The value of the global UV LED market in 2021 was $405 million and is projected to reach 1220 million by the end of 2028. The global market is likely to register a high growth rate of 20.2% during the forecast period.
The value of the global UV LED market in 2021 was $405 million and is projected to reach 1220 million by the end of 2028. The global market is likely to register a high growth rate of 20.2% during the forecast period. The market report offers quantitative and qualitative insights into the key drivers, opportunities, constraints, and challenges impacting global market growth.
UV LED devices are capable of reducing light whenever electric current is passed through the terminals. The ultraviolet light-emitting diode operates below 100 degrees temperature. These are widely used in electronic devices to fulfill the purpose of exposing PCB to air. These LEDs are used in a number of applications, including medical, phototherapy, sterilization & disinfection, indoor gardening, purification, and forensic purposes. The ultraviolet LED technology can transform electric energy into ultraviolet light energy. UV LEDs are frequently found in CCFL technology and do not comprise toxic mercury. They are comparatively more durable & compact than CCFL and highly resistant to vibrations. However, it helps in less product breakage, thereby providing low maintenance expense and waste in total.
The outbreak of the Covid-19 pandemic has negatively impacted the growth trajectory of the global UV LED market due to the announcement of worldwide lockdowns and disruptions in the supply chain. Pandemic has negatively impacted the commercial, residential, agriculture, industrial, consumer electronics, energy, automotive sectors. The market is expected to see a speedy recovery during the post-pandemic landscape due to the ongoing product innovations and favorable government initiatives to encourage the growth of the global market.
The surge in the trend of smart home appliances globally is likely to offer ample impetus to the growth of the global U V LED market. UV technology is witnessing the high implementation of a wide range of smart home appliances like advanced kitchen appliances, air conditioners, refrigerators, and smart water purifiers. UV LED offers high-cost efficiency, low power consumption, and high end-feature as compared to UV lamps and bulbs. Different companies engaged in the manufacturing of electronic appliances are highly integrating UV LED into products to make them more effective and innovative. The eco-friendly composition of UV LED is further augmenting the growth of the global market.
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Recently many tariffs have been imposed by the government, particularly the U.S. government, which in turn has emerged as a key factor hampering the growth of the global market as these measures will scale up the cost of such products significantly. Another major factor restraining the growth of the global market is the high manufacturing and installation cost of UV LEDs when compared to other alternatives. Manufacturers are finding difficulty in order to improve efficiency and light output while increasing the usability life and reliability of LED products.
The government is investing heavily in the pharmaceutical and medical sector to encourage the novel drug development process, which will offer many growth prospects in the forthcoming years. The growing applications of ultraviolet LEDs in the pharmaceutical sector are another key factor likely to create new avenues in the global market. UV LEDs are adopted in different pharmaceutical processes like vitamin analysis, protein synthesis, DNA analysis, and phototherapy. Additionally, the wide-scale acceptance of UV LED lights will further support the market growth. The growing focus of market leaders on strategic alliances and acquisitions in order to stay at the front in the market will further contribute towards the expansion of growth opportunities along with increasing market share.
Technical issues arising during the manufacturing of UV LEDs are a huge challenge faced by vendors in the market. The growing complex demand from end-users will also contribute to the growing tech problems in the process.
By industry vehicle, the market can be segmented into commercial, industrial, residential, agriculture, and healthcare & medical.
By type, the market can be segmented into UV-C, UV-B, and UV-A.
By application, the market can be segmented into counterfeit detection, indoor gardening, disinfection, curing, and others.
Asia Pacific accounts for the largest share in the global UV LED market due to the growing demand in the region. Furthermore, the rising living standard and improving economic conditions are further likely to upscale the growth of the regional market in the forthcoming years.
North America is also a leading region in the global market due to the presence of prominent market leaders in the region.
Some of the significant players in the global UV LED market include Phoseon Technology, Sensor Electronic Technology, Crystal IS, Semileds Corporation, Koninklijke Philips N.V., OSRAM, Nichia Corporation, Lumileds Holding B.V., L.G. Innotek Co. Ltd., and Nordson Corporation.
FrequentlyAsked Questions
The surge in the trend of smart home appliances globally is likely to offer ample impetus to the growth of the global UV LED market. U.V. technology is witnessing the high implementation of a wide range of smart home appliances like advanced kitchen appliances, air conditioners, refrigerators, and smart water purifiers.
The value of the global UV LED market in 2021 was $405 million and is projected to reach 1220 million by the end of 2028. The global market is likely to register a high growth rate of 20.2% during the forecast period.
Some of the significant players in the global UV LED market include Phoseon Technology, Sensor Electronic Technology, Crystal IS, Semileds Corporation, Koninklijke Philips N.V., OSRAM, Nichia Corporation, Lumileds Holding B.V., L.G. Innotek Co. Ltd., and Nordson Corporation.
Asia Pacific accounts for the largest share in the global UV LED market due to the growing demand in the region. Furthermore, the rising living standard and improving economic conditions are further likely to upscale the growth of the regional market in the forthcoming years.
HappyClients
Zion Market Research
Tel: +1 (302) 444-0166
USA/Canada Toll Free No.+1 (855) 465-4651
3rd Floor,
Mrunal Paradise, Opp Maharaja Hotel,
Pimple Gurav, Pune 411061,
Maharashtra, India
Phone No +91 7768 006 007, +91 7768 006 008
US OFFICE NO +1 (302) 444-0166
US/CAN TOLL FREE +1 (855) 465-4651
Email: sales@zionmarketresearch.com
We have secured system to process your transaction.
Monday - Friday: 9AM - 6PM
Saturday - Sunday: Closed