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The rapid growth in innovation, development, and research of various industries is helping to increase traction for laboratory furniture. Some of the factors encouraging the usage of laboratory furniture are has the capability to withstand chemical, moisture, and impact, are ergonomically designed to make the work easier, and assist in utilized space efficiently. The increasing growth of the global chemical industry resulting in the escalating opening of new testing and refining laboratories has resulted to increase the need for the product. For instance, according to the European Chemical Council data published, March 2019, is stating that the global chemical industry has a contribution of USD5.7 trillion to the world GDP. Additionally, The rising usage of the product in archaeological examining facilities is likely to fuel the demand for the product.
Various types of companies around the world increasingly establishing their own research and development facilities for product innovation and development upsurge the need for the product. The rising consumption of the product by educational institutions around the world has positively impacted the market growth. For instance, according to the India Brand Equity Foundation August 2020, is declaring that in 2019 India has 39,931 colleges and 993 universities, and the educational sector is estimated to be worth USD 91.7 billion in the financial year of 2018. Additionally, the escalating demand for laboratory furniture in hospital laboratories is assisting to upsurge the need for the product.
Nevertheless, the high cost of the product repelling individual and small group to purchase the product is acting as a restraining factor for the market growth.
Key Market Driver -
The popularity of establishing of research and development center by various companies across the globe act as a driving factor for the market growth.
Key Market Restraint -
The high cost of the product restraining small group or individua is hampering the growth of the market.
PSA Laboratory Furniture LLC, FRIATEC GmbH, GE Healthcare Services, Mott Manufacturing Ltd, Kewaunee Scientific, and others are the key companies operating in the global laboratory furniture market.
The laboratory furniture market is segmented into product type, end-user, quality, and geography.
On the basis of product type, the market is fragmented into tables and storage cabinets, stools & chairs, and others(IPS Unit, Pedestal). Tables & storage cabinet are anticipated to be the largest market shareholder owing to consumers giving high priority for the placement of their laboratory tool for current and after use to avoid any damage that could occur.
Based on application, the market is grouped into educational institutions, medical, research and development centers, and others(military and pharmaceutical). Research and development centers are projected to be the prominent market on an account of various types of industries investing more in research, innovation, and enhancement of their current products.
By quality, the market is divided into low, mid-range, and premium. Premium quality is estimated to be the leading segment owing to a large number of commercial consumers possessing high purchasing power who prefer long-lasting high-quality products over low or mid-range quality.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is evaluated to be the prominent market shareholder and is anticipated to continue throughout the forecast period of 2020-2027. The government of this region investing more on its military leading to the rising construction of military research centers has a significant influence on the market growth. For instance, according to the International Institute for Strategic Studies data issued, February 2020, is proclaiming that the United States has made a spending USD 684.6 billion in its military and defense which is considered to be larger than the top 10 ten militaries of other countries. Additionally, the increasing number of analytical and quality control checking centers that analyzed and certify whether a product attains the quality required for mass production has a crucial contribution to the increasing consumption.
Asia Pacific is assessed to exhibit a substantial presence in the personal care appliances market owing to the rising growth of the pharmaceutical industry resulting in to increase in laboratory research facilities and employees. For instance, according to the India Brand Equity Foundation, India’s domestic pharmaceutical market revenue is estimated to be worth USD 20.03 billion in 2019 which is a rise of 18 percent from the prior year. Furthermore, countries such as India and China possessing a large number of manufacturing plants that have their own research laboratories have played a vital role in the market growth.
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