UV LED MARKET ANALYSIS

The global UV LED market size was valued at USD 787.9 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 21.5% from 2022 to 2030. This is mainly due to the growing popularity of this technology. This new technology is highly compact, delivers consistent UV output, and requires less energy. It also offers safety, lower maintenance, and low costs of ownership. The market is driven by numerous factors, including the emergence of miniaturized electronics, increased government policies to save energy, and growing demand for environmental-friendly UV technologies.

Global UV LED Market: Regional Insights

The global UV LED market is geographically divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

North America is anticipated to show significant growth in the global UV LED market over the forecast period. This is due to increasing research on UV LED technology in the U.S., growing concerns regarding water-borne diseases, and increasing awareness about benefits of treated water consumption in the country. Moreover, increasing advancements in cleantech innovations, and development of advanced water technologies by homegrown companies in Canada is also expected to augment growth of the market in North America region.

Furthermore, Asia Pacific is also expected to witness strong growth in the global UV LED market over the forecast period, owing to rising use of UV LED technology in the UV curing process. Moreover, vendors in the market are focused on investing in line with growing applications of UV LEDs, such as sterilization and disinfection along with other expansion activities. Thus, the region is likely to see a significant growth in the coming future.

Figure 1: Global UV LED Market Share (%), By Region, 2023

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Global UV LED Market Drivers:

Eco-friendly composition of UV LEDs to augment the market growth

The growing environmental concerns and ongoing initiatives under the legislation for reducing the emissions of volatile organic compounds are driving the development of radiation to cure coatings in the recent years. Thus, preference for UV LEDs is increasing. Along with this, the improving safety for the operator with no emission of harmful UV-C radiation is growing. As the UV LED doesn’t contain dangerous metals, which could be hard to dispose, the use of this technology is increasing among various applications. Thus, these factors in turn are expected to propel growth of the global UV LED market over the forecast period.

Rising adoption of UV curing market to fuel the market growth

The ink revenues are increasingly growing compared to the overall packaging and graphics market, as users are taking advantage of instant drying for improving their production efficiencies and exploit both functional  and decorative properties of the coatings and inks. As per The Federation of Trade Association and an Organizer of Exhibition and Conferences for the Screen-Printing and Digital Printing Industry, radiation curing saves time by instantly drying and also allows different efficiencies in different production processes. The radiation curing print segment and packaging market are increasingly expanding in the recent years. The radiation curing sector is likely to show strong growth in the coming future. These factors are thus expected to drive growth of the global UV LED market over the forecast period.

Global UV LED Market Opportunities:

Growing demand for UV LEDs in industrial and life science applications is expected to offer growth opportunities in the global UV LED market over the forecast period. Due to their advantages such as low cost, efficiency in LED-powered curing in adhesive, disinfectant, ink and coating industries, and replacement of incumbent technologies, like mercury lamps, the demand for UV LED is likely to grow in the coming years. This in turn is expected to bring several lucrative opportunities in the market.

Growing western attention in Korean and Japanese market for the development of high-power UV-C LEDs is again likely to bring multiple opportunities in the global UV LED market during the forecast period. The market in these region is gaining attention from Western investor in active development of high-power UV-LEDs in order to cater the demand of water treatment market. The UV-C LED market is likely to diverge into a general consumer market and advanced industrial/commercial market in the coming future. It is in turn expected to create business opportunities in the UV LED market.

Global UV LED Market Trends:

Increasing investment in R&D by market players is a recent trend

UV LED technology is ideal for water disinfection; however, the concerns regarding harmful impacts of UV-C radiation on the human body are still persistent. Thus, market players are increasingly investing in R&D. For instance, in September 2020, Toyoda announced the development of deep UV LED light modules designed specifically for killing viruses and bacteria. These water purifier machines will be utilized in WOSH portable washstands with water recirculation. Thus, investment in development of such novel technologies by market players is a growing trend in the market.

Growing demand for and installation of water and surface disinfection technologies is a growing trend

The UV LED technology is widely being used for disinfection. Moreover, due to the COVID-19 outbreak, the awareness among public regarding the importance of hygiene, and demand for installation of water as well as surface disinfection technologies is growing all over the world. For instance, in April 2020, The Indian Institute of Technology, Guwahati developed a low-cost UVC LED-based disinfection system. Thus, development of such technologies is a growing trend in the global UV LED market, which is likely to drive the market growth in the coming future.

Global UV LED Market Restraints:

Growing manufacturing of UV LED chips to hamper the market growth

The chip-on-board for UV LED technology enables the manufacturers to get a higher density in a tiny surface area. It allows them to have 342 LEDs in the same surface area where the surface mount UV LEDs generally have 40 LEDs. The innovations for UV LED Chips are increasing with time. Market players are getting involved in collaborations for the development of this technology, which is likely to be used is several applications including smart glasses, and AR glasses. This is however, expected to affect the demand for UV LED, which in turn is expected to hinder growth of the global UV LED market over the forecast period.

High cost of installation and production to impede growth of the market

The cost involved with the installation and production of UV LED is expected to hinder growth of the global UV LED market over the forecast period. The raw materials required for making UV LEDs can be expensive. Moreover, the cost required for manufacturing and packaging of UV LED technology is also high, which in turn is expected to hamper growth of the global UV LED market over the forecast period. However, increasing research and development by market players is likely to support the market growth in the coming years.

Figure 2: Global UV LED Market Share (%), By Type, 2023

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Global UV LED Market Segmentation:

The global UV LED market report is segmented into Technology and Application.

Based on Technology, the market is segmented into UV – A, UV – B, and UV – C. Out of which, UV-A is expected to dominate the global market over the forecast period and this is attributed to the various benefits of UV-A LEDs such as effective elimination, low power consumption, and short-wavelength energy. Due to these features, demand for these LEDs is increasing in forensic investigations such as examination of untreated blood, biological stains, and latent fingerprints at crime scenes. Thus, this segment is expected to witness strong growth in the coming years.

UV-C segment is also expected to witness significant growth in the near future and this is owing to the enormous potential of UV-C LEDs in various applications. The demand for these LEDs is high in applications such as sterilization and disinfection. This lighting is a highly effective and a safe method of disinfecting, when it is designed appropriately, installed correctly, and followed the safety instructions.

Based on Application, the market is segmented into Optical Sensors and Instrumentation, Counterfeit Detection, Sterilization, UV Curing, Medical Light Therapy, and Other Applications (Photo Catalytic Purification and Tanning). Out of which, Optical Sensors and Instrumentation is expected to dominate the global market over the forecast period and this is attributed to the rising availability of lightweight, cost-efficient, and compact products, where UV LED technology finds applications. Most of the optical sensors are based on LED emission in the visible and infrared regions, such as heart rate monitors in smartphones or smoke detectors. Thus, demand for LEDs is high in optical sensors and instrumentation applications, which is likely to drive the market growth.

Counterfeit Detection segment is also expected to witness significant growth in the near future and this is owing to the high demand for UV LED lamps in counterfeit money all over the world. These lamps are utilized for counterfeit analysis applications, which also include testing credit cards, banknotes, gems, casino coins, ID cards, passports and other documents. Thus, the segment is expected to witness substantial growth in the near future.

Global UV LED Market: Key Developments

In September 2022, Nichia Corporation released its high output 280nm NCSU434C. The company is planning to begin mass manufacturing of other novel high radiant flux UV-C LED to target the sterilization and inactivation of different viruses and bacteria, especially industrial air and water applications.

In June 2022, Soeul Viosys Co., Ltd, announced that it is supplying its newest technology of Violeds to Typhon Treatment Systems Ltd. This new technology uses UV LED to offer protection against contaminants and bacteria, and is energy-efficient, which helps lower costs.

In March 2022, Signify entered into collaboration with Perfect Plants on grow lights. These two new climate cells come with Philips GreenPower LED toplighting compact for grow lights and Philips GrowWise Control System.

In February 2022, SemiLEDs entered into collaboration with CrayoNano for creating products depending on the hybrid material technology and nanowires of CrayoNano.  The LED process technology of SemiLEDs help boost the mid-to-long-term UV-C product roadmap of CrayoNano.

Global UV LED Market: Key Companies Insights

The global UV LED market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global UV LED market are FUJIFILM Business Innovation Corp., Lumileds Holding BV, Heraeus Holding GmbH, Koninklijke Philips NV, CRYSTAL IS Inc. (Asahi Kasei Corporation), Nordson Corporation, EPIGAP Optronic GmbH, Honle UV America Inc. (Honle Group), Semileds Corporation, Seoul Viosys Co. Ltd., and Nichia Corporation.

*Definition: UV LED stands for "ultraviolet light emitting diode." These are solid-state devices that produce light when an electrical current is allowed to flow from the positive (p-type) side of the circuit to the negative (n-type) side. Unlike traditional UV lamps, which contain mercury, UV LEDs are non-toxic and do not break down over time.