The market for UV LED Market is in an extensive Research and Development (R&D) phase and is anticipated to register healthy growth rates in near future. As new technologies are continuously emerging, scientists are continuously trying to gain the desired results for UV LED technology. The technology has evolved greatly from last five years and now has diversified area of applications. The ultra-violet LEDs are devices which emit ultra-violet radiations having wavelength less than 400nm. These devices are now integrated with many enhanced features such as compactness, low-energy consumptions, consistent output and cost effectiveness.
The numerous advancements in 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 electronics industry such as in 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 forecast period.
However, the UV LED technology lacks in providing desired results and is relatively expensive than other products in the market, the factors which can thwart the growth of 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.
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.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.
The North America is the largest contributor to UV LED market owing to high focus on innovations obtained from Research and Development (R&D). Asia Pacific is however anticipated to witness highest CAGR owing to increasing number of market players. North America, followed by Europe, is the second largest contributor to the market and is expected to witness moderate CAGR in near future.
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