UV LED MARKET ANALYSIS

Uv Led MarketSize and Trends

The global UV LED market size was valued at USD 787.9 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 21.5% from 2022 to 2030. This is mainly due to the growing popularity of this technology. This new technology is highly compact, delivers consistent UV output, and requires less energy. It also offers safety, lower maintenance, and low costs of ownership. The market is driven by numerous factors, including the emergence of miniaturized electronics, increased government policies to save energy, and growing demand for environmental-friendly UV technologies.

Global UV LED Market Trends:

Increasing investment in R&D by market players is a recent trend

UV LED technology is ideal for water disinfection; however, the concerns regarding harmful impacts of UV-C radiation on the human body are still persistent. Thus, market players are increasingly investing in R&D. For instance, in September 2020, Toyoda announced the development of deep UV LED light modules designed specifically for killing viruses and bacteria. These water purifier machines will be utilized in WOSH portable washstands with water recirculation. Thus, investment in development of such novel technologies by market players is a growing trend in the market.

Growing demand for and installation of water and surface disinfection technologies is a growing trend

The UV LED technology is widely being used for disinfection. Moreover, due to the COVID-19 outbreak, the awareness among public regarding the importance of hygiene, and demand for installation of water as well as surface disinfection technologies is growing all over the world. For instance, in April 2020, The Indian Institute of Technology, Guwahati developed a low-cost UVC LED-based disinfection system. Thus, development of such technologies is a growing trend in the global UV LED market, which is likely to drive the market growth in the coming future.