Jun 23, 2020   SOURCE: BusinessWire

COVID-19: Significant Shift in Strategy of UV Lamp Market 2020-2024| Declining Manufacturing Costs to Boost Market Growth | Technavio

The UV lamp market is expected to grow by USD 820.63 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Technavio has announced its latest market research report titled Global UV Lamp Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global UV Lamp Market 2020-2024 (Graphic: Business Wire)

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Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

UV LEDs are compact, dissipate less heat, consume less energy, have zero warm-up time, and offer a lifetime of up to 10 years. Unlike traditional UV lamps, UV LEDs offer more durability and thus eliminate the need for a secondary lens. In addition, the low cost of ownership offered by UV LEDs is enabling instrument manufacturers to explore new markets and expand the customer base. This is providing significant growth opportunities for UV LED manufacturers, which is driving the growth of the global UV lamp market.

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As per Technavio, the increased adoption of UV LEDs in consumer electronics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

UV Lamp Market: Increased Adoption of UV LEDs in Consumer Electronics

Growing environmental concerns have resulted in the ban of mercury-based lighting solutions such as mercury-based UV lamps across the world. Hence, end-users are now adopting UV LEDs due to their non-hazardous nature and energy-saving features. Besides, several energy-efficiency programs such as ENERGY STAR certification, DesignLights Consortium, and Lighting Design Lab certification are promoting and encouraging the use of energy-efficient lighting products to conserve energy and reduce the carbon footprint. These factors are driving the adoption of UV LEDs, which is boosting the growth of the global UV lamp market.

“Increased adoption of UV LEDs in consumer electronics and the development of GaN-on-Si LEDs will further boost market growth during the forecast period”, says a senior analyst at Technavio.

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UV Lamp Market: Segmentation Analysis

This market research report segments the UV lamp market by Product (Mercury-based UV lamps and UV LEDs), by Application (UV curing, water and air purification, tanning, analytical instruments, medical phototherapy, and others), and Geography (APAC, Europe, North America, South America, and MEA).

The APAC region led the UV lamp market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rising demand for consumer electronics, medical devices, and disinfection devices in the region.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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