Growing Demand for UV Curing Applications Fuels the UV LED Market

 
UV LED Market

The global UV LED market has witnessed significant growth owing to the growing demand for UV curing applications across several industries such as printing, healthcare, optics, semiconductor, and others. UV LEDs offer various advantages over traditional UV sources including long lifetime, eco-friendly, energy efficient, and mercury free. They help reduce operational costs and deliver a faster curing process suitable for assembly line production. The global UV LED Market is estimated to be valued at US$ 957.3 Mn in 2024 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.


UV light emitting diodes or UV LEDs are semiconductor light sources that emit high energy photon in the ultraviolet region of the electromagnetic spectrum. They find wide applications across several industries due to their numerous benefits over conventional UV sources. Their excellent spectral purity, small size, durability, and energy efficiency offers cost-saving advantages. The increasing demand for environmental friendly and low power consuming alternatives has propelled the demand for UV LEDs. They are increasingly being used for applications such as UV curing, counterfeit detection, sterilization, water and air purification. The growing adoption across industries is expected to drive the UV LED market over the forecast period.

Market key trends:
One of the key trends in the UV LED market is the development of high power UV LEDs. Manufacturers are focusing on developing LEDs with higher output powers to enable new applications and wider curing areas. This is due to the growing demand for large-scale and conveyor belt curing applications across industries. For instance, in January 2020, LG Innotek introduced an industrial grade UV LED with output power of over 1W, targeting applications such as 3D printing and conveyor belt systems. Similarly, manufacturers are developing specialized UV LEDs for applications such as DNA sequencing, medical device sterilization, and surface disinfection. This is expected to open new opportunities and drive the adoption of UV LEDs over the forecast period.

Porter's Analysis
Threat of new entrants: Low capital requirements and established value chains pose low threat of new entrants.

Bargaining power of buyers: Large buyers enjoy better bargaining power due to bulk purchasing. However, customized products cater niche demand.

Bargaining power of suppliers: Suppliers of raw materials enjoy bargaining power owing to scarcity and economies of scale. However, technological development reduces this power.

Threat of new substitutes: Other disinfection alternatives like LED bulbs pose minimal threat being specialized in targeted applications.

Competitive rivalry: Intense competition exists between global manufacturers to cater growing demand.

Key Takeaways

The Global UV LED Market Demand is expected to witness high growth over the forecast period.

Regional analysis: North America maintains leading position with U.S. capturing major share. Promising growth is expected from Asia Pacific led by China, Japan and South Korea on back of growing electronics industry. Europe is another major regional market driven by focus towards sustainability.

Key players: 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. These players are focusing on new product launches and partnerships to gain leading edge.

For more insights, Read- https://www.insightprobing.com/uv-led-market-trends-size-and-share-analysis-2/

Get more insights on this topic: https://shoutingstars.com/carbon-capture-and-storage-a-vital-climate-change-solution

 

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