Press release
Global UV-LED Market to Exhibit 9.8% CAGR from 2018 to 2023, to Rise to US$290 mn by 2023
There has been a vast surge in applications of the UV-LED technology in the past few years. As a result, the market has expanded at a promising pace and continues to flourish across the globe. According to the report, the total global production of UV-LED lights reached 2992.82 K units in 2011 and these numbers shot to 16149.3 K units in 2015. During the same period, the revenue valuation of the market increased from a nearly US$32.24 mn in 2011 to US$135.8 mn in 2015. The market is expected to maintain its growth promise over the forecast period (2018 to 2023) as well, expanding at a promising CAGR of 9.8%. If the numbers hold true, the global UV-LED market will rise from a valuation of US$170 mn in 2017 to US$290 mn by 2023.
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The report segments the market based on criteria such as type, application, and geography. Based on type, the market has been segmented into UV-A LED, UV-B LED, and UV-C LED. Based on application, the market is segmented into curing, sterilization and disinfection, and analytical tools.
Based on geography, the market has been examined for region such as Europe, North America, South America, Middle East and Africa, and Asia Pacific.
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Presently, the market in Asia Pacific is the leading contributor of revenue to the global UV-LED market and is expected to remain a key, decisive force when it comes to the future growth prospects of the global UV-LED market, thanks to the presence of several leading manufacturers of UV-LED products in countries such as China and Japan in the region. As a result, leading international companies are focusing on Japan. Japan’s production capacity of UV-LEDs stood at a massive 8828.93 K units in 2016, which translated to nearly 46.23% of the total production capacity of the world in the said year.
The USA is also one of the leading producers of UV-LEDs and continues to account for a notable share in the overall UV-LED market. In 2016, the USA market for UV-LED accounted for a nearly 23.8% volume share of the global market and valued at 4544.95 K units.
The report also presents a detailed account of the competitive dynamics of the global UV-LED market. Some of the world’s leading manufacturers of UV-LEDs are Seoul Viosys, Semileds, Nichia, DOWA Electronics, NIKKISO, LG Innotek, SETi, Philips Lumileds, Epileds, ConvergEver, Crystal IS, HexaTech, HPL, Rayvio, Epistar, and Qingdao Jason.
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