According to the new research report published by The Insight Partners, titled “UV LED Market - Global Analysis and Forecast to 2025”, the global UV LED market is expected to reach US$ 1,311.7 million by 2025, registering a CAGR of 24.9% during the forecast period 2017 to 2025.
In 2017, Asia-Pacific accounted for the largest revenue share of around two-fifth of the total market share, followed by Europe.
The global market for UV LED exhibit significant growth owing to rising demand for curing process along with increasing concern regarding environment friendly and cost effective business processes. However, lack of standardization in measurement of UV light outputs might have an adverse impact on the market’s growth during the forecast period.
Electronic devices comprise of instrumentation & sensing equipment which includes analytical instruments. These instruments primarily application in measurement of chemical content by using a coherent light source such as LEDs. Traditionally UV lamps are utilized, however with rising hazards of mercury and demand for UV as a light source will eventually pave the adoption of UV LED package for analytical applications. Features such as uniform optical light pattern, long operating life, and ecological support are identified some of the major factors increasing the adoption of UV-LEDs in sensing equipment. Majority of growth is concentrated in first half of the forecast period due to increased R&D and rising technical awareness of the product. More than 85% of the segment market value is estimated to arrive from North America, Europe and Asia Pacific. This is primarily due to presence of end use companies in the region which caters to the demand for UV based sensing equipment globally. The electronic device segment for UV LED market is expected to witness a lucrative CAGR growth of 26.1% in the forecast period.
India is one of the most rapidly developing nation around the globe. This industrial development in the country is highly influenced by the various government initiatives promoting the growth of industrial sector in the country. Although the country’s economic graph has remained rough, the country’s industrial sector is spurring at a significant rate. Also, the country comprises a huge fragment of manufacturing sector that make use of UV LED s for the purpose of printing, coating and adhesives, which further contributes significantly to the market. As a result, the India market is projected to witness an attractive growth rate of 24.4% from 2017 to 2025.
Key findings of the study:
Furthermore, the UV LED market has been segmented on the basis of different technologies of UV LED, which includes UV-A LEDs, UV-B LEDs and UV-C LEDs. Each UV LED has a different application and is designed to fulfil varied end – users demand. Some of the key applications of this market are, curing, medical, electronic devices, water treatment, security and others. Curing applications is the largest consumer of UV LED and would continue its dominance over the forecast period.
Geographically the market is presently dominated by developed regions like North America and Europe, however the market is expected to be in favor of Asia Pacific, as the region is anticipated to witness tremendous industrialization over the coming years. Some of the major players having global market share are Koninklijke Philips, L.G Electronic, Crystal IS, Nichia Corporation, Phoseon Technology, SemiLEDs Corporation, Seoul Viosys Co. Ltd, Halma PLC, DOWA Electronics Materials Co., Ltd., and Heraeus Holding GmbH among others.
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