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 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.
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 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 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 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.