According to a 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, UV LED market is anticipated to grow robustly during 2021-2027.
 

The UV LED market growth is attributed to latest technological advances, and rising usage across various end-user verticals.
 

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For the unversed, create ultraviolet (UV) light emitting diodes (LEDs) are solid-state devices that produce light when electric current runs from the positive to the negative side of a circuit. LED technology is developing in terms of quality, strength, and cost-effectiveness, and the chemistry linked with it is improving as well, which has aided in product popularity in recent years.
 

As per the report, following the advent of Covid-19 pandemic, researchers are focusing on developing coronavirus-killing UV LEDs which are not only efficient but also cost-effective. Such initiatives will further impel the industry share.
 

On the basis of type, worldwide UV LED market is categorized into UV-A, UV-B, AND UV-C. Based on application spectrum, the industry is branched into medical light therapy, UV curing, counterfeit detection, disinfection & sterilization, and optical sensing & instrumentation.
 

The report cites that counterfeit detection segment held a market share of 10% in the year 2020 and is likely to grow rapidly during 2021-2027. The expansion is attributed to strict regulations for counterfeit currency detection across emerging economies.
 

Considering the regional landscape, Latin America market is expected to grow with a CAGR of 12% and amass sizeable returns by the end of forecast period, owing to rising adoption of smart home appliances by the individuals across the region.
 

The key players in the UV LED marketplace are Shenzhen Getian Opto-Electronics Co. Ltd., sglux GmbH, Seoul Viosys Co. Ltd., SemiLEDs Corporation, Refond Optoelectronics Co. Ltd., Qingdao Jason Electric Co. Ltd., OSRAM Opto Semiconductors GmbH, Nitride Semiconductors Co. Ltd., Nichia Corporation, NIKKISO Co. Ltd., Luminus Inc., Lumileds Holding B.V., Lumex Inc., LITE-ON Technology Corporation, Lextar Electronics Corporation, Ivy Bridge Technology Co. Ltd., Inolux Corporation, Hongli Zhihui Group Co., Ltd., Epitop Optoelectronic Co. Ltd., Boston Electronics Corporation, DOWA Electronics Materials Co. Ltd., Crystal IS Inc., and Bivar Inc.