UV LED Market size is anticipated to surpass USD 2 billion by 2030, according to the new published report by Global Market Insights Inc.
The growing trend of horticulture and indoor farming in developing nations as well as rising adoption of counterfeit currency detection systems as key industry drivers. For instance, in January 2021, Daan Roosegaarde, a Dutch artist and innovator, introduced the GROW project, a vertical light installation inspired by photobiology light science technologies, which indicated that some combinations of red, blue, and UV light can enhance plant growth and nearly halve pesticide usage.
With respect to type, the study classifies UV LED industry into UV-A, UV-B, and UV-C. The global UV-A LED segment captured around 55% market share in 2021. The UV-A type sector is expected to witness significant growth by 2030 due to beneficial qualities of UV-A light, such as the lowest energy level and the longest wavelength among all three types.
The heavy demand for UV LED devices with 1W-5W power output. 1W- 5W UV LEDs find usage in diagnostics, purification, curing adhesives, fluorescence imaging, and other applications. UV LED curing technology is used in adhesive sealant, coating, and bonding processes in factory assembly lines worldwide. The market for UV LED from the 1W-5W segment was valued at around USD 190 million in 2021 and will depict decent growth trends until 2030.
The deployment of UV LED for medical light therapy will remain high by 2030. The medical light therapy application segment held over 10% market in 2021. Surging awareness regarding personal care and mounting incidences of skin-related disorders will augment the industry demand in medical light therapy applications.
Browse key industry insights spread across 310 pages with 414 market data tables and 41 figures & charts from the report “UV LED Market Size By Type (UV-A, UV-B, UV-C), By Power Output (Below 1W, 1W-5W, 5W-10W, 10W and Above), By Application (UV Curing, Disinfection & Sterilization, Medical Light Therapy, Optical Sensing And Instrumentation, Counterfeit Detection, Others), Application Development Potential, COVID-19 Impact Analysis, Price Trend, Regional Outlook, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents
The North America market for UV LED contributes to a prominent revenue share and was valued at around USD 80 million in 2021. The regional growth is attributed to increasing product espousal in a wide range of applications, such as in the security, commercial, and residential industries.
The strategic landscape of the UV LED industry is primed to witness improved focus of industry players on developing and expanding their product offerings. Additionally, in May 2022, Signify NV completed the acquisition of Fluence for USD 272 million. This acquisition was aimed to help strengthen Signify’s position in the agricultural lighting market in the region.
Key market players profiled in the report include Seoul Viosys Co., Ltd., Signify NV, Nikkiso Co., Ltd., Nichia Corporation, DOWA HOLDINGS CO., LTD., NITRIDE SEMICONDUCTORS Co., Ltd., LITE-ON Technology, Inc., ams-OSRAM International GmbH, Crystal IS, Inc., and Epitop Optoelectronic co., LTD.