The UV curing system market
is projected to reach USD 8.6 billion by 2026 from USD 3.6 billion in 2021; it
is expected to grow at a CAGR of 18.6% from 2021 to 2026.
The growth of the UV curing system
market in North America is mainly driven by large-scale funded programs by the
government. Moreover, the high adoption rate and technological advancements
also drive the growth of the UV curing system market in North America. The
North American region is the largest market as the region is home to major
players in the market such as Dymax (US), Phoseon (US), and Baldwin Technology
(US). Stringent regulatory framework by agencies such as EPA (Environment
Protection Agency) and the American Industrial Hygiene Association (AIHA) is
playing a key role in the monitoring and commercialization of UV curing
technology. The large share enjoyed by the region is due to the vast presence
of various large—scale automotive and medical machinery manufacturers. The
outbreak of the novel coronavirus is expected to affect the UV curing system
market, but steady recovery is expected by 2022. The expansion of the market is
due to the rising demand from the semiconductor & electronics industry as
well as from the medical sector. Developing
countries in APAC have a vast growth potential as well as a favorable
environment for product manufacturers. Therefore, the UV curing system market
in APAC is expected to grow at the highest rate during the forecast period.
Growing inclination toward
eco-friendly products, along with stringent regulations regarding use of green
products would further fuel the adoption of UV curing systems in APAC.
Furthermore, greater benefits of UV Curing systems than traditional curing
systems and rising demand of UV LEDs across industries are also favoring the
growth of the UV curing system market in the region. High-growth prospects of
UV curing technology in new applications and preference for UV technologies for
print label and packaging due to COVID-19 are the major opportunities for the
UV curing system market. On the other hand, factors such as the lack of
awareness and high cost of UV curable coatings and limited depth of curing are
restraining the growth of the UV curing system market. Risks related to
hazardous effects of mercury present in UV mercury lamps, slowdown in
production of manufacturing industries due to COVID-19 and cracking defects on
UV curable coating products are few challenges that the manufacturers are
facing.
The prominent players operating in
the UV curing system market Baldwin Technology (US), Dymax (US), Nordson (US),
Excelitas Technologies (US), Heraeus (Germany), Phoseon Technology (US), Hönle
(Germany), DELO (Germany), IST Metz (Germany), American Ultraviolet (US),
Hanovia (US), Omron Corporation (Japan), Uvitron (US), Atlantic Zeiser
(Germany), Benford UV (US), Miltec UV (US), Thorlabs (US), UVEXS Incorporated
(US), GEW (EC) Limited (UK), APL Machinery Pvt. Ltd. (India), Kyocera
Corporation (Japan), Senlian (China), Panasonic (Japan), DoctorUV (US),
Shenzhen Naimeite (China), and Jenton International (UK).
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In technology, the UV LEDs segment is
expected to grow at the highest rate of the UV curing system market
UV LED technology is expected to
dominate the UV curing system market during the forecast period due to the
increase in demand for energy-efficient LEDs and enhanced user experience. UV
LEDs have a longer life span than mercury lamps and are environmentally
friendly. Apart from these, UV LEDs do not use mercury, which harms health and
causes life-threatening diseases. North America is expected to be the largest
market for UV LED during the forecast period. This is due to its features such
as instantaneous switching on and off, fast and uniform drying and curing, low
heat emission, and low power consumption. North America adapts and changes
quickly with the latest technologies and needs. The increased demand for UV LED
is due to the increase in awareness of green energy and its minimal power
consumption.
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