According to a new report published by Allied Market Research, titled, “UV-C LED Market by Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the UV-C LED industry size was valued at $208.3 million in 2020, and is projected to reach at $18,941.3 million by 2030, growing at a CAGR of 59.7% during the forecast period.
UV-C LED offers several advantages over the other traditional UV lamps. They are compact in size and can be easily integrated with different home appliances like air conditioners, air purifiers or even washing machines. UV-C LEDs are often adopted for portable products. Besides, they can fully operate once turned on and do not need preheating while it takes about 10 to 30 minutes for mercury lamps deliver required UV dose for disinfection. Consequently, there is a substantial attraction toward the UV-C LED market during the forecast period.
The key driving forces of the global UV-C LED market growth are surge in adoption for water purification and UV-C LED is highly effective for disinfection. However, thermal management of UV-C LED is a major concern of the technology and limits the market growth. Conversely, integration of UV-C LED with home appliances and consumer products is expected to create remunerative opportunities for the market growth during the forecast period. In addition, UV-C LEDs recent price cut in its unit cost price, and improving output power and reliability are some of the other factors that are driving the UV-C LED market growth substantially.
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The water/air disinfection segment was the highest contributor to the market in 2020, owing to growing need to disinfect or purify water and air in order to incubate the spread of various diseases. Moreover, with the emergence of COVID-19, there is an upsurge in demand for air disinfectant devices using UV-C LEDs.
Globally, the COVID-19 pandemic outbreak had a strong impact on 2020. However, it created numerous opportunities for UV-C LED during and on the way to recovery from the pandemic. During the pandemic, UV-C LED research advanced more in a year than in the prior five. Consequently, substantial increase in investments to adopt UV-C LED was witnessed in 2020. The same trend is estimated to be followed in the next few years.
Region wise, Asia-Pacific holds a significant share in the global UV-C LED market. This is attributed to technological advancements in manufacturing industries and rise in awareness about disinfection method using UV-C LEDs. China holds major market share, owing to the China government offering various incentives such as tax benefits, subsidies, and other support to adopt UV-C LEDs.
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KEY FINDINGS OF THE STUDY
- In 2020, the water/air disinfection segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 58.4% during the forecast period.
- The water/air disinfection and healthcare segments together attributed more than 55.0% of the global UV-C LED market share in 2020.
- Asia-Pacific contributed a major share in the UV-C LED market, accounting for more than 45.0% share in 2020.
- In 2020, China accounted for maximum revenue, and is projected to grow at a notable CAGR of 55.1% during the forecast period
The key players profiled in the report 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., Nitride Semiconductor Co, Ltd., NKFG Corporation, Photon Wave Co., Ltd., Seoul Viosys Co., Ltd., Signify Holding, Stanley Electric Co, Ltd, Taoyuan Electron (HK) Limited, and Toyoda Gosei Co., Ltd. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the UV-C LED industry.
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