February 25, 2024
UV LED Market

UV LED is Estimated to Witness High Growth Owing to Growing Adoption in Printing Industry

Ultraviolet light-emitting diode (UV LED) are semiconductor devices that emit light when energized. They have applications in disinfection, sterilization, purification, communication and entertainment. UV LEDs are used to cure inks and coatings in printing applications such as embossing, lithography and flexography. They offer advantages over traditional UV sources like mercury lamps, such as compact size, high output efficiency, long lifetime and reliability.

The global UV LED Market is estimated to be valued at US$ 957.3 Mn or Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers for the growth of the UV LED market is the growing adoption in printing industry. UV LEDs are increasingly replacing mercury lamps in printing applications owing to their advantages. They provide instant curing compared to mercury lamps and allow manufacturers to increase production speed. This helps improve cost-effectiveness. Further, UV LED offer design flexibility as they can be customized as per specific curing needs. Their compact size also enables integration into almost any device.

The growing adoption of UV LED in printing is expected to drive the growth of the market over the forecast period. Their high output efficiency and long operational life lower the total cost of ownership compared to mercury lamps. This is encouraging more manufacturers to adopt UV LED for applications like industrial printing.

SWOT Analysis
Strength:
– UV LEDs provide several advantages over traditional UV curing methods such as mercury lamps including longer lifespan, compact size, energy efficiency and affordability.
– UV LEDs cure coatings, adhesives and inks faster than traditional UV sources which increases production throughput.
– Manufacturers are developing advanced UV LED technologies with improved wavelengths, outputs and processing speeds to meet the evolving needs of various end-use applications.

Weakness:
– Initial investment required for UV LED systems is higher than traditional UV curing methods which can be a barrier for some small and medium businesses.
– Limited ultraviolet output and curing depth of UV LEDs compared to mercury lamps restricts their use in certain thick-film and 3D printing applications currently.

Opportunity:
– Growing focus on sustainable and eco-friendly manufacturing practices is driving increased adoption of UV LEDs across various industries to replace conventional mercury lamps.
– Emerging applications in areas such as 3D printing, prototyping and product design offer significant growth potential for UV LED manufacturers.

Threats:
– Stiff competition from existing UV curing equipment suppliers poses pricing challenges for UV LED providers.
– Trade tensions and economic uncertainty in major markets can impact demand for capital-intensive UV LED systems.

Key Takeaways
The Global UV LED Market Demand is expected to witness high growth over the forecast period.

Regional analysis comprises: The Asia Pacific region currently dominates the global UV LED market and is expected to maintain its lead during the forecast period. Growing electronics and automotive industries and rapid industrialization in China, India, Japan and South Korea are driving increased uptake of UV LED technologies in the region. North America is another major market for UV LEDs backed by strong demand from the medical devices sector and government support for energy-efficient lighting solutions.

Key players operating in the UV LED market are Mango, Forever 21, River Island, Peacocks, Topshop, Zara, Bershka, Inditex, H&M, Primark, C&A, Stradivarius, Pull&Bear, Oysho, Massimo Dutti, Uterqüe, Lefties, Arket, New Look, Next.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it