What is the Expected Future Outlook for the Overall Global UV LED Market Across the globe?
The Global UV LED market was valued at USD ~billion in 2022P and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022P-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global UV LED market is driven by factors such as increasing adoption of smart home devices across countries. The growing trend of horticulture and indoor farming in developing countries. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
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Increasing government energy-saving policies, and strategies are one of the major factors propelling UV LED market growth.
For instance, in August 2022, the U.S. Department of Energy, an executive department of the U.S. federal government, released two reports focused on better understanding the current state and viability of commercial ultraviolet (UV) LED products. First, initial UV LED standards and distinctions with white LEDs, followed by an operating lifetime study of UV LED products.
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With the increasing innovation and technology, the Global UV LED market is changing rapidly. For instance, In May 2022, Fujifilm, a Japanese photography company, launched the Active Hybrid LED UV retrofit system, to be installed on new presses or retrofitted to existing equipment by label and packaging converters. In addition, the system combines high-power, low-heat LED UV curing technologies with Fujifilm's ink expertise to strengthen label production on narrow web presses. Furthermore, in April 2022, Intertronics, a UK-based distribution company, launched its new range of LED UV curing flood lamps, namely the 'DymaxBlueWave FX-1250 LED UV Curing Flood Lamp,' which can cure LED matched UV curable adhesives, coatings, and inks with high uniformity, irradiances UV light.
The Global UV LED Market is forecasted to continue an exponential growth that is witnessed since 2017. The major driving factors contributing to the expansion of UV LEDs is increasing prevalence of water-borne diseases across countries, along with the Increasing government energy-saving policies, and strategies. Though the market is highly competitive with around ~500 participants, few country-niche players control the dominant share and regional players also hold a significant share.
By Product Type
By End User
Rest of Europe
South Korea Rest of Asia Pacific
Koninklijke Philips N.V.
Seoul Semiconductor Co. Ltd.
Crystal IS, Inc.
Lumileds Holding B.V.
Sensor Electronics Technology
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