Global UV LED Market to Reach $1,163.5 Million by 2023
LONDON, May 16, 2018 /PRNewswire/ -- Global UV LED Market to Reach $1,163.5 Million by 2023
The report presents a detailed market analysis including an in-depth analysis of the market drivers, opportunities, challenges, and growth trend mapped across technology, application, and geographies. The market is segmented on the basis of technology (UV-A, UV-B, and UV-C), application areas and geographical regions.
Download the full report: https://www.reportbuyer.com/product/5337501
The market growth is primarily driven by the reduced prices of UV LEDs, and increased adaptability, efficiency, and enhanced lifespan of the UV LEDs when compared with the traditional LEDs. The worldwide ban on mercury vapor lamps post 2020, attributing to the health hazards of mercury, has also accelerated the growth of the UV LED market.
The development of UV LEDs with the help of next generation substrates, and the emerging application areas such as disinfection and purification, among others, are some of the factors that will contribute towards the growth of the market in the future. However, the transition from the UV lamps to UV LEDs, and the excessive amount of thermal heat generation from UV LEDs have been acting as restraints to the growth of the global UV LED market.
The UV LED by technology chapter is the result of a comprehensive and rigorous research. The chapter is divided into three major technologies which are the UV-A, UV-B, and UV-C.
The global UV LED market is currently being dominated by UV-A LED in terms of value. However, the high growth in UV-C LED is expected to drive the growth cycle for the UV LED market in the coming years, and UV-C is expected to attain the highest market share by 2023. This high growth can be majorly attributed to the increasing adoption of advanced disinfection & purification systems.
Since the last decade, UV LED systems have penetrated a plethora of application areas including curing, disinfection and purification, and medical, among others. The report provides an exhaustive application analysis including the market statistics for different verticals and enumerates various use cases with a futuristic roadmap for each industry vertical.
An extensive research and study on the leading as well as developing regions in the UV LED market such as APAC, North America, Middle East, and Latin America, the report provides the market statistics, drivers, challenges, and opportunities across these regions.
The report also formulates the entire value chain of the market, along with industry trends of UV LED technologies and applications with emphasis on market timelines & technology roadmaps, and market dynamics. Some of the key players identified in the report are Nichia Corporation, Seoulviosys Co. Ltd., Phoseon Technology, LG Innotek, Philips Lighting, and NIKKISO Co., Ltd., among others.
Key questions answered in the report:
• What will be the global UV LED market value by 2023 along with the estimated CAGR?
• What are the driving factors for the global UV LED market through 2017 to 2023?
• Which factors are impeding the growth of the global UV LED market?
• What are the recent trends and developments in the global UV LED industry?
• Which UV LED technology will prove to be the most cost-efficient for UV LED systems?
• Which application will dominate the global UV LED application market by 2023?
• Which region will lead the global UV LED market by 2023?
Executive Summary
The process of the evolution of UV LED systems and technologies has considerably changed the overall LED industry in terms of energy and money saving, and increased safety and convenience of users. The UV LED market is growing at a significant rate and is expected to reach a substantial level by 2023.
Moreover, the water and air disinfection systems are gaining popularity, and the sector is expected to grow at a robust rate in the future. The UV LED market is witnessing a pattern of transition due to the increasing market penetration of UV LED curing systems.
The UV LED curing market is expected to grow at a significant rate during the forecast period. This can be attributed to the fact that it produces finished products having reduced flaws and errors in terms of design and finishing and can be used in various application areas such as printing, adhesives, and coating, among others.
The market growth is primarily driven by the reduced prices of UV LEDs, and increased adaptability, efficiency, and enhanced lifespan of the UV LEDs when compared with the traditional LEDs. The worldwide ban on mercury vapor lamps post 2020, attributing to the health hazards of mercury, has also accelerated the growth of the UV LED market.
The development of UV LEDs with the help of next generation substrates, and the emerging application areas such as disinfection and purification, among others, are some of the factors that will contribute towards the growth of the market in the future.
There is no doubt that the market has many driving forces which will contribute in the mushrooming demand of UV LED systems, but there are certain restrains that could be plaguing the UV LED market in the coming years. For example, the transition from the UV lamps to UV LEDs, and the excessive amount of thermal heat generation from UV LEDs have been acting as restraints to the growth of the global UV LED market.
The UV LED market has been tracked along the lines of its technologies (UV-A, UV-B, and UV-C), application areas, and geography. Revenue generated from various application areas, namely UV LED curing, disinfection and purification, medical, and other applications have been analyzed.
The report also covers the UV LED market on a global scale, and consequently provides revenue data of the key regions. A separate segment has been made for the key global regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
The global UV LED market is currently being dominated by UV-A LED with a market share of 52% in terms of value. However, the high growth in UV-C LED is expected to drive the growth cycle for the UV LED market in the coming years, and UV-C is expected to attain the highest market share by 2023. This high growth can be majorly attributed to the increasing adoption of advanced disinfection & purification systems.
The global UV LED market has been segmented on the basis of applications into UV curing, medical, disinfection & purification, and others which include security, and photolithography. The application areas for UV LED systems have increased steadily over the past five years.
Currently, UV Curing dominates the UV LED industry owing to its increased adoption in application areas such as printing, adhesives, and coating, among others. However, disinfection and purification segment is estimated to grow at the highest CAGR during the forecasted period owing to the rising need to curb water and air borne diseases with the help of these advanced UV LED based disinfection and purification systems.
With a meticulous approach, the market study has identified Europe as the leading region in the global UV LED market. The presence of the key industry players such as Philips Lighting, Phoseon Technology, Heraeus Holding, Honle Group, and NIKKISO Co., Ltd., among others, has established the region as the industry leader in the UV LED industry, globally. However, Asia Pacific is estimated to be the fastest growing region during the forecasted period.
The rising population of Asia Pacific requires advanced levels of water and air disinfection and purification systems, which has accelerated the adoption rate of UV LED based disinfection and purification systems and is estimated to drive the market further during the forecast period.
Countries Covered
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K
• Spain
• France
• Asia Pacific
• Japan
• India
Download the full report: https://www.reportbuyer.com/product/5337501
About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: [email protected]
Tel: +1 (718) 213 4904
Website: www.reportbuyer.com
SOURCE ReportBuyer
Share this article