Ultraviolet Light Emitting Diode (UV LED) Market worth over $1.5bn by 2027
Published Date: September 1, 2021 Authors: Preeti Wadhwani, Shubhangi Yadav
Ultraviolet Light Emitting Diode Market size is set to surpass USD 1.5 billion by 2027, according to a new research report by Global Market Insights, Inc.
Ultraviolet Light Emitting Diode market growth is attributed to the rising adoption of ultraviolet LEDs in medical devices to cure skin infections and phototherapy applications. Phototherapy is a treatment that involves the use of an ultraviolet light source to reduce skin cell growth and inflammation. These ultraviolet LEDs are used to medically treat skin conditions such as eczema, psoriasis, vitiligo, itchy skin, and other skin-related diseases. Major players are focused on developing technically advanced medical ultraviolet LED products to gain a competitive edge in the market.
Rising government initiatives and investment activities from the private sector to promote the acceptance of UV LED for organic food processing and freshwater treatment applications will fuel the usage of UV LED during the forecast period. For instance, in March 2020, UNICEF collaborated with South Korea to provide water and sanitation services to vulnerable populations, which primarily consist of children, and in conflict-affected areas of Iraq including Anbar, Ninawa & Salah al-Din. Furthermore, South Korea donated USD 1 million to the cause. Similarly, in February 2021, Bolb Inc. raised USD 16 million in series A funding from a group of investors including UVC-Tech Group and Walden International. The company aims to use the funds to strengthen the manufacturing capacity of UV-C band LEDs and expand its global footprint.
One of the major factors limiting the ultraviolet light emitting diode market expansion is the increased thermal problems in ultraviolet LEDs, where only half of the total energy is converted to ultraviolet light and the rest is heat, reducing the LED's life. The low lifecycle of ultraviolet LEDs reduces the device's proficiency and efficiency. Additionally, the ongoing research & development in the technology is expected to result in improved performance in delivering desired results, which will positively impact the industry growth.
Rising adoption of UV-C LED modules in water disinfection systems will foster the market progression
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Browse key industry insights spread across 250 pages with 307 market data tables and 31 figures & charts from the report, “Ultraviolet Light Emitting Diode (UV LED) Market Size, By Type (UV-A, UV-B, UV-C), By Application (UV Curing, Medical Light Therapy, Disinfection & Sterilization, Counterfeit Detection, Optical Sensing & Instrumentation), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing acceptance of UV curing systems in the healthcare industry will propel the market value
The ultraviolet light emitting diode market from UV curing application captured 20% of revenue share in 2020 and will grow at a CAGR of more than 22.5% through 2027 impelled by the rising adoption of UV curing systems in the healthcare industry due to their numerous advantages such as low energy consumption, easy automation, quick processing, and low temperature. It is an energy-efficient and environmental-friendly technology that has made a significant contribution to the medical sector. Catheters, anesthetic masks, reservoirs, blood oxygenators, medical filters, connectors, sensing devices, and other devices are all bonded, sealed, coated, and repaired with UV cured adhesives. Various manufacturers are planning to launch new UV curing systems for medical devices to stay competitive in the market.
Growing government initiatives to promote the usage of UV LED will create the growth opportunities for North America region
North America UV LED market is predicted to expand at a CAGR of over 21% during 2021 to 2027 owing to the favorable government initiatives and supporting activities to promote the acceptance of ultraviolet LEDs in wastewater treatments and other applications. For instance, in August 2021, the Kentucky government officials awarded USD 11.8 million to Lexington government for the conversion of wastewater disinfection system from chlorine-gas to UV LED disinfection systems. With this fund, the government aims to deliver clean drinking water and improve sewer systems across the state.
Key players operating in the ultraviolet light emitting diode market are Luminus, Inc., Nichia Corporation, NIKKISO CO., LTD., Nitride Semiconductors. Co., Ltd., Lumex Inc., Crystal IS Inc., and Seoul Viosys Co., Ltd., among others. The companies are focusing on creating strategic alliances and collaborations to expand their revenue share and stay competitive.