Uv Led Market is poised to grow by 21% driven by increasing adoption of Uv Led curing
Uv Led Market is poised to grow by 21% driven by increasing adoption of Uv Led curing
Ojaswani Patil
The Uv Led market comprises of light-emitting diodes that emit ultraviolet energy in the wavelength between 100 and 400 nanometers. Uv Led lighting solutions offer advantages like eco-friendliness, energy efficiency, compact size, lifespan and design flexibility over conventional uv light sources. They find wide applications in curing, sterilization, water and air purification and chemical analysis due to their ability to emit intense, directional beams of uv radiation.
The Global Uv Led Market is estimated to be valued at US$ 1163.12 Mn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Uv Led market are FUJIFILM Business Innovation Corp., Lumileds Holding BV, Heraeus Holding GmbH, Koninklijke Philips NV, CRYSTAL IS Inc.
(Asahi Kasei Corporation), Nordson Corporation, EPIGAP Optronic GmbH, Honle UV
America Inc. (Honle Group), Semileds Corporation, Seoul Viosys Co. Ltd., and Nichia Corporation. These players are focusing on new product launches and partnerships with downstream application industries to strengthen their market presence.
The increasing demand from various end-use industries like medical, printing, and water treatment is a major factor driving UV LED market growth Rising awareness about energy-efficient lighting solutions along with stringent regulations regarding the usage of mercury vapor lamps will further propel the demand. Application areas like uv curing, disinfection and sterilization have especially witnessed higher adoption of uv leds owing to their effectiveness against pathogens.
The global expansion of key players into emerging economies of Asia Pacific and Latin America through partnerships will help boost the uv led market size during the forecast period. Regional governments are also providing subsidies and incentives to promote locally manufactured uv led products and solutions.
Market Key Trends
One of the key trends gaining traction in the uv led market is the development of micro and nano uv leds. These tiny chips enable compact product designs and new applications in wearable devices, consumer goods and medical instruments. Continuous R&D towards improving light output efficiency, lifespan and reducing production costs of uv led sources will expand their application scope in the coming years.
Porter’s Analysis
Threat of new entrants: New entrants need significant capital investments and technological knowledge to enter this market making threat low.
Bargaining power of buyers: Individual buyers have low bargaining power against large UVLED manufacturers but collectively their bargaining power is moderate.
Bargaining power of suppliers: Suppliers of raw materials like sapphire, gallium and indium have moderate bargaining power due to availability of substitutes.
Threat of new substitutes:Substitutes like traditional UV curing lamps offer threat but UVLEDs have improved efficiency and reliability making threat of substitution moderate.
Competitive rivalry: UV LED Market challenges and opportunities are shaped by the large number of global players operating in a fragmented market, leading to high competition.
Geographical Regions
By value, North America is currently the largest market for UV LEDs primarily due to extensive usage in medical device sterilization and water treatment industries.
The Asia Pacific region is fastest growing due to increasing manufacturing industries in China, Taiwan, Japan and South Korea utilizing UV LEDs for various applications like communications, sensing and industrial curing. Countries like India and Southeast Asia are also emerging as manufacturing hubs augmenting regional market growth.
Get More Insights On Uv Led Market
https://www.insightprobing.com/uv-led-market-trends-size-and-share-analysis/
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
