Got News to Share? Send 2 FREE Releases ↓ News Search | All News Topics > Shipping & Logistics News Topics: By Country | By State ; Press Releases by Industry Channel > All Shipping & Logistics Press Releases Global UV LED Market Size & Share Was Valued at $847.2 Mn in 2022 and is Projected to Grow Around $8.6 Bn by 2030, With 22.9% of CAGR
Omaha, NE, March 27, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled "UV LED Market By Industry Vertical (Healthcare & Medical, Agriculture, Industrial, Residential, And Commercial), By Type (UV-A, UV-B, And UV-C), By Application (Curing, Purification, Indoor Gardening, Counterfeit Detection, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" in its research database.
"According to the latest research study, the demand of global UV LED Market size & share in terms of revenue was valued at USD 847.2 million in 2022 and it is expected to surpass around USD 8.6 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 22.9% during the forecast period 2023 to 2030."
What is UV LED? How big is the UV LED Industry?
UV LED Report Coverage & Overview:
UV LED, or ultraviolet light-emitting diode, is a type of LED that emits ultraviolet light with wavelengths ranging from 200 to 400 nm. Unlike traditional UV lamps, UV LED lights are small, energy-efficient, and long lasting, making them ideal for various applications, such as curing, sterilization, purification, counterfeit detection, and medical and scientific research. UV LED technology has several advantages over conventional UV lamps, including instant on/off functionality, reduced heat generation, and reduced environmental impact due to the absence of hazardous materials, such as mercury. Additionally, the use of UV LED technology can result in significant energy savings, making it an attractive option for companies looking to reduce their carbon footprint and save on energy costs.
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Global UV LED Market: Growth Dynamics
The global UV LED market is expected to surge exponentially due to an increase in demand for water purification and air sterilization. With growing concerns about water and air pollution, the demand for UV LED-based water purification and air sterilization systems is on the rise. Besides, UV LEDs are used in medical applications such as phototherapy, surgical lighting, and diagnosis, driving the demand for UV LED systems in the healthcare sector. Apart from that, UV LEDs are widely used in horticulture and agriculture for crop protection, pest control, and improving plant growth.
In addition, UV LEDs consume less energy and last longer than traditional lighting solutions, making them a more sustainable and cost-effective choice for consumers. These factors drive the growth of the market during the forecast period. Furthermore, growing potential in emerging economies such as China, India, and Brazil, driven by growing industrialization and urbanization and the development of new applications such as food processing, cosmetics, and forensic science create ample opportunities for the growth of the market during the forecast period. However, the high cost of UV LED systems and lack of awareness about the perks of the technology impedes the growth of the market to an extent.
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|Market Size in 2022||USD 847.2 million|
|Projected Market Size in 2030||USD 8.6 billion|
|CAGR Growth Rate||22.9% CAGR|
|Key Market Players||Phoseon Technology, Sensor Electronic Technology, Crystal IS, Semileds Corporation, Koninklijke Philips N.V., OSRAM, Nichia Corporation, Lumileds Holding B.V., Nitride Semiconductors, Qingdao Jason Electric, Luminus Devices, Raycus, HPLighting, COBRA Cure FX, UVEXS, Advanced Optoelectronic Technology, Bolb Inc., L.G. Innotek Co. Ltd., and Nordson Corporation.|
|Key Segment||By Industry Vertical, By Type, By Application, And By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the global UV LED market is expected to grow annually at a promising CAGR of around 22.9% during the forecast period 2023-2030.
- In terms of revenue, the global UV LED market size was valued at around $847.2 million and is projected to reach 8.6 billion by the end of 2030.
- UV LED, or ultraviolet light-emitting diode, is a type of LED that emits ultraviolet light with wavelengths ranging from 200 to 400 nm. Unlike traditional UV lamps, UV LED lights are small, energy-efficient, and long lasting, making them ideal for various applications, such as curing, sterilization, purification, counterfeit detection, and medical and scientific research.
- Based on type, the UV-A LED segment held the largest market share in 2022.
- Based on application, the curing segment held the dominating market share in 2022.
- Based on region, the Asia-Pacific region held the largest market share in 2022.
Browse the full "UV LED Market By Industry Vertical (Healthcare & Medical, Agriculture, Industrial, Residential, And Commercial), By Type (UV-A, UV-B, And UV-C), By Application (Curing, Purification, Indoor Gardening, Counterfeit Detection, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" Report at https://www.zionmarketresearch.com/report/uv-led-market
UV LED Market: Segmentation Analysis
The global UV LED market is segmented into industry verticals, types, applications, and regions.
Based on type, the market is segmented into UV-A, UV-B, and UV-C. The UV-A LED segment held the largest market share in 2022 and is further predicted to grow rapidly at a significant CAGR during the forecast period. The UV-A LED segment is used in a variety of applications such as curing, printing, and counterfeit detection. The increasing demand for UV LED-based curing systems in the printing and coating industries is driving the growth of the UV-A LED segment. UV-A LEDs are also used in counterfeit detection applications, such as verifying the authenticity of banknotes and passports. Furthermore, the growing adoption of UV-A LED in horticulture and agriculture for plant growth and pest control is also driving the growth of the UV-A LED segment.
By industry vehicle, the market can be segmented into commercial, industrial, residential, agriculture, and healthcare & medical.
By type, the market can be segmented into UV-C, UV-B, and UV-A.
By application, the market can be segmented into counterfeit detection, indoor gardening, disinfection, curing, and others.
Based on application, the market is segmented into curing, purification, indoor gardening, counterfeit detection, and others. The curing segment held the dominating market share in 2022 and is further predicted to grow simultaneously at the fastest CAGR during the forecast period. The major reason for the growth of this segment is its immaculate application in various industries such as printing, coating, and electronics for its energy efficiency, high performance, and environmental friendliness. One of the primary advantages of UV LED curing is its energy efficiency. Unlike thermal curing, which requires high temperatures and consumes a lot of energy, UV LED curing does not generate heat, making it more energy-efficient and cost-effective. Additionally, UV LED curing offers better process control, which helps to minimize waste and improve product quality.
The global UV LED market is segmented as follows:
By Industry Vertical
- Healthcare & Medical
- Indoor Gardening
- Counterfeit Detection
Some of the main competitors dominating the global UV LED market include –
- Phoseon Technology
- Sensor Electronic Technology
- Crystal IS
- Semileds Corporation
- Koninklijke Philips N.V.
- Nichia Corporation
- Lumileds Holding B.V.
- Nitride Semiconductors
- Qingdao Jason Electric
- Luminus Devices
- COBRA Cure FX
- Advanced Optoelectronic Technology
- Bolb Inc.
- L.G. Innotek Co. Ltd.
- Nordson Corporation
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Key questions answered in this report:
- What is the market size and growth rate forecast for UV LED industry?
- What are the main driving factors propelling the UV LED Market forward?
- What are the leading companies in the UV LED Industry?
- What segments does the UV LED Market cover?
- How can I receive a free copy of the UV LED Market sample report and company profiles?
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Industry Vertical, By Type, By Application, And By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Based on region, the Asia-Pacific region held the largest market share in 2022 and is expected to grow at a notable CAGR during the forecast period. The region's dominance in the market is mainly attributed to the growing demand for UV LED technology in various applications such as curing, sterilization, and purification, as well as the presence of major UV LED manufacturers in countries like China, Japan, South Korea, and Taiwan. Additionally, the increasing government initiatives and regulations promoting energy-efficient lighting solutions have also contributed to the growth of the UV LED market in the APAC region.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
In October 2021, LG Innotek announced the development of a new sterilization module that uses deep ultraviolet-C (UVC) LED technology. The module can reportedly eliminate up to 99.9% of germs and viruses in just five minutes, making it ideal for use in various applications such as air purifiers, water purifiers, and medical devices.
In June 2021, Crystal IS, a manufacturer of high-performance UVC LEDs, announced the launch of a new line of deep UV LED modules for air and surface disinfection applications. The modules use Crystal IS's Optan UV-C LEDs and are designed to provide high germicidal efficacy while maintaining low power consumption.
To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/uv-led-market
FREQUENTLY ASKED QUESTIONS
- What is UV LED?
- At what CAGR, the global UV LED will expand during forecast years?
- What will be the market value of global UV LED market by the end of 2030?
- What are the factors driving the global UV LED market growth?
- Which region will contribute notably towards the UV LED market value?
- Who are the leading players in global UV LED market?
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