Global UV LED Market Research Report Forecast 2025
Global UV LED Market was valued USD 351.20 Million in 2019 and is forecast to grow at CAGR of over 26.12% in the next five years to surpass USD 1350.31 Million through 2025. The global UV LED market is driven by its use for number of growing applications including air and water purification system. In addition to this, eco-friendly composition of UV LED is positively impacting the growth of market during the forecast period. On account of certain benefits, it offers such as consumption of less energy when compared to mercury lamps, the global UV LED market is anticipated to grow over the next few years.
The global UV LED market is segmented based on technology, application, company, and region. Based on technology type, the market has been segmented into UV-A LED, UV-B LED and UV-C LED. The UV-C LED technology is expected to be the fastest growing segment in the market during the forecast period owing to increasing adoption of advanced disinfection & purification systems. Based on application, the market has been segmented into curing, disinfection and purification, medical, security, and Others. Out of which, the UV curing segment dominated the market until 2019 on account of its increased adoption in application areas such as printing, adhesives, and coating, among others.
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Also, disinfection & purification segment is anticipated to grow at high CAGR during the forecast period which can be accredited to rising need to curb water and air borne diseases with the help of these advanced UV LED based disinfection and purification systems.
The major players operating in the UV LED market are Seoulviosys Co., Ltd., Nichia Corporation, Nitride Semiconductors .Co.,Ltd., Phoseon Technology, LG INNOTEK, Semileds Corporation, Nordson Corporation, Lumileds Holding B.V., Koninklijke Philips N.V. and Crystal IS Inc.
Years considered for this report:
- Historical Years: 2015-2018
- Base Year: 2019
- Estimated Year: 2020
- Forecast Period: 2021–2025
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