From 2023 to 2033, the worldwide UV LED market is projected to grow at a compound annual growth rate (CAGR) of 18.6%. According to a newly released study by Future Market Insights, the market is expected to reach a valuation of US$ 3.2 billion by the conclusion of the previously stated projection period.
Among the various uses of UV LEDs in horticulture and agriculture are plant development and insect control. Certain plant responses, such higher yield, better color, and more nutritional content, can be effectively induced by specific UV light wavelengths. The germicidal qualities of UV radiation are expected to increase demand due to the growth in waterborne illnesses, especially in developing Asian nations. The increasing sophistication of wastewater treatment and industrial liquid waste management is propelling the market expansion.
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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.
Global UV LED Market: Market Dynamics
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.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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