UV LED Market – Growth, Trends And Forecast (2020 – 2024)
Ultraviolet (UV) LED lights emit a light that is nearly invisible to the naked eye, but has many practical applications. UV LED lights can be used to authenticate documents like driver’s licenses, passports, credit cards, and currency, all of which include watermarks that are visible under UV light.
The UV LED Market was valued at USD 345.77 million in 2018, and it is expected to reach a value of USD 900 million by 2024, at a CAGR of 17.13% over the forecast period (2019-2024).
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Top Companies in the Global UV LED Market:
Lumileds Holding B.V., LG Innotek Co. LTD., Nordson Corporation, Honle UV America Inc., Seoul Viosys Co. Ltd., Nichia Corporation, Semileds Corporation, Aquionics Inc. (A Halma Company), Crystal IS Inc., Heraeus Holding GmbH, Fuji Xerox Co. Ltd among others.
UV-C LEDs have a particularly low external quantum efficiency (EQE). They only convert about 5% of the power input into light. The remaining 95% of the power is converted to heat, which must be quickly removed to keep the LED junction below its maximum operating temperature. Failure to keep the LED cool will at best shorten its life, and at worse cause it to fail catastrophically.
Increasing environmental concerns and ongoing actions under the legislation to cut the emissions of volatile organic compounds (VOCs) have been the major driving forces behind the development of radiation curing coatings over the past few years.
UV LED’s power output grows considerably with its technologies being redeveloped. Also, UV LED has a longer lifespan, smaller size, more uniform light distribution, and it saves more energy. Due to this, most countries approved the Minamata Convention on Mercury in 2013 and approved energy-saving policies.
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Key Market Trends:
Increasing Investments in Healthcare and Scientific Applications
A UV-B LED is usually used in applications, such as medical phototherapy. This technology is highly effective and efficient in offering vitamin D3 to the human skin, as compared to sunlight.
UV LEDs are used in medical equipment used for phototherapy, DNA analysis, drug discovery, and vitamin analysis. The global healthcare industry is progressing at a rapid pace and will expand indefinitely during the forecast period. The increasing investments in healthcare and scientific applications in the Americas have been driving the revenues for all related markets, including the UV LED technology market.
Vitamin D is one of the most important nutrients for human health, and moreover, people having malabsorption disorders are highly reliant on vitamin D3. The UV-B LED was found to be more than 2.4 times efficient in an experiment with Rayvio’s 293nm LED than sunlight in 1/60th the time.
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Influence Of The UV LED Market Report:
-Comprehensive assessment of all opportunities and risk in the UV LED market.
-UV LED market recent innovations and major events.
-Detailed study of business strategies for growth of the UV LED market-leading players.
-Conclusive study about the growth plot of UV LED market for forthcoming years.
-In-depth understanding of UV LED market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital market latest trends striking the UV LED market.
Finally, UV LED Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and market development rate and figure and so on. UV LED industry report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
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