UV LED Market Demand, Supply, Growth Factors, Latest Rising Trend & Forecast to 2027
Global UV LED market is expected to grow from US$ 178.4 million in 2016 to US$ 1,311.7 million by 2025 at a CAGR of 24.9% between 2017 and 2025.
The global market for UV LED exhibit significant growth owing to rising demand for curing process along with increasing concern regarding environment friendly and cost effective business processes. However, lack of standardization in measurement of UV light outputs might have an adverse impact on the market’s growth during the forecast period.
Electronic devices comprise of instrumentation & sensing equipment which includes analytical instruments. These instruments primarily application in measurement of chemical content by using a coherent light source such as LEDs. Traditionally UV lamps are utilized, however with rising hazards of mercury and demand for UV as a light source will eventually pave the adoption of UV LED package for analytical applications. Features such as uniform optical light pattern, long operating life, and ecological support are identified some of the major factors increasing the adoption of UV-LEDs in sensing equipment. Majority of growth is concentrated in first half of the forecast period due to increased R&D and rising technical awareness of the product. More than 85% of the segment market value is estimated to arrive from North America, Europe and Asia Pacific. This is primarily due to presence of end use companies in the region which caters to the demand for UV based sensing equipment globally. The electronic device segment for UV LED market is expected to witness a lucrative CAGR growth of 26.1% in the forecast period.
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Some of the major players having global market share are Koninklijke Philips, L.G Electronic, Crystal IS, Nichia Corporation, Phoseon Technology, SemiLEDs Corporation, Seoul Viosys Co. Ltd, Halma PLC, DOWA Electronics Materials Co., Ltd., and Heraeus Holding GmbH among others.
Globally, the way industries function is shifting. All the largest of the industries including automotive, aerospace & defense, retail, healthcare, food & beverages and other manufacturing are adapting novel technologies to meet the transforming consumer and market demands. The manufacturing and services sector across the globe have a distinctive hold over the public imagination. Majority of the industries, make use of UV light for accumulating some of the processes. UV LEDs are majorly used for curing adhesives, laminating and printing, apart from curing the UV LEDs are also primarily used for sterilization and detection of elements that can’t be seen with naked eyes. The global market for UV LED exhibit significant growth owing to rising demand for curing process along with increasing concern regarding environment friendly and cost effective business processes. However, lack of standardization in measurement of UV light outputs might have an adverse impact on the market’s growth during the forecast period. The South America UV LED market region is expected to witness a CAGR growth rate of 25.8% in the coming years.
Furthermore, the UV LED market has been segmented on the basis of different technologies of UV LED, which includes UV-A LEDs, UV-B LEDs and UV-C LEDs. Each UV LED has a different application and is designed to fulfil varied end – users demand. Some of the key applications of this market are, curing, medical, electronic devices, water treatment, security and others. Curing applications is the largest consumer of UV LED and would continue its dominance over the forecast period.
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