What Is the Size of Global UV LED Industry?
Global UV LED market is growing at a CAGR of ~% in 2017-2022P and is expected to reach ~USD Bn by 2028F.
The UV LED Market is largely driven by increasing adoption of smart home devices across countries and the growing trend of horticulture and indoor farming in developing countries.
Rising individual awareness for the importance of drinking intensely treated water due to the increasing prevalence of water-borne diseases worldwide drives demand for UV-powered LED water purification technology/systems.
For instance, according to a study on Environmental Research and Public Health conducted by the Multidisciplinary Digital Publishing Institute (MDPI), a Switzerland-based -access journals, in 2021, nearly 1.5 million individuals die globally from water-borne diseases (WBDs) every year.
UV LEDs are considerably more expensive technology than other alternatives due to their higher ink cost, which is made primarily with a special photo initiator and formulation, which might hinder its market growth.
The ongoing Covid-19 pandemic, the UV LED market is witnessing a significant surge in demand due to its usage in disinfecting surfaces and germ-killing properties. Numerous industry verticals have increasingly adopted the use of UV lamps to clean surfaces and prevent them from getting contaminated.
Global UV LED Market by Product type
The Global UV LED Market is segmented by Product type into UV-A, UV-B and UV-C.
The UV-A segment held the largest market share of the Global UV LED Market in 2022P.
The growth is primarily attributed to its low power consumption, the longest wavelength, deepest penetration, and allowing over 90% of UV radiation to pass through the earth's atmosphere.
For instance, according to World Health Organization (WHO), a government agency of the United Nations (UN), UV-A has a longer wavelength than UV-B and UV-C and accounts for approximately 95% of UV radiation reaching the earth's surface.
In addition, such features increase the use of UV-A LEDs in curing applications including 3D printing, photolithography/photoresist, photostability, and other photochemical reactions, as well as forensic investigations
Global UV LED Market by Application type
The Global UV LED Market is segmented by Application into Light/UV Curing, Medical Field, Disinfection/Purification and Counterfeit Detection.
The disinfection/purification segment held the largest market share of the Global UV LED Market in 2022P.
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The individuals growing inclination toward the consumption of intensely treated or purified water due to increasing cases of water-borne diseases, such as giardia, microbial, and legionella across countries, resulting in increased adoption of UV LED water purification systems. In addition, such systems help in the prevention of bacteria and other microbiological pollutants.
The increasing government investments in water infrastructure to endorse clean water and resilient infrastructure as well as its effects on individuals across countries, is also driving the demand for UV LEDs for disinfection/purification.
Global UV LED Market by End-User
The Global UV LED Market is segmented by End-user into Healthcare, Residential, Industrial and Commercial.
The industrial segment accounted for the majority share of the Global UV LED Market in 2022P.
The growing demand for UV light therapy in the medical field for treating a variety of skin treatments/conditions such as psoriasis, eczema, vitiligo, and cutaneous T-cell lymphoma is supporting the demand for UV LEDs in the Industrial segment.
Furthermore, UV radiation on skin spots typically has a strong effect that stimulates skin metabolism and improves the skin's strength, which can help cure skin diseases, such as vitiligo and pityriasis rosea, and therefore in the medical industry, UV treatment now has more application areas.
Global UV LED Market by Geography
The Global UV LED market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.
North America accounted for the largest market share in the global UV LED market in 2022P.
The growth is primarily attributed to the increased investment and development of advanced technologies, particularly in economically robust countries, including the United States and Canada.
The Asia Pacific region is expected to grow at the fastest CAGR during the forecasted period (2022P-2028), owing to the rising government initiatives to support the regional healthcare sector, particularly following the outbreak of the COVID-19 pandemic, with advancements in DNA analysis, protein synthesis, drug discovery, and vitamin analysis, all of which rely heavily on UV LEDs.
Competition Scenario in Global UV LED Market
The Global UV LED market is highly competitive, with ~500 players, including globally diversified players, regional players, and a large number of country-niche players, each with their emerging deep-UV (DUV) chip-scale technologies due to significant advancement, as well as increasing interest in the development and deployment of disinfection systems using compact devices that emit in the deep-UV spectral band with wavelengths ranging from 200 to 280 nm. The industry's ongoing progress in chip-scale solutions for deep-UV light sources is expected to drive demand for UV disinfection in the forthcoming years.
Country-Niche players control about ~65% of the market, while regional players hold a share of ~25%. Some of the major players in the market include Koninklijke Philips N.V., Nichia Corporation, Nordson Corporation, Phoseon Technology, SemiLEDs Corporation, Seoul Semiconductor Co. Ltd., Crystal IS, Inc., Lumileds Holding B.V., L.G Electronic, Sensor Electronics Technology and among others.
For more information on the research report, refer to the below link:
Global UV LED Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research
