The Global Uv Led Market is estimated to be valued at US$ 957.3 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
UV LEDs are solid-state light sources that emit ultraviolet (UV) light when energized. They have advantages over conventional UV light sources like mercury lamps including shorter switching time, longer lifetime, environmental friendly and compact size. UV LEDs find wide applications in curing, purification, sterilization and other industrial processes.
Market key trends:
One of the key market trends is the increasing adoption of UV LEDs for curing applications. UV curing is a photochemical process where UV light triggers a photochemical reaction that solidifies liquid resins and inks. It is a green technology that offers significant advantages over heat-based curing like low energy consumption and faster production speeds. UV LEDs are increasingly replacing mercury lamps for curing process due to their smaller footprint, longer lifespan and instant on-off capabilities. They provide an economically viable and environment friendly solution for various curing applications like printing, coating, bonding and 3D printing.
SWOT Analysis
Strength: UV LEDs offer advantages such as high efficiency, compact size, long lifetime and mercury-free operations. They provide eco-friendly solutions for industrial curing and disinfection applications.
Weakness: Initial investment for UV LEDs and their fixtures is high compared to traditional UV sources. Lifecycle cost of UV LEDs is also relatively high.
Opportunity: Increasing demand from medical device sterilization, printing, artificial nail industry offers significant growth opportunities. Uptake in water and air treatment is expected to drive the market.
Threats: Availability of substitute technologies like UV lamps poses competition. Volatility in prices of key raw materials can increase the cost of UV LEDs.
Key Takeaways
The Global UV Led Market Size is expected to witness high growth, exhibiting CAGR of 21.% over the forecast period, due to increasing demand from various end-use industries like printing, disinfection and others.
Regional analysis:
Asia Pacific region dominated the global market in 2022, accounting for around 35% of the global share. This was attributed to presence of leading players and expanding manufacturing facilities in countries including China, South Korea, and Japan. North America and Europe are also expected to exhibit significant growth during the forecast period, supported by high spending on innovations.
Key players operating in the uv led market are 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. Leading companies are investing in R&D to improve application scope and efficiency of their UV LEDs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it