UV LED Market revenue to reach USD 2 Bn by 2030, Predicts Global Market Insights Inc.
Major UV LED market participants include Seoul Viosys Co., Ltd., Nikkiso Co., Ltd., Nichia Corporation, Signify NV, DOWA HOLDINGS CO., LTD., LITE-ON Technology, Inc., NITRIDE SEMICONDUCTORS Co., Ltd., Crystal IS, Inc., ams-OSRAM International GmbH, and Epitop Optoelectronic co., LTD.
SELBYVILLE, Del., Aug. 10, 2022 /PRNewswire/ -- The global UV LED market is expected to cross USD 2 billion by 2030, according to the latest market research study by Global Market Insights Inc.
Increasing penetration of ultraviolet LED in counterfeit currency detection devices amid currency frauds will drive the industry trends. Notable advancements in the healthcare sector will provide new opportunities for market penetration. Furthermore, growing consumer preference for smart home devices will further propel product adoption.
For instance, in July 2022, the Illuminating Engineering Society partnered with International Ultraviolet Association to introduce the LM-92-22 testing standard. The method promises increased accuracy and consistency of UV LED measurements, thereby improving germicidal UV (GUV) light sources.
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Harmful radiation from UV light may emerge as a major restraining factor. Countries such as China have considerably high use of UV LED light, which can damage the skin and eyes upon prolonged exposure. However, consistent research and development in the field of UV radiation and its effects will play a significant role in industry growth.
Based on type, the UV LED market is divided into UV-C, UV-B, and UV-A. The UV-B segment valued at over USD 60 million in 2021 and may grow substantially by end of 2030 due to various high-end properties, such as low energy consumption, low heat generation, no heavy metals, and environmental friendliness. The acceptance of UV-B LEDs will increase in a variety of applications, including UV curing, phototherapy, forensic analysis, bacterial identification, and others propelled by these factors.
The below 1W power output sector captured about 45% of the UV LED market share from in 221 and is poised to witness remarkable growth from 2022 to 2030 . Companies focusing on compact size for applications, such as purification, disinfection, and sterilization, as well as for food and beverage preparation will accelerate the uptake of 1W UV LEDs.
In 2021, the disinfection & sterilization application market worth USD 150 million. UV LEDs provide more advantages over traditional UV technologies on account of their lower cost, increased efficiency, and easy deployment. UV LED for disinfection and sterilization applications is gaining demand from the healthcare, life science, residential, and commercial industries.
As per the report, Asia Pacific held a share of around 45% in the UV LED market in 2021. This growth is attributed to the mounting adoption of UV LED in the commercial, government, and manufacturing sectors.
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Flourishing infrastructural development and construction of smart cities will create robust growth opportunities for UV LED devices in the MEA region. As per the report, the Middle East & Africa UV LED industry is projected to depict a CAGR of approximately 10% between 2022 and 2030.
The competitive landscape of the UV LED market includes Signify NV, Crystal IS, Inc., Seoul Viosys Co., Ltd., Nikkiso Co., Ltd., DOWA HOLDINGS CO., LTD., Nichia Corporation, ams-OSRAM International GmbH, NITRIDE SEMICONDUCTORS Co., Ltd., LITE-ON Technology, Inc., and Epitop Optoelectronic co., LTD. These companies majorly focus on strategic partnerships & collaborations and research efforts to expand their product portfolios to strengthen their industry foothold.
Additionally, in June 2022, ams-OSRAM International GmbH, a leading optical solutions firm, announced that its UV-C LEDs product range, the OSLON UV 3636, was selected to provide a sanitization function in Taiwan-based Ledtech's new BioLED intelligent air purifier.
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/uv-led-market
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 UV LED industry 360º synopsis, 2018 – 2030
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Power output trends
2.1.5 Application trends
Chapter 3 UV LED Industry Insights
3.2 Impact of the coronavirus (COVID-19) pandemic
3.3 Impact of Russia-Ukraine war on industry
3.4 UV LED industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
220.127.116.11 Increasing adoption of UV curing systems globally
18.104.22.168 Rising trend of horticulture and indoor farming in developing nations
22.214.171.124 Surge in demand of UV LEDs for smart home devices
126.96.36.199 Rise in adoption of UV LEDs for counterfeit currency detection
188.8.131.52 Rapid adoption of UV LEDs in healthcare & medical sector
3.7.2 Industry pitfalls & challenges
184.108.40.206 Technical issues associated with UV LEDs
3.8 Investment portfolio
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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SOURCE Global Market Insights Inc.