July 24, 2024
UV LED Market

UV LED Market estimated to surge to US$ 957.3 Mn by 2023 owing to increasing use in UV curing applications

The UV LED or ultraviolet light-emitting diode is a solid-state lighting device that emits high-intensity ultraviolet light when energized. UV LEDs are increasingly being used in curing, sterilization, ink curing, and other applications owing to their compact size and energy efficiency compared to traditional UV lamps. The growing demand from printing, bonding and curing applications is expected to drive the UV LED market during the forecast period.

The global UV LED Market is estimated to be valued at US$ 957.3 Mn 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 key trends:
The growing use of UV LEDs in curing applications is one of the major trends spurring market growth. UV LEDs are increasingly replacing traditional UV lamps in applications involving curing of inks, coatings and adhesives due to various advantages such as compact size, energy efficiency and longevity. UV LEDs offer instant curing and allow bond-line and surface curing without contact. They also enable curing of heat- and temperature-sensitive substrates. Owing to these advantages, UV LEDs are witnessing rising adoption in curing applications across various industries including printing, consumer goods and medical devices. This growing replacement of UV lamps with LEDs in curing applications is expected to drive significant growth of the overall UV LED market over the forecast period.

SWOT Analysis

Strength: UV LED technology offers long product lifespan, low heat emission and environmental friendliness. It guarantees high performance in curing applications with minimal space requirement.

Weakness: Higher initial costs of UV LED equipment compared to traditional UV sources can hamper adoption. Dependency on limited suppliers for raw materials increases price volatility.

Opportunity: Growing usage of UV LEDs in 3D printing, bio-medical devices sterilization, counterfeit detection and disinfection applications opens newer opportunities. Rising government support for green technologies boosts market prospects.

Threats: Availability of substitute curing technologies like laser and e-beam poses threat. Economic slowdowns impact overall production schedules of end-use industries negatively.

Key Takeaways

The Global UV LED Market Share is expected to witness high growth. The global UV LED Market is estimated to be valued at US$ 957.3 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.

The Asia Pacific region currently dominates the global market and is expected to maintain its lead position during the forecast period as well. Japan, China and South Korea contribute majorly to regional market growth.

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:
Source: Coherent Market Insights, Public sources, Desk research
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