The UV led technology market is expected to grow by USD 1.27 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. As per Technavio, the impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request a free sample report
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Technavio has announced its latest market research report titled Global UV LED Technology Market 2020-2024 (Graphic: Business Wire)
The UV light sources consist of UV lamps (mercury-based) and UV LEDs. However, the use of mercury-based lighting solutions has been banned owing to environmental concerns. UV LEDs do not contain mercury and hence, are a preferred source of UV radiation. The systems that are equipped with UV LEDs are energy efficient, and thus offer better sustainability and efficiency. The UV LED curing systems consist of an array of LEDs that have custom-designed optics, which are fixed with gallium to generate intense UV light in 390 nm range to cure inks. These systems have a cooling system to maintain optimum LED module temperature and are powered by low voltage power supplies. Thus, the benefits of UV LED, along with the ban on mercury-based products are the key factors driving the growth of the market during the forecast period.
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As per Technavio, innovations in UV LEDs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
UV LED Technology Market: Innovations in UV LEDs
Innovations in UV LEDs will be one of the major trends in the global UV LED technology market during the forecast period. Continuous advances have made UV LEDs an ideal replacement for UV lights owing to their use in different applications and the associated advantages. These LEDs consume 70% less energy when compared with CFLs. They also comply with the Restriction of Hazardous Substances Directive as they do not contain mercury. In addition to this, the other features of UV LEDs such as a compact size, high durability, high resistance to vibration, and low waste and maintenance cost will drive their demand in the coming years.
"The development of new CSP technology and transition toward large-sized wafers will have a positive impact on the growth of the UV LED technology market value during the forecast period," says a senior analyst at Technavio.
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UV LED Technology Market: Segmentation Analysis
This market research report segments the UV LED technology 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, North America, South America, and MEA).
The APAC region led the UV LED technology market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the high use of UV LEDs for curing.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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