New York, USA, Oct. 17, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global laboratory temperature control units market is anticipated to register $833.8 million by 2027 and grow at a CAGR of 5.5% during the forecast period 2020-2027. The extensive report provides a concise outlook of the present market scenarios, including other aspects such as dynamics of the laboratory temperature control units market, its growth and restraining factors, challenges, and opportunities during the analysis timeframe. The report also offers detailed market figures for the pandemic and post-pandemic period, which makes it easier and more beneficial for new participants to understand the impact of the Covid-19 pandemic on the market as well as its real-time scenario.
Factors Impacting the CAGR Figures Pre and Post the Covid-19 Pandemic
According to the report, the laboratory temperature control units market is expected to grow at a CAGR of 5.5% during the forecast timeframe, while it was predicted to grow at a CAGR of 5.3% in the pre-pandemic scenario from 2020-2027. Increasing emphasis on laboratory safety is predicted to be the primary growth driver of the market in the forecast period. Moreover, the massive expansion of the pharmaceutical and food & beverages industries is predicted to boost the laboratory temperature control units market in the analysis timeframe.
Factors Impacting the Market Size Pre and Post the Covid-19 Pandemic
According to the report, the real-time market size has significantly increased compared to the pre-pandemic projections. The real-time market size reached a revenue of $571.4 million in 2020, while its estimations were $562.9 million in the pre-pandemic scenario. Implementation of supportive government policies about laboratory safety is expected to increase the demand for laboratory temperature controllers. This increase in the demand for laboratory temperature controllers is, in turn, expected to boost the growth of the market in the forecast period. Also, newer technologies and innovations developed by various organizations and institutions to fight the COVID-19 pandemic are estimated to create growth opportunities for the market in the analysis timeframe.
Post Pandemic Insights
There is a growing demand for temperature control units for biotech and pharmaceutical labs which is expected to boost the laboratory temperature control units market in the forecast years. Additionally, the widespread transmission of the COVID-19 pandemic in a majority of the countries has led to growth in the adoption of these safety labs, which is predicted to boost the market in the forecast period.
Prominent Market Players
Some prominent laboratory temperature control units market players include
- Thermoline Scientific.
- PolyScience
- Delta Electronics, inc.
- IKA-Werke Staufen GmbH&Co.KG
- JULABO GmbH.
- Bio-Rad Laboratories, Inc.
- Thermo Fisher Scientific Inc.
- Peter Huber Kältemaschinenbau AG
- BIOLINE GLOBAL
- LAUDA
These market players are concentrating on developing strategies such as new product launches, research and development, following trending market ideas, building product portfolio, mergers & acquisitions, collaborations, and business expansions.
For instance, in January 2022, Benelux Scientific, a Belgium-based scientific equipment supplier, announced that it was partnering with Aralab, a global manufacturer of temperature simulation equipment. The partnership is expected to help both companies immensely as they will be able to cater to the demands of the healthcare sector in a much more holistic way, which will ultimately help in increasing their footprint in the industry.
The report also sums up many crucial aspects including the financial performance of the key players in the laboratory temperature control units market, SWOT analysis, product portfolio, and latest strategic developments.
