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Technavio’s market research analyst predicts the global vacuum ovens market to grow at a CAGR of around 8% during the forecast period. The rise in laboratory spending is driving the growth of the vacuum ovens market. The global spending on laboratory equipment is expected to increase by 2% across a range of sectors such as healthcare and academia. The growth is expected to arise from countries such as India and China wherein the governmental support and economic growth has fueled new equipment and upgradation spending.
The growth of the cannabis industry is also expected to fuel the growth of the market during the forecast period. Vacuum ovens can be used to remove solvents from cannabis. Professional extractors in the cannabis industry are increasingly driving demand for vacuum ovens. For instance, during August 2015, Cascade Botanical introduced the TVO-2 and TVO-5 vacuum ovens, specially designed for the workflow of professional cannabis extractors. These vacuum ovens have an advanced temperature controller offering new functions and features with the existent temperature protection.
The Americas was the biggest market for vacuum ovens, accounting for around 40% of the market shares during 2014. This research report predicts the market in this region to grow at a CAGR of around 7% during the forecast period. Replacement demand for lab equipment is expected to be the key driver for the growth of the market in the developed countries of the region.
The vacuum ovens market is moderately fragmented with the presence of large and small-sized providers. The report predicts the competitive environment in this market to intensify further with an increase in product/service extensions, and technological innovations. A number of international players are expected to expand their presence worldwide through acquisitions during the forecast period.
The top five vendors in the market are –
Other vendors in the market include Accumax India, BINDER, Cascade TEK, ESPEC, Grieve, JEIO, SalvisLab Renggli, Shanghai Hasuc Instrument, Ted Pella, and Yamato Scientific.
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Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
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Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
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