by The global laboratory furniture market, valued at USD 914.2 million in 2021, is set to witness robust growth, with a projected CAGR of 6.1% throughout the forecast period. This surge in demand is driven by several key factors that highlight the industrys resilience and adaptability.
Expanding Innovation and Research: Laboratory furniture is becoming increasingly indispensable in various industries due to the rapid expansion of innovation, development, and research activities. These furnishings are designed to withstand chemicals, moisture, and impact, making them ideal for diverse laboratory settings. Their ergonomic design enhances efficiency, while modular options allow for optimal space utilization.
Green Labs and Sustainability: The laboratory furniture market is also evolving in response to sustainability trends. Green labs, designed to maximize solar advantages in winter and reduce indoor heating in summer, are gaining popularity. A recent study in 24 countries revealed that 85% of adults are ready to take personal action to address environmental and sustainability issues. This growing awareness is driving demand for energy-efficient systems and sustainable laboratory furniture.
Sustainable Materials: The use of sustainable materials like stainless steel is a significant trend, increasing the lifespan of laboratory fixtures and promoting recycling. This not only aligns with sustainability goals but also contributes to the markets growth.
Customization and Ergonomics: Laboratory furniture offers highly customizable workstations that support essential tasks. Ergonomically designed equipment ensures the comfort and safety of technicians, reducing the risk of repetitive stress injuries. Modular laboratory fixtures enable efficient workspace design.
Growing Educational Sector: The expansion of educational institutions worldwide, with 993 universities and 39,931 colleges in India alone, is driving the demand for laboratory furniture. As governments invest in building research and development facilities, the market continues to grow.
COVID-19 Impact: The laboratory furniture market faced challenges during the pandemic, experiencing a decline in sales as production and consumption were disrupted. However, with industries reopening and adapting to new norms, the market is expected to recover its growth trajectory.
Government Support and Safety Regulations: Government investments in education and research facilities are a significant driver of laboratory furniture demand. Additionally, stringent safety regulations and increased awareness of product quality and hygiene requirements fuel the need for lab-tested products.
Challenges: The high cost of laboratory furniture may discourage some buyers, and concerns about data security and privacy pose potential threats to the market.
Segment Dominance: Lab cabinets are expected to dominate the market due to increased laboratory apparatus, while the school and college segment is projected to experience significant growth.
Regional Landscape: North America leads the market, driven by government spending and research initiatives. The Asia Pacific region, with its expanding pharmaceutical sector and educational initiatives, is also witnessing substantial growth.
Competitive Landscape: Key players in the laboratory furniture market include FRIATEC GmbH, GE Kewaunee Scientific, Healthcare Services, MERCI, s.r.o., LOC Scientific, PSA Laboratory Furniture LLC, Mott Manufacturing Ltd., WALDNER Laboreinrichtungen GmbH & Co. KG, and Symbiote Thermo Fisher Scientific.
The laboratory furniture markets future looks promising, driven by innovation, sustainability, and the growing need for well-equipped research facilities worldwide.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/laboratory-furniture-market
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This press release first seen on Brilad
COMTEX_442430650/2840/2023-10-25T09:54:55
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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