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The global laboratory temperature control units market was valued at $536.6 million in 2019 and is anticipated to surpass $833.8 million by 2027, at a CAGR of 5.5%. The lab temperature control units are mainly utilized in temperature-based measuring, control, monitoring, and safety applications in laboratories and pilot plants.
Laboratory equipment majorly includes temperature-sensitive materials along with imprecise temperature control which can ruin devices, samples, or experiments. Therefore, temperature control units are developed to maintain the desired temperature within environmental chambers, furnaces, or any device prone to temperature swings. The extensive growth of the global market is significantly driven by the increasing emphasis on laboratory safety along with the massive expansion of industries, particularly pharmaceutical and food & beverages. In 2020, the market is projected to witness a considerably positive impact due to the outbreak of coronavirus disease. (COVID-19)
MARKET STATS
| CAGR Pre COVID-19 |
CAGR Post COVID-19 |
Realtime BPS | *Estimated market Size, 2020, Pre COVID |
**Real Time market Size, 2020, Post COVID |
|---|---|---|---|---|
| 5.3% | 5.5% | 25 | USD 562.9 Million | USD 571.4 Million |
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The implementation of supportive government policies about laboratory safety is expected to increase the demand for laboratory temperature controllers, which will ultimately boost the growth of the global laboratory temperature control units market, during the analysis period. Therefore, the leading players across the globe are focusing on innovative product development and their launching. For instance, in November 2019, Briskheat, a global pioneer in temperature-control technology has made an announcement of the launching of the LYNX temperature control system that has the capability to control up to 1,024 zones. Moreover, The LYNX system plays a key role in a wide range of industries, such as laboratory, semiconductor, R&D facilities, cosmetics, pharmaceuticals, petrochemical, composite curing, and process heating and drying. In addition to this, in September 2018, Uniqsis has also launched the Polar Bear Plus GSM—a versatile cooling and heating reactor module for flow chemistry applications. Such factors are expected to increase the growth of the global laboratory temperature control units in the forecast timeframe.
Moreover, the increasing adoption of laboratory temperature control units in food & beverages and pharmaceutical industries is also estimated to fuel the market growth laboratory temperature control units, during the review period. Also, the pharmaceutical industries are significantly growing across the world. For instance, as per publications of the world industry outlook, the global pharmaceutical industry is expected to register a revenue of $1.2 trillion by 2020, increasing at a growth rate of 4.4%. These figures showcase that the need for laboratory temperature control units will dramatically increase, which may eventually create significant growth opportunities for the global market, throughout the forecast timeframe.
CONSTRUCTING BRIDGES
APPLYING WISDOM
In the last several months of 2019, the outbreak of COVID-19 has created an unprecedented global health emergency. Multiple governments across countries such as India, China, UK have imposed lockdowns in order to curb the community transmission of the coronavirus. Also, the lockdown has led to a tremendous decline in business and industrial operational processes. On the other hand, the organizations operating in laboratory temperature controllers are taking initiatives to fight against the apocalypse of coronavirus. For instance, in April 2020, Peter Huber Kältemaschinenbau AG, German-based temperature controller manufacturers, introduced a high precision ‘temperature control technology’, amid the COVID-19 pandemic. Researchers are mainly using this technology for the manufacturing of coronavirus test reagents. These initiatives may lead to driving the growth of the global market for laboratory temperature control units, during the pandemic period.
Furthermore, many organizations and institutions are coming forward with new innovations to fight the challenges created by the COVID-19 outbreak. For instance, Julabo, a significant leader in temperature control technologies, is developing and shipping temperature controllers to other companies, during the COVID-19 pandemic. These devices help pharmaceutical or biotech organizations to control the temperature of their reactors, which is required for the manufacturing of COVID-19 vaccines. These factors may create huge demand for the laboratory temperature control units, which will ultimately help to generate remarkable revenue for the global market, throughout the COVID-19 outbreak.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
According to a report published by Research Dive, it is estimated that the global laboratory temperature control units market shall witness substantial growth after the COVID-19 pandemic period. In the midst of the COVID-19 outbreak, the demand for laboratory temperature control units has exponentially increased owing to the huge significance of temperature control units for biotech and pharmaceutical labs. Moreover, due to the communal transmission of COVID-19 pandemic, the majority of the countries and governmental institutions are highly opting for safety labs; this will make a massive impact on the growth of laboratory temperature control units, in the global market, even after the chaotic situation.
In addition, to strengthen the global footprint worldwide, as well as to gain the trust, confidence, and loyalty of the customers, multiple leading players such as JULABO, Huber GmbH, and Grant Instruments are opting for multiple business strategies, such as capacity expansion and product innovations. For example, LAUDA, the leading company in precise temperature control, has developed heating and cooling lyses for the mass production of a possible vaccine or supporting medication. Furthermore, the company’s thermostats and Variocool recirculating coolers with an additional heating provision play a crucial role in the temperature control of bioreactors. Such factors will significantly help the startups as well as established players to grow in the global market, after the COVID-19 pandemic period.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Laboratory Temperature Control Units Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity
