At a CAGR of 21.7% UV LED Market Size to Hit $1.71 billion by 2027

PUNE, India - March 8, 2021 - PRLog -- According to a new report published by Allied Market Research, titled, "UV LED Market by Type, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027" the global UV LED industry size was valued at $0.35 billion in 2019, and is projected to reach $1.71 billion by 2027, registering a CAGR of 21.7% during the forecast period. North America is the leading contributor to the global UV LED market, followed by Europe and Asia-Pacific in 2019.

Drivers, restraints, and opportunities

Surge in government initiatives toward energy efficiency, rapid growth in usage of environment safe LEDs, and growth in utilization of UV curing system are the factors that drive the growth of the global UV LED market.

The UV A segment to maintain its dominance by 2026

Based on type, the UV A segment accounted for the highest market share in the global UV LED market, accounting for nearly three-fourths of the total market share in 2018, due to its huge demand in various applications in security & surveillance industry.

The disinfection/purification segment to maintain its leadership position by 2026

Based on application, the disinfection/purification segment accounted for nearly one-third of the total market share of the global UV LED market in 2018, owing to the ability of UV LED to eliminate or remove microorganisms and its wide adoption in industries including scientific, healthcare, industrial, consumer, and commercial.

North America to maintain its dominant position by 2026

Based on region, North America held the largest market share in 2018, accounting for nearly two-fifths of the total market share. This is due to due to rise in demand for advanced technologies in the security and other industrial sectors.

Leading Market Players

LG Innotek Co. Ltd.
Nordson Corporation
Koninklijke Philips N.V.
Crystal IS
Sensor Electronic Technology
Lumileds Holding B.V
Semileds Corporation
Phoseon Technology
Nichia Corporation
OSRAM

Read More at https://www.alliedmarketresearch.com/uv-led-market