UV LED Market - Growth, Trends, Forecasts (2020 - 2025)

Source: https://www.researchandmarkets.com/reports/4622575/uv-led-market-growth-trends-forecasts-2020?utm_source=dynamic&utm_medium=CI&utm_code=4grbw4&utm_campaign=1404394+-+Global+Ultraviolet+(UV)+LED+Market+Assessment+2020-2025+-+Expected+to+Grow+from+%24294+Mi

Date: 13-07-2020

The UV LED Market was valued at USD 294.8 million in 2019 and is expected to reach USD 870.7 million by 2025, registering a CAGR of 20.1% during the forecast period of 2020-2025. UV LEDs do not contain toxic mercury and are often found in CCFL technology. They are much smaller and more durable than CCFLs and are more resistant to vibration and impact, resulting in less product breakage and reduced waste and maintenance expense as well. As a result, it creates an avenue for the new companies in the market; thus, propelling the market for this technology over the forecast period. Also, the existing players and startups are looking for viable options to capitalize on this growing trend. The startups are expected to adopt UV-C LEDs compared to existing players, owing to the lack of legacy bias toward the germicidal lamps.

  • The eco-friendly composition of UV LED is driving the market. The UV LEDs witnesses a rapid adoption and becomes viable alternatives due to their lower energy consumption than mercury bulb lamps. The overall heat generated by the UV LEDs is considerably low. The UV LED lamps reaches a maximum of 40°C, whereas mercury lamps heat up to more than 60°C. Further, the European Commission periodically reviews RoHS exemptions. Currently, mercury lamps are planned to be expelled under RoHS, owing to their effects on the environment. This factor leads to significant power savings and a higher ROI in the long run.