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According to market research firm TechNavio, the global UVLED technology market will grow rapidly. TechNavio predicts that the global compound annual growth rate of the UV LED technology market will reach 39% in 2020. The company's total sales of UV LEDs include UV-A, UV-B and UV-C transmitters to evaluate the market size of UV LED technology. TechNavio's market assessment does not include the sale of parts for the production of UV LEDs.
In 2015, the UV curing market accounted for 48.14% of the UV LED technology market. The company found that the demand for UV curing equipment in the printing industry has increased, and the flux density of UV LED chips has improved dramatically, making UV curing a large part of the UV LED technology market.
The printing industry has developed into a large user of UV curing equipment. UV LED inkjet printers enable high power mounting and curing. To this end, the use of UV LED systems to cure UV inkjet printers has brought new applications to the print shop and enabled the printer to be multi-functional.
UV LED technology in the Asia Pacific region
TechNavio predicts that the market for UV LED technology in the Asia Pacific region will grow the fastest in the future. The company predicts that the compound annual growth rate of UV LED technology in the Asia Pacific region will reach 39.31%. Mainly because of the large demand for UV curing equipment and technology in the region.
The increase in the number of fraud cases, especially in the Eastern countries of the Asia-Pacific region, has led to an increase in demand for UV LEDs for counterfeit inspections. Sunil Kumar Singh, principal analyst at Technavio, said: "China and India are emerging markets. These policies encourage UV LED manufacturers to increase UV LED production as the government advocates energy-efficient light sources and supports management of the industrial, medical and scientific sectors."
UV LED technology in the European market
TechNavio predicts that European UV LED technology will grow from $36.28 million in 2015 to $190.2 million in 2020. Environmental regulation of hazardous substances in Europe has led to the field becoming an important contributor to total market revenue. UV LEDs are environmentally friendly and consume less power. Sunil said: "The use of UV LED technology in the medical, adhesive, and printing curing markets in Europe has become a major factor in the growth of the European market."
UV LED technology in the North American market
UV LED technology accounts for 26.8% of the North American market. TechNavio predicts that the North American UV LED technology market will grow from $33.43 million in 2015 to $179.06 million in 2020. Due to the rapid growth of the market, the flat art industry in North America is increasingly using UV curing equipment and technology. Other UV LED applications involve the healthcare industry and communications equipment industries such as smartphones and tablets.
Editor: Yingzi
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