According to a new report published by Allied Market Research, titled, “UV LED Market by Type (UV-A, UV-B, and UV-C), Material (Silicon Carbide, Gallium Nitride, Sapphire, and Other), and Application (Curing, Purification, Indoor Gardening, Counterfeit detection, and others), and Industry Vertical (Healthcare & Medical, Agriculture, Industrial, Residential, and Commercial): Global Opportunity Analysis and Industry Forecast, 2020–2027” the global UV LED industry size was valued at $0.35 billion in 2019, and is projected to reach $1.71 billion by 2027, registering a CAGR of 21.7% during the forecast period. North America is the leading contributor to the global UV LED market, followed by Europe and Asia-Pacific in 2019.
The UV LED includes various type of technologies such as UVA, UVB, and UVC. These technologies are used to fabricate LEDs for water purifiers, air purifiers, surface purifiers, sterilization, curing, indoor gardening, and others. The UVA technology holds the largest share in the overall UV LED market across the globe.
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The UV LED market is gaining popularity and emerging as a strong replacement for traditional incandescent bulbs. Furthermore, increase in demand for the UV LED lightings from the developed countries and growth in the awareness among the consumers in the developing nations are expected to boost the market growth.
The development and innovative photo initiators market is anticipated to create lucrative opportunity for the UV curing application in industries associated with graphic arts and coatings. These industries are growing at a very fast pace of 10% per year and becoming multi-billion-pound industries worldwide. They are adopting UV curing techniques by replacing conventional solvent-based thermal drying method as it requires low current, low consumption, increased productivity, and better-quality product.
The UV-A segment contributed the maximum in terms of revenue to the market, accounting for 70% share in 2019. UV-A is widely adopted in the security & surveillance industry for multiple functions such as validating signatures, see-through fingerprints scanning at crime scenes, and tracing evidences in respect of ink stains & residual stains.
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The healthcare and medical segment was the largest contributor of revenue in 2019, and is expected to grow at a CAGR of 22.8% from 2020 to 2027. Growth in focus toward adoption of UV LEDs to prevent skin infections is expected to provide growth opportunities to the market players, as government organizations and major companies operating in the UV LED market are striving toward the development of such devices, which offer effective and efficient vitamin D3 to the human skin as compared to sunlight.
Region wise, the UV LED market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America generated the highest revenue in the UV LED market in 2019, due to increasing adoption in UV curing and many other applications such as disinfection, purification, counterfeit, sterilization, and others.
Covid-19 Impact Analysis
An increase in demand for UV system in the healthcare and medical sector is likely to drive the UV LED market growth during the forecast period. The business for UV systems specific to the healthcare industry is less affected as compared to other verticals. There is an increased demand for medical equipment and other required devices for helping COVID-19 patients and stopping the spread of the virus. These factors are expected to create high demand for UV LED industry.
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Key Findings Of The Study
The key players profiled in the report include Nordson Corporation, LG Innotek Co. Ltd., Lumileds Holding B.V, Nichia Corporation, OSRAM, Koninklijke Philips N.V., Semileds Corporation, Crystal IS, Sensor Electronic Technology, and Phoseon Technology. Market players have adopted various strategies such as product launch, product development, expansion, and partnership to expand their foothold in the UV LED industry.
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