Global UV LED Technology Market 2018-2022
About this market
The continuously increasing innovations in the UV LEDs is expected to gain significant traction in the market. The ability of UV LEDs to consume upto 70% less energy than conventional CFLs is expected to encourage vendors in innovating with LEDs owing to features including small size, high durability, high resistance to vibration, and low waste as well as maintenance cost. Consequently, the UV LED technology market will register a CAGR of over 37% by 2022.Market Overview
Use of UV LED technology in several new applications
The rapidly increasing use of the UV LEDs in different applications including horticulture and spectroscopy owing to their small size for improving system adjustability and shock resistance is resulting in the rapid growth of the market.
High cost of substrate
The overall production cost of UV LEDs is high owing to the high cost of substrates and other materials used for fabricating the UV-A LEDs, in turn, hindering the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the UV LED technology market during the 2018-2022, view our report.
The market has a moderately fragmented presence of UV LED technology providers increasingly identifying innovative methods for improving the lifespan of UV LEDs. Vendors are making several advancements in the UV LED Technology domain to gain significant advantage over other competitors.
Technavio Announces the Publication of its Research Report – Global UV LED technology Market 2018-2022
Technavio recognizes the following companies as the key players in the global UV LED technology market: Asahi Kasei, LG INNOTEK, NICHIA, SEMILEDS, and Seoulviosys.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the innovations in UV LEDs. Vendors are increasingly releasing advanced products for meeting the evolving demands of the consumers.”
According to the report, one of the major drivers for this market is the continuously increasing uses of UV LED technology in different applications.
Further, the report states that one of the major factors hindering the growth of this market is the high cost of substrates resulting in higher production costs, eventually leading to the slower adoption of the UV LEDs.