In the past few years, fume hoods have been used rapidly to protect workers from harmful gases and particles. Fume hoods are ubiquitously used in pharmaceutical and biotechnology facilities, industrial shops, medical testing labs and private & university research labs and therefore, due to this factor, the fume hoods market is projected to witness robust growth during the forecast period.
Moreover, increasing government investments in the pharmaceutical industry coupled with rising collaborations in chemical industry and increased R&D budgets will fuel the growth of the global market during the forecast period.
Fume hoods are ventilation devices designed to limit the exposure to hazardous or toxic fumes and vapour or dust. The market has witnessed considerable traction in the past four years, in terms of value.
In addition to this, due to increasing adoption of fume hoods in almost all industry verticals, especially across regions where increasing establishment of laboratories is being witnessed, the concerned market is expected to exhibit single digit growth rate during the forecast period.
Drivers
Significant investments in research and development sector of various industries is the primary factor driving the growth of the fume hoods market. Also, growing demand for laboratory testing services and industry products is also creating potential growth opportunities for fume hoods providers. Furthermore, growing demand for high energy and resources for green and sustainability initiatives will also fuel the growth of the fume hoods market.
Apart from this, public and private spending on activities that aim to promote health and prevent diseases, including investments in structures and equipment, will also drive the growth of the fume hoods market. Also, these hoods are becoming an essential component of life science research, agriculture, biotechnology and pharmaceutical industries and due to this factor, the global market is expected to witness high growth rate during the forecast period.
Challenges
The high cost associated with fume hoods is the major factor hampering the growth of the concerned market. Several types of costs, such as installation, operation and maintenance costs, are incurred during the life span and limit the adoption of these hoods. Furthermore, existing approaches for improving performance and saving energy in fume hoods are complicated and costly to implement, which is also one of the major factors hampering the growth of the global fume hoods market.
Key Players
Some of prominent players in the global fume hoods market are Labconco, Esco Micro Pte Ltd., Erlab, Sentry Air Systems, Inc., Air Science USA LLC, NuAire, Köttermann GmbH & Co. KG, Terra Universa, , Esco Group, ACMAS Technologies, Royal Imtech, Azbil Corporation and Clean Air Products.
On the basis of geography, North America is expected to capture largest market share, in terms of revenue, in the fume hoods market owing to growing adoption of these hoods in various industries and the presence of various key manufacturers in the region.
Asia Pacific and Europe are also expected to capture substantial market share in the global fume hoods market owing to growing investments in the health care infrastructure in various countries of the region. Asia Pacific is also expected to witness high growth rate in global fume hoods market due to the presence of developing economies, boom in the biopharmaceutical industry and surge in the number of hospitals and research institutes in the region.
The market in MEA and Latin America is expected to witness high growth due to the significant investments being made in the research and development sector of various industries of the region.
The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Segmentation of the Market On the Basis of Fume Hood Type:
Segmentation of the Fume Hoods Market On the Basis of End Use:
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Fume Hoods Market
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