The UV LED technology market is expected to grow by USD 1.27 billion during 2020-2024, according to the latest market research report by Technavio. 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, 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 ban on mercury-based products and the benefits of UV LED are driving the growth of the market.
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As per Technavio, the 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. The continuous advances have made UV LEDs an ideal replacement for UV lights owing to their use in different applications and the advantages associated with their use. 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 small 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, MEA, North America and South America).
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:
Application
- UV curing
- Instrumentation and sensing
- Counterfeit analysis
- Medical phototherapy
- Water and air purification
- Others
Technology
- UV-A
- UV-B
- UV-C
Geographic Segmentation
- APAC
- Europe
- MEA
- North America
- South America
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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