Led by GE Water and Process Technologies, America Ultraviolet, and UltraViolet Devices Inc., the global ultraviolet germicidal irradiation market demonstrates a consolidated structure of its competitive landscape, states a new study by Transparency Market Research (TMR). These companies are especially focusing on introducing competent yet cost-efficient products in an effort to exploit the unmet requirements in the overall market. Over the coming years, the market is anticipated to witness the launch of a vast range of products by players looking to appeal a broader array of consumers, notes the research study.
According to TMR, the global market for ultraviolet germicidal irradiation was worth US$168.4 mn in 2014. Expanding at a remarkable CAGR of 10.90% during the period from 2015 and 2023, the opportunity in this market is predicted to increase to US$430.3 mn by the end of the period of the forecast. Air disinfectants witness a much higher demand from consumers in comparison with surface disinfectants and the trend is anticipated to continue in the near future with the value of this segment reaching to US$375.2 mn by the end of the forecast period.
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Latin America, the Middle East and Africa, Asia Pacific, North America, and Europe have surfaced as the key regional market for ultraviolet germicidal irradiation across the world. With more than 38%, North America led this market in 2014. Researchers expect this regional market to continue to dominate over the next few years, owing to rising instances of hospital acquired infections (HAIs) in North America, reports the study.
Rising Demand for Clean Drinking Water to Boost Growth
The global ultraviolet germicidal irradiation market has gained substantially from the rising prevalence of HAIs and the increasing awareness among consumers regarding the need for hygienic surroundings and the advancement in food packaging techniques. The stringent rules and regulations, implemented by the governments to maintain the purity standard and control the spread of infections is also adding to the growth of this market substantially.
Going forward, the alarming disappearance of fresh water sources and rising air and water pollution will create a massive demand for ultraviolet germicidal irradiation solutions in the food and beverages packaging industry over the next few years. “The global market for ultraviolet germicidal irradiation will benefits from several lucrative opportunities in the near future, such as the escalating demand from water purification and the high advancement pace in the packaging sector,” states a TMR analyst.
High Deployment Cost to Create Hindrances
Although the worldwide market for ultraviolet germicidal irradiation will witness high growth over the forecast period, however, the high cost incurred in deployment of ultraviolet germicidal irradiation solutions may hinder the progress of this market in the years to come. The lack of skilled technicians is also projected to hamper this market over the next few years. Nevertheless, the augmenting awareness regarding the hygienic packaging of food and beverages is likely to create new opportunities for this market in the near future, states the research report.
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