According to the research report titled, ‘UV LED Market Size, By Type (UV-A, UV-B, UV-C), By Application, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global UV LED market is anticipated to register notable gains during 2021-2027.
As per the report findings, growth of worldwide UV LED market is boosted by advancements in LED technology to provide better, stronger, and more cost-effective products, and surging demand across diverse end-user verticals.
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For the unversed, Ultraviolet (UV) light emitting diodes (LEDs) are solid-state devices which generate light when the electric current flows from the positive to negative side of the circuit.
Rising efforts of the industry players to further expand their product offering to meet prevalent consumer demands is also augmenting industry outlook. Moreover, shifting inclination of the masses towards indoor farming and horticulture along with rising product adoption in medical & healthcare sector are also creating lucrative opportunities in the marketspace.
Notably, in December 2020, a study conducted by researchers from Tel Aviv University demonstrated that UV LEDs are capable of destroying COVID-19 viruses efficiently. This led to widespread use of the technology to eliminate the virus, which further added momentum to industry expansion.
On the contrary, technical issues associated with UV LEDs are likely to hamper the industry remuneration scope over the forthcoming years.
Global UV LED marketplace is bifurcated on the basis of product type and application gamut. Based on application spectrum, the counterfeit detection segment captured a market share of 10% in 2020 and is speculated to expand considerably over 2021-2027, owing to rigid regulatory framework for counterfeit currency detection across developed economies.
Speaking of geographical landscape, regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa are the major benefactors to the market progression. Among these, Latin America market is expected to witness a CAGR of 12% during 2021-2027, attributable to rising adoption of smart home appliances across the region.
Key players operating in worldwide UV LED market are Nikkiso Co., Ltd., SemiLEDs Corporation, Nitride Semiconductors Co., Ltd., Lumex, Inc., Lumileds Holding B.V, Shenzhen Getian Opto-electronics Co., Ltd., Sglux SolGel Technologies GmbH, Seoul Viosys Co., Ltd., Qingdao Jason Electric Co., Ltd., Osram Opto Semiconductors GmbH, Nichia Corporation, Marktech Optoelectronics, Inc., Luminus, Inc., Lite-On Technology Corporation, Lextar Electronics Corporation, and Inolux Corporation.
Questions and Answers
1.What are the factors propelling the growth of global UV LED market?
Ans: Advancements in LED technology making to provide better, stronger, and more cost-effective products, and surging technology demand across diverse end-user verticals are propelling the growth of UV LED market.
2.What are the expansion prospects of Latin America UV LED market?
Ans: Latin America market is expected to witness a CAGR of 12 % during 2021-2027 attributable to rising adoption of smart home appliances across the region.
3.Which are the prominent players operating in worldwide UV LED market?
Ans: Key players operating in the market are Nikkiso Co., Ltd., SemiLEDs Corporation, Nitride Semiconductors Co., Ltd., Lumileds Holding B.V, Shenzhen Getian Opto-electronics Co., Ltd., Sglux SolGel Technologies GmbH, Seoul Viosys Co., Ltd., and Qingdao Jason Electric Co., Ltd. among others.
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