UV LED Technology Market by Application, Technology, and Geography - Forecast and Analysis 2020-2024

The UV LED technology market size has the potential to grow by USD 1.27 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by application (UV curing, instrumentation and sensing, counterfeit analysis, medical phototherapy, water and air purification, and others), technology (UV-A, UV-B, and UV-C), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Air Motion Systems Inc., Asahi Kasei Corp., EPILEDS TECHNOLOGIES Inc., Heraeus Holding GmbH, HexaTech Inc., LG INNOTEK, Lumex Inc., NICHIA Corp., SemiLEDs Corp., Seoulviosys Co. Ltd.

Market Overview

Market Competitive Analysis

The market is concentrated, and the degree of concentration will decrease during the forecast period. By offering a complete analysis of the market’s competitive landscape and with information on the products offered by various companies, this UV LED technology market analysis report will help clients identify new growth opportunities and design new growth strategies. Air Motion Systems Inc., Asahi Kasei Corp., EPILEDS TECHNOLOGIES Inc., and Heraeus Holding GmbH are some of the major market participants. Although the rising demand for UV-C LED technology for use in disinfectants and purifiers will offer immense growth opportunities, thermal management issues associated with UV-C LEDs will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this UV LED technology market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this UV LED technology market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• Air Motion Systems, Inc.
• Asahi Kasei Corp.
• EPILEDS TECHNOLOGIES, Inc.
• Heraeus Holding GmbH
• HexaTech Inc.
• LG INNOTEK
• Lumex Inc.
• NICHIA Corp.
• SemiLEDs Corp.
• Seoulviosys Co. Ltd.

UV LED Technology Market: Segmentation by Region

APAC will offer several growth opportunities to market vendors during the forecast period. The high use of UV LEDs for curing will significantly influence the UV LED technology market share of this region.

43% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for UV LED technology in APAC. Market growth in this region will be slower than the growth of the market in Europe and North America.

UV LED Technology Market: Segmentation by Application

UV curing is used to instantly cure specially formulated inks, coatings, and adhesives through polymerization. UV curing is achieved using medium-pressure mercury arcs, microwave-powered lamps, and LEDs. Because of the ban on the use of mercury and the advantages of UV LEDs when compared with conventional UV mercury arc lamps, the use of UV LED for curing increased significantly.

Market growth in this segment will be slower than the growth of the market in the water and air purification, instrumentation and sensing, and counterfeit analysis segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the UV LED technology market size.

UV LED Technology Market: Key Drivers and Trends

The ban on mercury-based products is driving the global UV LED technology market growth. The use of mercury-based lighting solutions, such as incandescent lamps, raises environmental concerns, which have resulted in the ban on their usage. Products using UV LED technology are energy-efficient, sustainable, and are also operationally efficient. These factors will increase the preference for UV LED technology, among end-users, driving market growth.

Also, innovations in UV LEDs will also positively impact market growth. UV LED technology provides high durability, high resistance to vibration, and low maintenance costs. However, the product lifespan of UV LEDs is quite low, and this led to the focus on innovations. Technologically advanced and innovative UV LEDs last at least 10 times more which will encourage end-users to adopt these products. The ban on mercury-based products coupled with the innovations in UV LEDs will drive UV LED technology market growth at a CAGR of more than 28% during the forecast period.

UV LED Technology Market: Key Highlights of the Report for the Forecast Period 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive UV LED technology market growth during the next five years
• Precise estimation of the UV LED technology market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the UV LED technology market industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of UV LED technology market vendors