Laboratory Chillers Market REPORT OVERVIEW
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The global laboratory chillers market size was USD 312.5 million in 2021 and is projected to touch USD 488.68 million by 2031, at a CAGR of 4.6% during the forecast period.
Laboratory chillers extract heat from one object and relocate it to another, typically through mediums of a liquid. Popularly recognized as refrigerated recirculating liquid cooling system, as it is inclusive of a compressor, condenser, evaporator, pump, and temperature regulator, all in one system. Furthermore laboratory chillers cool and preserve temperatures through one of three main methods. Compressor cycling, related to thermostatic temperature mechanism, upholds a preferred temperature by switching the cooling engine on and off.
Moreover, the product is segmented into two types. Firstly, water cooled laboratory chillers is one of the types of chillers that removes heat from it to cool the water used in projects or industrial or domestic structures and re-enters the water into the operation cycle. With the usage of humid air stream. On the other hand, second type in the laboratory chillers market is the air cooled chillers which are a kind of refrigeration procedure made for cooling fluids and functions in cooperation with a premise’s air handler system.
COVID-19 Impact: Rise of COVID-19 Inclines Demand of Chillers in the Medical Industry
On a global scale the COVID-19 pandemic massively and negatively impacted every market, except the medical industry which also kept a flowing increase for the product. This was accounted because, the product is applicable in several medical applications such as medical pharmaceutical lab, research lab and commercial labs. Moreover, as COVID-19 continued to spread worldwide, the medical industry concentrated upon understanding the virus and focused on generating a vaccination. This factor surged the demand for the product because, it consumed in equipment cooling, MRI machines, CT scanners, blood cooling systems, biograph systems, radiation therapy machines, linear accelerator and lasers. Furthermore, these listed equipment were vital and widely consumed in each pharmaceutical company in developing a vaccine to control and minimizing the spread of the virus. Hence, increased the demand for the product during the pandemic.
LATEST TRENDS
"Hot-Gas Bypass Innovation Revolutionizes the Product"
The introduction of hot gas bypass to the product, enhances its productivity and efficiency in a less stressful functioning to the mechanism. As this innovation is a benefitting factor, because it can provide higher relative energy efficiency and boosted compressor life. The main use of hot gas bypass is manipulating the compressor of the chiller, to make it think there’s a load on it when there is not. Furthermore, a hot-gas bypass strengthens the chiller compressor to remain on functioning continuously rather than conduct hundreds of restarting cycles.
Laboratory Chillers Market SEGMENTATION
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- By Type
Based on type; Water cooled and air cooled laboratory chillers
- By Application
Based on application; Medical pharmaceutical lab, commercial lab and research lab
DRIVING FACTORS
"Increasing Adoption of Air Cooled Chillers Boosts Market Growth"
It is popularly known that the product lets out heat they take in through either water cooled or air cooled chillers, and lets it out into the atmosphere. Moreover, air cooled record a higher demand due to their properties which outdo water cooled chillers. As it needs lesser maintenance, easier for installation and significantly consumes fewer amount of energy all in comparison with water cooled chillers. Furthermore, several companies adopt air cooled chillers as they work best in large areas with smaller chillers, this leads to more convenience for consumers in labs as they have more space available, and get highly efficient chillers. Hence, this adoption of air cooled chillers augment the laboratory chillers market growth.
"Application and Pricing of the Product Surges Sales and Market Growth"
This is accounted because the chillers applications are not as sensitive to temperature variations as those depending on ovens or freezers, and the products are cheaper in comparison with other lab equipment and systems. Moreover, as price is not the only factor the laboratory managers prefer and look forward to a certain amount of flexibility in obtaining chillers and have the accessibility of being able to purchase in bulk and some number of extra units in expectations of future purposes such as expanded consumption, customer preferences, demand fluctuations and government regulations. Hence, leading towards the growth of the laboratory chillers market share.
RESTRAINING FACTORS
"Issues with Temperature Control, Compressor and Other Factors Impedes Market Growth"
The product comes with several advantages which supports the consumers immensely on the other hand, achieving precise control on temperature setting and the wearing of compressors is the drawback. Since the product is mainly used in medical pharmaceutical, commercial and research labs which are always running and require equipment, which can withstand these conditions. Furthermore, with the disadvantages at hand, the chillers are unable to keep up with required increasing working hours as the compressor tends to overheats with the load and being constantly consumed. For companies to keep up with various and fluctuating market demands, they need to control factors such as ambient operating temperature, desired process temperature range, temperature control tolerance, process fluid type, process fluid pumping volume, process fluid supply pressure, and most important, the amount of heat to be dispersed from the procedure. It is recorded that, some chillers are unable to exhibit these required factors and force consumers to look for alternatives hence, impeding the market growth of the product globally.
Laboratory Chillers Market REGIONAL INSIGHTS
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"North American Clings Onto Highest Market Position Globally"
North American region leads in the laboratory chillers market, because of it had recorded as the most effected region of COVID-19. During that period the region focused all of its medical resources on retaliating the pandemic, which eventually lead to a spike in the demand for the product. As the pandemic passed on, this region had accounted for several new diseases so it’s still in development to control the infections and produce a constant demand for the product and continue hold leading region position in the market.
KEY INDUSTRY PLAYERS
"Companies Aim to keep up with Market Fluctuations "
The key market players to focus on internally developing and improving the chillers to be more productive and efficient to keep up with the growing market and its demand. As advancements in better compressors, sizeable chillers and improved storage in chillers, leading towards more attraction of consumers and increased overall market growth.
List of Market Players Profiled
- Thermo Fisher Scientific (U.S.)
- JULABO GmbH (Germany)
- Yamato Scientific (U.S.)
- PolyScience (U.S.)
- Peter Huber Kaltemaschinenbau (Germany)
- SP Industries, Inc (U.S.)
- Cole-Parmer (U.S.)
- VWR (U.S.)
- LAUDA-Brinkmann (U.S.)
- Zhengzhou Greatwall (China)
- BÜCHI Labortechnik AG (Switzerland)
- IKA group (Germany)
- Eyela (Singapore)
- Haskris (U.S.)
- Boyd Corporation (U.S.)
- LNEYA (China)
- Tek-Temp Instruments (U.S.)
- Filtrine (U.S.)
- Grant Instruments (U.K.)
- Termotek GmbH (Germany)
- Heidolph Instruments GmbH (Germany)
- ATC (India)
- Hanon Advanced Technology (India)
- Opti Temp (U.S.)
REPORT COVERAGE
This report is inclusive of the functioning and uses of the laboratory chillers. What are the trends set by it and its consumers, and the factors driving and restraining it in the market. Furthermore, this report highlights the leading region globally and how it has achieved that position, also showing key market players. The strategies and developments to grow the market globally.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 312.5 Million in 2021 |
Market Size Value By |
US$ 488.68 Million by 2031 |
Growth Rate |
CAGR of 4.6% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the laboratory chillers market expected to touch by 2031?
The global laboratory chillers market is expected to touch USD 488.68 million by 2031.
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What CAGR is the laboratory chillers market expected to exhibit by 2031?
The laboratory chillers market CAGR is expected to be 4.6% by 2031.
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Which are the driving factors of the laboratory chillers market?
Increasing adoption of air cooled chillers boosts market growth and application and pricing of the product surges sales and market growth
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Which are the top companies operating in the laboratory chillers market?
Thermo Fisher Scientific, JULABO GmbH, Yamato Scientific, PolyScience, Peter Huber Kaltemaschinenbau, SP Industries, Inc, Cole-Parmer, VWR, LAUDA-Brinkmann, Zhengzhou Greatwall, BÜCHI Labortechnik AG, IKA group, Eyela, Haskris, Boyd Corporation, LNEYA, Tek-Temp Instruments, Filtrine, Grant Instruments, Termotek GmbH, Heidolph Instruments GmbH, ATC, Hanon Advanced Technology, Opti Temp