Global UV LED Market expected to reach a Valuation of US$ 3.2 billion by 2033, rising at a CAGR of 18.6% | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Key growth factors for the UV LED market include longer product lifespan, eco-friendly preferences, strict green product regulations, water safety concerns, ultrapure water demand, and UV LED applications in the automotive sector.
NEWARK, Del, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The global UV LED market is most likely to experience a CAGR of 18.6% from 2023 to 2033. By the end of the aforementioned forecast period, the market is poised to be valued at US$ 3.2 billion, according to a recently published report by Future Market Insights.
Plant growth and pest control are three of the many applications of UV LEDs in horticulture and agriculture. Some wavelengths of ultraviolet light are effective at stimulating certain plant responses, such as increased yield, improved color, and enhanced nutrient content. UV radiation's germicidal properties are poised to boost demand as waterborne diseases are on the rise, particularly in emerging countries across Asia. Industrial liquid waste and wastewater treatment are becoming more advanced, which is driving market growth.
LEDs with UVC wavelengths have been in high demand as businesses and institutions seek effective disinfection methods. Various disinfection devices have used UVC LEDs for portable and stationary use, including handheld sterilizers, air purifiers, water sanitizers, and surface disinfectors. UV In industries such as printing, automotive, electronics, and healthcare, LEDs are used to cure inks, coatings, and adhesives. Inks and coatings cured by UV light have become increasingly popular, increasing UV LED demand.
Disinfectants like UV LEDs kill or inactivate microorganisms chemical-free and efficiently. With the COVID-19 pandemic, UV LEDs have become more popular in various applications, like water purification, air sanitization, surface sanitation, and medical equipment sterilization. As part of forensic investigations and counterfeit detection, UV light is commonly used to detect counterfeits. Using advanced UV LED technology, researchers could enhance the accuracy and reliability of forensic analysis, assisting with crime scene investigations and counterfeit product identification.
Key Takeaways from the Market Study
The UV LED market is expected to record an absolute dollar growth of US$ 2.6 billion.
Revenues from UV LED printers in the United Kingdom are expected to reach US$ 88 million by 2033.
Forecasts indicate that the UVC technology market is expected to grow at an 18.3% CAGR by 2033.
By 2033, UV LEDs are expected to dominate the market in Asia Pacific, generating a 48.9% market share.
By 2033, the UV LED market in China is expected to grow at a CAGR of 20.2%.
Between 2023 and 2033, the UV LED market in Japan is expected to grow at a CAGR of 18.8%.
As the industrial sector grows, it is estimated that it will grow at an 18% CAGR by 2033.
“Technological innovations and new products are expected to grow the demand for UV LEDs on the market. There will be an increased demand for air purifiers in the future, which will drive UV LED market demand,” says an analyst at Future Market Insights.
Primarily, the numerous improvements in the manufacturing sector drive market expansion. Furthermore, the expansion of government energy conservation initiatives contributes significantly. Moreover, the broadening scope of technology’s potential uses adds to this growth. Notably, UV LED technology boasts numerous advantages, including low power consumption, high switching speed, small size, reliable UV output, significant cost savings, and secure operation. Consequently, almost all industries now extensively utilize the technology. Additionally, UV LEDS had very few applications in the past.
Global UV LED Market: Competition Landscape
Examining the competitive landscape of the global UV LED market, key vendors include Koninklijke Philips N.V., Crystal IS, LG INNOTEK, NICHIA CORPORATION, Phoseon Technology, SemiLEDs Corporation, Seoul Viosys Co., Ltd., Sensor Electronic Technology, Inc., Halma plc, and Heraeus Holding.
Key Market Players
Ongoing mergers and acquisitions are likely to complement UV LED market growth scenarios. In addition, leading manufacturers are expected to increase research and development investment in durable, efficient, and adaptable products.
Key Market Developments:
In July 2023, Eurolabel will embrace GEW ArcLED technology as it transitions to UV LED. Customers at Eurolabel come from the pharmaceutical, cosmetic, food, industrial, and logistics industries. GEW UV curing systems have been used by their team for almost two decades. Their latest upgrade is the Gallus Labelmaster, which runs both UV LED and UV arc curing simultaneously.
In July 2023, Targus revealed the UV-C LED Disinfection Light was a CES 2021 Innovation Awards Honoree. The UV-C Light technology in this no-touch solution breaks down the DNA of microorganisms, helping to reduce pathogens on device surfaces. With its sleek design, modern appearance, and lightweight, the Disinfection Light stands on desktops between keyboards and monitors to disinfect surfaces automatically on mice, keyboards, and other stuff in the disinfection range.
The global UV LED market is segmented on the basis of technology, application, and region:
On the basis of technology, the global UV LED market can be segmented into
UV-A
UV-B
UV-C
On the basis of application, the global UV LED market can be segmented into
Electronic Devices
Sterilization
Water Treatment
Curing
Medical
Others
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global UV LED market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the UV LED market, the market is segmented on the basis of Technology (UVA, UVB, UVC), Application (Industrial (UV Curing, Lithography) Medical and Scientific (Phototherapy, Sensing, Equipment Sterilization, Others) Sterilization (Disinfection, Deodorization) Security (Counterfeit Detection-Money & Id, Forensic Application, and Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa).
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Authors:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
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