Uv Led Market Is Estimated To Witness High Growth Owing To Trends In Disinfection Applications

Uv Led Market

The Uv Led Market is estimated to be valued at US$ 957.3 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
UV LEDs are solid-state devices that produce ultraviolet (UV) light when electricity is applied. They comprise of semiconductor materials and are mercury-free, long-lasting and relatively small in size. UV LEDs are increasingly being used in various applications such as air and surface disinfection, curing, phototherapy, counterfeit detection and medical light therapy due to their energy-efficient, compact and durable nature.

Market key trends:
One of the major trends driving the growth of the UV LED market is the rising demand for UV LEDs in disinfection applications. UV LEDs offer an eco-friendly, mercury-free and cost-effective solution for disinfecting air and surfaces. They are increasingly being adopted for disinfecting rooms in hospitals, airports, railway stations and other public places. The outbreak of COVID-19 pandemic has further boosted their adoption for disinfecting indoor air and surfaces. Another factor fueling the market growth is the increasing use of UV LEDs in sterilization of medical devices. As healthcare industry moves towards more compact, energy-efficient and eco-friendly UV sterilization methods, demand for UV LEDs is growing significantly. Their superior disinfection capability as compared to mercury lamps is leading to their higher replacement rates.

Porter's Analysis
Threat of new entrants: The high capital requirements and economy of scale in the UV LED market poses a high barrier for new entrants.
Bargaining power of buyers: buyers have moderate bargaining power due to the presence of several manufacturers providing UV LEDs.
Bargaining power of suppliers: suppliers of key raw materials like gallium nitride have some bargaining power due to their specialized expertise and access.
Threat of new substitutes: There is a low threat of substitution as UV LEDs are used widely in curing, sterilization, and other disinfection applications with no close substitute.
Competitive rivalry: is high due to the presence of major global players competing on technology and cost.

SWOT Analysis
Strength: UV LEDs are highly efficient, offer longer lifespan, compact size and are environment-friendly. They provide disinfection without using any mercury.
Weakness: High initial costs and manufacturing challenges of gallium nitride substrates. Variations in light output over lifetime.
Opportunity: Growing germicidal disinfection market especially post-COVID. Adoption in areas like horticulture, automotive etc.
Threats: Competition from conventional mercury lamps in some applications. Trade barriers and price wars among Chinese manufacturers.

Key Takeaways
The Global UV Led Market Size is expected to witness high growth at a CAGR of 21% over the forecast period, due to increasing demand for sterilization and disinfection solutions amid COVID-19 pandemic. The market size for UV LEDs is expected to reach US$ 9.57 Bn by 2030 from US$ 957.3 Mn in 2023.
Regional analysis: The Asia Pacific region dominates the UV LED market, with major share held by China. Presence of leading manufacturers and growing germicidal equipment sector supports growth. North America and Europe are other major markets driven by food safety regulations and increased awareness.

Key players operating in the Uv Led market are FUJIFILM Business Innovation Corp., Lumileds Holding BV, Heraeus Holding GmbH, Koninklijke Philips NV, CRYSTAL IS Inc. (Asahi Kasei Corporation), Nordson Corporation, EPIGAP Optronic GmbH, Honle UV America Inc. (Honle Group), Semileds Corporation, Seoul Viosys Co. Ltd., and Nichia Corporation. They are focusing on developing high-power LEDs with longer lifetimes for applications like curing, dental curing and disinfection.

For more insights, read - https://www.rapidwebwire.com/new-avenues-for-uv-led-market-growth


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