September 15, 2022 06:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Sept. 15, 2022 (GLOBE NEWSWIRE) -- The global ultraviolet (UV) lamp market is estimated to create an opulent opportunity by registering a robust CAGR of 11.2% from 2022 to 2032. The market was valued at around US$ 360.6 Mn in 2021 and is expected to reach US$ 1,123.7 Mn by 2032.
Ultraviolet (UV) mercury lamps are expected to account for the maximum market share of approximately 67.3% in the global ultraviolet (UV) lamps market.
According to the historical analysis of the ultraviolet (UV) lamps market ranging from 2017 to 2021, the market exhibited growth at 7.8% CAGR and is expected to grow at a CAGR of 11.2% from 2022 to 2032.
The installation of ultraviolet systems is on the rise as various municipalities across the globe are encouraging its use in water and wastewater treatment plants and facilities.
For the treatment of industrial effluents, the need for UV disinfection equipment is anticipated to fuel along with that, it is also helpful in meeting the rising processed water requirements of these industries. Attributing to these aforementioned factors, the global ultraviolet (UV) lamps market is projected to grow by 2.8x by 2032 when compared to 2022.
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Leading manufacturers in the UV disinfection system are focusing on global expansion plans by establishing new offices and partnering with local distributors in order to cater to the growing demand from water and wastewater treatment facilities.
In addition to that, various companies are investing in R&D activities to introduce efficient products. This has further led to advancements in the design of electronic ballasts combined with intelligent UV systems in order to produce new devices with low power consumption and minimal maintenance cost.
Innovations and advancements among the leading manufacturers are driving demand for ultraviolet (UV) mercury lamps. Several companies are engaging in partnerships and collaborations in order to co-develop novel products and get an edge over the market.
Key Segments Covered in Ultra Violet (UV) Lamps Industry Analysis
More Insights into the Ultraviolet (UV) Lamps Market
The U.S. is expected to dominate the global market by accounting for around 17% of the total market’s revenue share. Surging investments in various end-use industries such as pharmaceutical, chemical processing, food & beverage, and water sectors in the U.S. are likely to play a significant role in driving the demand for wastewater treatment, thereby pushing sales of UV disinfection equipment like UV lamps during the projection period.
China is considered the second largest market to generate total revenue of 14.7% between 2022 to 2032. Various measures have been taken in China to promote environmental protection and industrial development over recent years.
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3.1. Key Trends Impacting the Market
Explore FMI’s Extensive Ongoing Coverage on Industrial Automation Domain
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