The most recent study conducted by Report Ocean, titled “Global N orth America & Asia Pacific UV-C LEDMarket Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the North America & Asia Pacific UV-C LED. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
The North America & Asia Pacific UV-C LED market held a market value of USD 202.4 Million in 2021 and is projected to reach USD 14,077.0 Million by the year 2030. The market is anticipated to grow at a CAGR of 60.2% from 2022 to 2030. Approximately, 54.46 million units of UV-C LED was sold in 2021.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
UV-C or deep ultraviolet is the light with wavelength in the range of 200 to 280 nanometers (nm). The light is used for inactivating the DNA of pathogens for various disinfection applications. The market is expected to be driven by the increasing consciousness about use of environment safe UV-C LEDs coupled with greater initiative towards utilization of UV curing systems. Furthermore, better performance compared to other sources is also estimated to fuel the market growth.
Despite the driving factors, high investment and installation cost of UVC LEDs are anticipated to hinder the market growth. During the COVID-19 pandemic, the market was positively impacted due to increasing demand for UV-C LED devices for disinfection and sterilization.
Growth Influencers:
Better performance compared to other sources
UV-C LEDs are being preferred more owing to their better performance as compared to other sources. This is owing to its various benefits. UV-C LED is environment friendly and has flexible design. It is also very durable as compared to the mercury lamps. They instantly provide full optical output when turned on and stop immediately when switched off. They are used for disinfection and purification without the chemical usage. Therefore, better performance compared to other sources are expected to boost the market growth.
Segments Overview:
The North America & Asia Pacific UV-C LED market is segmented into application, channel mode, UVC light source, and end user.
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By Application,
Germicidal Purification
Air Treatment
Water Treatment
Surface Sterilization
Hospital Sanitization
Biological Agent Detection
Optical Data Storage
Communication
Polymer Curing
The air treatment segments volume is expected to be approximately 61% of the water treatment segments volume in 2021 and this is estimated to reach about 64% by 2030. This is owing to high demand of UVC LED for air treatment purposes. The water treatment segment is expected to hold the largest market share of around 31% owing to the rising demand of UVC LED for water treatment purposes. The hospital sanitization segment is anticipated to witness the fastest growth rate of 62.2% over the projected period owing to the increasing adoption of UVC LED for hospital sanitization.
By Channel Mode,
NLOS Model (Non Line of Sight)
LOS Model (Line of Sight)
The NLOS model segment is expected to account for the largest market share owing to the rapid progress of technology. LOS model is also estimated to grow at significant rate during the projected period.
By UVC Light Source,
DUV LED
DUV Laser
DUV Gas Discharge Lamp
The DUV LED segment is estimated to hold the major share of the market and it also contributes to more than the combined market sized of the DUV laser and DUV gas discharge lamp segments. The DUV gas discharge lamps volume is expected to grow at a CAGR of 56.1% owing to the increasing technological advancements.
By End User,
Healthcare
Research
Industrial
Residential
Others
The research segment is expected to consume over 280.15 million units of UVC LEDs by 2030 owing to the rising number of research activities for expansion of application areas of UVC LEDs.
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Regional Overview
By region, the market is divided into Asia Pacific and North America. North America is anticipated to account for the largest market share owing to the rising number of major UVC LED suppliers in the U.S. and Canada.
The Asia Pacific region is expected to witness a growth rate of 67.9% owing to the increase in the demand for UVC LEDs for scientific research in the emerging economies such as India, China, and South Korea, among others.
Competitive Landscape
Major players in the North America & Asia Pacific UV-C LED market include Crystal IS, MEAN WELL, Honle UV America Inc, Koninklijke Philips N.V., Heraeus Holding, LG Electronics, Hnle Group, Seoul Viosys, Halma Plc., Nichia Corporation, Sensor Electronics Technology Inc., HexaTech, Inc, and Other Prominent Players. The cumulative market share of the eight major players is near about 72%.
These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in July 2021, HexaTech launched the production release of its expanded 2-inch diameter, deep-UV transparent and single crystal aluminium nitride substrate product line. These products have absorption coefficient below 12cm-1 at 265nm, which helps in eliminating the substrate transparency concerns for UVC LEDs.
The North America & Asia Pacific UV-C LED market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the North America & Asia Pacific UV-C LED market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The North America & Asia Pacific UV-C LED market report answers questions such as:
What is the market size and forecast of the North America & Asia Pacific UV-C LED Market?
What are the inhibiting factors and impact of COVID-19 on the North America & Asia Pacific UV-C LED Market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the North America & Asia Pacific UV-C LED Market?
What is the competitive strategic window for opportunities in the North America & Asia Pacific UV-C LED Market?
What are the technology trends and regulatory frameworks in the North America & Asia Pacific UV-C LED Market?
What is the market share of the leading players in the North America & Asia Pacific UV-C LED Market?
What modes and strategic moves are considered favorable for entering the North America & Asia Pacific UV-C LED Market?
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