Jan 13, 2017: It is estimated that the global market for UV LED will grow from US$132.148 million in 2015 to US$599.556 million by 2021, at a CAGR of 28.67% over the forecast period.
According to Knowledge Sourcing Intelligence new report, the UV LED market is segmented by type (UVA, UVB, UVC), by end user industry (manufacturing, agriculture, defence, chemical, healthcare, and others), and by geography (Americas, Europe Middle East and Africa, and Asia Pacific).
UV LED market is majorly driven by increasing demand for new applications such as air and water purification systems in home and commercial places. Growing environmental sustainability issues have led to the ban on the use of mercury lamps which are significantly being replaced by UV LEDs across various end-use industries. Rising demand for counterfeit detection systems coupled with growing adoption of UV LEDs for curing applications will propel the growth of global UV LED market in the coming years.
Defence is anticipated being the fastest growing end-user industry sector at a CAGR of 40.10% over the forecast period. The defence sector is projected to witness the growth at the highest CAGR of 40.10% during the forecast period. Growing terrorist attacks worldwide are driving the demand for UV LED in this sector for various purposes. UV flashlights are being used in military all over the world for uncovering of counterfeit materials, detecting blood and evidence, intelligence gathering, and finding hidden explosives.
APAC to witness the fastest regional market growth between 2015 and 2021. APAC region is projected to witness the fastest regional market growth during the forecast period. This growth is attributed to factors such as rising middle-class population, growing urbanization, and rapid industrialization, which is leading to the rapid penetration of the technology across various sectors. Moreover, rising demand for packed food and beverage products will escalate the demand for UV LED technology by packaging industry during the forecast period.
The key players of Global UV LED market covered in this report include Lumileds, LG Innotek, Honle Group, Genesis Photonics, Nordson Corporation, SemiLeds Corporation, Nichia Corporation, and Mouser Electronics.