The Global UV LED market expects a significant growth registering a CAGR of 43.51 percent during the period 2013-2018
London, 31 July 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Global UV LED Market, which is expected to witness significant growth with a CAGR of 43.51 percent from 2013-2018 because of the high adoption of UV LEDs for UV curing applications.
LEDs are primarily used as indicator lamps and for other lighting purposes such as in billboards, TV remotes, and brake lights. Currently, LEDs are available across the visible, UV, and infrared wavelengths. They work on the principle of electroluminescence, wherein the color of illumination is determined by the energy band gap of the semiconductor.
One of the major trends being witnessed in the market is the transition from UV lamps to UV LEDs. This rise in the adoption of UV LEDs is because of their compact size, long lifespan, and its eco-friendly nature when compared with UV mercury lamps.
“The market is expected to witness major growth because of the increase in R&D activities for emerging UV LED applications. LED chip manufacturers are investing heavily to explore new application areas, particularly for UV-C applications, which are limited to analytical instruments and air and water disinfection applications,” says Faisal Ghaus, Vice President of TechNavio Research.
“Because of all the research taking place, many new applications for UV LED technology are expected to emerge during the forecast period, resulting in significant growth in this market.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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