Global Laboratory Temperature Control Units Market Anticipated to Register a Revenue of $833.8 Million at a CAGR of 5.5% during the Analysis Period, 2020-2027 COVID-19 Disaster - Exclusive Report by Research Dive
The coronavirus outbreak has impacted the global laboratory temperature control units market in a positive way. The main attributor of this growth is the growing importance for flexible temperature levels in laboratories. The leading players of the market are focusing on developing strategies to sustain the market growth in the post-pandemic market.
New York,USA, Oct. 14, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global laboratory temperature control units market is forecasted to reach $833.8 million at a CAGR of 5.5% by the end of 2027, from $536.6 million in 2019. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market has recorded a CAGR of 5.5% during recent months, while it was expected to be only 5.3% in the pre-COVID-19 scenario. The main factor behind this growth is the excessive use of laboratories in the pharmaceutical industry for storing, performing research and development for drug and vaccine for the COVID-19 patients.
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.
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Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time market size has been increased compared to the pre-COVID-19 estimations. The real-time market size has reached a revenue of $571.4 million, while it was estimated to be $562.9 million in a pre-Covid analysis. The main attributor of this growth of the market is the massive utilization of temperature control units in industries including food and beverages and pharmaceutical. These units help in storing food and medicinal products at the required amount of temperature.
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%.
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Post Pandemic Insight
The laboratory temperature control units market is expected to sustain its growth post the pandemic because of its demand mainly in pharmaceutical industry. The market will experience steady growth in upcoming years as the governments are likely to invest more in the industry. The major players of the market include
- IKA-Werke Staufen GmbH&Co.KG
- Thermoline Scientific.
- PolyScience
- Thermo Fisher Scientific Inc.
- JULABO GmbH.
- Delta Electronics, inc.
- Peter Huber Kältemaschinenbau AG
- Bio-Rad Laboratories, Inc.
- BIOLINE GLOBAL.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in September 2020, Julabo, one of the world’s leading manufacturers of temperature control instruments for research, industry and science, introduced its new MAGIO series. With this addition, JULABO has extended its product range with bridge mounted circulators, refrigerated and heating circulators, as well as heating circulators in high-end quality.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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