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 News

  • 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.
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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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