Rising Demand in UV LED Market By 2027: Leading Players Nichia Corporation, Phoseon Technology, SemiLEDs Corporation

The global market for UV LED exhibit significant growth owing to rising demand for curing process along with increasing concern regarding environment friendly and cost effective business processes. However, lack of standardization in measurement of UV light outputs might have an adverse impact on the market's growth during the forecast period.

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Electronic devices comprise of instrumentation & sensing equipment which includes analytical instruments. These instruments primarily application in measurement of chemical content by using a coherent light source such as LEDs. Traditionally UV lamps are utilized, however with rising hazards of mercury and demand for UV as a light source will eventually pave the adoption of UV LED package for analytical applications.
Features such as uniform optical light pattern, long operating life, and ecological support are identified some of the major factors increasing the adoption of UV-LEDs in sensing equipment. Majority of growth is concentrated in first half of the forecast period due to increased R&D and rising technical awareness of the product. More than 85% of the segment market value is estimated to arrive from North America, Europe and Asia Pacific. This is primarily due to presence of end use companies in the region which caters to the demand for UV based sensing equipment globally. The electronic device segment for UV LED market is expected to witness a lucrative CAGR growth of 26.1% in the forecast period.

Some of the major players having global market share are Koninklijke Philips, L.G Electronic, Crystal IS, Nichia Corporation, Phoseon Technology, SemiLEDs Corporation, Seoul Viosys Co. Ltd, Halma PLC, DOWA Electronics Materials Co., Ltd., and Heraeus Holding GmbH among others.

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India is one of the most rapidly developing nation around the globe. This industrial development in the country is highly influenced by the various government initiatives promoting the growth of industrial sector in the country. Although the country's economic graph has remained rough, the country's industrial sector is spurring at a significant rate. Also, the country comprises a huge fragment of manufacturing sector that make use of UV LED s for the purpose of printing, coating and adhesives, which further contributes significantly to the market. As a result, the India market is projected to witness an attractive growth rate of 24.4% from 2017 to 2025.

Key findings of the study:
oFrom a growth perspective India in Asia-Pacific region is anticipated to witness the most lucrative CAGR growth rate of 24.4% during the forecast period
oBased on technology, the UV-A LED segment is projected to witness significant lucrative profitable opportunities with projected CAGR growth rate of 24.2%
oThe existing significant market share coupled with robust technology solutions to continue to drive the growth of curing segment and subsequently boost the segment market growth globally thereby registering a CAGR of 23.7%

Furthermore, the UV LED market has been segmented on the basis of different technologies of UV LED, which includes UV-A LEDs, UV-B LEDs and UV-C LEDs. Each UV LED has a different application and is designed to fulfil varied end - users demand. Some of the key applications of this market are, curing, medical, electronic devices, water treatment, security and others. Curing applications is the largest consumer of UV LED and would continue its dominance over the forecast period.

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The research provides answers to the following key questions:

What is the estimated growth rate of the market for the forecast period 2020-2027? What will be the market size during the estimated period?
What are the key driving forces responsible for shaping the fate of the UV LED market during the forecast period?
Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the UV LED market?
What are the prominent market trends influencing the development of the UV LED market across different regions?
What are the major threats and challenges likely to act as a barrier in the growth of the UV LED market?
What are the major opportunities the market leaders can rely on to gain success and profitability?

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This release was published on openPR.