How Has the Ultra-low Temperature Freezers Market Evolved Historically and What is its Current Size
The ultra-low temperature freezers market has seen considerable growth due to a variety of factors.
• The market size of ultra-low temperature freezers has been experiencing a stable increase over the past few years. It is projected to escalate from $0.91 billion in 2024 to $0.96 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%.
The growth witnessed in the past period is a result of heightened genomic research and technological advancements, an increase in R&D efforts for the introduction of new drug compounds, skyrocketing investment in life science R&D, expanding government initiatives, and a surge in the demand for food storage in ultra-low temperature freezers.
What Are the Future Growth Projections for the Ultra-low Temperature Freezers Market?
The ultra-low temperature freezers market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for ultra-low temperature freezers is predicted to experience robust growth, reaching $1.12 billion in 2029 with a 4.0% compound annual growth rate (CAGR).
The forecasted growth can be ascribed to the escalating demand for blood sample components, increasing governmental backing for research and clinical trials, and the need to transport the recently developed COVID-19 vaccines. Key trends expected during the forecast period include an emphasis on innovative products, technological advancements, strategic partnerships, offering ultra-low temperature freezers with connected service features, energy efficiency, application of the Internet of Things (IoT) in ultra-low temperature freezers, the use of portable ultra-low temperature freezers, v drive technology, and mergers and acquisitions.
What Are The Leading Drivers Of Growth In The Ultra-low Temperature Freezers Market?
The surge in the ultra-low temperature freezer market in upcoming years is significantly spurred on by the COVID-19 outbreak. In their exertions to develop a vaccine, scientists are relying heavily on these freezers and incubators to keep new COVID-19 samples, allowing for their retrieval and study as required to better understand this novel respiratory disease. For instance, the BINDER CO2 freezer is aiding in the preservation of COVID-19 samples for researchers and scientists. These freezers play a critical role in offering protective and anti-contamination components. Hence, the COVID-19 outbreak has played a significant role in promoting the growth of the ultra-low temperature freezer market.
What Are The Major Segments Within The Ultra-low Temperature Freezers Market?
The ultra-low temperature freezers market covered in this report is segmented –
1) By Type: Chest Freezers, Upright Freezers
2) By Application: Blood Components and Specimens, Organs, Pharmaceuticals, Forensic, Genomic Research, Other Applications
3) By End User: Bio-Banks, Pharmaceutical and Biotechnology Companies, Academic And Research Laboratories, Other End-Users
Subsegments:
1) By Chest Freezers: Horizontal Chest Freezers, Dual-Temperature Chest Freezers
2) By Upright Freezers: Single-Door Upright Freezers, Multi-Door Upright Freezers
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Which Trends Are Expected To Transform The Ultra-low Temperature Freezers Market?
Leading firms in the ultra-low temperature freezers market are striving to create innovative solutions to boost energy efficacy, improve temperature regulation, safeguard samples, and bolster sustainability activities. This is in response to an increasing need for dependable cold storage options in areas such as biopharmaceuticals, research, and clinical laboratories, driven by progress in drug development and cold chain logistics. The reliance on ultra-low temperature freezers and incubators by scientists is significant. During the pandemic, the efficiency of ULT freezers increased and less expensive -80oC freezers were predominantly used for cold chain management of RNA vaccines until administration. For example, Thermo Fisher Scientific, an American biotech product development firm, launched its TSX Universal Series ultra-low temperature (ULT) freezers in September 2023. These freezers were designed to augment temperature regulation and sustainability in labs. They are equipped with quick recovery times, enhanced temperature control, and Universal V-Drive technology, enabling them to accommodate various workflows and potentially reduce energy usage by 33%. This groundbreaking technology ensures precise control of temperature fluctuations and quicker recovery times post-door openings, maintaining samples at constant temperatures, which is essential for delicate biological materials.
Who Are the Key Players in the Ultra-low Temperature Freezers Market?
Major companies operating in the ultra-low temperature freezers market include:
• Thermo Fisher Scientific
• Eppendorf AG
• PHC Holdings Corporation
• Avantor Inc
• Haier Biomedical Co. Ltd
• BioLife Solutions Inc
• Azbil Corporation
• Helmer Scientific
• Binder GmbH
• Arctiko A/S
• Bionics Scientific Technologies (P) Ltd
• Remi Group
• Esco Group Of Companies
• Zhongke Meiling Cryogenics Co. Ltd
• Labxyi
• Zhejiang Iceshare Refrigerating Appliance Co. Ltd
• Labfreez
• Blue Star
• Godrej Appliances
• Antech Group Inc
• Mitsui & Co
• Haier Medical
• Acuma
• Biobase
• Arctiko
• Binder
• Labcold
• Fisherbrand
• Isotemp
• Stirling Ultracold Storage
• Helmer Scientific Inc
• Nuaire
• Telstar
• Emphor Dlas
What Is The Most Dominant Region In The Ultra-low Temperature Freezers Market?
North America was the largest region in the ultra-low temperature freezers market in 2024. The regions covered in the ultra-low temperature freezers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
