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Spherical Insights recently published a research report on, “Global UV LED Market Size, Share, and COVID-19 Impact Analysis, UV LED Market Size, By Technology, By Application, by Region, Analysis and Forecast 2021 - 2030”. According to the report, the Global UV LED Market Size was valued at USD 411 Million in 2021 and the worldwide UV LED industry size is expected to reach USD 2.19 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 19.17% during the forecast period. Because they use less energy than mercury vapour lamps, UV LEDs are quickly becoming feasible substitutes. North America is expected to grow the fastest during the forecast period.
UV Light Emitting Diodes (LEDs) are solid-state electronics that produce light when an electrical current is allowed to pass from one side of the circuit's positive pole to the other. In order to promote high levels of productivity, increased safety, and decreased operational costs in a variety of applications, UV LED refers to the exploitation of ultraviolet radiation with a wavelength spanning from 240 to 400 nm. The way conventional arc lamps operate is to excite atoms inside a mercury gas by means of an electric arc, which causes the excited atoms to decay and release photons as a by-product. UV LEDs produce a narrow band of light at the junction where when a voltage is supplied positive holes in doped semiconductors mix with negative electrons. Growing environmental concerns and ongoing regulatory initiatives to decrease emissions of volatile organic compounds (VOCs) have been the main drivers behind the development of radiation curing coatings in recent years. UV LEDs are therefore preferred.
Additionally, because no UV-C radiation is emitted, operator safety is increased. There are no toxic metals in the UV LED that would be difficult to dispose of. UV LEDs generate a lot less heat than regular light sources. While mercury lamps can achieve temperatures of more than 60°C, UV LED lights have a maximum temperature of 40°C. The UV LED technology's eco-friendliness is additionally enhanced by the fact that it produces less trash and uses less ink. More sensitivity is required for inks designed for UV-LED devices. The printing presses may apply a thinner layer of ink and still achieve the same results as conventional curing if they are outfitted with digital front-end software that is tuned for LED. Deep-ultraviolet light produced by UV LEDs can be utilised to effectively kill a number of hazardous microbes. Since mercury vapour lamps, which contain a highly dangerous chemical, make up the majority of deep-ultraviolet light sources, UV LED is a good environmentally acceptable substitute. Due to their lower power consumption than light bulbs made of mercury, UV LEDs are quickly becoming accepted as alternatives and are even starting to become practical ones.
UV-A segment to witness the faster growth among the other segments.
Based on technology, the UV LED market is segmented into UV – A, UV – B, and UV – C. UV-A segment is witnessing the fastest market growth over the forecast period. The leaf thickness is increased by this method, which also boosts the plant's resistance to different fungal infections. However, most greenhouses don't provide UV protection since materials like polycarbonate or glass, which are frequently used, block UV radiation. According to the Food and Agriculture Organization, corn output was the greatest of all grains produced worldwide (FAO). Through greenhouses, UV-A market participants can concentrate on countries that produce a lot of corn. This will help them boost their market presence and share as well as their level of awareness, which will fuel the expansion of the UV-LED market throughout the forecast period.
Medical light segment is witnessing a huge growth during the forecast period.
Based on application, the UV LED market is segmented into Optical Sensors and Instrumentation, Counterfeit Detection, Sterilization, UV Curing, Medical Light Therapy, and Other Applications. Among these, medical light segment is witnessing the fastest market growth. Due to growing investment in UV LED research and development, UV LED technology is being used in more and more medical applications. Companies are spending more money on R&D and creative solutions to reduce the negative effects of the growth in healthcare-associated illnesses. According to the CDC Centers for Disease Control and Prevention, one-fourth of all hospital patients in the US will develop a hospital-acquired infection (HAI) while they are there. As a result, the medical business must implement efficient disinfection techniques. Hospitals and other healthcare facilities now use UV lights producing mercury vapour to clean various parts of the building and its equipment. However, the growing need for portable, lightweight, and compact disinfection equipment cannot be satisfied by current UV mercury lamps. As a result, the demand for UV LED sterilisation equipment in the medical industry is quickly rising.
European market is witnessing a sudden expansion of the market within the estimated timeframe.
Europe is witnessing the fastest market growth over the forecast period. The region's nations, including Germany, have experienced a multifaceted expansion of the UV LED market. The region's firms are undergoing aggressive mergers, acquisitions, and partnerships, which are good markers of this. Partnerships between other market participants and firms based in Europe have led to strategic developments for UVA, UVB, and UVC in the system. One aspect that is anticipated to drive the UV LED market in the European area throughout the forecast period is UV inks' ability to cure quickly when exposed to UV light, allowing printers to stack containers and ship right away.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Key Players in the UV LED market:
Click here to read the report titled, “Global UV LED Market Size, Share, and COVID-19 Impact Analysis, UV LED Market Size, By Technology, By Application, by Region, Analysis and Forecast 2021 - 2030."
