March 14, 2013…Market research firm, Yole Development forecasts that thanks to UV curing, UV LEDs can become a $270M business by 2017 and could hit $300M if new applications boom . Yole says thanks to its compactness, low cost of ownership and environmentally-friendly composition, UV LEDs continue to replace incumbent technologies like mercury. For this reason, Yole predicts the UV LED business is will grow from $45M in 2012 to nearly $270M by 2017, at a CAGR of 43%. Yole notes however, that traditional UV lamps market will grow at a CAGR of just 10% during the same time period.
According to Yole, In 2012, UVA/UVB applications represented 89% of the overall UV LED market. Amongst these applications, UV curing is the most important market, due to significant advantages offered over traditional technologies (lower cost of ownership, system miniaturization, etc.). The company points out that with Heraeus Noblelight’s recent acquisition of Fusion UV (Jan. 2013), all major UV curing system manufacturers are now involved in the UV LED technology transition.