Laboratory Furnaces Market: Introduction
Laboratory furnaces are convection appliances that are widely used across manufacturing and scientific industries for various applications such as annealing, sterilizing, evaporation, polymer treatment, and solvent removal. As time has progressed, advancements in the features of laboratory furnaces have been implemented, which have boosted the adoption of the same across multiple industries. Laboratory furnaces are available in various configurations or form factors, such as box, split tube, and tube furnace configurations, with an intention of catering to the varying demands of end users. Besides manufacturing and research industries, a decent adoption of laboratory furnaces has also been witnessed across metal, mining, and oil & gas industries.
The laboratory furnaces market has witnessed considerable traction during the past four years in terms of value. However, due to the increasing adoption of digital measuring technology and equipment, globally, the laboratory furnaces market is expected to exhibit a low single-digit growth rate during the forecast period.
Laboratory Furnaces Market: Dynamics
The increasing automation in developed and various developing countries such as the U.S., the U.K., Germany, China, Japan, and India has boosted the adoption of automated electronic measurement instruments and equipment. This has driven the market for laboratory furnaces as well. Additionally, the initiatives taken by various educational institutes, enterprises, and organizations to invest in research and development are also assisting the adoption rate of laboratory furnaces in the respective global markets. An increased demand for digitalization is also an impelling factor for the growth of the global laboratory furnaces market, in terms of value.
The increasing implementation of advanced technologies to offer laboratory furnaces with enhanced features, and expansion of product portfolios by launching multiple laboratory furnaces are recent trends being witnessed amongst laboratory furnace manufacturers in the market.
However, in contrary to the above situation, the high costs of large volume laboratory furnaces, and the absence of resources across various under-developed and developing countries for the establishment of various research and manufacturing institutes are turning out to be the primary restraining factors for the global laboratory furnaces market.
Laboratory Furnaces Market: Segmentation
On the basis of type, the laboratory furnaces market has been segmented as:
On the basis of configuration type, the laboratory furnaces market has been segmented as:
On the basis of industry vertical, the laboratory furnaces market has been segmented as:
Laboratory Furnaces Market: Key Players
Some of the key players in the laboratory furnaces market are Thermcraft Incorporated, CM Furnaces Inc., Thermo Fisher Scientific, Carbolite Gero Ltd., Spectrum Chemical Manufacturing Corp., LAC s.r.o., Cole-Parmer Instrument Company, LLC, Nabertherm GmbH, Humboldt Mfg. Co., MagmaTherm, Abbott Furnace, and various others.
Various manufacturers are focusing on expanding their sales and strengthening their position in the global laboratory furnaces market by partnering with various end customers, globally. For instance, in May 2017, Thermcraft Incorporated collaborated with the U.S. aerospace industry for supplying its laboratory furnaces across the U.S. Air Force and across relative industries in the region.
Laboratory Furnaces Market: Regional Overview
By geography, the laboratory furnaces market has been segmented into North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and Others in Asia Pacific, and the Middle East & Africa. Among these regions, North America is expected to dominate the global laboratory furnaces market during the forecast period, due to the presence of various market players, multiple universities adopting laboratory furnaces, and high research & development activities in the region, especially across the U.S. Europe and Asia Pacific (including China and Japan) are next in the global laboratory furnaces market.
Asia Pacific (including China and Japan) is expected to exhibit the highest growth rate during the forecast period, owing to the increasing establishment of manufacturing industries and research & development laboratories in the region. Besides this, Latin America is expected to witness a considerably moderate growth rate during the forecast period.
The report covers exhaustive analysis on:
Regional analysis includes:
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 segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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