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The UV LED Market was valued at USD 345.77 million in 2018, and it is expected to reach a value of USD 900 million by 2024, at a CAGR of 17.13% over the forecast period (2019

NEW YORK, Nov. 11, 2019 /PRNewswire/ --

Market Overview
The UV LED Market was valued at USD 345.77 million in 2018, and it is expected to reach a value of USD 900 million by 2024, at a CAGR of 17.13% over the forecast period (2019-2024).

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UV-C LEDs have a particularly low external quantum efficiency (EQE). They only convert about 5% of the power input into light. The remaining 95% of the power is converted to heat, which must be quickly removed to keep the LED junction below its maximum operating temperature. Failure to keep the LED cool will at best shorten its life, and at worse cause it to fail catastrophically.
Increasing environmental concerns and ongoing actions under the legislation to cut the emissions of volatile organic compounds (VOCs) have been the major driving forces behind the development of radiation curing coatings over the past few years.
UV LED's power output grows considerably with its technologies being redeveloped. Also, UV LED has a longer lifespan, smaller size, more uniform light distribution, and it saves more energy. Due to this, most countries approved the Minamata Convention on Mercury in 2013 and approved energy-saving policies.

Scope of the Report
Ultraviolet (UV) LED lights emit a light that is nearly invisible to the naked eye, but has many practical applications. UV LED lights can be used to authenticate documents like driver's licenses, passports, credit cards, and currency, all of which include watermarks that are visible under UV light.

Key Market Trends
Increasing Investments in Healthcare and Scientific Applications

A UV-B LED is usually used in applications, such as medical phototherapy. This technology is highly effective and efficient in offering vitamin D3 to the human skin, as compared to sunlight.
UV LEDs are used in medical equipment used for phototherapy, DNA analysis, drug discovery, and vitamin analysis. The global healthcare industry is progressing at a rapid pace and will expand indefinitely during the forecast period. The increasing investments in healthcare and scientific applications in the Americas have been driving the revenues for all related markets, including the UV LED technology market
Vitamin D is one of the most important nutrients for human health, and moreover, people having malabsorption disorders are highly reliant on vitamin D3. The UV-B LED was found to be more than 2.4 times efficient in an experiment with Rayvio's 293nm LED than sunlight in 1/60th the time.

North America is Expected to have Highest Market Share

In the United States, UV lights have been using in the industry, military, and customer products over a long period. The principal application is based on the technology of UV used, i.e., whether it lies in the A, B, or C wavelength of the electromagnetic spectrum.
UVA lamps have been traditionally used in the printing, photolithography, and curing through UV lamps that worked with arc-discharge mercury or amalgam lamps. One of the primary concerns with such lamps is the use of mercury that is regarded as toxic and non-environment-friendly technology. These shortcomings have resulted in the use of UV LED in the market and has been a common trend in every region. The major use of UVA has been in the energy-curable printing.
Drinking water contaminants pose harm to public health. Some can cause immediate illness. There have been incidents, such as the 16 million cases of acute gastroenteritis occurring each year at US community water systems. In the United States, as per the National trends in drinking water quality violations research, Feb 2018 findings, health-based drinking water quality violations are widespread, with 9 million to 45 million people affected during each of the past 34 years. The results were published in US National Library of Medicine National Institutes of Health Search database and are a good indicator of demand in the future.
CFR - Code of Federal Regulations Title 21, mentions the regulatory obligations of the product to be followed by the UV LED manufacturers and has pushed for further improvements. Stricter regulations and the scarcity of raw materials are generally considered to be drivers of innovation, and the same has been observed in the market for products that are directly used by customers.

Competitive Landscape
The UV LED Market is highly fragmented with many companies in the competition, Some of the major players in UV LED Market are LG, Nordosn. Some of the key developments in UV LED Market are as follows:
Legrand and Lumileds announced a partnership agreement that will bring to market a simple to integrate and easy-to-install plug and play solution that delivers high-quality tunable-white light. Under this agreement, Lumileds will provide intelligent light sources (LUXEON-based solutions) through its Matrix Platform that are uniquely characterized and programmed to work with Legrand's Wattstopper Blanco tunable-white logic modules within the Wattstopper digital lighting management (DLM) lighting controls solution.
LG Innotek planed to launch the high-end UV LED brand,InnoUV ." The company plans to give the common name "InnoUV" to all of its UV LED products, apply a separately created brand logo design to them, and allow all finished products that use the company's UV LED to use the logo.
Seoul Viosys introduced its plans to commercialize UV LEDs based on chip-scale packaging (CSP) technology. In line with this, the company was also been awarded with a patent for the technology development and design.
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