LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global cleanroom storage cabinet market to grow at a CAGR of close to 5% during the forecast period, according to their latest report.
The report further segments the global cleanroom storage cabinet market by end-user (medical and semiconductor) and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global cleanroom storage cabinet market:
- Rising investments in the healthcare industry
- Growth of defense and aerospace sector globally
- Demand for consumer electronics driving growth of semiconductor industry
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Rising investments in the healthcare industry
The healthcare industry is one of the fastest-growing industries across the globe and is expected to expand considerably during the forecast period. The healthcare industry comprises different medical fields, including hospitals, pharmaceuticals, biotechnology, and life sciences. Cleanrooms are an important part of the healthcare industry to maintain a contaminant-free environment while manufacturing drugs and medical devices. The increasing emphasis on improving medical care and treatment available to the public is expected to have a positive impact on the investments in cleanrooms in the healthcare industry.
According to Neelesh Prakash Singh, a lead analyst at Technavio for power research, “The rapidly aging population and widespread prevalence of diseases has been assisting the growth of the healthcare industry. Since all medicines are manufactured within cleanrooms, the demand for new medicines and increased spending on generic drugs will drive the need for cleanrooms. Generic drugs are particularly popular in developing economies, where branded drugs may not be affordable for a large section of the society.”
Growth of defense and aerospace sector globally
The aerospace sector is driven by lower commodity prices such as crude oil as well as the increase in passenger air travel demand from the Middle East and APAC countries. Besides, there has been an increase in production of commercial aircraft in 2017.
Owing to the improving global economic conditions in 2017, there has been strong demand for the commercial aviation sector that is expected to be driven by the reduction in corporate tax. It is expected that the long-term demand will be 40% higher than current production rates. Thus, the defense and commercial aerospace sector is expected to grow during the forecast period, which augurs well for the growth of the cleanroom storage cabinet market.
Demand for consumer electronics driving growth of semiconductor industry
The consumer electronics industry is one of the biggest end-users of semiconductors and has witnessed rapid evolution over the past two decades. The advances in semiconductor and electronic technology have made them more affordable to a greater number of consumers. This has led to increased spending on electronic gadgets and devices. Smartphones and other consumer devices such as tablets, smartwatches, notebooks, cameras, and TVs are the major factors driving the market for electronic devices that directly affect the semiconductor industry.
“Consumer electronics consist of miniature integrated chipset units using semiconductors that are used in device components such as microprocessors, storage, memory, and other electronic modules. These electronic components are manufactured within cleanrooms that adhere to the highest standards of cleanliness and environmental isolation for defect-free manufacturing. The growing demand for consumer electronics will have a positive impact on the demand for cleanrooms for semiconductor manufacturing,” says Neelesh.
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