A recent report published by QY Research, titled “Global UV-LED Market Insights, Forecast to 2025,” is an in-depth analysis on the global UV-LED market. The report give its readers an overview of the market by studying its various aspects in great detail such as market size in valuation, production and consumption, market drivers, regional analysis, key players, and competitive landscape. The report aims to help the readers understand the market in great detail thus enabling them to make better business decisions.
The global UV-LED market was valued at US$170 mn in 2018 is expected to reach US$360 mn by the end of 2025. The market is expected to rise at a CAGR of 10.0% between the year 2019 and 2025.
Global UV-LED Market: Scope and Drivers
UV-LED has widening applications such as in agriculture, solar product, food industry, disinfect water, sterilization, to perform forensic analysis, surface decontamination, forensic, phototherapy, health and beauty products, curing of materials and flat panel displays for OLED in electronics amongst many others. This is attributable to its advantages such as consistent UV output, high switching capabilities, low power consumption, high cost savings, compact size, and safe operations. The report states that the device will be used across water treatment plants as it is an unconventional method for it consumes less energy when compared to mercury lamps.
Furthermore, UV- LEDs are used in spot curing system as they have narrow frequency band which makes it ideal to be used in thinner, heat-sensitive material as it has cooler temperature and provides various other benefits such as lower energy consumption, no warm-up period, no bulbs to change, and more consistent frequency.
The companies are predominantly working in research and development to step up UV LED technologies, which is creating lucrative growth opportunities for the market.
Global UV-LED Market: Regional Analysis
Europe over the years has established itself as the largest regional market but might lose its position with the steady growth of the markets in Asia Pacific. The report contains an in-depth analysis on key regions such as the United States, Europe, Asia-Pacific (Japan, China and India), South Korea, Southeast Asia, and other.
Global UV-LED Market: Segment Analysis
The global UV-LED market is segmented in type and application. The type segment includes UV-A LED, UV-B LED and UV-C LED and the application segment includes curing, analytic tools, sterilization and disinfection, and others.
Global UV-LED Market: Key Players
The leading manufacturers in the market includes Stanley, Philips Lumileds, Seoul Viosys, Honlitronics, Nichia, LG Innotek, Crystal IS, NIKKISO, DOWA Electronics, Lextar, San’an, Nitride, Lite-on, Qingdao Jason and NationStar, High Power Lighting Corp.
Global UV-LED Market: Competitive Landscape
The UV-LED market is a growing market as companies are using strategies such as product development, innovative technologies and joint ventures to boost their share in the market.
LG Innotek, last year developed UVC LED which can virtually eliminate viruses and bacteria in 3.5 seconds. Since then the company has been expanding UV LED range to the more powerful and shorter UVC.
The companies are trying to battle competition in different UV-LED market segments. Other factors like the raw material scarcities and stricter safety regulations have made it essential for the companies to develop strategies to retain their position in the market.
Full Report Overview@ https://www.qyresearch.com/index/detail/738074/global-uv-led-market