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Asia Pacific Uv Led Market Forecast 2019-2028

The Asia Pacific UV LED market is anticipated to record a CAGR of 21.79%, during the forecast period of 2019 to 2028. The market growth is primarily attributed to governmental regulations, increased production activity, and rising industrialization in countries like China, India, and South Korea.

The Asia Pacific UV LED market growth assessment is analyzed across Japan, India, South Korea, China, Vietnam, Thailand, Indonesia, Australia & New Zealand, and the rest of the Asia Pacific. India's UV LED industry is driven by advantageous regulations and programs by governing bodies. In 2009, the government declared plans to substitute 200,000 fluorescent tube lights with LEDs. Numerous subsidy schemes are also being announced, to minimize the dependency on imports in India. Moreover, the country's government contributes more than 51% of the total LED orders, thereby propelling market growth.
In South Korea, UV LEDs are used in medical equipment for phototherapy, DNA analysis, drug discovery, and vitamin analysis. The South Korean government is actively investing in the pharmaceutical division to help drug development as well as innovations within healthcare avenues. Additionally, concerning drug advancements, government agencies have established the ‘National New Drug Development Research Project,' anticipated to invest nearly $2.9 billion, across a decade from 2021. This project is recognized as a government-funded initiative to provide financial assistance, supporting drug developmental researches. As a result, the application of UV LED in drug discovery, is anticipated to provide numerous market opportunities, in the region.

Some of the distinguished companies in the market include Crystal IS Inc (Asahi Kasei), Nichia Corporation, Epigap Ontronic GmbH, Semileds Corporation, LG Innotek Co Ltd, etc.

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Asia Pacific Uv Led Market Forecast 2019-2028
Published By :Inkwood Research
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