Pune, India, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “UV LED Market Size Report, Forecast to 2025 – COVID-19 Impact and Global Analysis – by Technology, Application, and Geography,” the UV LED market was valued at US$ 0.17 Bn in 2016 and is projected to reach US$ 1.31 Bn in 2025; it is estimated to grow at a CAGR of 24.8% from 2017 to 2025. The rise in utilization of UV curing systems, and rapid growth in the usage of environment-safe LEDs. However, the high installation cost is expected to hinder the growth of the market.
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The United States' domination of the UV LED market can be attributed to several key factors contributing to its success. Firstly, the US has a robust research and development (R&D) infrastructure that fosters innovation and technological advancements. The country boasts world-renowned universities, research institutions, and corporate laboratories focusing on cutting-edge research in various fields, including photonics and semiconductor technologies. This strong R&D ecosystem has allowed American companies to stay at the forefront of UV LED technology. Secondly, the US has a highly skilled workforce with semiconductor manufacturing, materials science, and engineering expertise. The presence of a well-educated and skilled workforce has provided a competitive advantage to American companies, enabling them to develop and produce high-quality UV LED products. Additionally, the US has a culture of entrepreneurship and a supportive business environment, which encourages innovation and the growth of new ventures. This combination of skilled human capital and a favorable business climate has fostered the emergence of numerous UV LED startups and companies in the US. Furthermore, the US has a well-established network of venture capital firms and investors supporting technology-driven industries. These investors provide funding and resources to startups and companies working on UV LED technology, facilitating their growth and expansion.
The availability of capital has played a crucial role in accelerating research, development, and commercialization efforts in the UV LED sector. Another significant factor contributing to the US domination in the UV LED market is the strong intellectual property (IP) protection framework. The US has a robust system for granting and enforcing patents, ensuring that innovative technologies and inventions are adequately protected. This IP protection fosters a competitive environment that incentivizes companies to invest in R&D, knowing their intellectual property will be safeguarded. This has attracted domestic and foreign companies to establish their operations in the US, further strengthening its position in the UV LED market. Furthermore, the US has a large domestic market with diverse applications for UV LED technology. Various industries, including healthcare, electronics, agriculture, aerospace, and water treatment, drive the demand for UV LEDs. The US market's size and diversity have given American companies ample opportunities to develop customized solutions and establish strong customer relationships. This has allowed them to gain market share and maintain a competitive edge in the global UV LED industry. Lastly, the US government's support for developing and adopting clean technologies has also played a role in the country's dominance in the UV LED market. The government has implemented policies and initiatives encouraging energy-efficient lighting solutions, including UV LEDs. This support has created a favorable regulatory environment and incentivized businesses and consumers to adopt UV LED technology, further driving its market growth.
Growing Use of UV-C Technology Provides Lucrative Opportunities for Global UV LED Market:
The growing use of UV-C technology has opened up significant opportunities for the market. UV-C refers to ultraviolet light in the wavelength range of 200 to 280 nanometers, which is known for its germicidal properties. UV-C light is highly effective in killing or deactivating various microorganisms, including bacteria, viruses, and mold. One of the key opportunities arising from using UV-C technology is in the healthcare field. UV-C LEDs are increasingly integrated into medical devices and equipment for disinfection. These LEDs can be used to sterilize medical instruments, surfaces, and even the air in healthcare facilities, helping reduce the risk of healthcare-associated infections (HAIs) and the spread of antibiotic-resistant bacteria. The COVID-19 pandemic has additionally accelerated the adoption of UV-C technology. UV-C disinfection systems have gained prominence as a method to sanitize and decontaminate frequently touched surfaces, objects, and even personal protective equipment (PPE) in various settings such as hospitals, airports, schools, and public transportation.
The ability of UV-C light to quickly and effectively neutralize viruses, including SARS-CoV-2, has made it a useful tool in the fight against the spread of infectious diseases. Another area where UV-C technology provides opportunities is water and air purification. UV-C LEDs can treat water by inactivating pathogens and eliminating harmful bacteria. Air purifiers and HVAC systems also use them to enhance indoor air quality by neutralizing airborne microorganisms. As the demand for clean water and healthy indoor environments continues to rise, the UV-C technology market is poised for growth. Moreover, integrating UV-C LEDs in consumer electronics creates new opportunities. Portable UV-C sanitizers, such as smartphone sterilizers and UV-C disinfection wands, have gained popularity. These devices offer consumers a convenient way to sanitize their belongings, emphasizing the growing importance of hygiene and cleanliness.
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Global UV LED Market: Segmental Overview
On the basis of technology, the UV LED market is segmented into: UV-A, UV-B, UV-C. The UV-A segment held the largest share of the market in 2016, whereas the UV-C segment is anticipated to register the highest CAGR in the market during the forecast period.
On the basis of application, the UV LED market is categorized into: Curing, Medical, Electronics Device, Water Treatment, Security and Others. The curing segment held the largest share of the UV LED market in 2016, whereas the water treatment segment is anticipated to register the highest CAGR in the market during the forecast period.
Global UV LED Market Analysis: Competitive Landscape and Key Developments
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 are a few of the key companies operating in the UV LED market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In September 2022, Nichia Corporation continued demonstrating its commitment to UV-C LED technology by releasing its high output 280nm NCSU434C. UV-C LED. Soon, the company will start mass production of another new high radiant flux UV-C LED to help target the inactivation and sterilization of various bacteria and viruses, specifically industrial water and air applications. Nichia promises to continue developing deep-ultraviolet LEDs and higher-power ultraviolet LEDs with improved performance to help solve various social issues and achieve a mercury-free and carbon-free society through energy conservation.
In February 2022, SemiLEDs and CrayoNano collaborated to create products based on CrayoNano’s hybrid material technologies and nanowires. SemiLEDs’ LED process technology helps CrayoNano accelerate the mid-to-long-term UV-C product roadmap. CrayoNano will own products under the terms of the arrangement, and innovation and R&D will stay in Trondheim, Norway.
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