Global UV LED Market to Grow at a CAGR of 20.7% During 2024-2032, Aided by the Rising Adoption of Smart Home Appliances

The global market for UV LED is being driven by the growing adoption of smart home appliances such as water purifiers, air conditioners, refrigerators, and kitchen appliances, among others. This growth is further being fuelled by the rising disposable incomes and improved living standards of consumers. Further, UV LEDs are environment friendly and offer benefits such as cost-effectiveness and energy efficiency compared to conventional mercury-based lamps, which is expected to bolster their adoption in the forecast period. The rising demand for UV LED lights for water disinfection purposes is expected to support the market in the coming years, fuelled by the growing demand for safe drinking water among the rising global population.

With the growing demand for UV LEDs in a range of applications, the companies are increasingly investing in mergers and acquisitions to develop advanced solutions. For instance, in February 2022, CrayoNano announced a partnership with SemiLEDs (NASDAQ: LEDS) for the development of next-generation UV-C LED for disrupting the market for disinfection solutions. This collaboration will help improve production capacity and decrease supply chain constraints in the global supply chain while improving the efficiency and performance of UV-C LED to promote their mass adoption in disinfection applications. Meanwhile, in February 2021, Osram Licht AG (OTCMKTS: OSAGF) announced its plans to invest in UV-C LED specialist, Bolb Inc., with the acquisition of a 20% share of the firm. The company plans to expand its expertise in disinfection applications with this acquisition. Such developments are anticipated to provide lucrative opportunities for the market growth in the coming years.

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Market Breakup by Type, Application, End Use Industry, and Region:

• The market is divided, based on type, into UV-A, UV-B, and UV-C.

• On the basis of application, the market can be segmented into curing, disinfection/purification, indoor gardening, and counterfeit detection, among others.

• Based on end use industry, the market is segregated into healthcare and medical, agriculture, residential, industrial, and commercial.

• Region-wise, the global market for UV LED can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for UV LED is being driven by the rising eco-consciousness among individuals worldwide.

• The growing urbanisation, improved customer living standards, and the rising disposable incomes are boosting the adoption of UV LEDs, which is driving the market growth. 

• The increased demand for UV LED in disinfection applications is also adding to the market expansion. 

• The rising adoption of smart home appliances is expected to further propel the market forward.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for UV LED for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, applications, end use industries, and regions of UV LED.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global UV LED market are Nordson Corporation, Lumileds Holding B.V., Nichia Corporation, and OSRAM GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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