|Fastest Growing Market:||Asia Pacific|
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The UV LED Market (henceforth referred to as the market studied) was valued at USD 822.97 million in 2021, and it is expected to reach USD 2,930.21 million by 2027, registering a CAGR of 23.26% during the period of 2021-2026 (henceforth, referred to as the forecast period).
The main advantage UV LEDs have over UV Lamps is that they have a very narrow band compared to UV lamps. As a result, the risk of exposure to the wrong wavelength gets reduced significantly. The applications, such as printing and medical operations, benefitted the most during the initial years. For instance, in September 2020, Epson announced the SureColor SC-V7000 flatbed UV LED printer to meet the needs of signage businesses that focus on faster throughput and a lower total cost of ownership without compromising on results.
The printing solution market is witnessing a considerable increase in demand, owing to the constant developments such as partnerships and innovations in the market. In January 2021, RMGT announced UV LED partnership with GEW. RMGT formally adopted the high-performance GEW product as its definitive new solution in pursuit of ongoing technology improvement after months of evaluating all major UV LED manufacturers.
In May 2021, Epple Druckfarben and Zeller + Gmelin, the German ink companies, announced a collaboration in UV ink technology. The new partnership's initial product is a jointly created UV LED ink for the sheetfed offset industry.
The industry is transitioning to UV LED chips from the traditional surface mount chips that have gained popularity in recent years. The increasing manufacturing of UV LED chips is expected to hinder the market growth in the forecast period.
With the outbreak of COVID-19, the UV LED market is witnessing a significant surge in demand due to its usage in disinfecting surfaces and germ-killing properties. Many countries, such as China and the United States, use UV lamps to clean the surfaces and prevent people from getting infected. According to Photonics Media, COVID-19 has increased the demand for UV LEDs that disinfect spaces.
Scope of the Report
UV LED refers to the use of ultraviolet radiation within the wavelength of 240-400 nm to facilitate high productivity, enhanced safety, and diminished operational costs during the different applications. The UV LED manufacturers have started focusing on improving productivity by adopting newer substrates to provide more sustainable and efficient UV LEDs.
The UV LED Market is segmented by Technology (UV-A, UV-B, and UV-C), Application (Optical Sensor and Instrumentation, Counterfeit Detection, Sterilization, UV Curing, Medical Light Therapy), and Geography.
|UV - A|
|UV - B|
|UV - C|
|Optical Sensors and Instrumentation|
|Medical Light Therapy|
Key Market Trends
Sterilization to Significantly Contribute to Market Growth
- The scope for a UV LED is becoming abundant in sterilization applications, as it is being proved to be the cheapest way to provide safe drinking water across the globe. This also provides monetary benefits to the players with increasing consumption.
- The increased concern for water purity in developed and developing nations presents a substantial growth opportunity for UV LEDs to be adopted by consumers in both commercial and residential sectors. The rise in the world population and the scarcity of pure water have attracted many UV LED manufacturers toward the untapped water purification application market.
- According to International Ultraviolet Association (IUVA), the portion of the UV spectrum that is most effective against germs in water and air ranges between 200nm and 300nm. This corresponds to UV-C and some of the UV-B range, which is often referred to as “germicidal UV” light. Within such a range, the UV light can penetrate the cells of microorganisms and disrupt their DNA, eliminating their ability to multiply and cause disease.
- UV germicidal irradiation has been in the disinfectant and decontamination industry for years. This process utilizes short-wavelength UVC light to kill microbes in the range of 100 to 280 nm, but the most effective wavelength for decontamination is between 250-260 nm.
- The scope for UV LED is becoming abundant for sterilization applications, as it is one of the cheapest ways of providing safe drinking water across the world. This would not only provide monetary benefits to companies but also increase consumption.
- The growing investments in the sector further contribute to the market growth rate. For instance, in May 2022, GERMITEC, a global healthcare pioneer, created and commercialized high-Level UV-C disinfection systems for ultrasound probes that significantly simplified health providers' tasks in terms of safety, time, and responsibility and announced the completion of a EUR 11 million fundraising round.
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Asia Pacific to Witness Fastest Growth
- The Asia Pacific is anticipated to gain significant market growth during the forecast period. Vendors based in Japan and China are making major investments in line with the expanding applications of UV LEDs, such as disinfection and sterilization, in addition to their expansion activities.
- The prominent ink manufacturers operating in China (like Toyo Ink Co. Ltd, DIC Corporation, and Japanese chemical companies operating in China) highlighted the growing demand for UV inks, owing to its environmental benefits and faster curing rates. Some examples of the application of UV LEDs are material (such as paper, aluminum foil, and plastics) package printing in end-user industries, such as wine and cigarette)
- The Central Government of China expects China’s automobile output to reach 35 million units by 2025. With the growth in automobile production, the need for UV LED is expected to increase owing to UV applications in painting, etc.
- Japan is a hub for technological advancements and hosts an active R&D base for newer and efficient UV-curable adhesives. Owing to this, novel UV-curable adhesive products are finding their applications in the packaging, electrical, and automotive sectors in the country in recent times.
- Vendors in the market based out of Japan are making major investments in line with the expanding applications of UV LEDs, like disinfection and sterilization, in addition to their expansion activities.
- South Korea has comparatively small consumption levels of UV-curable resins, but it is still prominent in terms of production. South Korean LED vendors are expected to launch a new series of UV-C LED products in the near future. UV-C LEDs, which are technologically challenging to manufacture, are expected to contribute significantly to the growth of the market in the Asia Pacific region.
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The UV LED market is highly fragmented due to various players providing high competition. The major factors governing this force are sustainable competitive advantage through innovation, levels of market penetration, barriers to exit, levels of advertising expense power of competitive strategy, and firm concentration ratio. With the market gaining stimulus recently, the companies have a lot of untapped potentials, which they can use in expanding their production and product suite.
- April 2022 - Lumileds released its 2021 sustainability report that details the company’s progress in supporting the transition to a low-carbon and sustainable economy. In 2021, the company averted 8.60 million metric tons of use-phase CO2 through its LED products.
- October 2021 - Nichia Corporation launched a high power 200mW UV-C LED and has begun mass production of another new high radiant flux UV-C LED to help target the inactivation and sterilization of various bacteria and viruses, specifically in industrial water and air applications, where NC4U334BR activates new industrial water and air purification opportunities.
- April 2022 - Philips announced its intention to issue one or more notes under the European Medium Term Note (EMTN) program and a series of liability management transactions that would extend its debt maturity profile. The company intends to take advantage of current financial market conditions to improve its debt maturity profile and liabilities through these transactions. These transactions are intended not to affect the amount of debt owed once they are completed.
- February 2022 - CrayoNano and SemiLEDs collaborated to create products based on CrayoNano's nanowire and hybrid material technologies. SemiLEDs' LED process technology helps CrayoNano accelerate the mid-to-long-term UV-C product roadmap. CrayoNano will own products under the terms of the arrangement, and innovation and R&D will stay in Trondheim, Norway.
- November 2021 - Nordson acquired NDC Technologies, a leading global provider of precision measurement solutions for in-line process control, which expanded the company’s test and inspection platform into new end markets and adjacent technologies.
Table of Contents
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of Impact of COVID-19 on the UV LED Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Eco-friendly Composition of UV LED
5.1.2 Rising Adoption of the UV Curing Market
5.1.3 Increasing Adaptability Fueled by Low Total Cost of Ownership
5.2 Market Restraints
5.2.1 Increasing Manufacturing of UV LED Chips
6. MARKET SEGMENTATION
6.1 By Technology
6.1.1 UV - A
6.1.2 UV - B
6.1.3 UV - C
6.2 By Application
6.2.1 Optical Sensors and Instrumentation
6.2.2 Counterfeit Detection
6.2.4 UV Curing
6.2.5 Medical Light Therapy
6.2.6 Other Applications
6.3 By Geography
6.3.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
6.3.3 Asia Pacific
184.108.40.206 South Korea
220.127.116.11 Rest of Asia Pacific
6.3.4 Latin America
18.104.22.168 Rest of Latin America
6.3.5 Middle East and Africa
22.214.171.124 United Arab Emirates
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East and Africa
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 Lumileds Holding BV
7.1.2 Koninklijke Philips NV
7.1.3 Nordson Corporation
7.1.4 Honle UV America Inc.
7.1.5 Seoul Viosys Co. Ltd
7.1.6 Nichia Corporation
7.1.7 Semileds Corporation
7.1.8 EPIGAP Optronic GmbH
7.1.9 CRYSTAL IS Inc. (Asahi Kasei Corporation)
7.1.10 Heraeus Holding GmbH
7.1.11 FUJIFILM Business Innovation Corporation
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The UV LED Market market is studied from 2020 - 2027.
What is the growth rate of UV LED Market?
The UV LED Market is growing at a CAGR of 23.26% over the next 5 years.
Which region has highest growth rate in UV LED Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in UV LED Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in UV LED Market?
Lumileds Holding BV, Nordson Corporation, Seoul Viosys Co., Ltd, Honle UV America Inc., Semileds Corporation are the major companies operating in UV LED Market.