UV-C LED Market Size is All Set to Break $8.1 Billion Barrier by 2032 | Growing at a CAGR of 36.6%
PORTLAND, OR, UNITED STATES, September 25, 2023 /EINPresswire.com/ — Allied Market Research published a new report on UV-C LED Market by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032. According to a report, the UV-C LED market was valued at $381.22 million in 2022, and is estimated to reach $8.1 billion by 2032, growing at a CAGR of 36.6% from 2023 to 2032.
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A UV-C LED is a type of light-emitting diode that produces UV light with a wavelength of 100–280 nm. Comparing UVC LEDs to conventional sterilizing and disinfection techniques, there are many advantages. This innovative technology offers special benefits such reduced mercury content, small construction, and simple usage cycles, allowing improvements over existing systems as well as opening possibilities for new applications.
A rapid and consistent decline in price as well as a considerable improvement in performance (power and efficiency), which enables UV-C LED to establish itself in the field of UV-C radiation disinfection, are some additional reasons boosting the UV-C LED market size.
Additionally, the market expansion is anticipated to be accelerated by the increase in acceptance for water purifying programs launched by international public and private organizations. Additionally, UV-C LED technology is increasingly becoming commercially viable for a variety of sectors, opening lucrative potential for the expansion of the UV-C LED industry. In light of these elements, it is projected that the UV-C LED market will expand rapidly in the coming years.
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Competitive Analysis:
The company profile section of the UV-C LED market report covers strategic developments, business overview, product offerings, and financial performance of the companies. It also highlights the strategies adopted by companies such as products launch, agreements, partnerships, acquisitions mergers, collaborations, joint ventures, research & development investment, and regional expansion in the past few years.
Some of the major key players of the global UV-C LED market include,
• AMS OSRAM
• Crystal IS, Inc.
• Convergever Inc., Ltd.
• DOWA Holdings Co., Ltd
• Harvatek Corporation
• Heraeus Holding GmbH
• High Power Lighting Corporation
• IBT Group
• International Light Technologies, Inc.
• IRTronix, Inc.
• Nichia Corporation
• Nikkiso Co, Ltd.
During the forecast period, the integration of UV-C LED with consumer goods and household appliances is anticipated to present attractive prospects for the growth of the global UV-C LED market. However, a significant commercial limitation is the thermal management of UV-C LEDs. Other significant drivers of the UV-C LED market growth include improvements in output power and reliability as well as the recent price reduction of UV-C LEDs’ unit cost pricing.
On the basis of region, the UV-C LED market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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Key Findings of the Study
• The global UV-C LED market was valued at $0.38 billion in 2022.
• The water/air disinfection segment was the highest revenue contributor to the market, with $0.12 billion in 2022.
• Asia-Pacific was the highest revenue contributor, accounting for $0.17 billion in 2022, and is estimated to reach $4.16 billion by 2032, with a CAGR of 38.4%.
David Correa
Allied Market Research
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