The surge of the COVID-19 disease has positively impacted the global laboratory temperature control units market growth in 2020. This is due to implementation of supportive government policies concerning laboratory safety.
New York, USA, May 12, 2021 (GLOBE NEWSWIRE) -- A latest report on the global laboratory temperature control units market by Research Dive unfolds the impact of COVID-19 pandemic on the current and future growth of the global industry. The report is drafted by closely evaluating important factors like prime industry drivers & limitations, current trends & advances, regional market conditions, and size & scope of the industry in the course of the pandemic. The report states that the COVID-19 pandemic has made an optimistic impact on the industry growth.
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Factors Impacting the Market Growth during the COVID-19 Pandemic
The global laboratory temperature control units market registered a revenue of nearly $536.6 million in 2019 and is anticipated to grow at a 5.5% CAGR, surpassing $833.8 million by 2027. During the analysis period, it is expected that the introduction of supportive government policies regarding laboratory safety would increase demand for laboratory temperature controllers, thereby boosting the growth of the global laboratory temperature control units market. As a result, the world's leading players are focused on the production and launch of innovative products. For example, in November 2019, Briskheat, a global leader in temperature-control technology, announced the launch of the LYNX temperature control system, which can control up to 1,024 zones. Furthermore, the LYNX device is used in a number of industries, including semiconductor, laboratory, cosmetics, R&D, petrochemical, pharmaceuticals, process heating and drying, and composite curing. In addition, Uniqsis introduced the Polar Bear Plus GSM, a flexible cooling and heating reactor module for flow chemistry applications, in September 2018. Such factors are expected to boost the global laboratory temperature control unit market in the analysis period.
Highlights of the Report
The global laboratory temperature control units market CAGR, as projected before the rise of the COVID-19 pandemic, was 5.3% in the forecast period, 2020—2027.
The global laboratory temperature control units market CAGR, as projected post the rise of the COVID-19 pandemic, is anticipated to be 5.5% during the course of the forecast period, 2020—2027.
The global laboratory temperature control units market sector size in 2019, as projected before the commencement of the COVID-19 pandemic, was USD 562.9 million.
The current market size (2020), tolerating the impacts of the COVID-19 pandemic, is USD 571.4 million.
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Present Picture of the Market due to COVID-19 Disaster:
The global laboratory temperature control units market has benefited from the COVID-19 emergency. The COVID-19 outbreak in the last few months of 2019 has created a global health emergency on a scale never seen before. Several governments, including those in India, China, and the United Kingdom, have instituted lockdowns in order to reduce community transmission of the coronavirus. Furthermore, the lockdown has resulted in a major reduction in corporate and industrial operating processes. On the other hand, companies involved in laboratory temperature controllers are taking measures to combat the coronavirus apocalypse. For example, in the midst of the COVID-19 pandemic, Peter Huber Kältemaschinenbau AG, a German-based temperature controller manufacturer, launched a high precision ‘temperature control technology' in April 2020. This technology is primarily used by researchers to produce coronavirus test reagents. During the pandemic period, these initiatives could contribute to the growth of the global laboratory temperature control units market.
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 garner a revenue of $220.1 million in 2027 at a CAGR of 6.3%, throughout the analysis timeframe. The growth of the Asia-Pacific laboratory temperature control units market is majorly attributed to the wide expansion of chemical and food & beverage industries in addition to the growing emphasis on technological developments particularly in India, China, Japan, and Australia.
Future Scope of the Industry:
According to the report, the global laboratory temperature control units market will witness significant growth in 2020 and is anticipated to follow the trend until the end of the analysis period. Because of the critical importance of temperature control units in biotech and pharmaceutical laboratories, the laboratory temperature control units market has risen exponentially throughout the COVID-19 outbreak. Furthermore, due to the widespread spread of the COVID-19 pandemic, the majority of countries and governmental agencies are preferring safety labs; this will have a huge effect on the growth of laboratory temperature control units in the global market, long after the chaotic situation has passed.
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New participants and some of the top companies such as
Bio-Rad Laboratories, Inc.
IKA-Werke Staufen GmbH&Co.KG
Delta Electronics, inc.
Thermo Fisher Scientific Inc.
Peter Huber Kältemaschinenbau AG
and others are likely to structure the future of the global laboratory temperature control units market in the coming years.
For instance, in March 2021, LAUDA, the world market leader for constant temperature equipment and systems, announced that it is encouraging innovation within the LAUDA Group. new.degree GmbH, a new, wholly owned LAUDA subsidiary, was founded at the beginning of the year to deal with temperature control-related innovation activities outside the present core business. The new company is managed by Birgit Dillmann and comprises seven employees in Germany and abroad.
The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range.
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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