Emergence of the new technologies and rising set of applications of the UV LED technology is expected to drive the growth of global UV LED market during the forecast period
According to TechSci Research report, “Global UV LED Market By Technology (UV-A LED, UV-B LED and UV-C LED), By Application (Curing, Disinfection and Purification, Medical, Security and Others), By Region, Forecast & Opportunities, 2025”, Global UV LED market was valued USD 351.20 Million in 2019 and is forecast to grow at CAGR of over 26.12% in the next five years to surpass USD 1350.31 Million through 2025. UV LED is a device which can generate light when an electric current is allowed to pass through it. The growth of the market is attributed to the widespread adoption of UV LED in various applications including curing, disinfection and purification, medical and others. Additionally, high luminous efficiency of UV LED is further expected to propel the market during forecast period. Furthermore, UV LED consumes less power than mercury lamps and is considered to be more environment friendly option with longer life. Moreover, increasing government support in US and European region is anticipated to positively impact the growth of market. For instance, in November 2018, Acuva Technologies Inc., a Canada based UV-C LED water disinfection technology company, received an investment of USD 2.1 million under Western Innovation (WINN) Initiative of Canadian government in order to support the commercialization and development of company’s UV-C LED based water disinfection technology.
Browse 20 market data Tables and 88 Figures spread through 110 Pages and an in-depth TOC on“ Global UV LED Market”
The global UV LED market is segmented based on technology, application, region and company. Based on technology, the market can be categorized into UV-A LED, UV-B LED and UV-C LED. Among technologies, UV-A LED dominated the market in 2019 and is anticipated to hold its dominance in the market throughout the forecast period owing to its wide application in UV curing especially in ink, coating and adhesives; counterfeit detection; tanning; etc. Moreover, UV-C LED technology is expected to register the highest growth during forecast period owing to the increase in demand for surface, air and water disinfection and purification. Additionally, during COVID-19, the demand of UV-C LED has increased significantly owing to its ability to sterilize and disinfect surfaces. As a result, South Korea based Seoul Viosys, a subsidiary of Seoul Semiconductor, has witnessed over five folds increase in customer inquiries in February 2020 since January 2020 for its violeds UV LED products which is ideal for sterilization of bacteria.
Seoulviosys Co., Ltd., Nichia Corporation, Nitride Semiconductors .Co.,Ltd., Phoseon Technology, LG INNOTEK, Semileds Corporation, Nordson Corporation, Lumileds Holding B.V., Koninklijke Philips N.V. and Crystal IS Inc. are some of the leading players operating in global UV LED market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. For instance, in September 2019, Phoseon Technology launched a water cooled UV LED named FirePower FP401 for mid and wide-web UV curing applications. Moreover, in July 2020, Signify launched portable Philips UV-C Disinfection system in order to effectively inactivate COVID-19 virus.
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“North America dominated the global UV LED market in 2019 and is expected to hold its dominance in the market throughout the forecast period, owing to the early adoption and increasing focus on research & development in UV LED in the region. Additionally, presence of large scale manufacturing industries in medical, automotive and electronics among others, which are witnessing significant adoption of UV curing, is further anticipated to spur the market through 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global UV LED Market By Technology (UV-A LED, UV-B LED and UV-C LED), By Application (Curing, Disinfection and Purification, Medical, Security and Others), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global UV LED market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global UV LED market.
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