Northbrook, IL 60062 -- (SBWIRE) -- 09/20/2023 -- The global UV LED market is projected to grow from USD 1.2 billion in 2023 to USD 2.8 billion by 2028, registering a CAGR of 19.7% during the forecast period.
The UV LED market has witnessed significant growth due to several drivers. UV LEDs are highly energy-efficient compared to traditional UV light sources, resulting in reduced energy costs and maintenance requirements. UV LEDs offer energy efficiency, environmental friendliness, and compactness, making them appealing for various industries. The increasing range of applications has also contributed to the market's expansion. Industries such as healthcare, pharmaceuticals, electronics, automotive, and printing have adopted UV LED technology for curing, disinfection, sterilization, printing, counterfeit detection, and water purification.
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Signify (Netherlands), Nordson Corporation (US), Seoul Viosys (South Korea), Hönle Group (Germany), ams-OSRAM AG (Austria), SemiLEDs (Taiwan), Crystal IS (US), Dowa Holdings Co., Ltd. (Japan), Nichia Corporation (Japan), and Nikkiso Co., Ltd. (Japan) are some of the key players in the UV LED market.
Opportunity : Advent of UV LED application in the automotive industry
The automotive industry presents a significant opportunity for UV LED technology. UV LED technology is increasingly used for curing automotive parts' coatings, such as wheels, bumpers, and door handles. UV LED technology for curing coatings applications offers several advantages over conventional curing methods, such as reduced curing times, improved efficiency, and reduced energy consumption. UV LED technology can also be used for curing adhesives and sealants used in automotive manufacturing. UV LED technology for curing adhesives and sealants can improve the overall quality of the bond, reduce curing times, and reduce energy consumption. In addition to curing coatings and adhesives, UV LED technology can also be used for interior and exterior lighting applications in automobiles. UV LED interior and exterior lighting technology offers several advantages over traditional lighting methods, such as reduced energy consumption, longer life, and improved durability.
Challenge: Limited application of UV LED technology compared to traditional UV lamps
One of the challenges facing UV LED technology is its performance limitations in specific applications. While UV LED technology offers several advantages over traditional UV lamps, it may not be as effective in some applications, limiting its adoption. For example, some applications require high levels of UV irradiance, which may be difficult to achieve with UV LED technology. Traditional UV lamps can provide high levels of UV irradiance, making them more effective for these applications. Additionally, UV LED technology may not be as effective for certain types of disinfection, such as water disinfection, where traditional UV lamps are commonly used. Another factor that affects the effectiveness of UV LED technology is the wavelength of the UV light. UV LED products are typically available in a limited range of wavelengths, which may not be suitable for all applications. In contrast, traditional UV lamps can provide a broader range of wavelengths, making them more versatile for different applications.
Signify market strategy is focused on understanding the customers' requirements and building market awareness and acceptance of their products. The Company has centralized its worldwide sales and strategic marketing functions. The Company has a diversified customer base, which reduces the Company's exposure to individual end markets and distinguishes it from its competitors. The Company sells its products in about 100 countries primarily through direct selling and third-party distributors. The Company has a diversified portfolio in technological developments and collaborates with big companies to deliver its best.
Nordson Corporation is a global leader in providing adhesive dispensing systems, surface treatment solutions, and other industrial products. Nordson Corporation offers various products, including adhesive dispensing systems, surface treatment solutions, polymer processing systems, and test and inspection equipment. This diversity allows the Company to meet customers' needs in various industries, including packaging, automotive, and electronics. It strongly focuses on innovation and has invested heavily in research and development. The Company has a dedicated team of engineers who work on developing new products and improving existing ones. Nordson Corporation has made several strategic choices in the UV LED market to expand its product offerings and grow its business. Nordson Corporation has made several strategic acquisitions to broaden its UV LED product portfolio.
Seoul Viosys is a leading manufacturer of UV LED technology and a provider of innovative LED solutions. It has advanced technology in the UV LED industry, making it a leader in developing UV LED solutions. The Company produces high-quality UV LED products that are reliable, efficient, and cost-effective. Seoul Viosys offers a wide range of UV LED products that cater to various industries, including curing, sterilization, water purification, and more. It has a diverse portfolio of UV LED products that cater to multiple industries, including curing, sterilization, water purification, and more.
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The market in Asia Pacific has been further segmented into China, Japan, South Korea, Taiwan, India, and Rest of the Asia Pacific. The Asia Pacific region is witnessing significant growth in the UV LED market, driven by various factors. Firstly, the region's robust industrialization across electronics, automotive, and manufacturing sectors has fuelled the demand for UV LED applications. UV LEDs are used in electronics manufacturing for curing, printing, and counterfeit detection. The automotive industry employs UV LEDs for applications like curing adhesives and coatings. This industrial growth and diversification contribute to the expansion of the UV LED market in the Asia Pacific region.