According to a report, due to their compactness and low cost of ownership, UV LEDs continue to penetrate the booming UV curing business, through replacement of incumbent technologies. The report says that the market for UV LEDs increased at a CAGR of 28.5% from just US$20 million in 2008 to nearly US$90 million in 2014.
Such growth is likely to continue as LED-powered UV curing spreads across ink, adhesive and coating industries, forecasts the market research firm. By 2017 or 2018, the UV LED market should also see part of its revenues coming from UVC disinfection and purification applications, for which device performance is not yet sufficient. The UV LED business is therefore expected to grow from US$90 million in 2014 to about US$520 million in 2019.
But this is only if we take into account standard applications, where UV LEDs replace UV lamps. The potential is even greater if we consider the ability of UV LEDs to enable new concepts in areas like general lighting, horticultural lighting, biomedical devices, and in fighting hospital-acquired infections. Even this is just scratching the surface of the real potential of UV LEDs. While the new applications don’t have a strong impact on market size, it is expected that them to possibly count for nearly 10% of the total UV LED market by 2019.