Increase in government initiatives toward energy efficiency, rapid growth in usage of environment safe LEDs, and growth in the utilization of UV curing system are the factors that drive the growth of the global UV LED market
According to the report, the global UV LED industry garnered $271.1 million in 2018 and is estimated to reach $1.2 billion by 2026, growing at a CAGR of 17.3% from 2018 to 2026.
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.
Drivers, restraints, and opportunities
A surge in government initiatives toward energy efficiency, rapid growth in usage of environment safe LEDs, and growth in the utilization of UV curing systems are the factors that drive the growth of the global UV LED market. However, the high cost of UV LEDs restrains the market growth. On the other hand, the growth of UV LED lights in various applications and the development of high efficiency of UV LEDs create new opportunities in the industry.
North America to maintain its dominant position by 2026
Based on the 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 the rise in demand for advanced technologies in the security and other industrial sectors.
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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.