According
to the new market research report on the "UV Curing System Market
by Technology (Mercury Lamp (Microwave Lamp, Arc Lamp) and UV LED), Type (Spot
Cure, Flood Cure, and Focused Beam), Pressure (High, Medium, and Low),
Application, End-User Industry, and Geography - Global Forecast to 2024",
the market is estimated to grow from USD 3.7 billion in 2019 to USD 6.1 billion
by 2024, at a CAGR of 10.3%. The market is driven mainly by an inclination
towards environmentally friendly products, along with stringent regulations
regarding the use of green products and high performance & increased speed
of UV curing systems than that of traditional curing systems.
The market for UV LED technology to grow
at the highest CAGR during the forecast period
The
UV LED market is expected to grow at the highest CAGR during the forecast
period. Currently, UV LED systems hold a smaller share in the UV curing system
market, as it is used in limited applications. However, the UV LED market will
be driven by deployment in new applications, such as purification and
disinfection, in the coming years. UV LEDs consume less energy and generate
less heat as compared with mercury lamps, making them the most preferred UV
curing technology in the coming years.
High-pressure UV curing system to hold
the largest market share of the overall UV curing system market during the
forecast period
The
market for high-pressure UV curing systems is expected to hold the largest
share of the industry during the forecast period. High-intensity wavelength
(360–440 nm), which is used to cure the deep layer in sectors, such as
automotive, industrial, and consumer electronics in the UV curing system market
is anticipated to drive the growth of the segment.
The market for printing application to
grow at the highest rate during the forecast period
The
UV curing system market for the printing application is expected to grow at the
highest CAGR during the forecast period. Currently, the demand for UV curing
systems in the printing application is less; however, supporting environmental
regulations across the world regarding the presence of volatile organic
compounds (VOCs) and the increasing demand for 3D printing will fuel the market
for UV curing systems in the printing application.
The medical segment to hold the largest
end-user share during the forecast period
The
medical end-user segment is expected to hold the largest share of the global UV
curing system market during the forecast period. Medical device manufacturers
across the world are using UV curing technologies in their manufacturing
process owing to their benefits, such as a reduction in friction between
electronic medical devices, uniform adhesion and surface coverage, and coating
homogeneity.
North America to remain a major consumer
of UV curing systems during the forecast period
North
America is expected to hold the largest share of the global UV curing system
market throughout the forecast period, driven by the presence of key UV curing
system manufacturers, such as Dymax, Phoeseon, and Baldwin Technology.
Stringent regulatory framework by agencies such as EPA (Environment Protection
Agency) and the American Industrial Hygiene Association (AIHA) is playing a
vital role in the monitoring and commercializing the UV curing technology.
The
report profiles the most promising players in the market. The market is highly
dynamic because of the presence of a significant number of big and small
players operating in it. Key players in the market are Baldwin Technology (US),
Dymax (US), Nordson (US), Panasonic (Japan), Excelitas (US), Heraeus (Germany),
Phoseon (US), Honle (Germany), Delo (Germany), Ist Metz (US), American
Ultraviolet (US), Omron (Japan), Uvitron (US), Atlantic Zeiser (Germany),
Benford (UK), Gew (EC) (UK), Hanovia (UK), Miltec (US), Thorlabs (US), and Hoya
(Japan).
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