Global Laboratory Temperature Control Units Market: Overview
A temperature control unit is typically used to preheat an industrial process and maintain the desired temperature. Laboratory temperature control unit systems offer rapid heating and cooling rates for fast compensation of external events.
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Key Driver of Global Laboratory Temperature Control Units Market
- Temperature control units have become an integral part of pharmaceutical, biotechnology, life science, and food & beverage industries, primarily to hold or maintain the temperature of desired components for sample solutions and all types of testing. Hence, demand for laboratory temperature control units largely depends on the expansion of life science and food & beverage industries. Rapid expansion of the life science industry has been witnessed in emerging markets. This is projected to be a key driver of the global laboratory temperature control units market.
- According to world industry outlook, the global pharmaceutical market is projected to reach US$ 1.2 Trn by 2024, expanding at a CAGR of 4.4% from 2016 to 2024.
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Key Restraints of Global Laboratory Temperature Control Units Market
- Large number of players are operating in the global laboratory temperature control units market offering a wide range of temperature control units at competitive prices
- The global laboratory temperature control units market is fragmented, owing to the presence of a large number of regional/domestic players in each major region. Domestic players offer a wide range of laboratory temperature control units at lower prices, as compared to those offered by leading international players.
- Hence, these players offer multiple buying options to end-users in price sensitive markets and account for a key share of the market in respective regions. Therefore, leading global players face difficulty to launch high-end quality units, such as circulators with latest technologies, and penetrate in price sensitive markets.
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North America to Account for Major Share of Global Laboratory Temperature Control Units Market
In terms of region, the global laboratory temperature control units market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America is projected to dominate the global market during the forecast period. Large base of biotechnology and pharmaceutical companies, well-established health care facilities with latest and updated laboratory technologies and equipment, and a large burden of biological sample processing in diagnostics laboratories are key factors contributing to the high market share held by North America in the global laboratory temperature control units market.
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Key Players Operating in Global Laboratory Temperature Control Units Market
Major players operating in the global laboratory temperature control units market include:
- JULABO GmbH
- Huber Kältemaschinenbau AG
- TSI Incorporated
- Huber GmbH
- Grant Instruments
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