Laboratory Furniture Market: Overview
The market size for laboratory furniture was USD 914.2 million in 2021, and throughout the forecast period, it is expected to expand at a CAGR of 6.1 percent. Laboratory furniture is gaining more traction due to the quick expansion of innovation, development, and research across numerous industries. The ability to endure chemicals, wetness, and impact, being ergonomically constructed to make the task easier, and helping to utilize space effectively are some characteristics promoting laboratory furniture use. The positioning of green labs to maximize solar advantage during the winter and reduce indoor heating during the summer is one of the key factors influencing the emerging trends in the laboratory furniture market. According to a recent study conducted in 24 countries, 58% of adults are more aware of their environmental influence, and 85% are ready to take personal action in 2021 to address environmental and sustainability issues. Demand for energy recovery systems and sustainable furniture that allows for cost savings and developments in the design of environmentally friendly laboratories is also being seen in the market for laboratory furniture. The use of eco-friendly materials by manufacturers of laboratory furnishings has also increased due to growing environmental consciousness.
Moreover, a significant and ongoing trend that will continue to impact the development of the laboratory furniture industry is the expanding use of sustainable materials like stainless steel, which not only increases the life of the fixtures but also allows for recycling. In addition to this, there are many benefits connected with laboratory fixtures, such as the ability for business lab professionals to benefit from highly customized workstations that properly support their essential on-the-job duties. Lab equipment is also ergonomically designed to keep technicians in supported and comfortable positions and lower the danger of repetitive stress injuries. Additionally, we may entirely design each workstation thanks to modular laboratory fixtures to support technicians in their activities. The aforementioned advantages so significantly contribute to the expansion of the market.
The necessity for the product increases as more and more organizations across the globe build their research and development facilities for product invention and development. The market has grown as a result of increasing product consumption by educational institutions all over the world. In August 2020, the India Brand Equity Foundation report stated that there are 993 universities and 39,931 colleges in India as of 2019. The 2018 fiscal year's anticipated value of the educational sector is USD 91.7 billion. The need for the goods is also driven by the rising demand for laboratory furniture in medical laboratories.
Laboratory Furniture Market: COVID-19 Impact
Despite the increase in sales, the market experienced a sharp decline because of COVID since production locations and, consequently, the consumption process was shut down. Lockdowns and strict social isolation regulations drove people to stay indoors, and the production canvas captured the result. Only the maintenance and periodic check-ups added to the overall market income. In summary, COVID significantly negatively impacted the laboratory furniture market, particularly in Q2 and Q3. However, reopening industries and other factors ensures that the market catches up to its growth trajectory as quickly as feasible.
Laboratory Furniture Market: Drivers
Government Support for Expansion Universities and Colleges Facilitates Laboratories to Increase Product Demand
The development of laboratories and rising government spending on education drive school and college administrations to buy lab furniture. The government is providing more money to build out the medical infrastructure. One of the main factors driving the increase in demand for laboratory furniture is expanding the medical infrastructure. For instance, the "Modernizing Schools with Science Laboratories in Primary Education" initiative was declared complete by the European Commission. The construction of laboratories in primary and secondary schools is estimated to cost roughly 5 million euros. The market for laboratory furniture is anticipated to grow in the near future due to this type of investment.
Increase in Number of Safety Rules is Driving Market’s Growth
As safety regulations become more stringent, there is a growing need for laboratory testing services. The need for lab-tested products is also fueled by the increased frequency of health problems and the hygienic requirements of a growing elderly population. Various governments have passed safety standards and rules for product quality and durability due to increased consumer awareness about product quality and demand for products that have undergone laboratory testing worldwide. The ability of laboratory furniture to endure chemicals, moisture, and impact is among the characteristics that support its use. These pieces of contemporary furniture are also specifically made to facilitate work and help make the most use of available space.
Laboratory Furniture Market: Restraints
Higher Cost of Laboratory Furniture to Restrict Market’s Growth
The product's high price discourages individuals and small groups from buying it, limiting the market's expansion. Since the test is expensive, not everyone can afford it, hindering its expansion in the global market. Any chemical laboratory's present furniture must be replaced or purchased, which requires a significant financial commitment. Additionally, laboratory furniture is quite pricey and durable. This causes many laboratories to have relatively extended replacement cycles, which lowers the demand for laboratory furniture. Throughout the anticipated period, concerns regarding data security and privacy are anticipated to pose a threat to the market for laboratory furniture services.
Laboratory Furniture Market: Segment Overview
Lab Cabinet to Dominate Market due to Increased Laboratory Apparatus
The Lab Cabinet is anticipated to see the largest CAGR for the forecast period. A lab cabinet is a mobile storage device used in labs to keep chemicals, reagents, kits, and other equipment organized. It is also known as a glass rack or a test tube rack. The length of the cabinet is determined by the amount of room inside the lab. Lab cabinets can be constructed to order and are composed of various materials, including metal, plastic, and wood. Metal welded tubular steel, modular steel, or epoxy powder-coated steel are used to make lab furniture. Metal is resilient, long-lasting, and resistant to abrasions, chemicals, and corrosion. Additionally, there are a variety of materials and height options for laboratory seats. Lab stools with 360-degree pneumatic height adjustments are also perfect for medical establishments and academic labs.
With Increase in Number of Academic Institutions, School and Colleges Laboratories to Dominate Market
The school and college segment is anticipated to have the largest growth rate for the forecast period. Growing government spending on R&D facilities worldwide may be the cause of this. Additionally, during the projection period, it is anticipated that the growing demand for laboratory fixtures by colleges and universities will increase. These types of furniture are widely utilized in academic institutions and universities across the globe because they need high-tech tools to effectively instruct college students while simultaneously ensuring their safety. Microscopes, autoclaves, centrifuges, spectrophotometers, bioreactors, incubators, weighing scales, pipettes, beakers, mixers and shakers, and thermal cyclers are a few of the instruments used in laboratories and hospitals the most frequently.
Laboratory Furniture Market: Regional Landscape
North America to Acquire Major Market Share due to Increased Government Spending
The market to be dominated by North America throughout the projected period. The government of this region's increased military spending, which led to the expansion of military research facilities, greatly impacted the market's expansion. For instance, the United States has reportedly spent USD 684.6 billion on its military and defense, more than the top 10 militaries of other nations combined, according to data released in February 2020. A significant factor in the rise in consumption is the expansion of analytical and quality control checking centers that evaluate and certify whether a product meets the standards necessary for mass production. Additionally, a rise in grants from government institutions, such as the National Institutes of Health (NIH), to advance research initiatives is projected to promote market expansion. It is anticipated that investments in research will be attracted during the projected period due to the caliber and track record of companies that have operated in the region.
A significant presence in the personal care appliances market is predicted for the Asia Pacific due to the region's expanding pharmaceutical sector, which has led to an increase in laboratory research facilities and staff. The India Brand Equity Foundation predicts that India's domestic pharmaceutical sector will generate USD 20.03 billion in revenue in 2019, an increase of 18% from 2018. Furthermore, the development of the industry has been greatly influenced by nations like China and India, which have a sizable number of manufacturing facilities with on-site research labs. The Indian government funds educational initiatives that give kids the "thinking capabilities" they need to quickly pick things up. Successful integrated projects include the Innovator's Laboratory in Bengaluru and the Teacher Resource Laboratory project (TRL) in Uttar Pradesh.
Global Laboratory Furniture Market: Competitive Landscape
In June 2021, Mott Manufacturing purchased Saxton Bradley Inc.'s lab furniture section (SBI). SBI is a distributor of Mott's laboratory furniture and fume hoods in California, Washington, Oregon, Alaska, Hawaii, Nevada, Utah, Idaho, and western Montana for higher education, biotech/pharma, and government markets. SBI joined the Mott LAB distribution channel and is now known as Mott LAB West. Delivering dependable and efficient customer service from the initial planning stages through the final installation is the main objective of this purchase. In May 2021, with GD Lab Solutions' acquisition, Waldner expanded its international laboratory furniture line. Waldner makes fume hoods, room air controls, service supply systems, and laboratory furniture. Waldner specializes in wood-based laboratory furniture, while GD Lab Solutions specializes in steel-based furniture.
Few of the 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, Symbiote Thermo Fisher Scientific.
Global Laboratory Furniture Market is Segmented as Below:
By End User
By Distribution Channel
Key Elements Included In The Study: Global Laboratory Furniture Market
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