According to a recent study from market research firm Global Market Insights, The global laboratory temperature control units market is projected to observe tremendous expansion over the coming years due to increasing product demand across a number of major industries such as chemical, F&B, plastics, packaging, and hospitals.
Temperature control units market projected for vast expansion
With growing coronavirus cases, medical researchers and scientists are working to discover an effective cure and formulate novel vaccines, medicines, and therapeutic courses. Precise and consistent temperature control is regarded as a highly critical parameter across almost all domains of medical research.
This is creating a lucrative growth opportunity for the laboratory temperature control units market from an array of research and development. in April 2020, JULABO, a renowned German temperature control manufacturer, has announced that it would be offering its help to enterprises that are fighting the crisis by providing temperature control expertise and products, making their own contribution towards the fight against the coronavirus.
In terms of product, the laboratory temperature control units market is classified into laboratory chillers, laboratory circulators, laboratory temperature controllers, laboratory thermostats, and others. In 2019 the laboratory chillers segment held an overall valuation of more than $140m (~€118m) as they are used extensively across research/medical institutions. This product segment is further estimated to foresee similar revenue expansion owing to its increasing adoption across laboratories.
With respect to end-use, the laboratory temperature control units market is bifurcated into a number of different industries, including hospitals, food and beverage, pharma and biotech, and chemical, among others.
Temperature control units are observing increasing demand from the packaging sector since they are used to maintain temperatures and process time lengths of equipment. Various machines such as shrink wrap tunnels, glue applicators, hot melt functions, and seal bars need to work at a designated temperature to function, which creates ample demand for temperature control units in the industry. The product regulates operations accurately in an effort to ensure a product output that is high-quality.
Considering the expanding application scope of these units, a number of industry players in the market are making active efforts to launch new products with advanced features.