Massive Growth of Laboratory Furniture Market with High CAGR in Coming Years 202
Posted by srsuri on May 27th, 2019
Laboratory furniture is a specialized class of furniture molded for laboratory usage. Laboratory furniture is modular and utilizes a much more effective design for mobility compared to traditional furniture. Some laboratory furniture is made of a special type of material which prevents the growth of bacterium, to maintain integrity of experiments. The laboratory furniture market is highly competitive and fragmented. The market is also marked by the presence of large number of regional and global vendors. The vendors compete with each other based on price and product differentiation with unique value propositions offered by each of them.
There are many factors driving the global laboratory furniture market. The growing demand for ergonomically designed and adjustable furniture is expected to be a major driver of the market throughout the forecast period. The growing awareness about the ill effects of badly designed furniture on the back and neck (as consumers become more health conscious) is also expected to boost the growth of the market. Moreover, increasing disposable income and schools around the world are expected to further add to the market growth. Also, the proliferation of new teaching models like blended learning and flip classrooms are also anticipated to propel the market.
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There are however some factors restraining the growth of the market. High initial investment required to purchase or replace existing furniture is expected to be a major restraint of the market throughout the forecast period. Major opportunity in the market exists with technological advancements in materials used to make such furniture. Development of eco-friendly laboratory furniture is further expected to open new doors of opportunity in the market.
The global laboratory furniture market can be segmented on the basis of product type, application, and geography. On the basis of product type, the market can be segmented into workstation, seating, fume hoods and others. On the basis of application, the market can be segmented into higher education and K-12. The K-12 sub-segment is expected to hold a major share of the market. This is due to the steady enrollment of students which will likely accelerate more construction activity in the academic segment. Certain initiatives like Next Generation Science Standards (NGSS), Common Core State Standard (CCSS), and Connect-Ed by the U.S government now require institutions to change their education strategy and process.
On the basis of geography, the laboratory furniture market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold a major share of the total market, with the U.S. providing most of the revenue owing to the presence of key market players. Also, demand for foldable and movable furniture from communication, critical thinking, and creativity classes in the region is further expected to add to the region’s market share. In terms of CAGR, the Asia Pacific market is expected to emerge as the fastest growing. This is owing to the rapidly growing medical research sector in the region. The market in Asia Pacific is also helped by the increasing investment in the region. South America and Middle East & Africa are expected to hold a minor share of the market but are expected to make large scale investments in future projects.
Major players in the global laboratory furniture market are Kewaunee Scientific Corporation, WALDNER Laboreinrichtungen GmbH & Co KG, Köttermann Gmbh & Co. Kg Labortechnik, Logitech International S.A., Mott Manufacturing Ltd., TEC-LAB Medicina Diagnóstica S/A and Symbiote, Inc. Other prominent market players include Integrated Laboratory Systems, Inc., Hanson Lab Furniture, Inc., PSA Laboratory Furniture, LLC, LOC Scientific, Inc. and HEMCO Corporation.Also See: Laboratory Furniture, Furniture Market, Global Laboratory, Asia Pacific, Market, Laboratory, Furniture
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