by The global UV LED market is poised for remarkable expansion, with a projected Compound Annual Growth Rate (CAGR) of 21.4 percent during the forecast period, reaching a market size of USD 372.5 million in 2021. UV LEDs, known for their narrow band and precision, are increasingly finding applications in various sectors, from printing and medical operations to disinfection and water purification systems.
Precision and Efficiency Drive Adoption
One of the key advantages of UV LEDs over traditional UV lamps is their precision, which significantly reduces the risk of exposure to the wrong wavelength. This precision has fueled their adoption in critical sectors such as printing and medical operations, where accuracy is paramount. For instance, Epson introduced the SureColor SC-V7000 flatbed UV LED printer to cater to signage businesses that require faster throughput and cost-effective solutions without compromising on quality.
Emerging Trends in UV LED Applications
The UV LED market is on the verge of transformative growth, with emerging applications like disinfection using UV-C technology taking center stage. Technological advancements, including the replacement of mercury lamps and improvements in wavelength performance, are driving market expansion. UV curing solutions, which combine coating, printing, and adhesives, are gaining traction, while UV lamps are evolving into UV LEDs.
Expanding Horizons in Horticulture and Currency Detection
Growing trends in horticulture and indoor farming in developing nations, coupled with increased adoption of counterfeit currency detection systems, are key drivers of industry growth. Innovations like the GROW project, which harnesses specific combinations of red, blue, and UV light to enhance plant growth and reduce pesticide usage, exemplify this trend.
COVID-19 Boosts Demand
The COVID-19 pandemic has accelerated the demand for UV LEDs due to their effectiveness in disinfecting surfaces and sterilizing environments. UV-C Sterilization LED Lighting has witnessed significant growth, as it offers a more energy-efficient and rapid solution compared to traditional mercury UV-C lamps. Companies like OSRAM have introduced UV-C LED solutions for air purification, contributing to virus and bacteria eradication with a 99.9% success rate.
Market Drivers and Restraints
The growing concern for water purity, especially in water-scarce regions, presents a significant growth opportunity for UV LEDs in water purification applications. However, challenges like thermal complications, where only half of the energy is converted to UV light while the rest is emitted as heat, and high installation costs may impede market growth.
Segment Overview
The disinfection and sterilization segment is expected to dominate the market due to increasing use in water treatment and purification. UV-A LEDs lead the market, offering energy efficiency and versatility for applications such as curing, validation, and counterfeit detection.
Regional Landscape
Asia Pacific is set to dominate the UV LED market, driven by government initiatives supporting the healthcare and pharmaceutical sectors. Europe is witnessing growth in healing systems and industrial applications. Market vendors in these regions are actively investing in UV LED technology.
Competitive Landscape
Key players in the UV LED market include Signify NV, Nikkiso Co., Ltd., Nichia Corporation, DOWA HOLDINGS CO., LTD., NITRIDE SEMICONDUCTORS Co., Ltd., Seoul Viosys Co., Ltd., LITE-ON Technology, Inc., Epitop Optoelectronic co., LTD., ams-OSRAM International GmbH, and Crystal IS, Inc. Strategic alliances and innovations are driving market competitiveness.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/uv-led-market
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This press release first seen on Brilad
COMTEX_442645520/2840/2023-10-30T06:12:53
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.