Dublin, Feb. 04, 2022 (GLOBE NEWSWIRE) -- The "Calibration Services - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Calibration Services Market to Reach US$8.2 Billion by the Year 2026
Global market for Calibration Services estimated at US$5.5 Billion in the year 2020, is projected to reach a revised size of US$8.2 Billion by 2026, growing at a CAGR of 7% over the analysis period.
Calibration service identifies any inaccuracies or variances in mechanical equipment. The need for businesses to improve efficiency and effectiveness of operations by reducing equipment/system downtime is the main growth driver for the calibration services market. Growth in the market is influenced by internal factors such as lab accreditation, service quality and personnel expertise, along with external factors such as general economic conditions and installed base of process instruments.
As customers purchasing test and measurement equipment also require calibration, there is sustained demand for calibration services. Growing importance of preventive maintenance and increasing appreciation of its long-term cost savings and benefits will further step up demand for calibration services.
The adoption of stringent government regulations is also necessitating industry players to ensure accurate functioning of their testing and measurement devices, thus driving growth in the market. Sustained focus on improving operating efficiency of new as well as existing devices is also fostering adoption of calibration services in various industry verticals.
The increased focus on automation is also favoring market growth, since automation has the potential to cut down the time needed to carry out calibrations and also improve overall quality of services. In recent years, the market witnessed the emergence of several 3rd party calibration providers, which has aided the market. Accessibility to 3D imitation fantasy, and 3D printing technology advancements are also auguring well for the market. Further, increasing R&D activities are stimulating market growth.
Electrical, one of the segments analyzed in the report, is projected to grow at a 8.3% CAGR to reach US$3.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Mechanical segment is readjusted to a revised 6.1% CAGR for the next 7-year period.
This segment currently accounts for a 32% share of the global Calibration Services market. The adoption of stringent quality assurance measures and the need to comply with highest quality standards, electrical instruments need to be calibration at regular intervals, thus raising the demand for electrical calibration services. Calibration of mechanical instruments is required as they tend to go off track due to repeated use, exposure to changing air conditions, and mechanical stress.
Thermodynamic Segment to Reach $1.2 Billion by 2026
Calibration of temperature equipment such as thermostats, thermo-anemometers, chart recorders, thermometers, ovens and freezers, temperature controllers, data logger, and thermocouples is required to be performed once in twelve months, thus augmenting demand for thermodynamic testing. In the global Thermodynamic segment, USA, Canada, Japan, China and Europe will drive the 6.9% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$641.8 Million in the year 2020 will reach a projected size of US$1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$154.8 Million by the year 2026, while Latin America will expand at a 7.9% CAGR through the analysis period.
The U.S. Market is Estimated at $1.4 Billion in 2021, While China is Forecast to Reach $1.3 Billion by 2026
The Calibration Services market in the U.S. is estimated at US$1.4 Billion in the year 2021. The country currently accounts for a 23.2% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.3 Billion in the year 2026 trailing a CAGR of 8.9% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.1% and 6.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.9% CAGR while Rest of European market (as defined in the study) will reach US$1.5 Billion by the end of the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession
- 2020: A Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
- Pandemic-Led Macroeconomic Variables Deterioration and Subdued Industrial Activity Impacts Market
- Supply Chain Delays Due to COVID-19 Worldwide as of May 2020
- An Introduction to Calibration Services
- Basic Process of Calibration
- Common Parameters of Calibration
- Calibration Services: Indispensable for Accuracy & Precision of Test & Measurement Instruments
- Global Market Prospects & Outlook
- Electrical Calibration: The Major Calibration Type
- Electronics Manufacturing Leads Calibration Services Market
- Developing Regions Present Lucrative Growth Opportunities
- Competition
- Factors Considered in Selection of Calibration Service Provider
- World Brands
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 183 Featured)
- ABB Ltd.
- Bruel & Kjar Sound & Vibration Measurement A/S
- Endress+Hauser Group Services AG
- ESSCO Calibration Laboratory
- Fluke Corporation
- Keysight Technologies, Inc.
- Micro Precision Calibration, Inc.
- Optical Test and Calibration Ltd
- Rohde & Schwarz GmbH & Co. KG
- Siemens AG
- SIMCO Electronics
- Tektronix, Inc.
- TMI Calibration
- Tradinco Instrumenten-Apparaten B.V.
- Transcat, Inc.
- Trescal International SAS
3. MARKET TRENDS & DRIVERS
- Growing Need for Precision & Accurate Measurements during Critical Operations & Extensive Use of Test Instruments Fuels Market
- Fast Paced Industrialization & Subsequent Need to Test and Measure Devices: A Key Growth Factor
- Rising Awareness about Regular Maintenance of Instruments & Machinery Fuels Market
- Integration and Automation of Calibration Procedures Set to Increase
- Test & Measurement Industry Trends to Influence Calibration Services Market
- Meeting the Demands of Modern-day Test & Measurement Applications
- Industry 4.0 Trend Enhances Role of Calibration Services in Optimizing Machine Performance
- Expanding IoT Ecosystem to Provide Steady Demand Prospects for Calibration Services
- Notable Trends and Factors Fuel Growth in Calibration Services Market
- Growing Importance of Calibration Services in Electronics Industry
- Pandemic Causes Significant Disruption to Electrical & Electronics Market
- Mission-Critical Operations Enhance Need for Calibration Services in Aerospace & Defense Industry
- Pandemic Dents Prospects in the Aviation Industry
- Need for Fuel Efficiencies and Vehicle Performance Drives Demand for Calibration Services in Automotive Industry
- Increasing Integration of Electronic Components in Vehicles Raises Need for Calibration
- Rising Need for Calibration Services in Hybrid Vehicles
- COVID-19 Outbreak Severely Impacts Growth in Auto Industry, Affecting Calibration Services Market
- Communications Industry: A Major End-Use Market for Calibration Services
- Impending Roll Out of 5G Networks Raises Demand for Calibration Services
- Calibration Becomes Critical for System Commissioning
- Medical Equipment Calibration Services Emerge as Essential to Improve & Maintain Device Accuracy
- Pandemic-Induced Disruptions Impact Medical Equipment Industry
- Compliance and Quality Control Needs Drive Demand for Calibration Services in Pharmaceutical Industry
- Critical Role of Calibration Services in the Food Industry
- Common Calibration Services in the Food Industry
- Outsourcing of Calibration Services: Enabling Businesses to Stay Updated with Changing Market Scenario
- Pandemic Spurs Shift Towards In-House Calibration Services
- Advent of User-Friendly & Self-Calibrating Devices Pose a Threat to Outsourcing of Calibration Services
- Proliferation of OEMs to Improve Quality of Calibration
- Rising Significance of Calibration in Plant Maintenance
- Rapid Shift towards Paperless Calibration Management System
- Paperless Technology Gains Prominence for Maintenance & Calibration in Life Sciences Market
- Calibration Software: A Key to Success
- Calibration Management Software Shifts to Cloud Platform
- Regulatory Requirements, Quality Standards and Business Goals of Organizations Drive Calibration Management Software Market
- Improved Access to Expert Guidance Helps Laboratories
- Pipette Calibration Services Market: Accredited Labs Aid Growth
- Torque Calibration Services Market: Need for Better Results Favors Growth
- Technological Advancements in Calibration Bodes Well for the Market
- Standards and Guides & Accreditation Bodies for Calibration Services: A Review
- Standards and Guides
- Accreditation Bodies
- Major Challenges Facing the Calibration Services Market
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/fmxsfu
