NEW YORK, Jan. 30, 2020 /PRNewswire/ --
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
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From valuing $1.4 billion in 2018, the global ultraviolet curing system market is projected to grow to $2.4 billion by 2024, registering an 8.8% CAGR during the forecast period (2019–2024).
On the basis of technology, the highest revenue share of more than 65.0% in the UV curing system market in 2018 was held by conventional UV. Owing to the various advantages, such as the ability to cure different substrates and produce a range of UV bandwidths for deep-level curing, conventional UV witnessed the highest demand.
These advantages of the technology were instrumental in its wide adoption in the food & beverage industry, where it is mainly deployed for packaging applications.
The largest share in the uv curing system market in 2018 was held by the conveyer curing type category. During the forecast period, it is also expected to be the fastest-growing category, among other types.
Due to its constant speed, the conveyer ensures that each component gets cured for the same amount of time, which results in uniform ink curing. This has been beneficial in increasing the throughput and facilitating mass production.
Considering end users, in 2018, the largest share of the UV curing system market was held by the automotive industry. In the forecast period, the fastest growth is expected to be witnessed by the electronics industry. As per the Institute of Electrical and Electronics Engineers, about 18 million connected devices would be in use in 2020, globally, and this number is predicted to increase during the forecast period. Therefore, the demand for UV curing systems is set to rise with the high adoption of electronic devices.
One of the major factors supporting the growth of the ultraviolet curing system market is the rising usage of UV curing technologies for packaging applications. In recent years, the food & beverage industry has witnessed impressive growth due to numerous reasons, such as the flourishing e-commerce industry, increasing disposable income, rapid urbanization, and rising population. In a report published by European Commission, in 2017, in the European market, over 95% of the food sold was packaged. As the safety of packaged food is of extreme importance, UV curing systems are considered ideal for adhesive, coating, and printing applications in the food industry due to their safe nature.
One of the key trends in the UV curing system market is the rising adoption of the UV LED technology in the production of consumer electronics. Compared to conventional UV, LED based UV offers several benefits, such as reduced operational cost, lower power consumption, and faster curing, making it the more preferred technology in the market. In addition to the above factors, UV LED systems offer target curing, which has led to their high adoption in the manufacturing of consumer electronics, such as tablets, TVs, and mobile phones.
Players operating in the ultraviolet (UV) curing system market are mainly focused on launching more products to address the growing demand for these systems from various verticals. For instance, Heraeus Holding GmbH in May 2018, launched an internet-of-things-enabled UV curing system — Light Hammer 10 Mark III. This system has a cloud-based advanced integrated monitoring system that helps in the remote real-time monitoring, which reduces the downtime and total ownership cost.
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