The global laboratory rack market is forecast to grow at a CAGR of 4.3% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A key trend which is helping boost market growth is increased customization. The choice of the type and size of the racks is largely based on the application and the process. With a broad range of laboratory racks to choose from, based on material, size, function, design, and flexibility, end-users have the freedom to choose what best suits their application. For specialized end-users, manufacturers have also begun designing and producing customized racks to meet specific customer requirements.
According to the report, a key growth driver is the rising R&D expenditure. With nations continuing to place emphasis on knowledge expansion and innovation, the trend of increasing spending on R&D will continue over the forecast period. The increase in R&D translates to expansion of research and testing facilities in sectors like healthcare and chemicals, which will ultimately lead to increased demand for laboratory racks over the forecast period.
Further, the report states that one challenge that could restrict market growth is insufficient scope for innovation. Given the nature of laboratory racks, the scope for innovation or changes is minimal.