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.
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The largest share in the growth of uv curing system market in 2018 was held by the conveyor curing type category. During the forecast period, it is also expected to be the fastest-growing category, among other types.
These advantages of the technology were instrumental in its wide adoption in the food & beverage industry, where it is mainly deployed for packaging applications.
Due to its constant speed, the conveyor 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.
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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.