Yahoo Finance UV LED Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The UV LED Market (henceforth referred to as the market studied) was valued at USD 822. 97 million in 2021, and it is expected to reach USD 2,930. 21 million by 2027, registering a CAGR of 23. 26% during the period of 2021-2026 (henceforth, referred to as the forecast period).
New York, May 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "UV LED Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06079796/?utm_source=GNW
The main advantage UV LEDs have over UV Lamps is that they have a very narrow band compared to UV lamps. As a result, the risk of exposure to the wrong wavelength gets reduced significantly. The applications, such as printing and medical operations, benefitted the most during the initial years. For instance, in September 2020, Epson announced the SureColor SC-V7000 flatbed UV LED printer to meet the needs of signage businesses that focus on faster throughput and a lower total cost of ownership without compromising on results.
The printing solution market is witnessing a considerable increase in demand, owing to the constant developments such as partnerships and innovations in the market. In January 2021, RMGT announced UV LED partnership with GEW. RMGT formally adopted the high-performance GEW product as its definitive new solution in pursuit of ongoing technology improvement after months of evaluating all major UV LED manufacturers.
In May 2021, Epple Druckfarben and Zeller + Gmelin, the German ink companies, announced a collaboration in UV ink technology. The new partnership’s initial product is a jointly created UV LED ink for the sheetfed offset industry.
The industry is transitioning to UV LED chips from the traditional surface mount chips that have gained popularity in recent years. The increasing manufacturing of UV LED chips is expected to hinder the market growth in the forecast period.
With the outbreak of COVID-19, the UV LED market is witnessing a significant surge in demand due to its usage in disinfecting surfaces and germ-killing properties. Many countries, such as China and the United States, use UV lamps to clean the surfaces and prevent people from getting infected. According to Photonics Media, COVID-19 has increased the demand for UV LEDs that disinfect spaces.
Key Market Trends
Sterilization to Significantly Contribute to Market Growth
The scope for a UV LED is becoming abundant in sterilization applications, as it is being proved to be the cheapest way to provide safe drinking water across the globe. This also provides monetary benefits to the players with increasing consumption.
The increased concern for water purity in developed and developing nations presents a substantial growth opportunity for UV LEDs to be adopted by consumers in both commercial and residential sectors. The rise in the world population and the scarcity of pure water have attracted many UV LED manufacturers toward the untapped water purification application market.
According to International Ultraviolet Association (IUVA), the portion of the UV spectrum that is most effective against germs in water and air ranges between 200nm and 300nm. This corresponds to UV-C and some of the UV-B range, which is often referred to as “germicidal UV” light. Within such a range, the UV light can penetrate the cells of microorganisms and disrupt their DNA, eliminating their ability to multiply and cause disease.
UV germicidal irradiation has been in the disinfectant and decontamination industry for years. This process utilizes short-wavelength UVC light to kill microbes in the range of 100 to 280 nm, but the most effective wavelength for decontamination is between 250-260 nm.?
The scope for UV LED is becoming abundant for sterilization applications, as it is one of the cheapest ways of providing safe drinking water across the world. This would not only provide monetary benefits to companies but also increase consumption.
The growing investments in the sector further contribute to the market growth rate. For instance, in May 2022, GERMITEC, a global healthcare pioneer, created and commercialized high-Level UV-C disinfection systems for ultrasound probes that significantly simplified health providers’ tasks in terms of safety, time, and responsibility and announced the completion of a EUR 11 million fundraising round.
Asia Pacific to Witness Fastest Growth
The Asia Pacific is anticipated to gain significant market growth during the forecast period. Vendors based in Japan and China are making major investments in line with the expanding applications of UV LEDs, such as disinfection and sterilization, in addition to their expansion activities.
The prominent ink manufacturers operating in China (like Toyo Ink Co. Ltd, DIC Corporation, and Japanese chemical companies operating in China) highlighted the growing demand for UV inks, owing to its environmental benefits and faster curing rates. Some examples of the application of UV LEDs are material (such as paper, aluminum foil, and plastics) package printing in end-user industries, such as wine and cigarette) ?
The Central Government of China expects China’s automobile output to reach 35 million units by 2025. With the growth in automobile production, the need for UV LED is expected to increase owing to UV applications in painting, etc. ?
Japan is a hub for technological advancements and hosts an active R&D base for newer and efficient UV-curable adhesives. Owing to this, novel UV-curable adhesive products are finding their applications in the packaging, electrical, and automotive sectors in the country in recent times. ?
Vendors in the market based out of Japan are making major investments in line with the expanding applications of UV LEDs, like disinfection and sterilization, in addition to their expansion activities.?
South Korea has comparatively small consumption levels of UV-curable resins, but it is still prominent in terms of production. South Korean LED vendors are expected to launch a new series of UV-C LED products in the near future. UV-C LEDs, which are technologically challenging to manufacture, are expected to contribute significantly to the growth of the market in the Asia Pacific region.?
Competitive Landscape
The UV LED market is highly fragmented due to various players providing high competition. The major factors governing this force are sustainable competitive advantage through innovation, levels of market penetration, barriers to exit, levels of advertising expense power of competitive strategy, and firm concentration ratio. With the market gaining stimulus recently, the companies have a lot of untapped potentials, which they can use in expanding their production and product suite.
April 2022 - Lumileds released its 2021 sustainability report that details the company’s progress in supporting the transition to a low-carbon and sustainable economy. In 2021, the company averted 8.60 million metric tons of use-phase CO2 through its LED products.
October 2021 - Nichia Corporation launched a high power 200mW UV-C LED and has begun mass production of another new high radiant flux UV-C LED to help target the inactivation and sterilization of various bacteria and viruses, specifically in industrial water and air applications, where NC4U334BR activates new industrial water and air purification opportunities.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06079796/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
