AUVI - The LED Lighting Market’s Growth Is In Double Digit Rates And Order Books Are Growing – Applied UV (NASDAQ: AUVI) Sub Just Secured A Multi-Million Order From A Leading Luxury Developer
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By Ernest Dela Aglanu, Benzinga
The global LED lightingmarket, thanks to players like Applied UV Inc. (NASDAQ: AUVI),is witnessing significant growth. The market size was valued at $68.9billion in 2022 and is projected to reach $264.08 billion by 2029, exhibiting a compound annual growthrate (CAGR) of 17.6% during the forecast period.
One of the primarydrivers of the market’s growth is the rising need for energy-efficient light sources. LED lights consume less energy andhave a longer lifespan compared to traditional lighting sources suchas incandescent bulbs, fluorescent tubes, and halogen lamps. As aresult, LED lights are gaining popularity in both the residential andcommercial sectors, leading to a surge in demand.
Additionally, increasingenvironmental awareness and conscious efforts toward sustainability are also contributing tothe growth of the LED lighting market. LED lights are free from toxicmaterials such as mercury that pose a threat to the environment andhuman health. Therefore, they are considered eco-friendly and havebecome the preferred choice for lighting solutions in manysectors.
Governments worldwide are implementing favorable policies to encourage the adoption of LED lighting. In many countries, subsidies,incentives, and tax benefits are offered to consumers who opt for LEDlights. These government initiatives have resulted in increasedawareness and adoption of LED lights, further fueling the market’sgrowth.
Theincreasing LED lighting adoption and growth of the market is good newsfor companies like Applied UV, Universal Display Corporation (NASDAQ: OLED), Energy Focus Inc. (NASDAQ: EFOI), and LSIIndustries Inc. (NASDAQ: LYTS) that are developing products tomeet growing demand.
Within the industry, Applied UV seems to have carved a nichefor itself as a provider of proprietary surface and air disinfectiontechnology focused on Improving Indoor Air Quality (IAQ), specialtyLED lighting, luxury mirrors and commercial furnishings – all ofwhich serves clients globally in both the commercial and retailsegments.
Thecompany’s products address needs in the healthcare, hospitality,food preservation, cannabis, education, and winery vertical markets.Applied UV has established strategic manufacturing partnerships andalliances, including Canon ,Acuity, Johnson Controls, USHIO ,Siemens, Grainger, and a global network of 64 dealers and distributorsin 52 countries, offering a complete suite of products through its twowholly owned subsidiaries — SteriLumen Inc. and MunnWorksLLC .
Multi-Million Dollar Order From PremierDeveloper
Applied UV ’s growth andrecent announcement of purchase orders totaling $4.55 million couldinterest investors and watchers of the LED lighting industry. Thecompany recently revealed that its wholly owned subsidiary LED Supply Co. had secured amulti-million dollar purchase agreement from an unnamed premierco-living rental property developer The X Company (“X Co.”).
The purchase ordersconsist of $2.67 million received and the balance of $1.88 millionassured by the end of the second quarter. LED Supply Co. will provideback-lit mirrors, LED lighting and control systems for X Co.’sgrowing billion-dollar portfolio of properties. The orders will befulfilled by LED Supply Co., in partnership with MunnWorks, who willmanufacture the backlit mirrors in its newly acquired100,000-square-foot Brooklyn, NY facility.
“Having access to the MunnWorks’ high-endU.S.-made decorative backlit mirrors and case goods, at competitiveprices, allows us to provide a better-quality product to our residentswhile staying within our allotted budget on a project,” Ben Brichta,Partner at X Co., said.
The premier co-living rental property developer reports that itis active in six markets, with 5,000 beds in its current portfolio andover $1 billion in construction activity. The company says it is fullyintegrated — able to acquire, design, build and operate its realestate assets.
XCo. buildings offer a high level of amenities and resident experiencesin their unique combination of private rentals, co-living suites andco-working spaces. They also offer residents an unconventional clubenvironment supporting the growing work-from-home segment with astate-of-the-art gym and fitness studios, social activities anddramatic shared spaces.
The orders more than double X Co.’s previous orders with LEDSupply Co. and expands them to include backlit mirrors supplied byApplied UV subsidiary MunnWorks, with subsequent orders planned forlater this year. The joint order is the first in what the companyexpects to be many collaborative sales efforts forecasted as part ofthe merger of Applied UV, LED Supply Co. and PURO Lighting announcedin January of this year.
This article was originally published on Benzinga here.
AppliedUV is focused on the development and acquisition of technology thataddresses infection control in the healthcare, hospitality, commercialand municipal markets. The Company has two wholly owned subsidiaries -SteriLumen, Inc. (“SteriLumen”) and Munn Works, LLC (“MunnWorks”). SteriLumen’s Airocide® air purification devices areresearch-backed, clinically proven, and developed for NASA withassistance from the University of Wisconsin. Airocide® is listed asan FDA Class II Medical device, utilizes a proprietary photo-catalytic(PCO) bioconversion technology that draws air into a reaction chamberthat converts damaging molds, microorganisms, dangerous airbornepathogens, destructive VOCs, allergens, odors, and biological gassesinto harmless water vapor and green carbon dioxide without producingozone or other harmful byproducts. Airocide® applications includehealthcare, hospitality, grocery chains, wine-making facilities,commercial real estate, schools, dental offices, post-harvest,grocery, cannabis facilities, and homes. SteriLumen’s connectedplatform for Data-Driven Disinfection™ applies the power ofultraviolet light (UVC) to destroy pathogens safely, thoroughly, andautomatically, addressing the challenge of healthcare-acquiredinfections ("HAIs"). Targeted for use in facilities that havehigh customer turnover such as hospitals, hotels, commercialfacilities, and other public spaces, the Company’s Lumicide™platform uses UVC LEDs in several patented designs for infectioncontrol in and around high-traffic areas, including sinks andrestrooms, killing bacteria, viruses, and other pathogens residing onhard surfaces within devices’ proximity. The Company’s patentedin-drain disinfection device, Lumicide Drain, is the only product onthe market that addresses this critical pathogen-intensive location.
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