SELBYVILLE, Del., June 9, 2021 (Newswire.com) - According to the latest report, "Laboratory Temperature Control Units Market by Product (Laboratory Temperature Controllers, Laboratory Thermostats, Laboratory Chillers, Laboratory Circulators), Modality (Standalone/Benchtop, Portable/Handheld), End-Use (Hospitals, Pharma & Biotech Industry, Chemical Industry, Food & Beverage Industry), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of laboratory temperature-control units will cross $763 million by 2027. Technological upgrades in laboratory temperature-control units will foster the market growth.
Growing emphasis of biotechnology as well as pharmaceutical establishments on innovative drug development for the diagnosis and management of several ailments are among the foremost aspects augmenting the market progression. The pharmaceutical industry accounts for the largest expenditure for research and development amongst all other industries. Therefore, the R&D sector remains at the core of the industry. There has been increasing involvement of market players as well as research institutions for the development of novel products. The increasing research and development activities and the increasing importance of temperature control in the research process is likely to boost the industry growth.
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Laboratory temperature controllers is estimated to showcase around a 10.5% growth rate through 2027. Laboratory temperature controllers are now being used in the healthcare sector to maintain temperature stability and accuracy. These controllers are available in single loop and multi-loop that foster the segment demand.
The portable/handheld segment in the laboratory temperature-control units market will exhibit over 7.5% CAGR during 2021 to 2027, as these devices can provide flexibility in different processes. Accessibility towards a variety of portable/handheld temperature-control units and their growing usage and demand will fuel the market expansion. Similarly, portable devices are easy for handling as well as transportation as compared to standalone, thus surging their adoption rate.
The laboratory temperature-control units market in the chemical industry end-use segment accounted for around USD 60 million in 2020 led by the rising need for temperature regulation during various chemical processes. Different types of temperature-control equipment are used to provide the optimum temperature conditions that ultimately yield the desired reaction output.
Asia Pacific laboratory temperature-control units market captured over 19% of the revenue share in 2020 owing to the technological advancements in laboratory temperature-control products along with rising R&D expenditure and the presence of several industry participants. Moreover, growing investments for developing superior quality temperature-control products will further favor regional expansion.
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Some of the eminent companies operational in the market include Peter Huber Kältemaschinenbau, Delta T Systems, Bio-Rad Laboratories, Eurodifroid, LAUDA, FRYKA-Kältetechnik, IKA, Thermo Fisher Scientific, JULABO and PolyScience. The industry players are focusing on developing superior-quality products that help the company increase its market share internationally.
Table of Contents (ToC) of the report:
Chapter 3 Laboratory Temperature Control Units Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By modality
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2020
3.7.1 Competitive matrix analysis, 2020
3.8 PESTEL analysis
Browse the complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/laboratory-temperature-control-units-market
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Source: Global Market Insights Inc.