Allied Market Research published a report, titled, UV LED Market by Type (UV-A, UV-B and UV-C), Application (UV curing, Purification, Indoor gardening, Counterfeit detection and Others), Industry vertical (Healthcare and medical, Agriculture, Industrial, Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2024-2032 . According to the report, the uv led market was valued at $0.8 billion in 2023, and is estimated to reach $3.8 billion by 2032, growing at a CAGR of 19.4% from 2024 to 2032.
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- 137 - Tables
- 62 - Charts
- 250 - Pages
Prime determinants of growth
The prominent factors that drive the growth of the UV LED market include growth in utilization of UV curing system, rapid increase in the usage of environment safe LEDs, and government indicatives toward energy efficiency products. However, factors such as high installation cost and the investment required for the production are expected to hamper UV LED market growth. Furthermore, the increase in trend toward the development of advanced UV LEDs for newer applications and evolution of highly efficient UV LEDs are expected to offer lucrative opportunities for the market expansion.
Report coverage details:
