New York, USA, Dec. 15, 2020 (GLOBE NEWSWIRE) -- As per a Research Dive published report, the global laboratory temperature control units market accounted for $536.6 million in 2019 and is estimated to surpass $833.8 million by 2027, exhibiting a CAGR of 5.5% from 2020 to 2027.
Impact on Market Due to COVID-19 Outbreak
The global laboratory temperature control units industry is predicted to witness an upsurge in growth rate during the forecast period. As per the report, the laboratory temperature control units market was likely to rise at a CAGR of 5.3% from 2020 to 2027 prior to COVID-19 crisis. However, due to the COVID-19 pandemic, the global market is projected to rise at a CAGR of 5.5% over the forecast period.
This is mainly owing to the increase in implementation of supportive government policies regarding laboratory safety coupled with the rising demand for laboratory temperature controllers. Comprehensive analysis on drivers, challenges, opportunities, restraints, and strategies executed by various governments and market players across the globe are further provided in the report.
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Present Market Scenario Due to COVID-19 Chaos
The outbreak of COVID-19 has created an unprecedented health emergency across the globe and has brought many challenges for the global laboratory temperature control units market growth. However, the organizations operating in global market are taking initiatives to fight and sustain in the pandemic crisis. For instance, Peter Huber Kältemaschinenbau AG, in April 2020 introduced a high accuracy ‘temperature control technology’, during the COVID-19 pandemic.
The anticipated pre COVID-19 market size for laboratory temperature control units market was $562.9 million in 2020 and is expected to observe a slight growth and reach up to $571.4 million.
Global Market to Witness Robust After Pandemic
The global market for laboratory temperature control units is anticipated to experience a massive growth post-coronavirus pandemic. This growth can be attributed to the growing significance of temperature control units for pharmaceutical and biotech labs is increasing the demand for laboratory temperature control units. In addition, the growing adoption of laboratory temperature control units in pharmaceutical and food & beverages industry is another factor to foster the market growth post COVID-19 pandemic.
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Key Development by Major Market Players
The leading players operating in the laboratory temperature control units industry are increasingly focusing on product developments and launches, which will drive the market growth over the forecast period. For instance, in November 2019, a global pioneer in temperature-control technology, Briskheat announced the launch of LYNX temperature control system, which has capability to control up to 1,024 zones.
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.
- BIOLINE GLOBAL.
The report summarizes and provides various aspects of all the major players functioning in the overall market such as financial performance, product portfolio, recent developments, strategic moves, SWOT analysis, and many more.
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