by The 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 semiconductor devices that emit light in the ultraviolet spectrum when energized. They are powered by low DC voltages and contain no mercury, unlike conventional UV light sources. UV LEDs offer various advantages over traditional UV sources such as longer lifetime, compact size, energy efficiency, and customization of the UV spectrum. They are used in various applications such as UV curing, counterfeit detection, sterilization, air and water purification, surface disinfection, and others. The use of UV LEDs eliminates the need for ballasts commonly required by mercury lamps and the disposal concerns associated with bulbs containing mercury.
Market Dynamics:
Growing demand for ink and adhesive curing: UV LEDs are widely used in the curing of inks, coatings, and adhesives across various industries such as printing, packaging, woodworking, and electronics. They offer more precise curing compared to mercury lamps along with no ozone emissions. This is expected to drive the market growth over the forecast period.
Government regulations to reduce mercury usage: Stringent government regulations across regions to reduce the usage of mercurycontaining lamps is positively impacting the adoption of mercury-free and environment-friendly UV LEDs. For instance, the Minamata Convention aims to protect human health and the environment from anthropogenic emissions and releases of mercury and its compounds. This is fueling the market growth.
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Segment Analysis
The global UV led market is segmented based on type, application, and geography. By type, the UV LED market is dominated by UV LED lamps sub-segment. This is because UV LED lamps offer wide range of advantages such as energy efficiency, compact size, longer life, and environmental friendly nature as compared to traditional mercury lamps. By application, UV cure segment holds the largest share due to growing adoption of UV LED technology in printing, bonding and coating applications.
PEST Analysis
Political: The government support for energy-efficient lighting technologies such as UV LED provides growth opportunities in major markets.
Economic: Increasing demand from various end-use industries such as healthcare, security and industrial curing is driving the UV LED market growth.
Social: Growing environmental awareness regarding energy saving and mercury-free lighting is positively impacting the UV LED adoption.
Technological: Advancements in LED technology such as higher output power and lower prices are supporting the UV LED commercialization.
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 for energy-efficient and eco-friendly lighting solutions. Regionally, Asia Pacific dominates the global market and is expected to maintain its lead over the forecast period, attributed to rapid industrialization and growing manufacturing sector. 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
