UV LED Market Study

UV LED Market Growing at a CAGR of 17.3% from 2019 to 2026

According to a new report published by Allied Market Research, titled, "UV LED Market by Type, License Type, Application and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global UV LED market size was valued at 271.1 million in 2018, and is projected to reach at $1.2 billion by 2026, growing at a CAGR of 17.3% from 2019 to 2026. Asia-Pacific is expected to be the leading contributor to the global market, followed by North America and Europe.

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The UV LED includes various type of technologies such as UV A, UV B and UV C. This technology is used to fabricate LEDs for water purifiers, air purifiers, surface purifiers, sterilization, curing, indoor gardening and others. The UV A technology holds the largest share in overall UV LED market across the globe. The implementation of LEDs made with UV A technology in electronic devices is driving its growth in overall market. The global market comprises of the LED-based products that find application in printing, disinfection/purification, agriculture, residential and commercial. Use of UV LED in applications such as medical, forensic, counterfeit and research are studied under the others segment.

The price of the technology is the very important factor in any market. Decrease in prices of UV LED lamps is one of the major factors impacting the global UV LED industry. The reduction in the CFL technology boosts the growth of the UV LED market. Further, UV LED gains popularity as a strong replacement for traditional incandescent bulbs. UV LED lighting exhibit growth in the developed countries and people gain awareness in the developing nations, as well.

The development and innovative photo initiators market creates an opportunity for the UV Curing application to be adopted more in industries associated with graphic arts, coatings. These industries are growing at a very fast pace at 10 % per year and becoming multi-billion-pound industry worldwide. These industries used drying method for their product, but now they are adopting UV curing techniques by replacing conventional solvent based thermal drying method because it requires low current, low consumption, increased productivity and better-quality product.

The significant impacting factors in the market include surge in government initiatives towards energy efficiency, growth in utilization of UV curing system, and rapid growth in usage of environment safe LEDs. However, high cost of UV LEDs pose major threat, thus hampering the market growth globally. Conversely, growth of UV LED lights in various application and development of high efficiency of UV LEDs are projected to offer remunerative opportunities to the UV LED market. Each of these factors is anticipated to have a definite impact on the market during the forecast period.

Geographically, the UV LED market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America generated the highest revenue in the market of UV LED in 2018 due to increasing adoption in UV curing and many other applications such as disinfection, purification, counterfeit, sterilization and others. In addition, Technological advancements in security systems and rise in need for public safety such as counterfeit and forensic applications contribute to the growth of the UV LED market growth in Europe.

Key Findings of the UV LED Market :

- In 2019, the Healthcare segment accounted for the maximum UV LED market share and is projected to grow at a notable CAGR of 44.4% during the forecast period.
- Agriculture Industry contributed major share in global market during 2019.
- U.S. and Canada were the major shareholder in the North America UV LED market, accounting for maximum share in 2019.

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The key players profiled in the report include Nordson Corporation, LG Innotek Co. Ltd., Lumileds Holding B.V, Nichia Corporation, OSRAM, Koninklijke Philips N.V., Semileds Corporation, Crystal IS, Sensor Electronic Technology, Phoseon Technology. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the market.

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