Global UV LED Market Growth is surging on account of Eco-Friendly Product Usage

According to Inkwood Research, the Global UV LED Market is predicted to project a CAGR of 20.01% in terms of revenue during the forecasting years of 2019-2028.

"Browse 33 Market Data Tables and 40 Figures spread over 174 Pages, along with an in-depth TOC on the Global UV LED Market Forecast 2019-2028."

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UV LEDs are rapidly gaining traction and adoption, owing to their compact characteristics and efficiency. Ultraviolet (UV) LED enables the conversion of electrical energy into ultraviolet light. The manufacture of these products entails the implementation of several technologies, like, UV-A, UV-B, and UV-C. In recent years, their application was limited to specific applications like forensic, curing, and counterfeit detection, among others. However, with different advancements and developments in technology, such devices are being implemented into conventional applications, namely, sterilization, purification, medical phototherapy, disinfection, and indoor gardening.

Rising Use of Safe and Eco-Friendly Products are Augmenting the Market Growth

The government's growing initiatives encouraging the use of safe and eco-friendly products, has influenced people to change their priorities and preferences toward LEDs. Besides, eco-friendly devices do not contain mercury and ozone, are more stable, long-lasting, environmentally friendly, consume lower energy, and emit negligible heat. Manufacturers associated with LEDs are opting for sustainable methods since they deliver enhanced and consistent performance, than conventional solvent-borne systems. Moreover, strict regulations, as well as an increase in public awareness about ecological concerns, drive the implementation of eco-friendly devices.

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UV Curing was the Dominating Application in 2019
In recent years, UV LED-based lamps are gaining popularity over mercury lamps for diverse UV curing functions like adhesives, coatings, and inks. Mercury lamps radiate nearly 20% of energy than UV lights, and some of the remaining power is emitted as infrared lights. UV LED curing also provides unique advantages, such as, reduced footprints, enhanced production speeds, and enables the use of 100% solid formulations. As a result, enterprises are meticulously investing in the application.

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Asia Pacific to Establish its Prominence by 2028

Rapid industrialization in developing countries like China, India, and South Korea, integrated with the increase in production activities, bolster the UV LED market in the Asia Pacific. The governments of America, Europe, and China, have introduced various regulations for energy-efficient lightning, anticipated to reduce the use of incandescent lamps. As a result, the market is projected to gain traction in the global lighting business. Moreover, distinct technological developments within the electronics systems, and sophisticated devices, propel the demand for UV LEDs in the region.

Predominant factors governing the industry rivalry include the competitive gain through phases of market penetration, innovation, barriers to exit, and levels of advertising expenditure. In addition, the increasing firm concentration ratio, is estimated to result in high competition, across the forecast period. Some of the distinguished companies in the market are, Sensor Electronic Technology, Koninklijke Philips NC, Crystal IS Inc, LG Innotek Co Ltd, Honle UV America Inc, etc.

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