inactivation and sterilization of multiple bacteria and viruses, precisely in industrial water and air applications
- In May 2022, Fujifilm, a Japanese photography company, launched the Activ Hybrid LED UV retrofit system, to be installed on new presses or retrofitted to existing equipment by label and packaging converters. In addition, the system combines high-power, low-heat LED UV curing technologies with Fujifilm's ink expertise to strengthen label production on narrow web presses
- In April 2022, Intertronics, a UK-based distribution company, launched its new range of LED UV curing flood lamps, namely the 'DymaxBlueWave FX-1250 LED UV Curing Flood Lamp,' which can cure LED matched UV curable adhesives, coatings, and inks with high uniformity, irradiances UV light.
- In March 2022, Roland DG Corporation, a Japanese company that provides digital printing solutions, announced the introduction of a new 4-color UV-LED flatbed printer named 'EU-1000MF' to its existing EU series.
- In January 2021, Canon, a Japanese manufacturer of optical, imaging, and industrial products, collaborated with Plockmatic, a Japanese manufacturer of a wide range of document finishing and feeding systems, to create a new high-speed UV LED coating solution for Canon varioPRINT iX-series printers.
Key Players
- Koninklijke Philips N.V.
- Nichia Corporation
- Nordson Corporation
- Phoseon Technology
- SemiLEDs Corporation
- Seoul Semiconductor Co. Ltd.
- Crystal IS, Inc.
- Lumileds Holding B.V.
- L.G Electronics
- Sensor Electronics Technology
- Signify NV
- Phoseon Technology
- FUJIFILM Business Innovation Corporation
- Osram Licht AG (ams AG)
- Nitride Semiconductors Co Ltd.
- Honle UV America Inc.
- Darkless
- Trojan Technologies
Key Topics Covered in the Report
- Snapshot of Global UV LED Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global UV LED Market
- Historic Growth of Overall Global UV LED Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter's 5 Forces Analysis of Global UV LED Industry
- Overview, Product Offerings, and Strength & Weakness of Key Competitors
- Covid-19 Impact on the Overall Global UV LED Market
- Future Market Forecast and Growth Rates of the Total Global UV LED Market and by Segments
- Market Size of Product Type, Application, and End User Segments with Historical CAGR and Future Forecasts
- Analysis of Global UV LED Market
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
For more information about this report visit https://www.researchandmarkets.com/r/yf3gnr
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