UV LED MARKET ANALYSIS

Market Challenges And Opportunities

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 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.