UV LED Market Size USD 1.71 Billion By 2027 -Valuates

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The UV LED Market size is segmented by Type (UV-A, UV-B, and UV-C), Material (Silicon Carbide, Gallium Nitride, Sapphire, and Other), and Application (Curing, Purification, Indoor Gardening, Counterfeit detection, and others), and Industry Vertical (Healthcare & Medical, Agriculture, Industrial, Residential, and Commercial): Global Opportunity Analysis and Industry Forecast, 2020–2027.This report is published on Valuates Reports in the Electronic Component Category.

The global UV LED market size is expected to reach USD 1.71 Billion by 2027 from USD 0.35 Billion in 2019, growing at a CAGR of 21.7% from 2020 to 2027. 

Major factors driving the growth of UV LED market size are:

  • Growth in the utilization of UV curing systems.
  • The rapid increase in the usage of environment-safe LEDs.
  • Government initiatives toward energy efficiency products.

This study comprises an analytical depiction of the global UV LED market size along with the current trends and future estimations to depict the imminent investment pockets.

COVID-19 IMPACT ON UV LED MARKET SIZE

Due to the COVID-19 outbreak, there is an increasing focus on hygiene and sanitation. This is attributed to the public concern for a better and safer lifestyle. Thus, the market is expected to see an increased demand for UV LED systems in the healthcare and medical sectors.

TRENDS INFLUENCING THE GROWTH OF UV LED MARKET SIZE 

Increased use of the UV curing method, specifically in the U.S. and European countries due to government policies to introduce environmentally sustainable curing technologies, is expected to drive the UV LED market size. UV curing is the mechanism by which ultraviolet light is used to induce a photochemical reaction that creates a crosslinked network of polymers. Compared to other methods, UV curing is a low-temperature, high-speed, and solvent-free process. 

UV LEDs are easily adopted and become viable alternatives due to their lower energy consumption than mercury lamps. The heat produced by the UV LEDs is considerably low. Furthermore, UV LED lamps have high luminous efficiency, due to which it can minimize the consumption of power by more than 60%. All these factors are expected to drive the growth of the UV LED market size. 

Furthermore, the rising trend towards the production of advanced UV LEDs for newer applications and the development of highly efficient UV LEDs are expected to create lucrative growth opportunities for the UV LED market.

UV LED MARKET SHARE ANALYSIS

Based on type, the UV-A segment is expected to hold the largest UV LED market share during the forecast period. On the other hand, the UV-C segment is expected to witness the highest growth during the forecast period due to the increasing adoption of advanced disinfection & purification systems.

Based on application, the UV curing segment held the largest UV LED market share in 2019. This due to its increased acceptance in applications such as printing, adhesives, and coatings, among others.

Based on the region, North America held the largest UV LED market share in 2018. Among this region, the US held the majority share. This dominance of the US is attributed to high investment in R&D of UV LEDs.  Furthermore, the country is also promoting UV LED lamps for horticulture and agriculture LED lights, which in turn is expected to fuel the growth of UV LED market size in this region.

During the forecast period, the Asia Pacific region is expected to witness the highest growth in the UV LED market share. Suppliers based in Japan and China are making significant investments in line with the expansion of UV LED applications, such as disinfection and sterilization. UV LEDs are also used in medical instruments for phototherapy, drug development, DNA analysis, and vitamin analysis. The South Korean government is aggressively investing in the pharmaceutical industry to promote drug production and innovation in the healthcare sector. Moreover, the increasing demand for organic food and fresh water is expected to increase UV LEDs for horticultural and water purification applications in South Korea. 

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

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