- 10 December 2019 22:51
UV LED Market :Industry Analysis, Size, Share, Growth, Key Trends and Forecast To 2026
The global UV LED market size is expected to reach $1.2 billion by 2026 from 271.1 million in 2018, growing at a CAGR of 17.3% from 2018 to 2026. UV LED market is expected to leverage high potential for the manufacturing, security, printing, residential and Commercial industry verticals in 2026. The current business scenario is witnessing an increase in the demand for clean and safe hygienic environment because millions of people in developing regions such as China, India, and others died due to contaminated water, air or surface which proves dangerous for human health. Due to an increase in government mandates related to public safety and security. Companies in this industry are adopting various innovative techniques such water dispensers, air purifiers and counterfeit detectors which makes use of UV LED techniques in order to kill infected microorganism or detect frauds helps in strengthening their business position in the competitive matrix.
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Factors such as Surge in government indicatives towards energy efficiency, growth in utilization of UV curing system and rapid increase in the usage of environment safe LEDs are expected to boost the growth of the global UV LED market. However, factors such as high installation cost as well as the investment required for the production is expected to hamper the market growth. Furthermore, increase in trend towards the development of advanced UV LEDs for newer applications and evolution of highly efficient UV LEDs are expected to offer lucrative opportunities for market expansion.
The global UV LED market is analyzed by type, application, end use, and region. Based on type, the market is analyzed across UV A, UV B and UV C. Based on application, the market is divided into UV curing, purification, Indoor Gardening, Counterfeit detection, and others. On the basis of end use, the market is divided into Healthcare, Agriculture, Security, Printing, Residential and Commercial. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries).
The key players operating in the market includes 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. provided in this report.