According to the new research report published by The Insight Partners, titled “UV Curing System Market - Global Analysis and Forecast to 2025”, the global UV curing system market is expected to reach US$ 2,409.8 Mn by 2025, registering a CAGR of 9.6% during the forecast period 2018 – 2025.
By 2025, APAC is estimated to be the fastest growing region during the forecast period globally.
Increase in global electricity demand, government support, and worldwide adoption of clean energy is projected to drive the market for pumps in solar power generation during the forecast period. However, high initial investment and capital cost for CSP plant that may adversely impact the market for pumps in solar power generation in near future. Moreover, the factors such as substantial investment in R&D and growing number of concentrated solar power projects globally are projected to generate remarkable growth opportunity to the industry players. Currently, there are more than 116 concentrated solar power generation plants are in operation and under construction. Moreover, many of the plants are expected to start construction in near future with the approvals. Spain is the leading country in number of CSP plant installation followed by United States which currently accounts for 1,800 megawatts (MW) of CSP plants in operation. Geographically, the market is currently dominated by Europe and North America, however the market is expected to be in favor of Asia-Pacific, which is anticipated to witness remarkable growth rate owing to the increase in number of CSP plants in China and India over the coming years
The market initiative and new development was observed as the most adopted strategy in global UV curing system market. For instance, in 2018, IST METZ showcased a wide range of LED and UV systems designed for curing industrial coatings at PaintExpo in Karlsruhe. The company is presenting MBS-5 L IST METZ as well as HANDcure LED handheld unit. Similarly, Nordson introduced new xQR41V Needle Valve. This needle can be used to dispense precisely the repeatable amounts of UV-cure adhesives for the bonding module in medical applications. In 2017, American Ultraviolet announced its partnership with Magnet Group (US), for providing high-quality and American finished UVC equipment especially for healthcare market. Various other players are operating in the UV curing system market, which also focus on different strategic initiative to boost their business as well as market value.
The UV curing system market in Asia Pacific is expected to grow at a CAGR of 10.3% during the forecast period 2018 – 2025. The region comprises of several developing economies such as China and India, as well as Southeast Asian countries. These developing nations are witnessing a huge growth in their GDP, resulting in increased per capita income of the people. With the rise in the user’s disposable income, large number of the local manufacturing companies are coming up on a global level to launch innovative products and gain larger customer base. Especially in the countries such as China and India, this trend is continuously increasing. The Indian market is one of the major market for the major players in the consumer electronics segment to grow their sales as there are abundant growth opportunities in the country. Also, many of the large players in the consumer electronics as well as other sectors have established their manufacturing plant in China owing to the quality of the products developed there. Furthermore, many of the consumer electronics are establishing their manufacturing plant in India.
Key findings of the study:
The global market for UV curing system has been segmented on the basis of application, which include bonding & assembling, coating & finishing, and printing. On the basis of end-user, the market is categorized into automotive, healthcare, electronics, and others. On the basis of geography, the UV curing system market is analyzed into North America, Europe, Asia- Pacific (APAC), Middle East & Africa (MEA) and South America (SAM).
The top companies operating in the UV curing system market include Air Motion Systems, Inc., American Ultravoilet, Inc., Dynmax Corporation, Excelitas Technologies Corp, Hanovia Limited, Heraeus Noblelight America LLC, IST METZ GmbH, Jenton International Ltd., Nordson Corporation, and Phoseon Technology among others.
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