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.
Fume Hoods Market: Drivers and Challenges
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.
Fume Hoods Market: Segmentation: Segmentation of the Market On the Basis of Fume Hood Type: Ductless, Ducted; Segmentation of the Fume Hoods Market On the Basis of End Use: Hospitals & diagnostic laboratories, Pharmaceutical & biotechnology companies, Academic & research laboratories, Others
Fume Hoods Market: Competition Landscape
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.
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