Over the years, the import of laboratory electric furnaces and ovens to China has shown significant variation. From 2013 to 2017, we observed substantial volatility, with a sharp drop in 2016 followed by a substantial rebound in 2017. However, the trend from 2018 to 2023 indicates a gradual downturn, with 2023 marking a notable reduction in import value, standing at 86.589 million US dollars.
Specifically, the year-on-year variation over the last two years was -5.87% in 2023 and -5.65% in 2022, indicating a consistent decline. Over the last five years, the Compound Annual Growth Rate (CAGR) from 2018 to 2023 averaged -3.24%, reflecting a decreasing trend.
Forecast data from 2024 to 2028 suggests a continuing downtrend, with an anticipated 5-year CAGR of -6.26% and an overall forecasted growth rate of -27.61%, indicating a sustained decrease in imports by the end of 2028.
Future trends to watch for include technological advancements in domestic production capabilities, changes in regulatory frameworks, and shifts in demand for laboratory equipment due to scientific and industrial developments within China.
