According to the recent research report titled ‘UV LED Market Size, By Type (UV-A, UV-B, UV-C), By Application (UV Curing, Medical Light Therapy, Disinfection & Sterilization, Counterfeit Detection, Optical Sensing & Instrumentation), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global UV LED market is projected to showcase a robust CAGR over 2021-2027.
 

Global UV LED market growth can be credited to recent technological advancements and growing product importance in various end-user applications such as farming and horticulture, smart home appliances, medical & healthcare uses, and UV curing in petrochemical processes.
 

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For the record, ultraviolet light emitting diodes are solid-state devices that produce light when an electric current goes from the positive to the negative side of a circuit. LED technology is developing in terms of quality, and cost-effectiveness, and the chemistry linked with it is improving as well, aiding product development in recent years.
 

Elaborating on the COVID-19 outbreak, the pandemic positively impacted the industry as scientists rushed to find effective ways to inactivate SARS-CoV-2, the virus that causes COVID, including the use of UV light. For instance, researchers from Tel Aviv University demonstrated that the coronavirus may be eliminated efficiently, rapidly, and affordably using UV LEDs in a paper published in December 2020.
 

The scientists evaluated the best wavelength for killing the coronavirus and discovered that a length of 285 nanometers was nearly as effective as a 265-nanometer wavelength in cleaning the virus, killing over 99.9% of the coronaviruses in less than half a minute. Thus, widespread usage of the product for disinfection of the novel coronavirus during the pandemic is significantly adding to worldwide UV LED market value.
 

Furthermore, industry players have been attempting to extend their product offerings in order to meet rising customer demand. Citing an instance, in August 2021, Sensor Electronic Technology Inc. (SETi) and Seoul Viosys stated that the Violeds solution disinfected the COVID-19 delta variant by 99.3% per second and 99.9999% in five seconds.
 

As per application spectrum, counterfeit detection segment accounted for 10% market share in 2020 and is expected to expand further through 2027, owing to strict regulatory framework for counterfeit currency detection across developed nations.
 

Geographically, Latin America UV LED market is projected to record a CAGR of 12% over 2021-2027, due to growing acceptance of smart home appliances in the region.
 

Coming to competitive landscape, Lumex Inc., Lextar Electronics Corporation, Hongli Zhihui Group Co. Ltd., Epitop Optoelectronic Co. Ltd., and Crystal IS Inc. are among the key players operating in the industry sphere.