According to a new report published by Allied Market Research, titled, “UV LED Market by Type, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027” the global UV LED industry size was valued at $0.35 billion in 2019, and is projected to reach $1.71 billion by 2027, registering a CAGR of 21.7% during the forecast period. North America is the leading contributor to the global UV LED market, followed by Europe and Asia-Pacific in 2019.
Drivers, restraints, and opportunities
Surge in government initiatives toward energy efficiency, rapid growth in usage of environment safe LEDs, and growth in utilization of UV curing system are the factors that drive the growth of the global UV LED market. However, high cost of UV LEDs restrains the market growth. On the other hand, growth of UV LED lights in various application and development of high efficiency of UV LEDs create new opportunities in the industry.
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The UV LED market is gaining popularity and emerging as a strong replacement for traditional incandescent bulbs. Furthermore, increase in demand for the UV LED lightings from the developed countries and growth in the awareness among the consumers in the developing nations are expected to boost the market growth. However, increase in prices of the UV LED is one of the major factors that restrain the market growth. On the contrary, the development and innovative photo initiators market is anticipated to create lucrative opportunity for the UV curing application in industries associated with graphic arts and coatings. These industries are growing at a very fast pace of 10% per year and becoming multi-billion-pound industries worldwide. They are adopting UV curing techniques by replacing conventional solvent-based thermal drying method as it requires low current, low consumption, increased productivity, and better-quality product.
The UV-A segment contributed the maximum in terms of revenue to the market, accounting for 70% share in 2019. UV-A is widely adopted in the security & surveillance industry for multiple functions such as validating signatures, see-through fingerprints scanning at crime scenes, and tracing evidences in respect of ink stains & residual stains. However, between 2019 and 2027, the UV-C segment is expected to grow at a faster rate, by 31.0% in comparison to other type. Crystal IS has developed a disinfection method that is beneficial for residential and commercial purposes for sterilization. The market for UV-C technology is gaining immense growth, partly driven by recent outbreak and fear of viruses and bacteria such as SARS, Ebola, MERS, MRSA, Conorovirus, and C-DIFF.
North America to maintain its dominant position by 2026
Based on region, North America held the largest market share in 2018, accounting for nearly two-fifths of the total market share. This is due to due to rise in demand for advanced technologies in the security and other industrial sectors. However, Asia-Pacific is expected to portray the highest CAGR of 21.1% from 2019 to 2026. This is due to huge rise in the number of developers and the flourishing electronics sector.
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Leading Market Players
- LG Innotek Co. Ltd.
- Nordson Corporation
- Koninklijke Philips N.V.
- Crystal IS
- Sensor Electronic Technology
- Lumileds Holding B.V
- Semileds Corporation
- Phoseon Technology
- Nichia Corporation
- OSRAM
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