UV LED technology: Key market research findings
- APAC dominates the market geographically
- UV curing accounts for a majority share of the market’s revenue
- Key vendors – Hexatech, Crystal IS, LG Innotek, SemiLEDs, Nichia, and Philips Lumileds
Technavio’s market research analysts predict the global market for UV LED technology to post a revenue of more than $658 million by 2020. The increased adoption of UV LED is fueled primarily by its low cost of ownership. UV LEDs have high initial cost but have a marginally enhanced lifespan than traditional mercury lamps. Furthermore, factors such as compact size, low heat dissipation, zero warm-up time, low energy consumption, and enhanced durability, along with low maintenance expenses, provide cost savings of nearly 50% when compared to the cold cathode fluorescent lamp (CCFL) technology. During 2015, APAC accounted for almost 43% of the overall market share to become the dominant shareholder in the global market. The high use of UV curing equipment and technology in the region will contribute to the growth of the market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the UV LED technology segments based on the application.
“The adoption of UV LEDs in consumer electronics is on a rise. Compact size, lower operating costs, lower power consumption, easy disposal, ozone-free operation, and flexibility of LEDs to operate at different wavelengths is the major driving force behind this trend. As of now, LEDs are being adopted largely in mobile computing devices such as smartphones, tablets, and notebooks,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research.
The UV curing segment dominated the global UV LED technology market in 2015 by accounting for more than 48% of the overall market revenue. The printing industry has emerged as one of the largest users of UV curing equipment. Press designers and manufacturers can achieve both high-power pinning and curing with UV LED inkjets, resulting in the highest possible image quality. The use of UV LED systems for curing UV inkjet inks is resulting in the introduction of new applications for print shops and is also expanding the versatility of a printer platform.
The key vendors in the global UV LED technology market include Hexatech, Crystal IS, LG Innotek, SemiLEDs, Nichia, and Philips Lumileds. Many local and regional vendors have started providing high-tech and customized UV LEDs at reasonable prices than international vendors. This makes it difficult to compete with existing vendors in terms of quality, features, functionalities, and services. Vendors are also adopting Blue Ocean strategies to capture maximum value created by this technology. Additionally, many vendors are also adopting the integration strategy (both horizontal and vertical) to increase their revenues.
A more detailed analysis is available in the Technavio report, Global UV LED Technology Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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