Portland,OR, Sept. 02, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global UV-C LED market generated $208.3 million in 2020, and is estimated to reach $18.94 billion by 2030, witnessing a CAGR of 59.7% from 2021 to 2030. The report offers an extensive analysis of changing market dynamics, top segments, key investment pockets, value chain, regional scenario, and competitive landscape.
Highly effectiveness in disinfection and rise in adoption for water purification drive the growth of the global UV-C LED market. However, concerns related to thermal management of UV-C LED hinder the market growth. On the other hand, integration with home appliances and consumer products present new opportunities in the coming years.
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Covid-19 Scenario:
- The outbreak of the Covid-19 pandemic led to surged interest in germicidal ultraviolet (UV) technology. The UV-C-band radiation (100–280 nm) from LED sources can deactivate the Covid-19 virus and other pathogens from surfaces, air, and water.
- Various research centers and laboratories across the world have been developing products with the help of UV-C LED for preventing the spread of the disease. This is expected to increase the demand for UV-C LED.
The report offers detailed segmentation of the global UV-C LED market based on application and region.
Based on application, the water/air disinfection segment accounted for the largest share in 2020, holding nearly one-third of the total market share. However, the healthcare segment is projected to portray the highest CAGR of 62.7% from 2021 to 2030.
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Based on region, Asia-Pacific held the highest share in 2020, contributing to nearly half of the total share, and is expected to maintain its leadership status in terms of revenue by 2030. However, North America is estimated to garner the fastest CAGR of 62.6% during the forecast period.
Leading players of the global UV-C LED market analyzed in the research include Crystal IS, Inc., DOWA Holdings Co., Ltd., Convergever Inc., Ltd., Heraeus Holding GmbH, Harvatek Corporation, IBT Group, High Power Lighting Corporation, IRTronix, Inc., International Light Technologies, Inc., Nichia Corporation, Nikkiso Co, Ltd.
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Related Report:
Global UV LED Market Size is Expected to Reach $1.71 Billion By 2027
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