SAN FRANCISCO, Nov. 18, 2021 /PRNewswire/ -- The global ultraviolet disinfection equipment marketsize is expected to reach USD 8.39 billion by 2028, registering a CAGR of 12.1% over the forecast period, according to a new report by Grand View Research, Inc. The rising prevalence of coronavirus coupled with the increasing R&D spending is expected to boost the product demand over the forecast period.
Key Insights & Findings:
Mercury-based UV lamps are anticipated to grow at the fastest CAGR of 13.2% from 2020 to 2028 on account of their increasing adoption in water & wastewater treatment plants
The equipment demand in the healthcare facilities for air treatment accounted for 39.2% of the overall revenue owing to the high focus to provide innovative medical-grade air purifiers, such as UV systems
The residential end-use segment is estimated to grow at the second-fastest CAGR over the forecast period on account of the increasing consumer awareness regarding air pollution coupled with the rising prevalence of airborne diseases
Germany accounted for the largest revenue share of 20.4% of the Europe market in 2020 due to the increasing demand for technologically advanced and sustainable air purification technology along with the rising prevalence of COVID-19 in the country
Key players in the market are focusing on various strategies, including acquisitions, regional expansions, and product innovations, to achieve competitive advantage and, thereby, develop a strong foothold in the industry
The COVID-19 pandemic has increased the pressure on the healthcare systems of numerous countries. Growth in the COVID-19 cases has resulted in a wide range of hospitals incorporating ultraviolet (UV) systems to disinfect the high-risk indoor setting, which, in turn, is expected to increase the product demand over the coming years.
UV has been a choice of disinfectant to ensure bacteria-free water in industries, such as food & beverage and pharmaceutical. However, the rising demand for disinfection technologies owing to the increasing industrial liquid waste is expected to create opportunities for UV disinfection systems in the wastewater treatment industry over the forecast period.
Rising awareness about the product's ability to provide protection against cryptosporidium outbreaks is anticipated to support market growth. Furthermore, these systems have a low environmental footprint and consume less energy, which will drive UV disinfection equipment market growth.
Grand View Research has segmented the global ultraviolet disinfection equipment market on the basis of component type, application, end-use, and region:
UV Disinfection Equipment Component Type Outlook (Revenue, USD Million, 2017 - 2028)
High Level Disinfection Services Market–The global high level disinfection services market size was valued at USD 22.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028.
Photocatalyst Market–The global photocatalyst market size was estimated at USD 1.65 billion in 2016. Rising water scarcity owing to rapid industrial growth and depleting freshwater resources is likely to increase water treatment across the globe.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.