UV LED Market

Global UV LED Market Outlook - 2027

The global UV LED market size is expected to reach $1.71 billion by 2027 from $0.35 billion in 2019, growing at a CAGR of 21.7% from 2020 to 2027.    

Healthcare and Medical segment impacted positively, due to COVID 19 scenario.

The ultraviolet (UV) LED technology can convert electrical energy into ultraviolet light. The production of UV LED products involves implementing numerous technologies such as UV-A, UV-B, and UV-C. It operates usually below 100 Fahrenheit temperature. In the past, the application of UV LED was limited to certain specific applications such as curing, counterfeit, forensic, and others. However, with the developments and advancements in technology, it has witnessed adoption into the mainstream applications such as disinfection, purification, indoor gardening, sterilization, and medical phototherapy. 

The UV LED market is expected to take over the conventional UV mercury lamps market due to features such as low power consumption, tight tolerance of wavelengths, long life, and environmentally friendly. End users such as government organizations, manufacturing units, commercial complexes, residential buildings, and healthcare organizations are increasingly emphasizing on maintaining a certain level of security, hygiene, and monitoring measures. As a result, there has been a dramatic increase in the demand for disinfected appliances such as water purifiers and air purifiers among many others.

There are many advantages that an UV LED system offers over an analog UV and mercury-based lamps. UV LED lamps have high luminous efficiency, due to which it can minimize the consumption of power more than 60%. In addition, it is very flexible, efficient, and instantly exhibit higher productivity without warmup, which help in eliminating the need for auxiliary devices such as exhaust duct or deodorizing device. The U.S. has the largest market share, owing to high investment on R&D of UV LEDs. The country is also promoting UV LED lamps for horticulture and agriculture LED lights. However, the recently imposed tariffs by the U.S. government is hampering the LED lighting businesses in the U.S. as these measures increase the cost of such products significantly. Other countries are also focusing on the development of this technology. For example, Acuva Technologies, a Canadian-based company, has been funded around 2.1 million by the government for developing UV-C LED for water purification system.

The prominent factors that drive the UV LED market growth include rise in utilization of UV curing system, due to initiatives by government specifically in the U.S. and European countries to execute eco-friendly curing technologies, are encouraging industries to adopt UV curing systems; rapid growth in the usage of environment safe LEDs, owing to leading manufacturers associated with LEDs are seeking an eco-friendly method, which delivers better and consistent performance than the conventional solvent-borne systems; and government indicatives toward energy efficiency products. However, factors such as high installation cost as well as the investment required for the production is expected to hamper the UV LED market growth. Furthermore, increase in trend toward the development of advanced UV LEDs for newer applications and evolution of highly efficient UV LEDs are expected to offer lucrative opportunities for UV LED industry. Moreover, high efficacy of UV LEDs is expected to be available in the commercial market in future and create a demand for the same in numerous applications. 

The global UV LED market is analyzed on the basis of type, application, industry vertical, and region. Based on type, the market is categorized into UV-A, UV-B, and UV-C. Based on application, the market is divided into UV curing, purification, indoor gardening, counterfeit detection, and others. On the basis of industry vertical, the market is divided into healthcare and medical, agriculture, industrial, residential, and commercial. 

Region wise, the UV LED market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (Japan, China, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).  

Top Impacting Factors

The prominent factors that drive the growth of the UV LED market include growth in utilization of UV curing system, rapid increase in the usage of environment safe LEDs, and government indicatives toward energy efficiency products. However, factors such as high installation cost as well as the investment required for the production is expected to hamper the UV LED market growth. Furthermore, increase in trend toward the development of advanced UV LEDs for newer applications and evolution of highly efficient UV LEDs are expected to offer lucrative opportunities for the market expansion.  

Competition Analysis

Competitive analysis and profiles of the major 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 are provided in this report.  

Covid-19 Impact Analysis

The world is facing an economic crisis caused by COVID-19 pandemic. The pandemic has severely affected several industries such as automotive, energy, consumer electronics, agriculture, industrial, residential, and commercial. Manufacturing units are hampered due to shutdowns and the unavailability of labor or raw materials. 

Further, there is a restriction on foreign trades due to the lockdown of national borders, distribution channels, and various government laws to take precautionary measures for public health and safety. However, owing to this pandemic, there will be an increasing focus on hygiene and sanitation due to the rise in public concern for a better and safer lifestyle. 

An increase in the demand for UV system in healthcare and medical sector is likely to drive the UV LED market share during the forecast period.  The business for UV systems specific to healthcare industry is less affected as compared to other verticals. 

As UV systems are widely used in a variety of medical application such as dialysis machines, catheters, hearing aids, hydrogels, and test strips. 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.    

Key Benefits For Stakeholders

• This study comprises analytical depiction of the global UV LED market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall UV LED market analysis is determined to understand the profitable trends to gain a stronger foothold. 
• The report presents information related to key drivers, restraints, and UV LED market opportunities with a detailed impact analysis. 
• The current UV LED market forecast is quantitatively analyzed from 2017 to 2027 to benchmark the financial competency. 
• Porter’s five forces analysis illustrates the potency of the buyers and the UV LED market share of key vendors.  
• The report includes the UV LED market trends and the market share of key vendors.

 UV LED Market Report Highlights