UV Lamp Market Size to Grow by USD 2.16 billion | 43% of Market Growth to Originate from APAC | Technavio
NEW YORK, May 12, 2022 /PRNewswire/ -- According to the report "UV Lamp Market by Product, Application, and Geography - Forecast and Analysis 2021-2025", the market witnessed a YOY growth of 17.60% in 2021 at a CAGR of 19.39% during the forecast period. The low cost of ownership of UV LEDs is driving the UV lamp market growth. However, factors such as health hazards associated with UV lamps may challenge the market growth.
For more insights related to market dynamics, Read our Sample Report
The UV lamp market is fragmented, and the vendors are deploying growth strategies such as forming strategic partnerships to compete in the market.?The report analyzes the market's competitive landscape and offers information on several market vendors, including:
Find additional highlights on the growth strategies adopted by vendors and their product offerings, Read a Sample Report.
The report is segmented by product (mercury-based UV lamps and UV LEDs), application (UV curing, water and air purification, tanning, analytical instruments, and others), and geography (APAC, Europe, North America, South America, and MEA).
The UV LEDs segment will have significant market share growth during the forecast period. The need for cost-effective instruments will drive the penetration of UV LEDs across industries, which will reduce the demand for mercury-based UV lamps.
APAC led the UV lamp market in 2021, followed by Europe, North America, South America, and MEA, respectively. During the forecast period, APAC is expected to register the highest growth due to factors such as high demand for UV curing equipment and technology.
Key Market Drivers & Challenges:
The low cost of ownership of UV LEDs is driving the growth of the UV lamp market. UV LEDs eliminate the need for a secondary lens. They also have a large lifespan compared to traditional mercury lamps. UV LEDs have a compact size, low heat dissipation, zero warm-up time, low energy consumption, enhanced durability, and low maintenance expense. These features lead to cost savings of up to 50% for end-users, thus reducing the total cost of ownership. These factors will contribute to the growing adoption of UV LEDs among end-users for various applications.
The health hazards associated with UV lamps will challenge the UV lamp market during the forecast period. UV lamps emit UV rays that are harmful to humans. They can cause damage to an individual's eyes and skin. Elongated exposure to their radiation can cause skin cancer in humans. Stringent regulations have been enforced by regulatory bodies for safety purposes, which becomes a bottleneck in the growth process. Moreover, the adoption of mercury-based UV lamps is contributing to health hazards, as mercury is emitted from these lamps. Thus, global intergovernmental organizations are taking initiatives to curb the adoption of mercury-based lights by banning them.
Download a report sample for highlights on market Drivers & Challenges impacting the market.
Customize Your Report
Don't miss out on the opportunity to speak to our analyst and know more insights about this market report. Our analysts can also help you customize this report according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.
We offer customization at the time of purchase. Speak to our Analyst now!
Table of Contents
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Application
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View original content to download multimedia:https://www.prnewswire.com/news-releases/uv-lamp-market-size-to-grow-by-usd-2-16-billion--43-of-market-growth-to-originate-from-apac--technavio-301545138.html
Session Details TBA
What Does the Future of Crypto Banking Look Like?
ITEXPO, MSP Expo, The Blockchain Event, Future of Work Conference Sessions