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Pharmacy benefit management market
Deep UV LED Market Report Overview
The global deep UV LED market size was USD 354.09 million in 2021 & the market is expected to reach USD 77,739.15 million in 2031, exhibiting a CAGR of 62.15 % during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the deep UV LED market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Deep ultra-violate (UV) light emitting diode (LED) emits light in the ultra- violated spectrum. The range of wavelength of the UV LED is between 250-400 nanometers. The light has a higher frequency than that that cannot be seen directly, but it is visible when it reflects off of objects. Deep UV LED consists of aluminium gallium nitride (AIGaN) which is competent to transfer electrical energy to optical energy efficiently owing to the highest advancement of one of its bottom layers in a step-like fashion.
Deep UV LEDs are highly in demand in numerous emerging industries because of their wide range of application segments such as sterilization, water purification, phototherapy, sunlight-independent high-speed optical communication, and so on. Beforehand the use of UV LED, mercury lamps have been used for water and air purification. However, since mercury has adverse effects on the human body and on the environment as well, the deep UV LED has been discovered as the best alternative for water purification due to its less harmful impact on the environment, and human health.
COVID-19 Impact: Need for disinfectants during the pandemic, Expand Market Scope
The COVID-19 pandemic has positive impact on the deep UV LED market. The market has witnessed a surge in demand for UV LEDs during the coronavirus outbreak as these ultra-violate LEDs are considered germicides and used to disinfect the surface. UV lamps are used in several countries to prevent people from germs infection. Consequently, the market has been expanding with rising usage, and it is projected that the demand for ultra-violate LED will increase in the future as well.
Latest Trends
"Enormous Market Opportunity for Ultra-Violate LED in Water Purification Sector "
The Extensive variety of product applications especially, sterilization and printing generate an abundance of opportunities for the Deep UV LED market. Significantly, UV LEDs are used in water purification, as it is one of the scientifically proven safest and most economical methods to clean water. The scarcity of pure drinking water is a global concern, caused by the rising population. Therefore, developing and developed nations are adopting ultra-violate LEDs for water treatment which is gaining traction and inflating the scope for UV LED manufacturers.
Further, UV spectrum such as UV-C, and UV-B range is also used as a germicide and is advantageous against germs, efficient to kill germs in water and air. The functions of UVC light are to enter the microorganisms’ cells and damage their DNA and prevent to reproduce and causing disease. Thus, ultra-violate LEDs are utilized widely to disinfect the surface and area. As well as, investment in this industry is thriving which is contributing to the growth rate of the market. A global healthcare pioneer, GERMITEC, announced in May 2022 the completion of a EUR 11 million fundraising round after creating and commercializing a UV-C disinfection system for ultrasound probes that significantly simplified health providers' tasks in terms of safety, time, and responsibility.
Deep UV LED Market Segmentation
- By Type Analysis
According to type, the market can be segmented into PgaN, AlGaN, and Others.
- By Application Analysis
Based on application, the market can be divided into Sterilization, Purification, Water Treatment, Light Source, and Others.
Driving Factors
"Germicide & Sterilization Feature Surge the Demand for UV LED"
The market is driven by the growing demand for deep ultra-violate LEDs as sterilization for water purification. Water purity concerns are increasing all over the world due to the growing world population and the scarcity of pure water, which will provide a significant growth opportunity in the commercial and residential sectors. As a result, UV LED manufacturers have been attracted to the untapped market for water purification applications. One of the other factors is its low cost and safe technique in water purification. Thus, several countries are adopting this method to clean water. Among various other applications, the radiation is effective for forensic analysis, killing germs, and curing materials will contribute to driving the Deep UV LED market growth in the coming years.
"Rising Demand in Various End-Use Industries Due to Safety & Economical Attributes Drive the Market Growth"
A number of factors are driving the deep UV LED market, including the proliferation of flat panel displays and the growing demand for semiconductor lithography in the electronics industry. Along with this, its energy efficiency and longevity are one of the main features. LED technology is gaining popularity over traditional mercury lamps. In response to the harmful effects of mercury emitted by traditional UV lamps, Deep UV LEDs are being adopted as a replacement source which is driving the market growth over the forecast period.
Restraining Factors
"High Cost of Installation Might Impede the Growth of the Market "
High installation costs as well as a financial investment are expected to hinder the growth of the UV LED market. Further, the technology might not always produce the desired effect and may be more expensive than competitive products, which could hinder the market.
Deep UV LED Market Regional Insights
"Substantial Investments and Immense Demand in the Region Flourish the Asia Pacific Market "
Asia Pacific is predicted to grow prominently during the forecast period. A large number of sellers from emerging countries, for instance, Japan, China, and India are highly investing in a variety of applications of deep UV LEDs. Owing to rapid industrialization and the increasing use of UV light for water treatment and sterilization have contributed to the rapid growth of the UV light industry in the region. As a technology hub, Japan has an active research and development base for newer, more efficient UV-curable adhesives and there has been a recent rise in the use of UV-curable adhesives in the country's electrical, packaging, and automotive industries.
During the forecast period, North America's market for Deep UV LED is expected to grow significantly. The growth in the United States might influence the development trend of Deep UV LED. There will be ample growth opportunities for the market in this region due to the high adoption of advanced technology and the presence of large players.
Key Industry Players
"Strategy of High Investment and Collaboration by Key Players to Retain Position in the Market"
With regard to key players, the deep UV LED market is extremely competitive and fragmented. The prominent players are investing to expand their market shares. Key players, such as Nikkiso, Nitride Semiconductors, LatticePower, DOWA, and others are the major companies of the market. The deep UV LED market shares are largely held by these top companies of the market. Among deep ultra-violate LED manufacturers, Crystal IS had around one-fourth revenue market share in 2018. The main focus of the leading players is on collaboration, acquisition, and mergers. For instance, In May 2021, Epple Druckfarben and Zeller + Gmelin, the German ink companies, announced a collaboration in UV ink technology. The new partnership’s initial product is a jointly created UV LED ink for the sheetfed offset industry.
List of Market Players Profiled
- Nikkiso
- Nitride Semiconductors
- LatticePower
- DOWA
- Crystal IS
- High Power Lighting
- BYTECH
- San'an
- Nichia
- Epitop
- Seoul Viosys
- Violumas
- LG Innotek
- UVphotonics
- Stanley
Report Coverage
This report emphasizes the deep UV LED market. It defines the market value, expected CAGR, and USD value over the forecast period. The COVID-19 impact on the market at the beginning of the pandemic and the post-pandemic effects on international market restrictions and how the industry is going to turn the corner are also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, their collaboration, mergers, and maintaining position based on their share value in the market, are also explained in the report.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 354.09 Million in 2021 |
Market Size Value By |
US$ 77739.15 Million by 2031 |
Growth Rate |
CAGR of 62.15% from 2021 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
|
|
By Application
|
Frequently Asked Questions
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What value is the deep UV LED market expected to touch by 2027?
The global deep UV LED market is expected to touch USD 6435.64 million by 2027.
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What CAGR is the deep UV LED market expected to exhibit during 2022-2027?
The deep UV LED market is expected to exhibit a CAGR of 62.15% over 2022-2027.
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Which are the driving factors of the deep UV LED market?
Growing initiatives of governments towards energy efficiency and UV curing systems globally are the driving factor of the deep UV LED market.
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Which are the top companies operating in the deep UV LED market?
Nikkiso, Nitride Semiconductors, LatticePower, DOWA, Crystal IS, High Power Lighting, BYTECH, San'an, Nichia, Epitop, Seoul Viosys, and Violumas are the top companies operating in the deep UV LED market.