UV LED Market Value in 2022 will Increase to USD 1.224 Billion
According to the latest report from LEDinside, a division of the market research firm TrendForce, 2018 UV LED Application Market- Curing, Medical and Sterilization, the projected UV LED market value was reach to USD 223 million in 2017 and will spring up to USD 1.224 billion in 2022, with 2017-2022 CAGR of 33%. Except for steady curing market growth, surface sterilization, static water sterilization, and flowing water sterilization will drive the growth of UV LED market in 2018-2022.
According to LEDinside survey on revenue performance of UV LED player in 2017, Korean manufacturers positively focused on UV LED market. Revenue ranking tuned into Soeoul Viosys, LG Innotek, Nitride Semiconductors, Nichia and Epitop. Especially, when it comes to UV-C LED revenue ranking, Korean manufacturers actively focused on the UV-C LED market. the top three manufacturers were Seoul Viosys, LG Innotek, QD Jason. In the future, High Power Lighting (Bioraytron), Crystal IS, Nitride Semiconductors, Stanley are expected to follow suit.
Three Growth Drivers in UV-C LED Application Market: Surface Sterilization, Static Water Sterilization, and Flowing Water Sterilization
Static water sterilization and surface sterilization (air purification, home appliances, etc.) has low requirement on exposure time, and the demand side adopts UV LED products to achieve added value. The market application is quite wide and there are many emerging markets created, including baby products, mobile phones, escalators, and household products such as toothbrushes, toilets, cupboards, sports water bottle and thermos flasks.
Furthermore, flowing Water Sterilization requires fast purifying time. The market has higher requirement in product’s power rate. According to the analysis by LEDinside, household water purification market mainly presents two business opportunities, namely direct drinking water market and water purifier market. Besides, household water purification mainly adopts three methods, including gravity, RO and UV purifier, and reverse osmosis is the market mainstream, but combining multiple water purifying methods is also available to achieve multiplied effect.