The new ultraviolet (UV) disinfection equipment market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Ultraviolet (UV) Disinfection Equipment Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the Introduction of Stringent Water Quality Laws,” says a senior analyst for the Industrials industry at Technavio.
The introduction of stringent water quality laws is one of the major factors driving UV disinfection equipment market growth. To improve water quality, the governments of several countries across the world have started introducing strict laws that state minimum water quality, demand water quality improvement, and mandate the usage of disinfection technologies. The increasing awareness of the importance of balancing the environment and industrial development will induce more countries, especially the developing economies, to introduce policies that mandate the usage of disinfection techniques such as ultra-light.
As the markets recover, Technavio expects the ultraviolet (UV) disinfection equipment market size to grow by USD 2.06 billion during the period 2020-2024.
Ultraviolet (UV) Disinfection Equipment Market Segment Highlights for 2020
- The ultraviolet (UV) disinfection equipment market is expected to post a year-over-year growth rate of 12.63%.
- The growing popularity of UV technology for disinfection is mainly attributed to the use of this technology in the provision of safe drinking water, especially in the residential sector.
- The demand for UV disinfection equipment is expected to increase due to the growing incidence of communicable diseases, which are caused by poor access to potable water as well as poor hygiene practices.
- 33% of the growth will originate from the APAC region.
- The growing demand for potable drinking water, increasing investments in setting up new R&D facilities for biopharmaceuticals and vaccines, and the outbreak of the COVID-19 pandemic will significantly drive the ultraviolet disinfection equipment market growth in this region over the forecast period.
- China and Japan are the key markets for ultraviolet disinfection equipment in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
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- The ultraviolet (UV) disinfection equipment market size is expected to accelerate at a CAGR of over 14% during the forecast period.
- The ultraviolet (UV) disinfection equipment market is segmented by Geography (North America, Europe, APAC, South America, and MEA) and Application (Drinking water, Wastewater, Industrial water, and Others).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Advanced UV Inc., American Ultraviolet Inc., Atlantic Ultraviolet Corp., Danaher Corp., Evoqua Water Technologies LLC, Halma Plc, Kuraray Co. Ltd., Lumalier Corp., SITA Srl, and Xylem Inc.
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