Portland, June 04, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global UV LED market generated $271.1 million in 2018, and is estimated to reach $1.2 billion by 2026, registering a CAGR of 17.3% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Increase in government initiatives toward energy efficiency and surge in usage of UV curing systems drive the growth of the global UV LED market. However, high investment and installation costs of UV LED hinder the market growth. On the other hand, growing adoption of UV LEDs to prevent skin infections creates new opportunities for the market player in the coming years.
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Covid-19 scenario:
- The demand for UV LED is likely to increase during the COVID-19 pandemic from industry verticals such as healthcare, residential, and commercial for surface disinfection.
- The revenue generated from the UV C segment is likely to increase due to its growing usage for sanitization of personal protective equioments and other items.
- The revenue generated from the healthcare segment is likely to increase during the COVID-19 pandemic due to the growing demand for UV C LED devices to disinfect the surface of hospital premises especially the area where COVID-19 patients are admitted.
The report offers a detailed segmentation of the global UV LED market based on type, application, industry vertical, and region.
Based on type, the UV A segment contributed to the largest share in 2018, contributing to nearly three-fourths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the UV C segment is estimated to portray the highest CAGR of 27.0% during the forecast period.
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Based on application, the disinfection/purification segment held the largest share in 2018, holding nearly one-third of the total share, and is expected to maintain the largest share throughout the forecast period. However, the indoor gardening segment is expected to register the highest CAGR of 21.5% from 2019 to 2026.
Based on region, North America contributed the highest share, contributing to nearly two-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, the market across Asia-Pacific is expected to grow at the highest CAGR of 21.1% from 2019 to 2026.
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Leading market players analyzed in the research include LG Innotek Co. Ltd., Nordson Corporation, Nichia Corporation, Lumileds Holding B.V., Koninklijke Philips N.V., OSRAM, Crystal IS, Semileds Corporation, Phoseon Technology, and Sensor Electronic Technology.
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