Laboratory Furniture Market
Report ID: SQMIG20I2034
Laboratory Furniture Market Size, Share, Growth Analysis, By Type(Tables & Storage Cabinets, Stools & Chairs, Others (IPS Unit, Pedestal)), By Application(Educational Institution, Medical, Research, Development Centers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2034 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|Tables:
67
|Figures:
75
Laboratory Furniture Market Insights
Global Laboratory Furniture Market size was valued at USD 1856.25 million in 2019 and is poised to grow from USD 1914.4 million in 2023 to USD 2459.42 million by 2031, growing at a CAGR of 3.1% in the forecast period (2024-2031).
Laboratory furniture is created specifically to facilitate studies in a lab while also standing up to the demanding circumstances of the lab setting. There are many different types of laboratory furniture, including pedestal furniture, laboratory tables, laboratory IPS units, lab benches, laboratory storage cabinets, and more.
The market is anticipated to expand faster as eco-friendly materials are increasingly used to make laboratory furniture. The demand for laboratory furniture will also increase due to other factors like the rising demand for modular lab furniture, the increased use of 3D visualization services by manufacturers to reduce furniture design and layout errors, the rising demand for ergonomic furniture, and the rising government spending on research and education.
An important and ongoing trend that will continue to have an impact on the expansion of the laboratory furniture industry is the rising usage of environmentally friendly materials like stainless steel, which increases furniture longevity and permits recycling. Additionally, less volatile and more affordable solvent-free powder coatings are becoming more and more well-liked in the market for laboratory furniture. However, the tariffs will have a detrimental effect on furniture producers who import their raw materials, which will limit the market expansion for laboratory furniture. Local businesses are also indirectly impacted by tariffs as a result of higher domestic stainless-steel costs.
US Laboratory Furniture Market is poised to grow at a sustainable CAGR for the next forecast year.
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Laboratory Furniture Market Segmental Analysis
The Global Laboratory Furniture Market is segmented based on Type, Application and Region. Based on the Type, the Laboratory Furniture Market is segmented into Tables & Storage Cabinets, Stools & Chairs and Others (IPS Unit, Pedestal). Based on the Application, the Laboratory Furniture Market is segmented Educational Institution, Medical, Research and Development Centers and Others (Military, Pharmaceutical). Based on Region, Laboratory Furniture Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Laboratory Furniture Market Analysis by Type
The market is further divided into Lab Bench, Lab Cabinet, Fume Hood, Stool, and Accessories based on type. For the forecast period, the Lab Cabinet is anticipated to see the greatest CAGR. A lab cabinet is a mobile storage device used in labs to keep chemicals, reagents, kits, and other equipment organized. It is also known as a glass rack or a test tube rack. The length of the cabinet is determined by the amount of room inside the lab. Lab cabinets can be constructed to order and are composed of a variety of materials, including metal, plastic, and wood.
Laboratory Furniture Market Analysis by Application
On the basis of application market segments include Education, Government, Industry, Research, and Pharmaceutical. For the forecast period, the education segment is anticipated to have the greatest CAGR. Growing government spending on R&D facilities worldwide may be the cause of this. Additionally, during the projection period, it is anticipated that the growing demand for laboratory fixtures by colleges and universities will increase. Additionally, these types of furniture are widely utilized in academic institutions and universities across the globe because they need high-tech tools to effectively instruct college students while simultaneously ensuring their safety.
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Laboratory Furniture Market Regional Insights
The Global Laboratory Furniture Market is divided into North America, Europe, Asia Pacific, and the rest of the world based on regional analysis. North America is projected to remain the dominant market shareholder throughout the forecast period of 2023–2028. This may be ascribed to rising government spending on R&D initiatives, a growth in the diversity of medical trials, and an expansion of R&D facilities across the region. Additionally, over the course of the projected period, the growing demand for sophisticated diagnostic methods is anticipated to propel regional growth. The government of this region's increased military spending, which led to the expansion of military research facilities, had a big impact on the market's expansion. For instance, the United States has reportedly spent USD 684.6 billion on its military and defense, which is more than the top 10 militaries of other nations combined, according to data released in February 2020 by the International Institute for Strategic Studies.
A significant factor in the rise in consumption is also the expansion of analytical and quality control checking centers that evaluate and certify whether a product meets the standards necessary for mass production. A significant presence in the personal care appliances market is predicted for Asia Pacific as a result of the region's expanding pharmaceutical sector, which has led to an increase in laboratory research facilities and staff. For instance, the India Brand Equity Foundation predicts that India's domestic pharmaceutical sector would generate USD 20.03 billion in revenue in 2019, an increase of 18% from 2018. Additionally, nations with a high number of manufacturing facilities that have their own research labs, like India and China, have played a crucial role in the market growth.
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Laboratory Furniture Market Dynamics
Laboratory Furniture Market Driver
- The widespread establishment of research and development centers by various businesses throughout the world serves as a catalyst for the market's expansion.
The necessity for the product increases as more and more organizations across the globe build their own research and development facilities for product invention and development. According to data released by the International Organization for Accreditation, almost 85,000 laboratories, 13,000 inspection bodies, 600 proficiency testing providers and 250 reference material producers were accredited by the ILAC MRA Signatories in 2021. Since its formation in 2000, the number of accreditations from around the world has more than doubled and is predicted to rise in the coming years.
- Growing educational institutions.
The market has grown as a result of increasing product consumption by educational institutions all over the world. For instance, the August 2020 report from the India Brand Equity Foundation states that there are 993 universities and 39,931 colleges in India as of 2019. The 2018 fiscal year's anticipated value of the educational sector is USD 91.7 billion. Additionally, the growing requirement is being fueled by the increased demand for laboratory furniture in hospital laboratories.
Laboratory Furniture Market Restraint
- The small group or individual restrictions caused by the product's high price are impeding the market's expansion.
Technologies are developing quickly. Science parks and hubs are being developed as a result of the market expansion brought about by scientific advancement. The drawback of this is that as more and more personnel are compelled to work in smaller places, rising real estate expenses could constrain or obstruct the market for laboratory furniture. The potential of trade tariffs is another danger affecting the market growth for laboratory furniture. Many furniture businesses, particularly in North America, import furniture products and raw materials from China. Recently, North America saw a surplus of commodities imported from China compared to a severe deficit of items exported.
This was bad news for the North American economy because it raised the Section 301 Tariff rate on imports from China from 10% to 25%. While businesses who produce their laboratory furniture from locally sourced raw materials are unaffected, it is not good news for other market participants in the laboratory furniture sector. The tariffs will have a negative effect on furniture producers who import raw materials, which will restrict the expansion of the laboratory furniture sector. Local players who must deal with the rising costs of domestic stainless steel can also see the indirect consequences of tariffs. Chinese material suppliers will suffer as a result of the harsh tariffs. Chinese exporters will have to shut down or consider other options as a result of the growing taxes. China is one of the biggest exporters of laboratory furniture components; therefore, this will undoubtedly have a negative impact on the market and impede its expansion.
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Laboratory Furniture Market Competitive Landscape
Many businesses are putting their attention on organic growth techniques including product launches, product approvals, and other things like patents and events. Acquisitions and partnerships and collaborations were examples of inorganic growth tactics that were observed in the market. These actions have made it possible for market participants to increase their clientele and business. With the increasing demand for laboratory furniture on the worldwide market, market players in the laboratory furniture market can anticipate attractive growth prospects in the future.
Laboratory Furniture Market Top Company Profiles
- Waldner
- Kewaunee Scientific Corp
- Labconco Corporation
- Thermo Fisher Scientific Inc.
- Mott Manufacturing Ltd.
- Esco Group
- Terra Universal Inc.
- Labtec LLC
- Lab Furniture And Fume Hoods Inc.
- LOC Scientific Inc.
- A.T. Villa Inc.
- Sheldon Manufacturing Inc.
- Formaspace
- PSA Laboratory Furniture
- Hamilton Scientific
- Lab Design & Equipment Inc.
- Lab Crafters Inc.
- NuAire Inc.
- IAC Industries Inc.
- HEMCO Corporation.
Laboratory Furniture Market Recent Developments
- In January 2022, the go-to-market channel approach used by Kewaunee Scientific Corp to sell and distribute its products has changed. Historically, Kewaunee has sold its goods domestically via a network of dealers and wholesalers. With its two biggest dealer partners, Nycom and ISEC, two of the best specialty subcontractors in the business, it has long-term contracts in place. Beginning immediately, Nycom and ISEC will provide coverage for the regions where Kewaunee has previously marketed direct.
- In July 2021, the international division of US-based Kewaunee Scientific Corporation and Schneider Electric have announced a strategic partnership. The partnership will accelerate Schneider Electric's digital transformation efforts and the adoption of cutting-edge technology in the life sciences, healthcare, diagnostic, and other markets that demand high-performing laboratories. To enable the efficient management of smart labs over their whole existence, Schneider Electric and Kewaunee International will start their operations to traverse across the full lifecycle of laboratories from design, build, operation, and maintenance.
Laboratory Furniture Key Market Trends
- Increase in greener labs to influence laboratory furniture features. One of the key reasons impacting the new trends in the laboratory furniture market is the positioning of green labs to optimize solar gain in the winter and minimize interior heating in the summer. In this setting, there is a great need for energy recovery systems and sustainable furniture that can lower costs and improve the design of environmentally friendly laboratories. As the demand to reduce energy consumption spreads across the research sectors, temperature-controlled storages and freezers are becoming an essential component of laboratory equipment. Furthermore, market players are projected to include cloud-based solutions for temperature control and real-time monitoring into laboratory furniture.
- Manufacturers of laboratory furniture are using more eco-friendly materials as a result of rising environmental consciousness. A significant and ongoing trend that will continue to have an impact on the expansion of the laboratory furniture market is the growing use of environmentally friendly materials like stainless steel, which not only extends the life of the furniture but also makes recycling possible. In addition, less volatile and expensive solvent-free powder coatings are becoming increasingly popular in the market for laboratory furniture.
Laboratory Furniture Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Laboratory Furniture Market Analysis, the increased establishment of research and development centers by various businesses and educational institutions throughout the world serves as a driver for the market's expansion. Increase in greener labs and use of eco-friendly material to leave a positive impact on the growth of global laboratory furniture market.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 1856.25 million |
| Market size value in 2031 | USD 2459.42 million |
| Growth Rate | 3.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Laboratory Furniture Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Laboratory Furniture Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Laboratory Furniture Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Laboratory Furniture Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Laboratory Furniture Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Laboratory Furniture Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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