UV LED Market
UV LED Market
Uv Led Market: Global Opportunity Analysis and Industry Forecast, 2020-2027
WILMINGTON, DELAWARE, UNITED STATES, February 14, 2024 /EINPresswire.com/ -- UV LED Market by Type (UV-A, UV-B, and UV-C), Material (Silicon Carbide, Gallium Nitride, Sapphire, and Other), and Application (Curing, Purification, Indoor Gardening, Counterfeit detection, and others), and Industry Vertical (Healthcare & Medical, Agriculture, Industrial, Residential, and Commercial): Global Opportunity Analysis and Industry Forecast, 2020-2027.
The global UV LED market size is expected to reach $1.71 billion by 2027 from $0.35 billion in 2019, growing at a CAGR of 21.7% from 2020 to 2027.
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The UV LED includes various type of technologies such as UVA, UVB, and UVC. These technologies are used to fabricate LEDs for water purifiers, air purifiers, surface purifiers, sterilization, curing, indoor gardening, and others. The UVA technology holds the largest share in the overall UV LED market across the globe. The implementation of LEDs made with UVA technology in electronic devices is driving its growth in overall UV LED market. The global market comprises the LED-based products that find application in printing, disinfection/purification, agriculture, residential, and commercial. Use of UV LED in applications such as medical, forensic, counterfeit, and research are studied under the others segment.
The UV LED market is gaining popularity and emerging as a strong replacement for traditional incandescent bulbs. Furthermore, increase in demand for the UV LED lightings from the developed countries and growth in the awareness among the consumers in the developing nations are expected to boost the market growth. However, increase in prices of the UV LED is one of the major factors that restrain the market growth. On the contrary, the development and innovative photo initiators market is anticipated to create lucrative opportunity for the UV curing application in industries associated with graphic arts and coatings.
An increase in demand for UV system in the healthcare and medical sector is likely to drive the UV LED market growth during the forecast period. The business for UV systems specific to the healthcare industry is less affected as compared to other verticals. There is an increased demand for medical equipment and other required devices for helping COVID-19 patients and stopping the spread of the virus. These factors are expected to create high demand for UV LED industry.
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Competitive Analysis:
The UV LED industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the UV LED market include,
➡️ NICHIA CORPORATION,
➡️ LG INNOTEK CO. LTD,
➡️ SEMILEDS CORPORATION,
➡️ SENSOR ELECTRONIC TECHNOLOGY,
➡️ OSRAM, NORDSON CORPORATION,
➡️ CRYSTAL IS (ASAHI KASEI),
➡️ KONINKLIJKE PHILIPS N.V.,
➡️ LUMILEDS HOLDING B.V.,
➡️ PHOSEON TECHNOLOGY
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Top Impacting Factors:
The prominent factors that drive the growth of the UV LED market include growth in utilization of UV curing system, rapid increase in the usage of environment safe LEDs, and government indicatives toward energy efficiency products. However, factors such as high installation cost as well as the investment required for the production is expected to hamper the UV LED market growth. Furthermore, increase in trend toward the development of advanced UV LEDs for newer applications and evolution of highly efficient UV LEDs are expected to offer lucrative opportunities for the market expansion.
Research Methodology:
The research uses both primary and secondary research to assemble data on the various facets of the international security screening market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.
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Key Benefits for Stakeholders:
➡️ This study comprises analytical depiction of the global UV LED market size along with the current trends and future estimations to depict the imminent investment pockets.
➡️ The overall UV LED market analysis is determined to understand the profitable trends to gain a stronger foothold.
➡️ The report presents information related to key drivers, restraints, and UV LED market opportunities with a detailed impact analysis.
➡️ The current UV LED market forecast is quantitatively analyzed from 2017 to 2027 to benchmark the financial competency.
➡️ Porter’s five forces analysis illustrates the potency of the buyers and the UV LED market share of key vendors.
➡️ The report includes the UV LED market trends and the market share of key vendors.
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