UV LED Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (UVA, UVB, UVC), By End User Industry (Manufacturing, Agriculture, Defense, Chemical, Healthcare, Others), And By Geography - Forecasts From 2022 To 2027

The UV LED market is expected to grow at a compound annual growth rate of 14.47% over the forecast period to reach a market size of US$726.544 million in 2027, up from US$282.087 million in 2020.

The demand for UV LED across ink, adhesive, and coating industries for the process of curing plays a significant role in the development of the UV LED market. Factors such as the increasing need to validate currency, air, and water purification, and general and horticulture lighting are driving the growth of this market. The usage of these LEDs in chip manufacturing and biomedical devices is another factor augmenting the need for these solutions. Due to advancements in technology, UV LED has penetrated various industries such as medical, agriculture, security, and horticulture, along with industrial and chemical curing.

Research Methodology

The first section of the report deals with detailed research methodology for calculating market size and forecasts, secondary data sources used and the primary inputs that were taken for data validation. This section also outlines various segmentations that have been covered as part of the report.

Market Dynamics

The next section provides comprehensive market dynamics through an overview section along with growth drivers, challenges, and opportunities that exist in the current market. This section of the report also provides the supplier and industry outlook as a whole; key industry, global, and regional regulations that are determining the market growth, and a brief technological aspect of UV LED. Complete industry analysis has also been covered through Porter’s five forces model as a part of this report section.

Segmentation

Thirdly, the UV LED market has been segmented on the basis of type and end-user industry. On the basis of type, the market can be segmented into UVA, UVB, and UVC.  The market is divided into end-user industries such as manufacturing, agriculture, defense, chemicals, and healthcare, among others. Important regions for vendors in terms of market size are covered through detailed geographical segmentation. Geographical regions covered as a part of this section are the Americas, Europe Middle East, and Africa, and the Asia Pacific.

Recent development and expansions

• In May 2022, GERMITEC, a global healthcare pioneer, announced the completion of a EUR 11 million fundraising round after developing and commercializing high-level UV-C disinfection systems for ultrasound probes that tasks for healthcare professionals were significantly streamlined in terms of responsibility, time, and safety. This demonstrates that increasing investments in other sectors contribute to the market's growth rate.
• In October 2021, Nichia Corporation launched a high-power 200mW UV-C LED and completed mass production of another new high radiant flux UV-C LED to help target the inactivation and sterilization of various bacteria and viruses, specifically in industrial water and air applications, where NC4U334BR activates new industrial water and air purification opportunities.
• Epple Druckfarben and Zeller + Gmelin, two German ink companies, announced a collaboration in UV ink technology in May 2021. The first product of the new collaboration was a jointly developed UV LED ink for the sheetfed offset industry.
• RMGT announced a UV LED partnership with GEW in January 2021. After months of evaluating all major UV LED manufacturers, RMGT formally adopted the high-performance GEW product as its definitive new solution in pursuit of ongoing technology improvement.
• Epson launched the SureColor SC-V7000 flatbed UV LED printer in September 2020 to meet the needs of signage businesses that want faster throughput and a lower total cost of ownership without sacrificing results.

COVID-19 impact on the UV LED Market

The pandemic had a significant impact on several industries. However, as a result of the pandemic, there was a greater emphasis on hygiene and sanitation due to the increased public concern for a healthier and safer lifestyle. During the forecast period, an increase in the demand for UV systems in the healthcare and medical sectors is expected to drive the UV LED market. When compared to other verticals, the business of UV systems in the healthcare industry is less affected. UV systems are commonly used in a wide range of medical applications, including dialysis machines, catheters, hearing aids, hydrogels, and test strips. There is an increased demand for medical equipment and other necessary devices to assist COVID-19 patients and stop the virus's spread.

UV LED Market Scope:

Market Segmentation:

• By Type
  • UVA
  • UVB
  • UVC
• By End-User Industry
  • Manufacturing
  • Agriculture
  • Defence
  • Chemical
  • Healthcare
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • Indonesia
    • Thailand
    • Taiwan
    • South Korea
    • Others