Increase 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
PORTLAND, Oregon, Nov. 18, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "UV LED Market by Type (UV A, UV B, and UV C), Application (UV Curing, Disinfection/Sterilization, Indoor Gardening, Counterfeit Detection, and Others) Industry Vertical (Healthcare, Agriculture, Security, Printing, Residential, and Commercial): Global Opportunity Analysis and Industry Forecast, 2018-2026". According to the report, the global UV LED industry garnered $271.1 million in 2018, and is estimated to reach $1.2 billion by 2026, growing at a CAGR of 17.3% from 2018 to 2026.
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.
The UV A segment to maintain its dominance by 2026
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 2018, 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 of 27.0% from 2019 to 2026, 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 2026
Based on application, the disinfection/purification segment accounted for nearly one-third of the total market share of the global UV LED market in 2018, 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 of 21.5% from 2019 to 2026, 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 2026
Based on region, North America held the largest market share in 2018, 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 of 21.1% from 2019 to 2026. This is due to huge rise in the number of developers and the flourishing electronics sector.
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Leading Market Players
- LG Innotek Co. Ltd.
- Nordson Corporation
- Koninklijke Philips N.V.
- Crystal IS
- Sensor Electronic Technology
- Lumileds Holding B.V
- Semileds Corporation
- Phoseon Technology
- Nichia Corporation
- OSRAM
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