by The Global 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 semiconductor devices that generate controlled visible or near-ultraviolet wavelengths when electric current passes through them. They have emission spectra from about 280-400nm. These LEDs are used in various applications like curing, sterilization, counterfeit detection, fluorescence analysis etc due to their several advantages over conventional UV sources like mercury lamps. They provide instant on-off operation, long lifespan, energy efficiency and environmental friendly properties. UV LEDs also find increasing use in water purification, healthcare devices and skin treatment due to their safe narrow bandwidth output.
Market key trends:
One of the key trends in the Uv Led market is growing adoption in healthcare devices. UV LEDs have gained increasing acceptance in medical equipment and devices due to their sterilization and disinfection abilities. They are used in various healthcare devices like examination lights, wound healing equipment and virus/bacteria inactivation systems. Increased focus on preventing hospital acquired infections is driving their demand. Also, growing applications in medical aesthetic devices like acne treatment machines and skin rejuvenation systems is propelling the market growth. Other significant trend includes rising UV LED adoption in consumer electronics for fingerprint detection and device sanitization.
Porter’s Analysis
Threat of new entrants: The UV LED market requires significant investments in R&D and manufacturing facilities to produce high-quality products. This poses threats to new entrants.
Bargaining power of buyers: The presence of several established players in the UV LED market increases bargaining power of buyers. Buyers can negotiate on price and demand high-quality products.
Bargaining power of suppliers: Key raw materials such as gallium nitride, aluminum, and indium used in UV LEDs are supplied by a few specialized players globally. This gives suppliers moderate bargaining power.
Threat of new substitutes: There exist no close substitutes for UV LEDs. Products like UV lamps have limitations over UV LEDs in terms of lifetime, efficiency, and size. This reduces threat from substitutes.
Competitive rivalry: The UV LED market has the presence of numerous global and regional players. This intense competition is likely to increase over the forecast period.
Key Takeaways
The Global UV Led Market Size is expected to witness high growth, exhibiting CAGR of 21.% over the forecast period, due to increasing demand for water and air disinfection. The market size is estimated to reach US$ 957.3 Mn by 2023.
The Asia Pacific region dominated the global market in 2023 and is projected to maintain its lead over the forecast period. Rapid industrialization, rise in healthcare expenditure, and growing focus on food safety & water treatment are boosting the regional market.
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. Major players are focusing on new product launches, collaborations, and geographic expansion to strengthen their market position.\
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
