Albany, NY -- (SBWIRE) -- 02/25/2019 -- The high risk of acquiring diseases due to the contamination of water and air has opened up the Ultraviolet Germicidal Irradiation(UVGI) Market. Alarming statistics by the World Health Organizations state that about seven patients out every 100 patients that are admitted acquire hospital-related infections (HAIs). Owing to these reasons, hospitals are making hefty investments in installing UVGI systems. In addition, restaurants, food joints, air-conditioned offices, residential buildings, and cold storage facilities are adopting these systems to prevent the dangerous possibilities of spreading diseases.
The Transparency Market Research report on the global ultraviolet germicidal irradiation market states that this market will be worth US$430.3 mn by 2023 from US$168.4 mn in 2014, expanding at a CAGR of 10.9% from 2015 to 2023. The growing awareness amongst consumers about advanced food packaging techniques and hygienic surroundings are augmenting the global UVGI market at a steady pace. This market is also thriving due to the stringent regulations laid down by governments about purity standards and need to control the spread of diseases.
The biggest challenge for the global UVGI market is the exorbitant cost of installations. The lack of technical labor to troubleshoot issues pertaining to equipment and systems is also adding to the costs of outsourcing, thereby discouraging consumers from investing in these systems. However, increasing awareness about the hygienic packaging of food and beverages is anticipated to open up new opportunities for this market.
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The upper room systems sub-segment, which is a part of the air disinfectant segment, is anticipated to be the largest segment in the overall market. Its wide application in areas of heating, ventilation, and air conditioning (HVAC) systems will help the expansion of its share in the overall market. Furthermore, upper room systems are known to consume less power in comparison to other systems, which will boost their demand in the foreseeable future.
In addition, the air disinfection UVGI system segment is also likely to play a crucial role in the soaring revenues of this market as emerging economies of China and India adopt UVGI systems in line with developing their healthcare infrastructure.
Currently, North America holds the lion's share in the global UVGI market. This region held a share of 38.3% in the overall market in 2014 followed by Europe, Asia Pacific, Latin America, and Rest of the World. The high incidence of HAIs in North America and the strict US FDA rules to curb them is driving the UVGI market in the region. About one in every 25 admitted patients acquires an HAI. Furthermore, the technological advancements in North America across various sectors is encouraging the growth of the UVGI market.
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The top players operating in the global UVGI market are Atlantic Ultraviolet Corporation, American Ultraviolet, General Electric, Philips, Halma plc (Aquionics), and UltraViolet Devices, Inc. These companies will have to up their game by providing effective and cost-effective solutions to raise their revenues and achieve their predetermined goals.