UV LED Market Thriving with Excellent 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.

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.

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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.

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.

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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.

Key Benefits for UV LED Market :

This study comprises analytical depiction of the global UV LED market size along with the current trends and future estimations to depict the imminent investment pockets.

The overall UV LED market analysis is determined to understand the profitable trends to gain a stronger foothold.

The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.

The UV LED market forecast is quantitatively analyzed from 2019 to 2026 to benchmark the financial competency.

Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.

The report includes the UV LED market share of key vendors and market trends.

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

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Also Read:

https://www.prnewswire.com/news-releases/uv-led-market-to-reach-1-2-bn-globally-by-2026-at-17-3-cagr-allied-market-research-300959895.html

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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.

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