Laboratory Temperature Control Units Market Size

Laboratory Temperature Control Units Market Size

Laboratory Temperature Control Units Market size exceeded USD 514 million in 2020 and is expected to grow at 6% CAGR from 2021 to 2027.

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Rising necessity and demand for temperature control units in numerous industries including pharma and biotech, chemical, and food processing among others will boost the market growth. Besides this, increasing R&D expenditure, and technological advancement by several market contributors in temperature control unit industry will propel the market expansion during the forecast timeline.

The impact of COVID-19 on laboratory temperature control units market is observed to be substantial. According to a survey conducted by science advisory board in association with bioinformatics company COVID-19 lab tracker, many academic and pharma/biotech labs were shut down due to the growing concerns about the COVID-19 outbreak. Owing to these actions, the work of scientists was heavily affected in terms of loss of experiments and wastage of funding.

Laboratory temperature control units are the equipment used to regulate the temperature conditions during laboratory experiments. Laboratory temperature control units involve a variety of devices that regulate the temperature by either providing heat or removing the heat from the object.