UV LED Market with High Demands, Trends Analysis, Growth Strategies and Forecast Till 2027
The global UV LED market is slated to witness commendable gains through the coming years, owing to the increasing adoption of UV-A LED in medical light devices for the purpose of treating skin disorders.
UV LED technology is used in medical light therapies such as PUVA therapy for the treatment of vitiligo, psoriasis, and other atopic skin disorders. Moreover, a number of research institutes and UV LED manufacturers are engaged in the development of UV tech solutions for light therapy for curing skin disorders.
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Citing another study, in December 2020, researchers found that UV LEDs can effectively and quickly kill the human coronavirus. Sources state that if further studies find that they are also effective against the SARS-CoV-2, UV LED technology could be an inexpensive method of disinfecting ventilation systems, surfaces, and water systems in industrial and hospital settings.
Owing to such advancements and according to the latest research conducted by GMI, Inc., the ultraviolet light emitting diode market value is projected to exceed a valuation of USD 1.5 billion through 2027.
This rise is accredited to the surging demand for UV-B LEDs due to their numerous features comprising low power consumption, eco-friendly nature, high performance, noise-free fanless design, and easy switching in comparison to conventional UV lamps and UV bulbs. The features make UV-B LEDs an ideal solution for horticulture, indoor plant growing, greenhouse, gardening, and livestock farming.
As per a U.S. National Institute of Health report published in June 2019, the usage of UV-B LED technology provides the most powerful mechanism for the treatment of the vitiligo skin disorder. Upon constant exposure, UV-B LED leads to the production of vitamin D3 in the body and cures skin-associated diseases.
The business landscape is further propelled by the increasing technology advancements for urban and indoor farming. Driven by the above factors, the UV-B segment accounted for 12% of the UV LED market value in 2020 and will escalate at a considerable rate through the anticipated period.
Europe to emerge as a promising hub for UV LED industry expansion
In Europe, the UV LED industry share is estimated to exhibit a remarkable CAGR of 15% between the period 2021 and 2027. This rise is due to the soaring requirement for UV curing solutions in numerous industrial applications including adhesiveness, coating, printing, and others.
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The low photo initiator component adoption among ink formulations for UV curing systems and the increasing technological development in print curing will boost UV LED market expansion. Various companies in the region are focusing on the creation of partnerships and strategic alliances for the expansion of production capacities and securing a competitive edge in the market.
To cite an instance, in May 2020, Heraeus Noblelight and Heidelberger Druckmaschinen entered into a strategic alliance for the provision of UV LED curing solutions to be deployed in sheetfed offset printing machinery. Both the companies are aiming for strengthening their printing and production capacities for catering to the escalating product demand in the continent. Such new product development initiatives and alliances will bolster global UV LED market landscape in the near future.
In a nutshell, the escalating product demand in laboratory testing and forensic investigation will augment UV LED market share through the estimated period.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Scope & definition
1.2 Methodology and forecast parameters
1.2.1 Industry insights and validation
1.2.2 Region-wise COVID-19 impact analysis
1.2.2.1 North America
1.2.2.2 Europe
1.2.2.3 Asia Pacific
1.2.2.4 Latin America
1.2.2.5 Middle East & Africa
1.3 Data Sources
1.3.1 Primary
1.3.2 Secondary
Chapter 2 Executive Summary
2.1 UV LED market 3600 synopsis, 2016 - 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Application trends
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