PORTLAND, OREGON, UNITED STATES, August 31, 2021 /EINPresswire.com/ — Allied Market Research published a report, titled, “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″. According to the report, the global UV LED industry garnered $0.35 billion in 2019 and is estimated to reach $1.71 billion by 2027, growing at a CAGR of 17.3% from 2019 to 2027.
Drivers, restraints, and opportunities
Surge in government initiatives toward energy efficiency, rapid growth in usage of environment safe LEDs, and growth in utilization of UV curing system are the factors that drive the growth of the global UV LED market. However, high cost of UV LEDs restrains the market growth. On the other hand, growth of UV LED lights in various application and development of high efficiency of UV LEDs create new opportunities in the industry.
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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.
The UV A segment to maintain its dominance by 2027
Based on type, the UV A segment accounted for the highest market share in the global UV LED market, accounting for nearly three-fourths of the total market share in 2019, due to its huge demand in various applications in security & surveillance industry. However, the UV C segment is expected to grow at the fastest CAGR, owing to its use in various applications including water purification, air purifiers, and food preservation, medical sanitation in commercial and residential.
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The disinfection/purification segment to maintain its leadership position by 2027
Based on application, the disinfection/purification segment accounted for nearly one-third of the total market share of the global UV LED market in 2019, owing to the ability of UV LED to eliminate or remove microorganisms and its wide adoption in industries including scientific, healthcare, industrial, consumer, and commercial. On the other hand, indoor gardening segment is expected to witness the highest CAGR, due to its high-intensity light and responsibility for healthy growing environment by reducing all plant pests.
North America to maintain its dominant position by 2027
Based on region, North America held the largest market share in 2019, accounting for nearly two-fifths of the total market share. This is due to due to rise in demand for advanced technologies in the security and other industrial sectors. However, Asia-Pacific is expected to portray the highest CAGR. This is due to huge rise in the number of developers and the flourishing electronics sector.
Competitive analysis and profiles of the major Nordson Corporation, LG Innotek Co. Ltd., Lumileds Holding B.V, Nichia Corporation, OSRAM, Koninklijke Philips N.V., Semileds Corporation, Crystal IS, Sensor Electronic Technology, and Phoseon Technology are provided in this report.
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