The global laboratory furniture market size is expected to showcase considerable growth owing to the increasing need for research and development for various industries in the foreseeable future. This information is published by Fortune Business Insights in its report, titled “Laboratory Furniture Market, 2023-2030“. The rapidly growing chemical industry worldwide is generating high demand for furniture products. For example, in March 2019, the European Chemical Council data stated that the global chemical industry contributes around USD 5.7 trillion to the world GDP.
Fortune Business Insights™ lists out all the laboratory furniture market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- PSA Laboratory Furniture LLC
- FRIATEC GmbH
- GE Healthcare Services
- Mott Manufacturing Ltd
- Kewaunee Scientific
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What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Driving Factor
Growing R&D Sector to Surge Product Demand Worldwide
Various industries across the globe are rapidly establishing research and development facilities for the purpose of innovation and development. Moreover, certain industries such as chemical, pharmaceutical, cosmetics, and personal care require the presence of specialized laboratories to conduct research. Therefore, the high consumption by end-user industries of the product shall result in laboratory furniture market growth.
The education facilities worldwide are also generating a high demand for the product. For instance, in August 2020, the India brand equity Foundation announced that the education sector in India stood at a value of USD 91.7 billion in terms of revenue in 2018.
Regional Insights
Rising Investments for Military Research in North America to Aid Growth
North America is expected to hold a substantial laboratory furniture market share in the foreseeable future. This is due to the rising investment in military research centers in the region. For instance, in February 2020, the International Institute of strategic studies data estimated that the United States has spent around USD 684.6 billion for its military and defense. Search intensive investment is expected to generate high demand for the product.
Asia Pacific is projected to hold a considerable market share in the forthcoming years. This is due to the presence of personal care appliances and the pharmaceutical sector in the region. For instance, in 2019, India brand equity Foundation reported that the pharmaceutical market revenue stood at a staggering USD 20.03 billion. Moreover, the presence of large manufacturing bases of pharmaceuticals in India and China contributes highly to the market growth.
Market Segmentation
By product type, the market is segmented into tables & storage cabinets, stools & chairs, and others. On the basis of application, the market is divided into educational institutions, medical, research and development centers, and others. On the basis of quality, the market is categorized into low, mid-range, and premium. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Competitive Landscape
Industry Leaders Invest in Technological Advancement to Amplify Their Business Prospects
The competitive landscape of the market for laboratory furniture enlightens us with details on prominent players of this industry. Technological advancement by key players is being researched to gain traction in the market. Several market giants are also collaborating on production facilities to expand their business horizons. Some companies are also using awareness campaigns to strategically introduce their products in regions with minimal awareness to expand their horizons. Several more strategic collaborations, acquisitions, partnerships, product launches, technological advancement, and others are spread across the market horizon of this product.
The Global Laboratory Furniture Market Research/Analysis Report Contains Answers to your following Questions:
- Which Manufacturing Technology is used for Laboratory Furniture? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Laboratory Furniture Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Was Global Market Status of Laboratory Furniture Market? What Was Capacity, Production Value, Cost and PROFIT of Laboratory Furniture Market?
- What Is Current Market Status of Laboratory Furniture Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Laboratory Furniture Market Trends by Taking Applications and Types in Consideration?
- What Are Projections of Global Laboratory Furniture Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
- What Is Laboratory Furniture Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact On Laboratory Furniture Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Laboratory Furniture Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Laboratory Furniture Industry?
Industry Development:
- March 2020: Lab Crafter, a laboratory furniture manufacturer was recently acquitted by Huron Capital. This is expected to generate new avenues of profit for the latter.
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