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Global UV LED market Size to Reach $1.71 billion by 2027 | 21.7% CAGR

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Global UV LED market Size to Reach $1.71 billion by 2027 | 21.7% CAGR

February 15
17:45 2021
Global UV LED market Size to Reach $1.71 billion by 2027 | 21.7% CAGR
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 grow at a CAGR of 21.7% and cross $1.71 billion by 2027 from $0.35 billion in 2019. The significant growth in the market is observed owing to increasing adoption of eco-friendly curing technologies across the globe. Additionally, governments of several countries are also seen promoting use of UV LED’s instead of traditional CFL technology to support the power saving initiative.

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Ultraviolet (UV) light is well known for its ability to eliminate dangerous viruses and bacteria. Spread of COVID-19 across the globe has created a need of better ways to disinfect surroundings. Thus, UV Light Emitting Diodes (LED) lighting have majorly contributed across various residential, industrial, and commercial applications due to optimized decontamination offered and is estimated to grow due to increased awareness of hygiene among individuals. Hence, growth in UV-LED market will be observed during the forecast period. Moreover, UV LED are available in smaller sizes and offer higher reliability and run for longer timespan. Significant power saving and higher ROI can be achieved with the implementation of UV-LED. Governments of several countries are also promoting usage of UV-Led due its environmental benefits to avoid contamination of the environment. Government of Several North American and European countries such as The U.S., Germany, France, Spain have implemented stringent regulations for implementation of UV-LED across the industry verticals.

Mercury-based UV lighting needs more maintenance, moreover, mercury pollution is fatal for environment. Thus, implementation of UV-LED is preferred by the customers as they are environment friendly and efficient, this in turn drives the market towards growth trajectories. Additionally, LED’s also do not produce ozone gas which is a very crucial factor for the increased adoption of UV-lights across various curing and dying applications.

Mercury vapor lamps are omni-directional as they produce UV light in 360 degrees. Redirection of half of the light to the target area is necessary to gain effective results. However, UV-LED’s require negligible or no adjustment of optical elements as the light source of UV-LED can be directed to maximize emission. Thus, maximum efficiency is achieved.

Competitors of the global UV LED market include, Nichia Corporation, Nordson Corporation, Lumileds Holding B.V, LG Innotek Co. Ltd., OSRAM, Semileds Corporation, Dominolike Philips N.V., Sensor Electronic Technology, Crystal IS, and Phoseon Technology. Launch of products with attractive designs is among the major strategies among the competitors to gain attention of the customers. Additionally, availability of several new entrants in the market has led to higher competition in the market. Many local manufacturers and suppliers are selling products at cheaper rates to gain competitive advantage. Thus, resulting increased adoption of UV-LED. 

Segmentation

  • By Type:
    • UV-A (315-400 nm)
    • UV-B (280-315 nm)
    • UV-C (180-280 nm)
    • By Application:
      • Curing  
      • Disinfection/Purification
      • Indoor Gardening
      • Counterfeit Detection
      • Others
    • By Industry Vertical:
      • Healthcare & Medical
      • Agriculture
      • Industrial
      • Residential
      • Commercial
    • By Region
      • North America
        • The U.S.
        • Canada
        • Mexico
      • Europe
        • The U.K.
        • Germany
        • France
        • Spain
        • Russia
        • Rest of Europe
      • Asia Pacific
        • China
        • India
        • Japan
        • South Korea
        • Australia & NZ
        • Rest of Asia Pacific
      • South America
        • Brazil
        • Argentina
        • Rest of South America
      • Middle East & Africa
        • U.A.E.
        • Saudi Arabia
        • South Africa
        • Egypt
        • Rest of Middle East & Africa

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