The global UV LED market is experiencing growth due to
several factors such as the surge in usage of environmentally safe
LEDs, and government initiatives toward energy efficiency
products.
WILMINGTON, Del., Aug. 12, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "UV LED
Market by Type (UV-A, UV-B and UV-C), Application (UV
curing, Purification, Indoor gardening, Counterfeit detection and
Others), Industry vertical (Healthcare and medical, Agriculture,
Industrial, Residential and Commercial): Global Opportunity
Analysis and Industry Forecast, 2024-2032". According to the
report, the uv led market was valued at $0.8
billion in 2023, and is estimated to reach $3.8 billion by 2032, growing at a CAGR of 19.4%
from 2024 to 2032.
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- 137 – Tables
- 62 – Charts
- 250 – Pages
Prime determinants of growth
The prominent factors that drive the growth of the UV LED market
include growth in utilization of UV curing system, rapid increase
in the usage of environment safe LEDs, and government indicatives
toward energy efficiency products. However, factors such as high
installation cost and the investment required for the production
are expected to hamper UV LED market growth. Furthermore, the
increase in trend toward the development of advanced UV LEDs for
newer applications and evolution of highly efficient UV LEDs are
expected to offer lucrative opportunities for the market
expansion.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base Year
|
2023
|
Market Size in
2023
|
$0.77 billion
|
Market Size in 2032
|
$3.82 billion
|
CAGR
|
19.34 %
|
No. of Pages in
Report
|
250
|
Segments
Covered
|
Type, Application,
Industry Vertical, and Region.
|
Drivers
|
- Surge in utilization of UV curing
system
- Rapid growth in usage of environment
safe LEDs
- Government initiatives toward energy
efficiency products
|
Opportunities
|
- Adoption of high efficiency UV LEDs
- Advancements in UV Curing Technologies
|
Restraint
|
High costs associated
with UV LED
|
Segment Highlights
By type the UV-A segment dominant the market in terms of revenue
in 2023 and is expected to follow the same trend during the
forecast period due to their broad range of applications, including
UV curing in industrial processes, forensic analysis, counterfeit
detection, and radiation therapy. These applications drive the
demand for UV-A LEDs, making them the dominant segment in the
market.
By application, the Disinfection/Purification segment held the
highest market share in 2023, accounting for nearly half of the UV
LED market share to the increasing demand for clean water and the
rise in adoption of UV LEDs for disinfection purposes across
various industries, particularly in water treatment and
purification systems. The COVID-19 pandemic has further boosted
this segment as there has been a heightened focus on hygiene and
sanitation, driving the use of UV LEDs for disinfection to prevent
the spread of viruses and bacteria.
By industry vertical, the healthcare and medical segment held
the highest market share in 2023, accounting for nearly half of the
UV LED market share this dominance is driven by the extensive use
of UV LEDs in medical applications, such as sterilization,
disinfection, and medical equipment sanitization, particularly due
to heightened hygiene concerns following the COVID-19 pandemic. The
demand for UV systems in healthcare is significant as they are used
in dialysis machines, catheters, hearing aids, and other critical
medical devices.
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Regional Outlook
On the basis of region, the UV LED market is analyzed across
North America, Europe, Asia
Pacific, and LAMEA. Asia-Pacific holds the highest market share in
the UV LED market in 2023 due to strong industrial base,
particularly in nations such as China, Japan,
and South Korea, which are key
centers for electronics and automotive manufacturing. In addition,
the widespread adoption of UV LED technology for applications such
as sterilization, disinfection, and water purification, driven by
growing awareness of hygiene and environmental sustainability,
significantly boosts market growth. The region's substantial
investments in technological advancements and infrastructure, along
with supportive government policies promoting eco-friendly
solutions, further reinforce the dominant position of Asia-Pacific in the UV LED market.
Key Players:
- Nordson Corporation
- LG Innotek Co. Ltd.
- Lumileds Holding B.V
- Nichia Corporation
- OSRAM
- Koninklijke Philips N.V.
- Semileds Corporation
- Crystal IS
- Sensor Electronic Technology
- Phoseon Technology
The report provides a detailed analysis of these key players in
the global UV LED market. These players have adopted different
strategies such as new product launches, collaborations, expansion,
joint ventures, agreements, and others to increase their market
share and maintain dominant shares in different regions. The report
is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
Recent Development:
In October 2021, LG Innotek
announced the development of a new sterilization module that uses
deep ultraviolet-C (UVC) LED technology. The module is able to
reportedly eliminate up to 99.9% of germs and viruses in just five
minutes, making it ideal for use in various applications such as
air purifiers, water purifiers, and medical devices.
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Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market
segments, UV LED market analysis, current trends, estimations, and
dynamics of the UV led market analysis from 2024 to 2032 to
identify the prevailing UV LED market opportunities, UV LED sector
analysis.
- The market research is offered along with information related
to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers
and suppliers to enable stakeholders make profit-oriented business
decisions and strengthen their supplier-buyer network.
- In-depth analysis of the uv led market segmentation assists to
determine the prevailing market opportunities.
- Major countries in each region are mapped according to their
revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides
a clear understanding of the present position of the market
players.
- The report includes the analysis of the regional as well as
global UV LED market trends, UV LED Market Share by
Companies, UV LED Market Insights UV LED Company List, UV LED for
US Market, UV LED Market Size by Country, UV LED Market Data, key
players, uv led strip market, uv light bulb, segments, application
areas, and market growth strategies.
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Tables, and Figures) @
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UV LED Market Key Segments:
By Type
By Application
- UV curing
- Purification
- Indoor gardening
- Counterfeit detection
- Others
By Region
- North America (U.S.,
Canada, Mexico)
- Europe (UK,
Germany, France, Italy, Rest of Europe)
- Asia-Pacific
(China, Japan, India,
South Korea, Rest of Asia-Pacific)
- Latin America
(Brazil, Argentina, Rest of Latin America)
- Middle East and
Africa (UAE, Saudi Arabia, Rest of Middle East And
Africa)
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