UV LED market was valued at USD 204.54 million in 2017, and is expected to reach USD 692.54 million by 2023, recording a CAGR of 22.54%, during the forecast period of 2018-2023. The report profiles the UV LED market, based on the various applications and technologies offered by vendors.
The UV LED market has been gaining traction in the recent times, and the demand for the market’s offerings is anticipated to increase, owing to various factors, such as international conventions, which could eventually wipe out the entire set of alternative products, for the market’s offerings. The market studied is also driven by several innovations and increasing applications of offerings. Another factor that favors the market’s growth is the eco-friendly composition of products, which offers it a competitive edge over alternative offerings. Increasing LED penetration in the global lighting market is also anticipated to significantly contribute to the market studied, because, in 2015, LED lighting accounted for around 39% of the LED market, thus indicating the broad scope for UV LED, in the lighting market.
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Increasing Adoption of UV Curing Expected to Drive the UV LED Market
The growth of the UV curing market is mainly driven by the recent global conventions, which restrict its alternative offerings, thus paving the way for immense opportunities, in the UV LED market. One of the major applications of UV curing is in fluid manufacturing (ink and coatings). Earlier, LED curable coatings faced the issue of yellowing. However, recent developments have helped overcome the problem. Another application of UV curing systems is for the manufacturing of LED lamp systems. The UV curing market has witnessed significant growth in the recent past, especially from 2013 onward. The increasing proliferation of new media has fuelled the growth of printed materials, at a considerably healthy pace.
North America Expected to Account for the Largest UV LED Market Share
North America’s strong financial position enables it to invest heavily in advanced solutions and technologies. These advantages have provided the organizations in the region a competitive edge, in the market studied. Moreover, the region significantly contributes to the UV curing market as well. The considerable growth of the US packaged food industry indicates the vast scope of the market. Another major contributor to the region’s increasing contribution to the market is terms of the quantity of printing and writing paper supplied, in the region. This factor is expected to bolster growth of the UV curing market, and subsequently, UV LED market. Apart from UV curing, there are several other applications that could significantly contribute to the regional UV LED market.
Key Developments in the UV LED Market
November 2017: LG Innotek announced the development of the world’s first 100 mW UV-C LED. This development was two years ahead of the industry forecast, which predicted that such a development would be successful by 2020.
July 2017: Koninklijke Philips NV sold its shares in Lumileds and retained only 19.1% shares, whereas, Apollo Global Management bought an 80.1% stake in LEDs and automotive lighting products.
Lumileds Holding BV, LG Innotek Co. Ltd, Nordson Corporation, Honle UV America Inc., Seoulviosys Co. Ltd, Nichia Corporation, Semileds Corporation, Halma PLC, Crystal IS Inc., Heraeus Holding GmbH, Fuji Xerox Co. Ltd
Reasons to Purchase The Report
The impact of growth UV curing on the market studied
An analysis of various perspectives of the market, with the help of Porter’s five forces analysis
The segments that are expected to dominate the market
Regional analysis of the market, during the forecast period
The latest developments, market shares, and strategies employed by the major market players and key innovators
3 months analyst support along with the Market Estimate sheet (in Excel)
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