Valley Cottage, NY -- (SBWIRE) -- 03/21/2018 -- With widespread use in bioscience, material science, electronics, and industrial science, service laboratories are witnessing decent demand all over the globe. According to FMI's research, the service laboratory market is likely to grow at a steady pace throughout the forecast period 2016-2026.

Each high quality reliability maintenance programme requires a service laboratory not only for assessment of products but for resolution of the key manufacturing issues as well. Service laboratories typically serve as organisational units, which execute innovation management, and play a key role in quality processing and provide valuable insights into hidden failure mechanisms responsible for curtailed productivity.

Manufacturers, through their service laboratories, can identify the root cause of products' mechanism failure, design correction plans, and improve next generation versions of their products. The ultimate aim is to maximise the productivity and efficiently cater to consumer demands.

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Key Drivers: Global Service Laboratory Market

Material science is the top vertical currently driving the service laboratory market, since immense developments in oil and gas sectors.

Growing use of equipment such as SEM and TEM, and procedures such as secondary ion mass spectroscopy is the key factor driving the demand for service laboratory. SEM, TEM, dual beam systems, and FIB are identified as the key revenue generation points of the global service laboratory market.

Moreover, increasing number of machinery and tools in metallurgy sector is also fuelling the growth of service laboratory market.

The complexity of innovative functionality of circuitry and allied component packages is rising since the past few years, which is propelling the requirement for service laboratories.

Increasing number of research labs in the bio science field is also an important factor positively influencing the demand for service laboratory equipment.

Evolving semiconductor technology and rising trend of miniaturization of semiconductor, electronic, and mechanical chips is expected to escalate the demand for service laboratory during the forecast period.

However, high end medical devices and equipment have to undergo high custom duty and excise duty. These key macroeconomic factors are anticipated to restrict the market growth to a certain extent.

Current Market Trends

The service laboratory market is witnessing significant push from emerging economies, providing attractive opportunities to manufacturers from the key market regions across the globe.

Life science research is currently trending with novel applications of super-resolution fluorescence microscopy techniques. Various biotechnology and pharmaceutical companies, life science universities and colleges, and forensic laboratories are thus estimated to fuel the demand for service laboratory.

The applications of nanotechnology in biotechnology, pharmaceuticals, aerospace engineering, electronics, chemical manufacturing, and textiles are burgeoning with the advent of research technology. This will also bolster the market of service laboratory.

Another highly influencing trend, especially for material science, includes the growing research interests in nano-crystalline solids.

Global Service Laboratory Market: Segmentation

FMI's research offers a 10-year forecast for the global service laboratory market, segmenting it on the basis of product, application, and geography.

Based on product, the market is segmented into SEM and TEM systems.

In terms of application, the market is segmented into material science sector, bioscience sector, industrial sector, and electronics sector. While material science attracts the highest revenues to market, bio science remains the second largest segment that boosts the demand for service laboratory in research labs.

Geographically, North America is currently a major market for service laboratory. While Asia Pacific forms one of the largest markets, Europe also accounts for significant revenue shares in the total global market revenues.

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Global Service Laboratory Market: Key Players

The prominent players in the global service laboratory market include Carl Zeiss SMT GmbH (Germany), Moody Labs (U.S.), FEI Company (U.S.), Hitachi High-Technologies (Japan), JEOL Ltd. (Japan), Tescan (Czech Republic), Direct Electron (U.S.), Nanolab Technologies (U.S.), EAG Inc. (U.S.), and Intertek Group PLC (U.K.).

While the key players are already well established in the global market, their strategic office locations, strong distribution channels, diverse product portfolios, and state-of-the-art technologies are estimated to strengthen their market presence over the forecast period and drive the market growth globally.