The UV LED market is currently undergoing substantial research and development (R&D) and is expected to grow at a healthy rate in the near future. Scientists are constantly trying to get the required results for UV LED technology as new technologies emerge.
Over the last five years, technology has advanced significantly and now offers a wide range of applications. Ultraviolet LEDs are devices that emit ultraviolet radiation with a wavelength of fewer than 400 nanometers. Many new features have been added to these devices, including compactness, low energy usage, constant output, and cost-effectiveness.
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Global UV LED Market: Market Dynamics
The numerous advancements in the manufacturing industry, increasing government policies to save energy and widening area of applications of the technology are the major driving factors responsible for growth in the market. UV LED technology provides numerous benefits such as low power consumption, high switching capabilities, compact size, consistent UV output, high-cost savings and safe operations. This has led to widespread use of the technology in nearly all industries. Moreover, earlier the usage of UV LEDS was restricted to only a few applications.
But, as a result of continuous research and development, now the technology has entered into numerous new applications and is widely used in curing, sterilization, forensic, phototherapy, disinfection, printing and manufacturing of high-end health and beauty products such as wine, cider, spirits and beer. Also, the technology is now used in the electronics industry such as in the manufacturing of flat panel displays for OLED televisions and mobile phones. As a result of increased adoption in most of the industry verticals, the technology is anticipated to show exponential growth rates in the forecast period.
However, the UV LED technology lacks in providing desired results and is relatively more expensive than other products in the market, the factors which can thwart the growth of the UV LED market.
But, the substantial amount of ongoing research and development is anticipated to result in improved performance to provide desired results and as several new players are entering the market, the price is also anticipated to decline in the coming years, which will impact positively on the market growth.
Global UV LED Market: Competition Landscape
The key vendors in the global UV LED market are Koninklijke Philips N.V., Crystal IS, LG INNOTEK, NICHIA CORPORATION, Phoseon Technology, and SemiLEDs Corporation, Seoulviosys Co., Ltd., Sensor Electronic Technology, Inc., Halma plc and Heraeus Holding.
Key Development
In November 2017, LG INNOTEK launched the world’s first 100mW (mill watts) UV-C LED. The LED emits a wavelength of 200-280 nm and is used in sterilizing, hardening and many more applications.
Global UV LED Market: Regional Outlook
Regionally, the global UV LED market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ), and Japan.
North America is the largest contributor to UV LED market owing to the high focus on innovations obtained from Research and Development (R&D). Asia Pacific is however anticipated to witness the highest CAGR owing to the increasing number of market players. North America, followed by Europe, is the second-largest contributor to the market and is expected to witness a moderate CAGR in near future.
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The report covers exhaust analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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The post UV LED Market Demand & Growth by Manufacturers | Philips N.V., Crystal IS, LG INNOTEK, NICHIA CO., Phoseon Technology, SemiLEDs Co, Seoulviosys Co appeared first on Future Market Insights.
