UV LED Market revenue to reach USD 2 Bn by 2030

Increasing penetration of ultraviolet LED in counterfeit currency detection devices amid currency frauds will drive the industry trends. Notable advancements in the healthcare sector will provide new opportunities for market penetration. Furthermore, growing consumer preference for smart home devices will further propel product adoption.

For instance, in July 2022, the Illuminating Engineering Society partnered with International Ultraviolet Association to introduce the LM-92-22 testing standard. The method promises increased accuracy and consistency of UV LED measurements, thereby improving germicidal UV (GUV) light sources.

Based on type, the UV LED market is divided into UV-C, UV-B, and UV-A. The UV-B segment valued at over USD 60 million in 2021 and may grow substantially by end of 2030 due to various high-end properties, such as low energy consumption, low heat generation, no heavy metals, and environmental friendliness. The acceptance of UV-B LEDs will increase in a variety of applications, including UV curing, phototherapy, forensic analysis, bacterial identification, and others propelled by these factors.

The below 1W power output sector captured about 45% of the UV LED market share from in 2021 and is poised to witness remarkable growth from 2022 to 2030 . Companies focusing on compact size for applications, such as purification, disinfection, and sterilization, as well as for food and beverage preparation will accelerate the uptake of 1W UV LEDs.

Flourishing infrastructural development and construction of smart cities will create robust growth opportunities for UV LED devices in the MEA region. As per the report, the Middle East & Africa UV LED industry is projected to depict a CAGR of approximately 10% between 2022 and 2030.

The competitive landscape of the UV LED market includes Signify NV, Crystal IS, Inc., Seoul Viosys Co., Ltd., Nikkiso Co., Ltd., DOWA HOLDINGS CO., LTD., Nichia Corporation, ams-OSRAM International GmbH, NITRIDE SEMICONDUCTORS Co., Ltd., LITE-ON Technology, Inc., and Epitop Optoelectronic co., LTD. These companies majorly focus on strategic partnerships & collaborations and research efforts to expand their product portfolios to strengthen their industry foothold.