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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.
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