Ultraviolet Germicidal Irradiation Market is Anticipated to Reach US$430.3 mn by 2023
The global ultraviolet germicidal irradiation market is estimated to witness a decent growth in the span of coming years. It represents a consolidated competitive landscape led by a handful of key players. Some of the major players operating in the global ultraviolet germicidal irradiation market are GE Water and Process Technologies, America Ultraviolet, and UltraViolet Devices Inc. The important players are focusing majorly on creating affordable and advanced products that would be useful to tap the unmet needs of the global ultraviolet germicidal irradiation market. The key players in the market is estimated to launch a wide variety of products so as to serve the various kinds of buyers.
According to Transparency Market Research (TMR), the global ultraviolet germicidal irradiation market is estimated to expand at a strong CAGR of 10.9% within the forecast period from 2015 to 2023. In 2014, the market was valued around worth of US$168.4 mn and is likely to reach around value of US$430.3 mn by the end of forecast period.
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Based on type, the disinfectant segment is foreseen to lead the global ultraviolet germicidal irradiation market due to high demand as compared to other types. The segment is anticipated to value around US$375.2 by the end of forecast period. Regionally, North America accounted for highest share in overall market. The region accounted for around 38.3% in entire ultraviolet germicidal irradiation market in 2014 trailed by Europe, Latin America, Asia Pacific, and Rest of the World. This is due to increased incidences of hospital-acquired infection in the region, along with stringent regulation by the US FDA to reduce the same.
Rising Awareness in People For Clean Environment to Contribute in Market Growth
The increasing risk of getting infection because of the pollution of water and air has opened up the market for ultraviolet germicidal irradiation (UVGI) frameworks. Disturbing statistics by the World Health Organizations express that around seven patients out 100 patients fall sick due to hospital-acquired infections (HAIs). Attributable to these reasons, emergency clinics are making huge investments in introducing UVGI frameworks.
One of the essential elements boosting the development of the ultraviolet germicidal irradiation market is the amazing surge in the predominance of hospital acquired diseases. The market is likewise profiting by the increasing awareness among patients over the globe with respect to the requirement for clean environment. The progression in food packaging procedures will likewise support the development of this market.
Rapidly Depleting Fresh water Source to Support Market Demand
Another vital factor boosting the development of this market, is the rapidly exhausting freshwater sources and with it the increasing demand for clean water. This is thus, foreseen to make an enormous demand for ultraviolet germicidal irradiation solution. Such demands will likewise be increasing by virtue of the requirement for clean air. The food and beverage packaging sector will likewise be a key purchaser for ultraviolet germicidal irradiation solution in the following couple of years.
One of the major factor hindering the development of the global ultraviolet germicidal irradiation market is the high costs which is brought about during the installation of this system. An absence of skilled specialists will likewise be an issue. Then again, the headways in packaging industry just as increasing awareness in regards to cleanliness will fuel the development of the ultraviolet germicidal irradiation market.