The worldwide spread of COVID-19 has positively impacted the global laboratory temperature control units market. This is mainly because various market players are taking initiatives to such as new innovations and novel technologies to fight the challenges created by COVID-19 outbreak. Furthermore, the global market is expected to observe substantial growth even after the pandemic owing to increasing adoption of laboratory temperature control units in the various industries such as pharmaceuticals, food & beverages, and cosmetics.
The global laboratory temperature control units market is likely to experience an increase in the growth rate during the COVID-19 pandemic. As per a new report added by Research Dive, the global laboratory temperature control units market is anticipated to reach up to $833.83 million during the forecast period from 2019 to 2026.
Comprehensive analysis on drivers, challenges, growth opportunities, major segments, and key strategies executed by major market players are provided in the report for better understanding of the pandemic effect on the global market.
• Highlights of the Report
– The expected CAGR of the laboratory temperature control units market before COVID-19 pandemic was 5.3% during the forecast period.
– The estimated CAGR of the global market after the pandemic crisis is projected to grow at a CAGR of 5.5% by 2027.
– In 2020, the expected market size of the laboratory temperature control units market before COVID-19 pandemic was $562.9 million.
– Due to COVID-19 pandemic, the market size of the global market is expected to reach up to $571.4 million in 2020.
Key Features of the Market
Our analysts stated that the key players operating in the global market are taking initiatives to fight the challenges created during the COVID-19 pandemic, which is expected to be the major factor for the progressive market growth. For instance, in April 2020, German-based temperature controller manufacturers, Peter Huber Kältemaschinenbau AG, introduced a high precision ‘temperature control technology’ for researchers to usage in manufacturing of coronavirus test reagents.
Furthermore, many institutions and organizations are coming forward with new innovations to sustain in the pandemic. For instance, a significant leader in temperature control technologies, Julabo is developing and shipping temperature controllers to other companies in the pandemic crisis. These devices help biotech or pharmaceutical companies to control the temperature of their reactors required for the manufacturing of COVID-19 vaccines.
The major players operating in the global laboratory temperature control units market include IKA-Werke Staufen GmbH&Co.KG, Thermo Fisher Scientific Inc., PolyScience, Peter Huber Kältemaschinenbau AG, LAUDA, JULABO GmbH., Delta Electronics, inc., Bio-Rad Laboratories, Inc., and BIOLINE GLOBAL. The report summarizes various aspects of all these key players including financial performance, product portfolio, recent strategic moves & developments, and SWOT analysis.
As per the report, the global laboratory temperature control units market is expected to witness a progressive growth even after the COVID-19 pandemic. The growing adoption of laboratory temperature control units in various industries including pharmaceuticals, cosmetics, and food & beverages is estimated to drive the growth of the global market during the forecast period. Besides, the increasing focus of market players on innovative product development and product launches is expected to boost the market growth after COVID-19 pandemic. For instance, Briskheat, in November 2019, announced the launch of the LYNX temperature control system having the capability to control up to 1,024 zones.