UV LED market expected to reach USD 1044.709 million by 2026

The UV LED market was valued at USD 348.9 million in 2020, and it is expected to reach USD 1044.709 million by 2026, registering a CAGR of 20.1%, according to new research.

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.

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.

Asia-Pacific is anticipated to gain significant market growth during the forecast period. Vendors based on Japan and China are making major investments in line with the expanding applications of UV LEDs such as disinfection and sterilization, in addition to their expansion activities.

 One of the major vendors, Nichia Corporation, Japan, in April 2019 launched its 280 nm UVC NCSU334A "deep blue" ultraviolet-outputting LED, which is intended to address the mass-market needs for air sterilization and water purification by using the solid-state lighting. Moreover, the company had considerable success with its UVA LEDs’ innovation and development, specifically designed for resin curing applications.

Moreover, coating companies in China are investing heavily in intelligent manufacturing. The international brands and the domestic players are joining the new wave of investment. In February 2019, the Hubei province announced that ShenzhenUV-ChemTech LTD and Yihua announced to invest CNY 8 billion to construct the world’s largest UV curing material project. In this project, 20 thousand ton (per year) of photoinitiators, 100 thousand ton (per year) of LED curing coatings, and 80 thousand ton (per year) of monomer resins will be produced.