The Global Uv Led Market is estimated to be valued at US$ 957.3 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
UV LEDs produce ultraviolet light in the UVC spectrum, known to deactivate bacteria and viruses. They offer advantages over traditional UV sources such as long lifespan and durability without the use of hazardous materials like mercury.
Market key trends:
One of the key trends driving growth in the UV LED market is their increasing adoption in disinfection applications. UV LEDs are being widely used for disinfecting surfaces, air and water as UV light has been proven effective in inactivating microorganisms. Their small size and lifespan longer than traditional mercury UV lamps is boosting their use in applications like air disinfection in buildings. Advancements in Materials and packaging technologies have improved light emission of UV LEDs, increasing their efficacy for disinfection. Their lower power consumption compared to mercury lamps also makes them an attractive sustainable alternative.
Segment Analysis
The global UV LED market is segmented on the basis of type, installation type, application, and region. Based on type, the UV LED market is segmented into UV-A LED, UV-B LED, and UV-C LED. The UV-C LED segment dominated the market in 2022 owing to its wide range of applications in water purification, air purification and disinfection of surfaces. UV-C LED provides short wavelength ultraviolet light in the range of 200-280nm that destroys the nucleic acids and DNA of microorganisms.
Key Takeaways
The Global UV Led Market Size is expected to witness high growth, exhibiting a CAGR of 21.% over the forecast period, due to increasing demand for UV disinfection and sterilization solutions across industries to curb the spread of viruses and diseases.
Regional analysis - North America dominated the UV LED market in 2022 accounting for around 35% of the global market share. This was attributed to high demand from healthcare settings and water treatment plants for disinfection. Asia Pacific is expected to be the fastest growing region due to rising healthcare expenditure and stringency of wastewater treatment regulations in countries such as China and India.
Key players operating in the UV LED market are FUJIFILM Business Innovation Corp., Lumileds Holding BV, Heraeus Holding GmbH, Koninklijke Philips NV, CRYSTAL IS Inc. (Asahi Kasei Corporation), Nordson Corporation, EPIGAP Optronic GmbH, Honle UV America Inc. (Honle Group), Semileds Corporation, Seoul Viosys Co. Ltd., and Nichia Corporation. These players have adopted strategies such as product launches, partnerships, and expansions to increase their market share and presence in the UV LED market.
For more insights, read - https://www.marketwebjournal.com/the-growth-of-the-global-uv-led-market-size-share
The global UV LED market size is expected to reach $1.2 billion by 2026 from 271.1 million in 2018, growing at a CAGR of 17.3% from 2018 to 2026.
UV LED market is expected to leverage high potential for the manufacturing, security, printing, residential and Commercial industry verticals in 2026.
The current business scenario is witnessing an increase in the demand for clean and safe hygienic environment because millions of people in developing regions such as China, India, and others died due to contaminated water, air or surface which proves dangerous for human health.Request For Report Sample: https://www.trendsmarketresearch.com/report/sample/13376 Due to an increase in government mandates related to public safety and security.
Companies in this industry are adopting various innovative techniques such water dispensers, air purifiers and counterfeit detectors which makes use of UV LED techniques in order to kill infected microorganism or detect frauds helps in strengthening their business position in the competitive matrix.Factors such as Surge in government indicatives towards energy efficiency, growth in utilization of UV curing system and rapid increase in the usage of environment safe LEDs are expected to boost the growth of the global UV LED market.
However, factors such as high installation cost as well as the investment required for the production is expected to hamper the market growth.
Furthermore, increase in trend towards the development of advanced UV LEDs for newer applications and evolution of highly efficient UV LEDs are expected to offer lucrative opportunities for market expansion.Request for Report Discount : https://www.trendsmarketresearch.com/report/discount/13376 The global UV LED market is analyzed by type, application, end use, and region.
