Global Ultraviolet (UV) LED Market Assessment 2020-2025 - Expected to Grow from $294 Million in 2019 to $870 Million by 2025
DUBLIN, June 25, 2020 /PRNewswire/ -- The "Global UV LED Market: Growth, Trends and Forecasts (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
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The Global UV LED Market was valued at USD 294.8 million in 2019 and is expected to reach USD 870.7 million by 2025, registering a CAGR of 20.1% during the forecast period of 2020-2025.
UV LEDs do not contain toxic mercury and are often found in CCFL technology. They are much smaller and more durable than CCFLs and are more resistant to vibration and impact, resulting in less product breakage and reduced waste and maintenance expense as well. As a result, it creates an avenue for the new companies in the market; thus, propelling the market for this technology over the forecast period. Also, the existing players and startups are looking for viable options to capitalize on this growing trend. The startups are expected to adopt UV-C LEDs compared to existing players, owing to the lack of legacy bias toward the germicidal lamps.
Key Highlights
-- The eco-friendly composition of UV LED is driving the market. The UV
LEDs witnesses a rapid adoption and becomes viable alternatives due to
their lower energy consumption than mercury bulb lamps. The overall heat
generated by the UV LEDs is considerably low. The UV LED lamps reaches a
maximum of 40C, whereas mercury lamps heat up to more than 60C. Further,
the European Commission periodically reviews RoHS exemptions. Currently,
mercury lamps are planned to be expelled under RoHS, owing to their
effects on the environment. This factor leads to significant power
savings and a higher ROI in the long run.
-- Rising adoption of UV Curing drives the market. The ink revenues are
growing faster than the overall graphics and packaging market; users are
taking advantage of instant drying to improve their production
efficiencies and exploit both decorative and functional properties of
the inks and coatings. Radiation curing, including ultraviolet (UV)
curing technology, is now being increasingly used in various sectors of
applications, as the clean and green technology helps in increasing
productivity, compared to the other traditional methods of curing.
-- While the print volumes in graphics have been falling by 3% per year,
between 2012 and 2022, the radiation curing print segment and the still
booming packaging market are poised to expand their market share. The
radiation curing segment will grow by 25% by volume and 33.6% in value
terms across this period, according to FESPA.
-- Further, with the recent outbreak of Covid-19, the UV LED market is
witnessing a significant surge in demand due to its usage in
disinfecting the surfaces and germs killing properties. In many
countries, such as China, the United States, among others, are using UV
lamps to clean the surfaces and prevent people from getting infected.
According to photonics media, Covid-19 has increased the demand for UV
LEDs that disinfect spaces.
-- According to Ultraviolet Germicidal Irradiation Handbook1, one minute of
UV-C light sterilizes more than 90% of the coronavirus. Also, tests
conducted by Chinese agencies on air appliances equipped with the
violeds UV LED sterilization technology has demonstrated a 97% reduction
in airborne virus particles.
-- Furthermore, in May 2020, Seoul Viosys announced that customer inquiries
for its violeds UV LED products, which are used for sterilizing
bacteria, increased more than five times over the previous month, which
is fueled by concerns over the continuing global spread of the virus
causing COVID-19.
Market Trends
Sterilization to Significantly Contribute to Market Growth
-- The scope for a UV LED is becoming abundant in sterilization
applications, as it is being proved to be the cheapest way to provide
safe drinking water across the globe. This also provides monetary
benefits to the players with increasing consumption.
-- The industry players are finding the huge potential due to which they
are highly investing and further entering into this sector. Few studies
suggest that the utilization of UV-based water disinfection is highly
efficient than chlorine method, as the UV-based water disinfection
operates in 120 mW irradiation capacity and a wavelength of 270 nm,
which takes approximately two minutes in reducing waste by 90-99.9%.
-- In September 2019, Genome BC invested USD 1 million in Acuva
Technologies for developing UV-LED technology for water purification.
Further, in August 2019, Fraunhofer researchers were investigating a
greener and more efficient alternative, which uses UV LEDs to destroy
bacterial DNA. The technology is suitable for disinfecting the brewing
water and for disinfecting the caps and closures for bottled beer, soft
drinks, and the mineral water during the filling process.
-- In the United States, with the prediction of investment in water
infrastructure in the coming years, water disinfection and sanitization
requirement and the presence of regulation in the country resulted in
improved demand. There have been incidents, such as 16 million cases of
acute gastroenteritis occurring each year at the United States community
water systems due to drinking water.
-- Further, increasing concerns over water-borne diseases have augmented
the increase in awareness among the people for consuming treated water.
The growing awareness of the benefits of treated water consumption has
impacted the UV LED market that caters to this segment, i.e., UV C LEDs.
-- Also, US EPA estimated that one out of three Americans consuming water
from the streams was susceptible to drinking polluted water. The
traditional water purification system has been costly and considered
vulnerable to mercury leakage. With the improvements in the LED life in
this spectrum and counter developments to address the inefficiency of UV
LED in the segment has improved the market.
Asia-Pacific to Hold Major Growth in the Market
-- Asia-Pacific is anticipated to gain significant market growth over the
forecast period. Vendors based on Japan and China are making major
investments in line with the expanding applications of UV LEDs such as
disinfection and sterilization, in addition to their expansion
activities.
-- One of the major vendors, Nichia Corporation, Japan, in April 2019
launched its 280 nm UVC NCSU334A deep blue ultraviolet-outputting LED,
which is intended to address the mass-market needs for air sterilization
and water purification by using the solid-state lighting. Moreover, the
company had considerable success with the innovation and development of
its UVA LEDs, specifically designed for resin curing applications.
-- Moreover, coating companies in China are investing heavily in
intelligent manufacturing. The international brands and the domestic
players are joining the new wave of investment. In February 2019, the
Hubei province announced that ShenzhenUV-ChemTech LTD and Yihua
announced to invest CNY 8 billion to construct the world's largest UV
curing material project. In this project, 20 thousand ton (per year) of
photoinitiators, 100 thousand ton (per year) of LED curing coatings, and
80 thousand ton (per year) of monomer resins will be produced.
-- Furthermore, in South Korea, the growing demand for organic food and
fresh water is expected to increase the demand for UV LEDs for
horticultural applications and water purification. In March 2020, UNICEF
partnered with South Korea to provide water and sanitation services for
the vulnerable population (mostly children) in areas hit by violence in
Iraq, such as Anbar, Ninewa, and Salah al-Din. The country has
contributed USD 1 million for the cause.
-- Further, UV LEDs are being used in medical equipment used for
phototherapy, drug discovery, DNA analysis, and vitamin analysis. The
South Korean government is actively making investments in the pharma
sector to help drug development and innovation within the healthcare
field. Government agencies related to new drug development have outlined
the "National New Drug Development Research Project," which is expected
to invest WON 3.5 trillion (USD 2.9 billion) over ten years from 2021.
Competitive Landscape
The UV LED market is highly fragmented due to various players providing high competition. The major players are striving to gain a sustainable competitive advantage through their innovation, and several new players, like Osram, are making significant investments in the market. Key players are Lumileds Holding BV, LG Innotek Co. Ltd, etc. Recent developments in the market are:
-- March 2020 - Nichia is aiming to extend its dominance to the UV market
following its showcase at the RadTech 2020 conference and exhibition in
Orlando. Nichia expects its UV portfolio to play a significant role in
completely replacing conventional mercury lamps and their associated
environmental issues.
-- May 2019 - Klaran launched a new 60mW UVC LED and Reactor Prototype for
water disinfection, demonstrating the NSF Class A performance. In the
advanced prototype reactor, the 60mW LED demonstrated effective and
affordable water treatment at flow rates up to three liters per minute,
Key Topics Covered
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Eco-friendly Composition of UV LED
4.3.2 Rising Adoption of UV Curing Market
4.3.3 Increasing Adaptability Fueled by Low Total Cost of Ownership
4.4 Market Restraints
4.4.1 Increasing Manufacturing of UV LED Chips
4.5 Industry Attractiveness Porters Five Force Analysis
4.6 Impact of the COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 Technology
5.1.1 UV-A
5.1.2 UV-B
5.1.3 UV-C
5.2 Application
5.2.1 Optical Sensors and Instrumentation
5.2.2 Counterfeit Detection
5.2.3 Sterilization
5.2.4 UV Curing
5.2.5 Medical Light Therapy
5.2.6 Other Applications (Photocatalytic purification, Tanning)
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Lumileds Holding B.V.
6.1.2 LG Innotek Co. Ltd.
6.1.3 Nordson Corporation
6.1.4 Honle UV America Inc.
6.1.5 Seoul Viosys Co. Ltd.
6.1.6 Nichia Corporation
6.1.7 Semileds Corporation
6.1.8 Aquionics Inc. (Halma Company)
6.1.9 Crystal IS Inc.
6.1.10 Heraeus Holding GmbH
6.1.11 Fuji Xerox Co. Ltd.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/h60lfk
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