UV LED Market - Growth, Trends, and Forecasts (2020 - 2025)

The UV LED market was valued at USD 294.8 million in 2019, and it is expected to reach USD 870.7 million by 2025, registering a CAGR of 20.1% during the forecast period (2020-2025). UV LEDs do not contain toxic mercury and are often found in CCFL technology. They are much smaller and more durable than CCFLs and are more resistant to vibration and impact, resulting in less product breakage and reduced waste and maintenance expense as well. As a result, it creates an avenue for the new companies in the market; thus, propelling the market for this technology during the forecast period. Also, the existing players and startups are looking for viable options to capitalize on this growing trend. The startups are expected to adopt UV-C LEDs compared to existing players, owing to the lack of legacy bias toward the germicidal lamps.

• The eco-friendly composition of UV LED is driving the market. The UV LEDs witness rapid adoption and become viable alternatives due to their lower energy consumption than mercury bulb lamps. The overall heat generated by the UV LEDs is considerably low. The UV LED lamps reaches a maximum of 40°C, whereas mercury lamps heat up to more than 60°C. Further, the European Commission periodically reviews RoHS exemptions. Currently, mercury lamps are planned to be expelled under RoHS, owing to their environmental effects. This factor leads to significant power savings and a higher ROI in the long run.
• Rising adoption of UV Curing drives the market. The ink revenues are growing faster than the overall graphics and packaging market; users take advantage of instant drying to improve their production efficiencies and exploit both decorative and functional properties of the inks and coatings. Radiation curing, including ultraviolet (UV) curing technology, is now being increasingly used in various applications, as clean and green technology helps increase productivity compared to the other traditional curing methods.
• While the print volumes in graphics have been falling by 3.0% per year, between 2012 and 2022, the radiation curing print segment and the still booming packaging market are poised to expand their market share. The radiation curing segment will grow by 25.0% by volume and 33.6% in value terms across this period, according to FESPA.
• Further, with the recent outbreak of Covid-19, the UV LED market is witnessing a significant surge in demand due to its usage in disinfecting the surfaces and germs killing properties. In many countries, such as China and the United States, are using UV lamps to clean the surfaces and prevent people from getting infected. According to photonics media, Covid-19 has increased the demand for UV LEDs that disinfect spaces.
• According to Ultraviolet Germicidal Irradiation Handbook1, one minute of UV-C light sterilizes more than 90% of the coronavirus. Also, Chinese agencies' tests on air appliances equipped with the violets UV LED sterilization technology have demonstrated a 97% reduction in airborne virus particles.
• Furthermore, In May 2020, Seoul Viosys announced that customer inquiries for its Violed UV LED products, which can be used for sterilizing bacteria, increased more than five times over March, fuelled by concerns over the continuing global spread the virus causing COVID-19. In collaboration with Korea University, the company showcased that its Violed LED modules could eliminate 99.9 % of the SARS-COV-2 virus using a 30-second dose from a distance of three centimeters, which can add to its demand.