UV LED market on a 34% CAGR between 2015 and 2020, predicts TrendForce

June 13, 2017 //By Julien Happich
LEDinside, a division of TrendForce, projects that the scale of the global UV LED market will increase from US$288 million in 2017 to US$526 million in 2020, estimating a CAGR of 34% across the 2015 to 2020 period for this market.

UV LEDs are particularly used in industry for curing, printing, exposure and other major applications, maintaining a strong demand that is expected to grow further as most countries worldwide have endorsed energy saving policies and ratified the Minamata Convention on Mercury.

“The largest source of revenue for UV LED suppliers in 2016 was the sales of UV-A LEDs,” says Joanne Wu, research manager of LEDinside. “Because UV-A LEDs are mainly used for curing, some UV LED suppliers have entered the curing module market to further increase their profitability in this business.”

According to the analyst, LED companies from South Korea and Japan were the dominant UV LED package suppliers by revenue in 2016 and in ranking, the top five suppliers were Nichia, Nitride Semiconductors, Seoul Viosys, LG Innotek and USHIO/Epitex.

In 2017, South Korean LED companies are going to launch new series of UV-C LED products, contributing to expand South Korean suppliers’ revenues and possibly affecting the above ranking.

Taiwanese LED companies are also eager to move away from the highly competitive blue LED market and into the UV LED market that has higher growth potential, notes the LEDinside report.