The Launch of Innovative Products, during the COVID-19 Pandemic, to Promote the Development of the Global Laboratory Temperature Control Units MarketDownload Sample Reports Overview
The COVID-19 pandemic has created a positive impact on the global laboratory temperature control units market, over the projected period. The growth of global laboratory temperature control units market is mainly driven by the massively rising adoption of laboratory temperature control units in food & beverages and pharmaceuticals industries. Though the business across the economies such as Germany, Brazil, and India has strictly imposed lockdown in order to curb the communal spread, the global laboratory temperature control units market has shown positive growth, during the pandemic period. The companies across the world, are adopting various effective strategies like product innovations capacity expansion, and strategic partnerships. For example, in April 2020, Peter Huber Kältemaschinenbau AG, a notable player in temperature control technologies, has innovated a high precision ‘temperature control technology’, during the COVID-19 emergency. The researchers are primarily using this technology for the manufacturing of reagents of coronavirus test. These elements may drive the global market, in the forecast period. By taking such strategic steps the leading companies operating laboratory temperature control units like JULABO GmbH, Huber Kältemaschinenbau AG, and TSI Incorporated are preparing for the post-COVID-19 impact. Research Dive is helping businesses by providing insights on such markets.
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As per the recent publication of Research Dive, the global laboratory temperature control units market is set to register a revenue of $833.8 million by 2027, at a noteworthy growth rate of 5.5% throughout the forecast timeframe. The segmentation of the global laboratory temperature control units market has been done based on product, modality, and end-use. The report provides valuable information on future opportunities, driving and restraining factors, segments, and notable players of the global marketplace.
Factors Affecting the Growth
As per our analyst estimates, the enormously rising adoption of laboratory temperature control units in the food & beverages, and pharmaceuticals is expected to propel the global market growth, over the review period. Contrary to this, the low product penetration in the developing and low-income countries is expected to obstruct the growth of the global laboratory temperature control units market.
The Laboratory Chillers will have an Exponential Growth, Throughout the Analysis Timeframe
Depending on the product, the global market laboratory temperature control units market is classified into laboratory thermostats, laboratory temperature controllers, laboratory chillers, and laboratory circulators. The laboratory chillers will register a revenue of $176.8 million in 2027 and is anticipated to grow at a growth rate of 6.3%. The rising adoption of chillers in medical research institutions significantly because they offer multiple applications like blood cooling systems and others are predicted to boost the segment growth.
The Portable laboratory temperature control units will be the Fastest-Growing Segment, During the Forecast Timeframe
Based on modality, the global laboratory temperature control units market is segmented into portable and standalone/benchtop. The portable laboratory temperature units shall have significant market growth and are estimated to generate a revenue of $408.5 million, at a healthy growth rate of 6.7%. Contrary to this, standalone/benchtop laboratory temperature held a substantial share and is estimated to cross $425.2 million, by 2027 at a growth rate of 4.6%.
Chemical Industry to be Most Lucrative
Based on end-use, the global market for laboratory temperature control units is divided into the food & beverage industry, pharma & biotech industry, chemical industry, hospitals. The chemical industry segment will register a revenue of $105.8 million in 2027 and is expected to surge at a CAGR of 6.3%. owing to the growing emphasis on a secure, safe working environment in the chemical industries.
Geographical Analysis and Major Market Players
Depending on the geographical region, the global laboratory temperature control units market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia-Pacific laboratory temperature control units market is expected to register a revenue of $220.1 million in 2027 at a CAGR of 6.3%, throughout the analysis period. The growth of the Asia-Pacific laboratory temperature control units market is majorly attributed to the massive expansion of chemical and food & beverage industries along with the growing emphasis on technological developments particularly in China, Australia, India, and Japan.
The global laboratory temperature control units manufacturers are Thermoline Scientific., IKA-Werke Staufen GmbH&Co.KG, Thermo Fisher Scientific Inc., LAUDA, PolyScience, JULABO GmbH., Peter Huber Kältemaschinenbau AG, Delta Electronics, inc., Bio-Rad Laboratories, Inc., and BIOLINE GLOBAL.