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: Benchtop Laboratory Furnaces, Cabinet Laboratory Furnaces, Walk-in Laboratory Furnaces; On the basis of configuration type, the laboratory furnaces market has been segmented as: Ashing Laboratory Furnaces, Muffle Laboratory Furnaces, Box Laboratory Furnaces, Tube Laboratory Furnaces, Customized Laboratory Furnaces; On the basis of industry vertical, the laboratory furnaces market has been segmented as: Metal & Mining, Manufacturing, Oil & Gas, Education, Government, Chemicals, Research, Others
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.
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