The Light Emitting Diode (LED) industry has been witnessing several rapid technological changes, primarily driven by the development of advanced and efficient UV LEDs. 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. In terms of technology type, the global UV LED market is currently being dominated by UV-A LED in terms of value.
Geographically, Europe led the global UV LED market in 2016, and is expected to witness a strong growth during the forecast period, in terms of volume and value. This dominance is mainly due to the existing LED regulations in the region.
Additionally, Asia Pacific is expected to witness the highest growth during the forecast period (2017-2023).
According to a new market intelligence report by BIS Research, titled "Global UV LED Market - Analysis an…recast, 2017-2023", the global UV LED market was estimated to be $203.9 million in 2016 and is estimated to grow over $1.2 billion by 2023. The robust growth of the UV LED market can be majorly attributed to the ban on the mercury lamps, and the increased demand of UV-C LEDs majorly from the disinfection and purification industry.
The process of evolution of Ultraviolet Light Emitting Diode (UV LED) has considerably changed the overall UV mercury lamps industry in terms of energy and money saving, along with increased safety and convenience of users. The high growth in UV-C LED is expected to drive the growth 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 to curb the number of water and air borne diseases primarily in highly populated regions such as China, and India, among others. With the constantly expanding infrastructure in the regions of Asia Pacific and the vast adoption of these UV LED based systems, the UV LED industry is estimated to grow at a CAGR of 28.4% during the forecast period.
The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary and SWOT analysis.
The overall market has been segmented by components and services along with end users. The report also includes a comprehensive section on the geographical analysis which has been sub segmented into 4 major regions namely: North America, Europe, Asia Pacific and Rest of the World (RoW).
The report also profiles around 16 companies, which are leading solution providers, including Nichia Corporation, Seoulviosys Co., Ltd., Phoseon Technology, LG Innotek, 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?
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