UV Curing System Market worth $6.1 billion by 2024
UV Curing System Market | Industry Analysis and Market Forecast to 2024 | MarketsandMarkets
USA, 10 July 2019 -- UV Curing System Market Research Report, identifies new revenue opportunity in UV Curing System system. The report aims at estimating the market size and future growth of the UV Curing System industry based on offering, process, application, vertical, and region.
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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