The consumer electronics industry is using ultraviolet (UV) light-emitting diode (LED) technology in the production of tablets, smartphones, and TVs, as it offers reduced operational costs, low power consumption, and faster curing than traditional UV. Thus, the increasing adoption of consumer electronics, such as tablets, smartphones, and TVs, will boost the procurement of UV curing systems in the coming years. Moreover, the targeted curing offered by UV LED systems will fuel the deployment of this technology in the consumer electronics industry.
Additionally, the flourishing food and beverage industry, primarily on account of the accelerating urbanization rate, booming population, and expanding e-commerce sector, will fuel the UV curing system market growth at a CAGR of 8.8% during 2019–2024. According to P&S Intelligence, the market revenue will surge from $1.4 billion in 2018 to $2.4 billion by 2024. The progressing food and beverage industry is creating a huge requirement for safe packaging solutions, which are being developed with UV curing.
In addition to the food and beverage and consumer electronics industries, the automotive, healthcare, industrial manufacturing, oil and gas, agriculture, water and wastewater treatment, media and entertainment, and aerospace and defense sectors use UV curing systems for printing, coating, adhesion, finishing, substrate assembling, and water disinfection applications. In recent years, the automotive industry has adopted the largest number of UV curing systems due to the booming demand for electric vehicles (EVs), which use UV-cured coatings and adhesives in large quantities.
Additionally, furniture manufacturing companies are adopting such systems in abundance for curing the coatings on substrates such as wood, for rapid drying and high-quality finishing. Furthermore, UV-cured coatings protect the substrates against corrosion, moisture, and accidental chemical spills. Thus, to offer better-quality furniture, furniture manufacturing firms are deploying UV curing systems, such as spot, flood, conveyor, and hand-held systems.
In recent years, UV curing system providers have engaged in product launches, partnerships, and mergers and acquisitions to expand their presence. For instance, in May 2018, Heraeus Noblelight GmbH introduced Light Hammer 10 Mark III, an internet of things (IoT)-enabled UV curing system. It is equipped with a cloud-based advanced integrated monitoring system (AIMS) that allows for remote monitoring in real time, thereby leading to the reduced total cost of ownership (TCO) and downtime.
Geographically, Asia-Pacific (APAC) dominated the UV curing system market in the recent past due to the presence of numerous automotive and consumer electronics companies in the region. Moreover, the flourishing food and beverage sector and burgeoning demand for consumer electronics, owing to the mounting disposable income of the people in Thailand, India, Vietnam, and Indonesia, will augment the deployment of these machines. Among APAC nations, India will deploy UV curing systems at the highest rate due to its booming electronics sector.
Therefore, the mounting demand for consumer electronics and the growing food and beverage industry will fuel the adoption of UV curing systems.
