Global Laboratory Furniture Market

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 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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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).

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. '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.'

The widespread establishment of research and development centers by various businesses throughout the world serves as a catalyst for the market's expansion.

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.

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.

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Global Laboratory Furniture Market

Report ID: SQMIG20I2034

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