LeadNews: Market research firm TechNavio said the global UVLED technology market will grow rapidly. TechNavio predicts that by 2020 the global UV LED technology market will grow at a compound annual growth rate of 39%.
Market research firm TechNavio said the global UVLED technology market will grow rapidly. TechNavio predicts that by 2020 the global UV LED technology market will grow at a compound annual growth rate of 39%. The company's UV LED from the total sales, including UV-A, UV-B and UV-C launchers, to assess the UV LED technology market size. TechNavio's market assessment does not include sales 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 printing industry increased demand for UV curing equipment, UV LED chip flux density significantly improved UV curing technology to occupy 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 printer to achieve high-power fixed and curing. To this end, with UV LED system to cure UV inkjet printers for the printing shop has brought new applications and to achieve the multi-functional printer.
Asia Pacific UV LED technology
TechNavio predicts that the future Asia-Pacific region's UV LED technology market is the fastest growing. The company predicts that UV LED technology in the Asia-Pacific region's compound annual growth rate will reach 39.31%. Mainly due to the region's demand for UV curing equipment and technology.
The increase in the number of fraud cases, especially in the Asia-Pacific region, has led to an increase in demand for UV LEDs for counterfeiting. "China and India are emerging markets, which encourage UV LED manufacturers to increase the production of UV LEDs because the government advocates energy-efficient light sources and supports control of the industrial, medical and scientific sectors," said Sunil Kumar Singh, principal analyst at Technavio.
European market of UV LED technology
TechNavio predicts that European UV LED technology will grow from $ 36.28 million in 2015 to $ 190.2 million in 2020. The implementation of environmental regulation of hazardous substances in Europe has led to an important contributor to the market as a result of total market income. UV LEDs are environmentally friendly and consume less power. "This is a major factor in the growth of the European market," said Sunil, "the extensive use of UV LED technology in the European medical, adhesives and printing curing markets."
North American market UV LED technology
UV LED technology accounted for 26.8% of North American market share. TechNavio predicts that the North American UV LED technology market will grow from $ 34.33 million in 2015 to $ 179.9 million in 2020. Due to the rapid growth of the market, North America's graphic arts industry 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.