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Mar 07, 2023

UV LED Market worth $2.8 billion by 2028

News provided by 02 Jun, 2023, 12:00 ET Share this article CHICAGO, June 2, 2023

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02 Jun, 2023, 12:00 ET

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CHICAGO, June 2, 2023 /PRNewswire/ -- The UV LED market is projected to grow from USD 1.2 billion in 2023 to USD 2.8 billion by 2028, registering a CAGR of 19.7% during the forecast period according to a new report by MarketsandMarkets™. Some of the significant factors contributing to the growth of the UV LED market include longer product lifetime of UV LED as compared to a conventional UV lamp, growing inclination toward eco-friendly products, stringent regulations regarding use of green products, raising concerns regarding safe drinking water in emerging nations, increasing demand for ultrapure water, and the advent of UV LED application in the automotive industry.

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Browse in-depth TOC on "UV LED Market" 120 – Tables60 – Figures250 – Pages

UV LED Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$1.2 billion

Estimated Value by 2028

$2.8 billion

Growth Rate

Poised to grow at a CAGR of 19.7%

Market Size Available for

2019–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Technology, Power Output, Application, End Use and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Limited application of UV LED technology compared to traditional UV lamps

Key Market Opportunities

Advent of UV LED application in the automotive industry

Key Market Drivers

Longer product lifetime of UV LED as compared to conventional UV lamp

By power output, the less than 1 W segment registered for the highest growth rate during the forecast period.

UV LEDs with a power output less than 1 W have gained popularity due to their cost-effectiveness, energy efficiency, versatility, and safety considerations. They are commonly used in various industries, such as healthcare, horticulture, printing, beauty, and more. In healthcare, lower-power UV LEDs are used to sterilize and disinfect medical equipment and surfaces. In horticulture, they promote plant growth and increase the production of certain compounds in plants. In printing, they cure and dry inks and coatings quickly. In the beauty industry, they are used in nail lamps to cure and dry nail polish. Lower-power UV LEDs are also used in insect traps to attract and kill insects and in counterfeit detection to detect the fluorescent properties of certain materials under UV light. Another essential advantage of lower-power UV LEDs is their safety. UV light can harm human health and the environment. Lower-power UV LEDs emit less UV light, making them safer for use in applications where exposure to UV light is a concern. They are also easier to manage in terms of thermal management since they generate less heat than higher-power UV LEDs.

They are widely available and commonly used in various applications, which drives their production and availability. Additionally, these LEDs' lower cost and energy efficiency make them a cost-effective solution for applications that do not require high-power output. As new applications and markets emerge, the demand for UV LEDs with a power output less than 1 W is expected to continue to grow.

By Application, the water disinfection sub-segment accounted for the largest share of the UV LED market.

The water disinfection sub-segment is poised for significant growth within the UV LED industry. The increasing demand for safe and clean water, coupled with the limitations and drawbacks of traditional water disinfection methods, has driven the adoption of UV LED technology. UV LEDs offer several advantages for water disinfection. They provide a chemical-free approach, eliminating the need for potentially harmful disinfectants. UV-C wavelengths emitted by the LEDs effectively inactivate a wide range of pathogens, including bacteria, viruses, and protozoa, without altering the water's taste, odor, or chemical composition. UV LEDs' compact size and energy efficiency have further contributed to their adoption in water disinfection systems. UV LED-based water disinfection systems require less space, have lower operating costs, and offer increased flexibility compared to conventional methods.

Additionally, the increasing awareness of waterborne diseases and the need for sustainable and environmentally friendly solutions have propelled the demand for UV LED water disinfection. Industries such as water treatment plants, wastewater treatment facilities, swimming pools, and aquariums increasingly incorporate UV LED-based systems for efficient and reliable water disinfection. As regulatory standards for water quality become more stringent, the demand for UV LED water disinfection is expected to grow. The technology's ability to provide effective and sustainable water treatment solutions positions it as a key driver within the UV LED market in the coming years.

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China is likely to witness the fastest growth rate in the global UV LED market during the forecast period.

The growth of the market in the country can be attributed to the large population base in China and the surged requirement for providing clean and safe water to the masses. As a growing economy, China has several industries, including manufacturing, semiconductors, and medical appliances, that employ UV technology and systems based on this technology. During the forecast period, the demand for UV LED technology, primarily used in water and wastewater treatment, is expected to witness the highest demand. The UV LED market in China grew after implementing the 10th Five-year Plan by the country's government for environmental protection. After this plan, the use of UV-based technology for treating water and wastewater increased exponentially. The presence of several local manufacturers of UV LED and the requirement for safe drinking water are the primary reasons for the growth of the market in China. The country's government has framed stringent regulations for disposing of wastewater, thereby leading to installing UV disinfection equipment in different industries in China.

Key Players-

Signify (Netherlands), Nordson Corporation (US), Seoul Viosys (South Korea), Hönle Group (Germany), ams-OSRAM AG (Austria), SemiLEDs (Taiwan), Crystal IS (US), Dowa Holdings Co., Ltd. (Japan), Nichia Corporation (Japan), and Nikkiso Co., Ltd. (Japan) are the dominant companies in the UV LED companies.

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