Selbyville, Delaware, Sept. 01, 2021 (GLOBE NEWSWIRE) --
According to latest report “Ultraviolet Light Emitting Diode (UV LED) Market by Type (UV-A, UV-B, UV-C), Application (UV Curing, Medical Light Therapy, Disinfection & Sterilization, Counterfeit Detection, Optical Sensing & Instrumentation), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of ultraviolet light emitting diode will cross $1.5 billion by 2027.
The market growth is credited to the rising adoption of UV LED devices for counterfeit detection of currency in banks. Government authorities are actively engaged in taking measures to prevent the circulation of fake currency by creating new laws and regulations, driving the growth of the market.
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The UV-B held for around 12% of the ultraviolet light emitting diode market share in 2020 led by the numerous features offered by UV-B LED such as high performance, eco-friendly nature, noise-free fanless design, low power consumption, and easy switching in comparison to conventional UV bulbs and UV lamps. These features make UV-B LEDs an ideal solution for indoor plant growing, greenhouse, horticulture, gardening, and livestock farming. The rising technology advancements for indoor and urban farming are fostering the industry demand for UV-B LED. These LEDs are cost efficient and provide required wavelength to regulate flowering and dormancy period. Several major players and universities are engaged in development of UV-B technology in indoor plant and livestock farming facilities.
The medical light therapy segment in the UV LED market captured 10% of revenue share in 2020 and is projected to witness 18.5% growth rate through 2027 impelled by the rising usage of UV-A LED in medical light devices for the treatment of skin disorders. Medical light therapy, such as PUVA therapy, uses UV LED technology to treat psoriasis, vitiligo, and other atopic skin disorders. Various research institutes are engaged in developing UV technology solutions for light therapy to cure skin disorders.
Europe UV LED market is expected to expand at a CAGR of over 15% till 2027 owing to the increasing demand for UV curing systems in various industrial applications such as printing, coating, adhesiveness, among others. The rising technological development in print curing and rapid acceptance of low photo initiator component among ink formulators for UV curing systems will fuel the industry growth across the Europe region. The companies in the region are extensively focusing on creating strategic alliances and partnerships to expand the production capabilities and gain a competitive edge in the market.
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Some of the major players operating in the market are Seoul Viosys Co., Ltd, OSRAM Opto Semiconductors GmbH, Crystal IS, SemiLEDs Corporation, NICHIA CORPORATION, and others. The participants are engaged in new product launches and improvements to gain a competitive edge in the market.
Some major findings of the UV LED market report include:
- Rising demand for UV LEDs in forensic investigation and laboratory testing is augmenting the industry expansion. The increasing crime rate is propelling the intervention of forensics, encouraging the adoption of UV LED for inspection of blood stains and latent fingerprint.
- The ultraviolet light emitting diode market is set to be driven by the rising implementation of UV technology in various smart home appliances such as refrigerators, smart water purifiers, air conditioners, and advanced kitchen appliances. The rising uptake of smart home technology products in developed economies, such as the U.S., Germany, France, and South Korea, will accelerate the industry progression over the forecast timeline.
- The COVID-19 pandemic positively impacted the market demand in the FY 2020. The industry value is attributed to the rising demand for UV LED devices for sterilizing bacteria and disinfecting germs & viruses.
- Increasing demand for disinfection & sterilization systems in water purification facilities will boost the acceptance of UV LEDs, supporting the industry revenue. The growing awareness of the importance of consuming treated water due to the rising water borne diseases is stimulating the market value.
- Asia Pacific is predicted to register the highest growth during the forecast period. The growth is credited to the rising usage of ultraviolet LED devices in the pharmaceutical sector for various bio-pharma processes such as protein synthesis, novel drug development, DNA analysis, phototherapy, among others.
Table of Contents (ToC) of the report:
Chapter 3 UV LED Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material and component suppliers
3.3.2 Manufacturers
3.3.3 Distribution channel analysis
3.3.4 End users
3.3.5 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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https://www.gminsights.com/toc/detail/uv-led-market
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.
