The global UV LED market encompasses UV light emitting diodes used across various end use applications such as UV curing, water and air purification, counterfeit detection, UV sterilization, and medical applications among others. UV LEDs are being increasingly adopted owing to their numerous advantages over traditional mercury lamps such as longer lifespan, energy efficiency, compact size, and being mercury-free. The global UV LED market is estimated to be valued at US$ 957.3 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Some key applications of UV LEDs include UV curing which uses LED lamps for instant bonding, sealing and curing of adhesives, coatings and inks. They are also used in counterfeit detection for currency verification and product authentication. In the medical sector, they enable non-invasive treatment of skin diseases and conditions. UV LEDs offering mercury free sterilization are gaining traction in water treatment and air purification for disinfecting surfaces. The growing emphasis on energy efficiency, eco-friendly operations and compact device designs across various end use industries has been fueling the adoption of UV LEDs.
Market Dynamics:
The increased adoption across various applications as highlighted in the heading is expected to be a major driver for the UV LED market over the forecast period. In particular, the growing demand for UV LEDs from the medical sector is estimated to propel market growth. This is owing to rising investments in dermatological and infection control applications. Additionally, stringent regulations regarding the use of mercury vapor lamps along with the need for sustainable and energy efficient lighting solutions are further complementing the increased preference for UV LEDs. While the initial costs are higher than traditional mercury lamps, UV LEDs provide long-term cost savings through reduced maintenance and replacement costs. These factors combined are projected to significantly contribute to the expanding UV LED market size during the forecast timeframe.
Segment Analysis
The global UV LED market is dominated by the curing sub-segment, which holds over 50% of the overall market share. UV LED curing is witnessing high demand across various end-use industries such as printing, packaging and medical. It helps to cure ink and coatings in a fraction of time provided by traditional curing methods. This has resulted in increased production efficiency and reduced processing time.
PEST Analysis
Political: Regulations around UV exposure and mercury content are encouraging companies to adopt mercury-free and more eco-friendly UV LED technology. Economic: Cost benefits of UV LEDs compared to mercury lamps such as lower electricity consumption and no replacement cost is driving its adoption. Social: Rising health concerns regarding mercury exposure is shifting preference towards greener UV LED technology. Technological: Advancements in LED packaging technology, drive circuits and substrates have reduced prices and improved efficiency of UV LEDs.
Key Takeaways
The Global UV LED Market Demand is expected to witness high growth over the forecast period.
The North American regional market holds the major share currently due to increased applications across various end-use industries including medical devices sterilization, printing and curing.
Key players operating in the UV LED market are Mango, Forever 21, River Island, Peacocks, Topshop, Zara, Bershka, Inditex, H&M, Primark, C&A, Stradivarius, Pull&Bear, Oysho, Massimo Dutti, Uterqüe, Lefties, Arket, New Look, Next. The residential segment is expected to be the fastest growing application segment owing to rising adoption of UV LED disinfection products for surface, air and water treatment in households.
For more insights, Read- https://www.ukwebwire.com/uv-led-market-growth-market-size-share-analysis/
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