Rise in Environmental Concerns Drives LED Market Growth.
HYDERABAD, TELANGANA, INDIA, September 5, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that LED Market is forecast to reach $102.6 billion by 2026, growing at a CAGR of 15.3% from 2021 to 2026. The LED Market is estimated to witness a sustainable growth over the forecast period majorly because of the different environment friendly features it offers in different applications. Rise in Environmental concerns is one of the major driving factor of LED market in global level. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
1. The LED Market is estimated to witness a sustainable growth over the forecast period because of the rising environmental concerns for adopting eco-friendly lighting systems at various industries.
2. The other factor responsible for the growth of LED Market are the various environmental friendly features it offers to the sterilization industry and different disinfection processes such as of water, air and different surfaces.
3. In addition, increasing safety concerns over water-borne diseases have brought an increase in people’s awareness of consuming treated water. The growing awareness of the benefits of treated water consumption has impacted the applications LED that tend to propel its market growth.
4. The scope for a LED is becoming abundant in sterilization applications, as it is being proved to be one of the cheapest way to provide safe drinking water across the globe. This safety benefits are expected to enhance the demand of LEDs in global market further uplifting its market growth.
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1. Ultraviolet LED is set to be fastest growing segment of the LED Market with a CAGR of 20.9% in 2020. In general, UV-C LEDs have wavelength range of 275 nm (280-100 nm) and they are available in different power levels and styles.
2. LEDs are widely used for different Healthcare and Sterilization applications and are projected to grow at a CAGR of 18.4%. LED Curing uses light-emitting diodes which convert electrical current into light. When the electrical current flows through an LED, it gives off ultraviolet radiation.
3.Asia-Pacific accounts for being the highest market at 39.6% in 2020. The market growth in this region is predominantly rising due to leading economies such as China, India, Japan and Others.
4. According to World Bank Reports, investments done in water and sanitation in Asia-Pacific region is highest and has been increasing rapidly from $50M to $910M in recent years. These tend to propel the market growth of LEDs using Silicon Carbide and Gallium Nitride materials in forecast period as freshwater demand will always be high.
The top 5 players in the LED industry are –
1. Lumileds Holding BV
2. Nordson Corporation
3. Seoul Viosys Co.Ltd.
4. Honle UV America Inc.
5. LG Innotek Co. Ltd,
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