Market Research Of Global UV LED Market By Knowledge Sourcing Intelligence

UV LED market is expected to grow at a compound the annual growth rate of 28.67% over the forecast period to reach a total market size of US$599.556 million from US$132.148 million in 2015.  The demand for the UV LED across ink, adhesive and coating industries for the process of curing plays a significant role in the development of the UV LED market. The goal is set to phase out mercury production by the year 2020.
 
The global consumer electronics industry is rapidly growing owing to rising purchasing power and growing urbanization. One of the emerging applications of UV LED technology is the air and water purification systems. Chemicals like chlorine and mercury lamps are toxic to aquatic life and create harmful byproducts, causing safety and environmental risks. 
Market Research is done by the knowledge sourcing industry due to the huge scope with the respective industry.
global uv led market

HIgh Chip Manufacturing Cost 
Although UV LEDs are inappropriate for long-range optical fiber transmission, they also require a chip of semiconducting material to improve the efficiency and the lifetime of the devices while enabling better optical coupling and maximizing usable light. The manufacturing of the chip thus increases the overhead cost. Moreover, it increases the time and effort required to manufacture UV LEDs. The competitive market drives the need to reduce the cost of final products. Hence, manufacturing of chip used in UV LED is limiting the growth of emerging applications thereby, restraining the growth of global UV LED market during the forecast period. 

UV LED Market By End-User Industry
By end-user industry, the UV LED market has been segmented as manufacturing, agriculture, defense, chemical, healthcare, and others. Chemical accounted for the largest share of the UV LED market in 2015 and will continue its dominance throughout the forecast period by growing at the highest CAGR of X.XX% between 2015 and 2021. This growth is attributed to the growing demand for UV LEDs owing to its properties for accelerating chemical processes. UV LED market is also anticipated to witness considerable growth during the forecast period due to increasing usage of the technology in healthcare, agriculture and manufacturing sectors across developed and fast-growing emerging economies. 

global uv led market
Sample view of global uv led market share

MANUFACTURING
Manufacturing the industry had the second-largest market size equal to US$XX.XXX million in 2015 and which is projected to grow to US$XX.XXX million by 2021. This is due to the increased usage of UV LEDs in processes such as coatings, instant cure of inks, cross, and photopolymerization processes. The impact of changes in technology in these processes has created a significant usage of UV LEDs in manufacturing industries. Faster, feasible and low-cost trends in manufacturing processes are the key drivers of demand for UV LEDs. Owing to the growing competition, the UV LED market is continuously facing the demand for updated technological products. Companies such as Phoseon Technology (US) have developed UV LED energy source which gives maximum UV energy, superior performance, and long term reliability.

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