The global UV LED market is experiencing growth due to several factors such as the surge in usage of environmentally safe LEDs, and government initiatives toward energy efficiency products.
WILMINGTON, Del., Aug. 12, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “UV LED Market by Type (UV-A, UV-B and UV-C), Application (UV curing, Purification, Indoor gardening, Counterfeit detection and Others), Industry vertical (Healthcare and medical, Agriculture, Industrial, Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the uv led market was valued at $0.8 billion in 2023, and is estimated to reach $3.8 billion by 2032, growing at a CAGR of 19.4% from 2024 to 2032.
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137 – Tables
62 – Charts
250 – Pages
Prime determinants of growth
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 and the investment required for the production are expected to hamper UV LED market growth. Furthermore, the 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.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2024–2032 |
|
Base Year |
2023 |
|
Market Size in 2023 |
$0.77 billion |
|
Market Size in 2032 |
$3.82 billion |
|
CAGR |
19.34 % |
|
No. of Pages in Report |
250 |
|
Segments Covered |
Type, Application, Industry Vertical, and Region. |
|
Drivers |
Surge in utilization of UV curing system
|
|
Opportunities |
Adoption of high efficiency UV LEDs
|
|
Restraint |
High costs associated with UV LED |
Segment Highlights
By type the UV-A segment dominant the market in terms of revenue in 2023 and is expected to follow the same trend during the forecast period due to their broad range of applications, including UV curing in industrial processes, forensic analysis, counterfeit detection, and radiation therapy. These applications drive the demand for UV-A LEDs, making them the dominant segment in the market.
By application, the Disinfection/Purification segment held the highest market share in 2023, accounting for nearly half of the UV LED market share to the increasing demand for clean water and the rise in adoption of UV LEDs for disinfection purposes across various industries, particularly in water treatment and purification systems. The COVID-19 pandemic has further boosted this segment as there has been a heightened focus on hygiene and sanitation, driving the use of UV LEDs for disinfection to prevent the spread of viruses and bacteria.
By industry vertical, the healthcare and medical segment held the highest market share in 2023, accounting for nearly half of the UV LED market share this dominance is driven by the extensive use of UV LEDs in medical applications, such as sterilization, disinfection, and medical equipment sanitization, particularly due to heightened hygiene concerns following the COVID-19 pandemic. The demand for UV systems in healthcare is significant as they are used in dialysis machines, catheters, hearing aids, and other critical medical devices.
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Regional Outlook
On the basis of region, the UV LED market is analyzed across North America, Europe, Asia Pacific, and LAMEA. Asia-Pacific holds the highest market share in the UV LED market in 2023 due to strong industrial base, particularly in nations such as China, Japan, and South Korea, which are key centers for electronics and automotive manufacturing. In addition, the widespread adoption of UV LED technology for applications such as sterilization, disinfection, and water purification, driven by growing awareness of hygiene and environmental sustainability, significantly boosts market growth. The region’s substantial investments in technological advancements and infrastructure, along with supportive government policies promoting eco-friendly solutions, further reinforce the dominant position of Asia-Pacific in the UV LED market.
Key Players:
Nordson Corporation
LG Innotek Co. Ltd.
Lumileds Holding B.V
Nichia Corporation
OSRAM
Koninklijke Philips N.V.
Semileds Corporation
Crystal IS
Sensor Electronic Technology
Phoseon Technology
The report provides a detailed analysis of these key players in the global UV LED market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
In October 2021, LG Innotek announced the development of a new sterilization module that uses deep ultraviolet-C (UVC) LED technology. The module is able to reportedly eliminate up to 99.9% of germs and viruses in just five minutes, making it ideal for use in various applications such as air purifiers, water purifiers, and medical devices.
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Key Benefits For Stakeholders:
This report provides a quantitative analysis of the market segments, UV LED market analysis, current trends, estimations, and dynamics of the UV led market analysis from 2024 to 2032 to identify the prevailing UV LED market opportunities, UV LED sector analysis.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the uv led market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global UV LED market trends, UV LED Market Share by Companies, UV LED Market Insights UV LED Company List, UV LED for US Market, UV LED Market Size by Country, UV LED Market Data, key players, uv led strip market, uv light bulb, segments, application areas, and market growth strategies.
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UV LED Market Key Segments:
By Type
UV-A
UV-B
UV-C
By Application
UV curing
Purification
Indoor gardening
Counterfeit detection
Others
By Region
North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Italy, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East and Africa (UAE, Saudi Arabia, Rest of Middle East And Africa)
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