What's Driving the Growth of $1.2 billions UV LED Market Growing at a CAGR of 17.3%

The UV LED technology market is projected to depict a prominent growth during the forecast period, owing to various factors, such as surge in government initiatives towards energy efficiency, growth in utilization of UV curing system and rapid growth in usage of safe LEDs.

UV LED Application provides various benefits such as low power consumption, high switching capabilities, compact size, and safe operations which led to the extensive adoption of the UV LED Application in nearly all industries. Some of these applications included UV-A Application with hand held devices / smart phones for counterfeit analysis or detection, and incorporation of UV C with various medical devices as well as refrigerators for disinfection. Thus, all these factors are responsible for driving UV LED market in the upcoming years.

Download PDF Sample to Access Market Data @ https://www.alliedmarketresearch.com/request-sample/4958

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.

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.

Curious? Do Purchase Enquiry Now @ https://www.alliedmarketresearch.com/purchase-enquiry/4958

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.

Request a Custom Research on standard Prices of this Latest Research @ https://www.alliedmarketresearch.com/request-for-customization/4958

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.

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.

Browse this Report @ https://www.alliedmarketresearch.com/uv-led-market

COMPANY PROFILE includes...

9.1.1. Company overview
9.1.2. Key Executive
9.1.3. Company snapshot
9.1.4. Operating business segments
9.1.5. Product portfolio
9.1.6. R&D Expenditure
9.1.7. Business performance

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.

Related Report: IPS display market @ https://www.alliedmarketresearch.com/ips-display-market

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022,

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.