The global ultraviolet (UV) curing system market was valued at $1.4 billion in 2018 and is projected to reach $2.4 billion by 2024, exhibiting a CAGR of 8.8% during the forecast period (2019–2024). Among the key end users, the automotive industry held the largest share in the market in 2018, and the electronics industry is expected to witness the fastest growth during the forecast period. According to the Institute of Electrical and Electronics Engineers (IEEE), globally, around 18 billion connected devices would be in use in 2020, and this number is projected to increase during the forecast period. Thus, with the high adoption of electronics, the demand for UV curing systems is projected to rise.
Production Efficiency Being Optimized with Fast-Curing UV LED
Growing adoption of the UV LED technology for the production of consumer electronics is one of the key trends observed in the UV curing system market. UV LED offers various benefits including low power consumption, reduced operational cost, and faster curing when compared with conventional UV, and these factors have led to the increased preference for the UV LED technology in recent years. Furthermore, targeted curing offered by UV LED systems has led to their high adoption in the manufacturing of consumer electronics, including mobile phones, TVs, and tablets. Thus, with the growth in the consumer electronics market across the globe, the adoption of UV LED curing systems is projected to increase during the forecast period.
Growing Product Demand for Packaging Applications
The growing adoption of UV curing technologies for packaging applications is one of the major factors supporting the growth of the UV curing system market. Surging population, rapid urbanization, rising disposable income, and growing e-commerce industry have contributed significantly to the growth of the food and beverages (F&B) industry in recent years. This has intensified competition in the F&B market. Furthermore, packaging is a vital factor for developing a point of difference in the competition. According to the European Commission report A European Strategy for Plastics in a Circular Economy, over 95% of the food sold in the European market in 2017 was packaged.
The safety of packaged food is, thus, considered a major factor influencing the selection of the print technology to be incorporated in the packaging process. Since UV curing systems are ideal for coating, adhesive, and printing applications without compromising the safety and quality of the food in addition to the production speed, they are increasingly being deployed in the F&B industry.
Segmentation Analysis of UV Curing System Market
Geographical Analysis of UV Curing System Market
APAC generated the highest revenue, accounting for more than 35%, in the global UV curing system market in 2018. This can be attributed to the presence of a large number of automotive and electronics manufacturing companies in the region, primarily in countries such as China, India, South Korea, and Japan. Moreover, APAC is projected to be the fastest-growing regional market during the forecast period.
Within the region, the UV curing system market is expected to witness the fastest growth in India, with 13.5% CAGR, during the forecast period, owing to the rapid growth in the electronics industry of the country. According to the India Brand Equity Foundation (IBEF), the Indian electronics market was valued at $100 billion in 2016 and is projected to advance at a CAGR of 41.4% between 2016 and 2020, to reach $400 billion by 2020. This is suggestive of the huge potential for the growth of the market players in the country.
Browse report overview with detailed TOC on "Ultraviolet (UV) Curing System Market Research Report: By Type (Spot Curing, Flood Curing, Hand-Held Curing, Conveyor Curing), Technology (UV, UV LED), Pressure (Low, Medium, High), Application (Printing, Coating, Adhesive), End-User (Aerospace and Defense, Industrial Manufacturing, Electronics, Automotive, Healthcare), Geographical Outlook (U.S., Canada, U.K., France, Germany, Italy, China, Japan, South Korea, India, Mexico, Brazil, South Africa, Turkey, Saudi Arabia) – Global Industry Size, Share analysis and Demand Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/uv-curing-system-market
Competitive Landscape of UV Curing System Market
Owing to the presence of numerous players, the UV curing system market is highly competitive in nature, with companies such as Heraeus Holding GmbH, Nordson Corporation, Dymax Corporation operating as key players. In 2018, the market witnessed a notable rise in sales, primarily in the APAC and LATAM regions, owing to to the increase in demand from the industrial manufacturing end-user category.
Players in the UV curing system market are primarily focused on product launches to cater to the growing demand from various verticals. For instance, in May 2018, Heraeus Holding GmbH launched an IoT-enabled UV curing system named Light Hammer 10 Mark III. The system features a cloud-based advanced integrated monitoring system (AIMS) that enables remote monitoring in real time, further resulting in reduced downtime and total cost of ownership.
Some other important players operating in the UV curing system market are Phosean Technology, Panasonic Corporation of North America, Hoenle AG, Baldwin Technology Company Inc., American Ultraviolet Inc., IST Metz GmbH, DELO Industrie Klebstoffe GmbH & Co. KGaA, Omron Corporation, Atlantic Zeiser GmbH, and Uvitron International Inc.
UV Curing System Market Segmentation
Market Segmentation by Type
Market Segmentation by Technology
Market Segmentation by Pressure
Market Segmentation by Application
Market Segmentation by End User
Market Segmentation by Geography