Press release
Global UV LED Market To Be Driven At A CAGR Of 21.7% In The Forecast Period Of 2022-2027
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
Historical Market Size (2021): USD 0.52 Billion
Forecast CAGR (2022-2027): 21.7%
Forecast Market Size (2027): USD 1.72 Billion
The growth of the global market for UV LEDS is driven by its application in sterilisation and purification appliances across various sectors.
The application of UV LEDs in curing, phototherapy, disinfection and sterilization, forensic, printing and manufacturing of high-end health and beauty products is anticipated to bolster the demand. Additionally, increasing global environment concern for toxicity and high energy consumption of mercury amalgam-based UV lamps is likely to further aid in the increasing popularity of UV LEDs.
Moreover, increasing demand for sterilisation and purification products in water filters due to rapidly expanding population is anticipated to push the growth further. Furthermore, the market is projected to be boosted by the rising demand for various UV based sterilization equipment from pharmaceutical and biotechnology sector over the forecast period.
UV LED Industry Definition and Major Segments
UV LEDs also known as ultraviolet light-emitting diodes refer to electrical devices which convert electricity to ultraviolet light. LEDs are semiconductor devices that generate light when electrical current passes through it. UV LEDs find application across various industries and are more eco-friendly than UV lamps.
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By type, the market is divided into:
UV-A
UV-B
UV-C
On the basis of application, the industry can be categorised into:
Curing
Disinfection/Purification
Indoor Gardening
Counterfeit Detection
Others
Based on end use industry, the market can be segmented into:
Healthcare and Medical
Agriculture
Residential
Industrial
Commercial
The regional markets for UV LED include:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
UV LED Market Trends
Regionally, the Asia Pacific if anticipated to hold the significant share in the global market for UV LEDs. The increasing investment by key players for expanding UV LED technology in countries like Japan and China will likely drive the regional growth.
Additionally, the increasing demand for UV LEDs in water purification and sterilisation propelled by the rapidly expanding population, will likely aid the market growth. The region is also projected for witness the fastest growth over the forecast period. Meanwhile, North America is anticipated to follow Asia Pacific owing to increasing research and development activities in pharmaceutical and biotechnology sector.
Key Market Players
The major players in the market are Nordson Corporation, Lumileds Holding B.V., Nichia Corporation, OSRAM GmbH, and a few others.
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