UV LED market is expected to grow US$ 1,311.7 million by 2025 from US$ 178.4 million in 2016. The market for UV LEDs has expanded more than five folds over past decade. Since then the market has witness dramatic transformation in the technology as well as its adoption patters. Earlier the UV LEDs were restricted to specific application such as curing, counterfeit detection and sterilization. However, over the year UV LEDs have conquered the technical specification to cater to various other applications that includes medical, water treatment and electronic devices.
Key trend that are expected to predominantly influence the market in coming year is evolution of new applications in future. The research and development teams in various companies are working towards further technical development of UV LED in order to cater the next generation industries. The UV lights have widespread application in multiple industries, which also includes agriculture, solar products and food & beverages industry. However, the implementation of UV LEDs is very limited in these industries, as the present UV LED technology is unable to provide desired results. However, professional across the globe are intensively working towards the development of UV LED technologies that would be even more flexible and reliable, along with being cost effective. This trend is anticipated to drive the demand for UV LEDs in various other novel industries.
UV LED market by application is segmented into curing, medical, electronic devices, water treatment (purification & waste water management), security and others (mineralogy, astronomy, pest control and home cleaning). The UV curing application segment is expected to account for the largest share of the UV LED market in 2016; whereas, water treatment is expected to grow at the highest CAGR during the forecast period. The growth of the UV LED application in water treatment is majorly attributed towards the ability of LED technology to enable the UV water treatments to be utilized in applications that weren’t available formerly to conventional UV lamps. This has further allowed the remote regions to make use of UV LEDs for waste water treatment and purification.
The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the UV LED package manufacturing industry.