Laboratories research new components and buildings, or improve their attributes. Each enabled laboratory contributes 1 research point per round to the currently selected faction research goal. For each two enabled neighbor laboratories this output is further increased by one. Research aimed at unlocking new components requires a number of research points to be accumulated. Research aimed at improvement will continuously improve the selected property, but become increasingly less efficient the further research has progressed. As a result, research facilities are a continuous construction effort and you will most likely never have enough.
Actual research possibilities and benefits depend on the active server configuration.