Bio decontamination refers to the process used to neutralize or remove potentially harmful biological agents, such as bacteria, viruses, spores, or biological toxins. Various equipment associated with this market include excavators, loaders, dump trucks, and pavers that are used in construction activities. These equipment help in activities such as excavating, material handling, hauling, grading, paving, and compaction. The growing demand for rental equipment services as it provides flexibility of equipment usage is driving the adoption of various construction equipment including bio decontamination equipment.
The global Bio Decontamination Market is estimated to be valued at US$ 178.3 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rental equipment services market is growing rapidly owing to multiple advantages offered such as reduced costs of equipment ownership, quick access to the latest technologies, and flexibility to adjust based on changing project needs. This has prompted many construction companies to opt for renting the heavy construction machinery instead of making large capital investments. As the adoption of rental services increases, the demand for well-maintained bio decontamination equipment is also rising. This growing preference for rental services is expected to propel the bio decontamination market over the forecast period.
SWOT Analysis
Strength: Bio decontamination helps eliminate all types of harmful microorganisms and pathogens through an established decontamination process ensuring safety.
Weakness: High initial costs associated with setting up of bio decontamination facilities.
Opportunity: Increasing investments by governments and private entities to develop advanced healthcare infrastructure widens opportunities.
Threats: Stringent regulations pertaining to the use of chemicals and gases for decontamination poses challenges.
Key Takeaways
The Global Bio Decontamination Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is projected to be US$ 178.3 Mn.
Regional analysis:
North America is anticipated to hold a significant share in the global bio decontamination market due to presence of advanced healthcare facilities and stringent regulations regarding decontamination of surgical and medical devices implemented by organizations like FDA and EPA. The Asia Pacific region is likely to grow at a high rate owing to rising healthcare infrastructure development projects underway in major economies.
Key players: Key players operating in the bio decontamination market are focusing on capacity expansion, new product launches, and strategic collaborations to strengthen their market position. Epiroc Ab strategizes to tap opportunities in underground construction and tunneling segments. AB Volvo continuously invests in research of electric and automotive construction equipment to reduce emissions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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