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UV LED Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast By - 2033

  • PUBLISHED ON
  • 2024-06-02
  • NO OF PAGES
  • 249
  • CATEGORY
  • Electronics & Communication
Market Overview

UV LED Market size was valued at USD 1,800 million in 2022 and is projected to reach USD 2,829 million by 2033, growing at a CAGR of 19.7% during the forecast period.

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 1,800 million

Market Forecast in 2033

USD 2,829 million

CAGR % 2023-2033

19.7%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more

Key Companies

Nichia Corporation; Seoul Viosys; LG Innotek; Osram Opto Semiconductors; Crystal IS; Phoseon Technology; Rayvio Corporation; Sensor Electronic Technology, Inc.; Ushio America, Inc.; Excelitas Technologies



UV LED Market- Description

The UV LED market has witnessed significant growth and innovation in recent years. UV LED stands for ultraviolet light-emitting diode, which is a solid-state lighting technology that emits ultraviolet light when an electric current is applied.

UV LEDs offer several advantages over traditional UV light sources such as mercury lamps, including higher energy efficiency, longer lifespan, instant on/off capabilities, and reduced environmental impact. The UV LED market has experienced strong growth due to the increasing demand for UV LEDs in various applications across different industries.

These applications include curing and drying of inks, coatings, and adhesives; sterilization and disinfection in healthcare and water treatment; counterfeit detection and forensic analysis; and horticulture lighting, among others. UV LEDs are gradually replacing traditional UV light sources such as mercury lamps, arc lamps, and fluorescent lamps.

This transition is primarily driven by stricter environmental regulations regarding hazardous substances like mercury, as well as the energy efficiency and performance benefits offered by UV LEDs.

The UV LED industry has seen continuous advancements in terms of efficiency, output power, wavelength range, and durability. Researchers and manufacturers are working on developing UV LEDs with higher output power and improved spectral range to cater to specific application requirements.

UV-C LEDs, which emit ultraviolet light in the germicidal range (around 200-280 nm), have gained significant attention for their ability to provide efficient and chemical-free sterilization and disinfection solutions. The COVID-19 pandemic further accelerated the demand for UV-C LEDs in air and surface disinfection applications.

UV LED market: Key Trends

• Customization and Integration

The UV LED market is witnessing a trend towards customization and integration of UV LED solutions into various systems and equipment. UV LED manufacturers are working closely with original equipment manufacturers (OEMs) to develop tailored UV LED solutions that meet specific application requirements and enable seamless integration.

• Cost Reduction

As UV LED technology matures and economies of scale are realized, the cost of UV LED devices is gradually decreasing. This cost reduction is making UV LED solutions more accessible to a wider range of applications and industries.

UV LED Market- Geographical Analysis

North America is a prominent market for UV LEDs due to the presence of major players and technological advancements in industries such as electronics, healthcare, and aerospace. The United States and Canada are the key contributors to the growth of the UV LED market in this region.

Europe is another significant market for UV LEDs, driven by the increasing adoption of UV LED technology in various sectors like automotive, industrial, and medical applications. Countries such as Germany, the United Kingdom, France, and Italy are the major contributors to the market growth in this region.

Asia Pacific is one of the fastest-growing regions for the UV LED market. The region is witnessing rapid industrialization, growing investments in research and development, and a rising demand for UV LEDs in applications such as electronics manufacturing, water purification, and printing. China, Japan, South Korea, and India are the key countries driving the market growth in this region. Latin America is experiencing steady growth in the UV LED market.

The increasing adoption of UV LED technology in applications like healthcare, agriculture, and food processing is driving the market in this region. Brazil, Mexico, and Argentina are the major contributors to the growth of the UV LED market in Latin America.

UV LED Market- Impact of COVID-19

The COVID-19 pandemic created a surge in demand for disinfection products and technologies. UV LEDs are widely used for disinfection purposes due to their ability to effectively deactivate viruses, bacteria, and other pathogens. As a result, the demand for UV LED-based disinfection solutions increased significantly during the pandemic. UV-C LEDs, which emit ultraviolet light in the germicidal range, gained significant attention during the pandemic.

These LEDs are used in various applications such as air and surface disinfection systems, water purification devices, and medical equipment sterilization. The need for UV-C LEDs in these applications grew substantially, leading to an increased demand for UV LED products. The COVID-19 pandemic disrupted global supply chains, affecting the production and distribution of UV LED components and products.

Many manufacturers faced challenges in sourcing raw materials and components, as well as in logistics and transportation. These disruptions led to delays in production and delivery, impacting the overall market growth. Certain industries that extensively use UV LED technology, such as automotive, aerospace, and consumer electronics, experienced a slowdown during the pandemic. Reduced consumer spending and disruptions in manufacturing processes negatively affected the demand for UV LED products in these sectors.

UV LED market: Segmental Analysis

Type
• UV-A
• UV-B
• UV-C

Application
• Curing
• Purification
• Indoor Gardening
• Counterfeit detection
• Others

UV LED Market: Key Companies

• Nichia Corporation
• Seoul Viosys
• LG Innotek
• Osram Opto Semiconductors
• Crystal IS
• Phoseon Technology
• Rayvio Corporation
• Sensor Electronic Technology, Inc.
• Ushio America, Inc.
• Excelitas Technologies
• Others

UV LED Market: Regional Scope

North America
• U.S.
• Canada
• Mexico

Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific

South America
• Brazil
• Argentina
• Rest of South America

Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa


Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.


Frequently Asked Questions

What is the market size and growth projections?

The global UV LED market size was valued at USD 1,800 million in 2022 and is projected to reach USD 2,829 million by 2033, growing at a CAGR of 19.7% during the forecast period.

What are the drivers shaping various markets?

Customization and Integration: - The UV LED market is witnessing a trend towards customization and integration of UV LED solutions into various systems and equipment. UV LED manufacturers are working closely with original equipment manufacturers (OEMs) to develop tailored UV LED solutions that meet specific application requirements and enable seamless integration.

Who are the key competitors of market Players?

Some of the major players operating within the market are Nichia Corporation; Seoul Viosys; LG Innotek; Osram Opto Semiconductors; Crystal IS; Phoseon Technology; Rayvio Corporation; Sensor Electronic Technology, Inc.; Ushio America, Inc.; Excelitas Technologies

What are the top performing segments, and countries / regions of each of the markets?

Europe is another significant market for UV LEDs, driven by the increasing adoption of UV LED technology in various sectors like automotive, industrial, and medical applications. Countries such as Germany, the United Kingdom, France, and Italy are the major contributors to the market growth in this region.

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