low cost of ownership of uv leds is driving the UV Lamp Market
Technavio analyzes that the UV Lamp Market is expected to grow at a CAGR of 25.71% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5364.1 million.There are various factors that contribute to the growth of the market. The UV lamp market is experiencing significant growth due in part to the cost-effective ownership of UV LEDs. UV LEDs offer numerous advantages over traditional UV lamps, including longer lifespan, energy efficiency, and smaller size. These benefits result in lower operational costs and reduced maintenance requirements, making UV LEDs an attractive option for various industries, including water treatment, medical, and food processing. This trend is expected to continue as the technology advances and becomes more affordable.
In the UV lamp market, mercury-based UV lamps have long been utilized in various applications, particularly in water treatment systems. However, due to the hazardous nature of mercury, there is a growing shift towards UV LED solutions. Regulatory policies are increasingly favoring the adoption of UV LEDs over mercury-based UV lamps, especially in the hospitality sector. UV LEDs offer several advantages, including longer operational hours and higher efficiency, making them a more viable option for medical and industrial equipment. According to Technavio, the adoption of mercury-based UV lamps is expected to decrease significantly in applications such as water purification during the forecast period. With the emergence of proper infrastructure in emerging regions, the demand for UV LEDs is poised to increase further, leading to a decline in the usage of mercury-based UV lamps.
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UV Lamp Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The UV lamp market encompasses various applications of UV light, including UV-A, UV-B, and UV-C, in addressing water scarcity and social infrastructure development. UV technology plays a crucial role in water treatment through oxidation and chlorination, as well as wastewater treatment. In air treatment, UV lamps are used for surface disinfection and sterilization of infectious diseases. UV mercury lamps and UV LEDs are the primary sources, with regulatory policies ensuring enhanced safety measures. UV LED solutions have emerged as a sustainable alternative to amalgam lamps. Industrial effluents are also targeted for treatment using UV technology, and UV light is used in phototherapy for health benefits.
The UV Lamps Market, a segment of the electronic components industry, experiences significant growth due to increasing trends in various sectors. Factors such as the expanding population and urbanization drive the demand for UV lamps in water treatment applications to address water scarcity issues. Additionally, the proliferation of IoT technology boosts the market growth, as UV lamps are integral to disinfection systems used in industrial processes and consumer appliances. Technavio projects that this trend will continue, as the global electronic components market size, which includes UV lamps, is expected to expand due to the rising demand for electronics and related products.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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