Market Research Report
Global Uv LED Market Forecast 2019-2028
|Published by||Inkwood Research||Product code||951289|
|Published||Content info||175 Pages
Delivery time: 2-3 business days
|Global Uv LED Market Forecast 2019-2028|
|Published: July 27, 2020||Content info: 175 Pages||
The global UV LED market is expected to grow with a CAGR of 20.01%, across the forecast years of 2019 to 2028. Key factors driving the market growth are surging use of UV curing in new applications, increased government initiatives, growing utilization of safe and eco-friendly products, and ban on mercury lamps.
Ultraviolet (UV) LED technology can convert electrical energy to ultraviolet light. The generation of UV LED products entail implementing several technologies, like, UV-A, UV-B, and UV-C, that generally function below 100 Fahrenheit. During recent years, UV LED operations were limited to specific applications like forensic, counterfeit, and curing, among others. However, owing to technological advancements and developments, the processes have been adopted into conventional applications such as, purification, disinfection, sterilization, indoor gardening, and medical photography.
Increasing government initiatives regarding the use of safe and eco-friendly products is attributed to propelling market growth. These regulations are also influencing the masses' priority and preferences towards the adoption of LEDs. Additionally, UV LEDs are more environmentally friendly, long-lasting, and consume lesser power. As a result, manufacturers associated with LEDs are opting eco-friendly methods that deliver enhanced and consistent performance.
The geographical segmentation of the global UV LED market includes the Asia Pacific, North America, Europe, and the rest of the world. The Asia Pacific is estimated to emerge as the fastest-growing regional market by the end of the forecast period, owing to the rise in industrialization in developing countries and increased manufacturing endeavors. The UV LED market is gaining added traction in the global lighting enterprise, as the government of America, Europe, and China, implement regulations for energy-efficient lighting. These initiatives are projected to reduce the use of incandescent lamps. Additionally, technological advancements in the electronics system sector are further speculated to fuel the Asia Pacific UV LED market growth.
The intensity of industrial rivalry in the market is high. Primary factors governing the competition are sustainable competitive benefits through market penetration levels, increasing firm concentration ratio, and levels of advertising, among others. Some of the prominent companies in the market include, Honle UV America Inc, LG Innotek Co Ltd, Sensor Electronic Technology, Crystal IS Inc (Asahi Kasei), Koninklijke Philips NV, etc.
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