Austin, July 29, 2024 (GLOBE NEWSWIRE) -- The Calibration Services Market Size was valued at USD 6.11 billion in 2023 and is expected to grow to USD 9.76 billion by 2032 and grow at a CAGR of 5.4% over the forecast period of 2024-2032.
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The calibration Services Market is thriving because of the rapid expansion of Advanced Driver Assistance Systems (ADAS). Data shows a substantial rise in the need for calibration for newer vehicles, jumping four times from 6% in 2014 to 27.6% in 2023. This is consistent with the increasing popularity of ADAS features, currently present in around 40% of U.S. passenger cars. The escalating use of camera, sensor, lidar, and radar parts in 2023 models highlights the increasing need for calibration due to their complexity. With the advancement of ADAS technology, there is a growing need for specialized calibration services, which will lead to increased opportunities for companies in the industry.
The calibration services market is growing due to increasing geopolitical tensions in the Asia-Pacific region caused by China's military expansion. The rise in defense spending in the area is highlighted by Australia's 'Top Gun' exercise, which included 140 aircraft and more than 4,400 personnel, showing a need for high-tech military gear. It is essential to maintain the accuracy and dependability of this equipment by utilizing calibration services to ensure efficient operations and safety. As countries focus on updating their defense systems, the calibration industry is set to experience significant expansion.
Calibration Services Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 5.5 billion |
| Market Size by 2032 | USD 7.50 billion |
| CAGR | 3.5% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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KEY PLAYERS
Some of key players of Calibration Services Market are Keysight Technologies Inc., ABB Ltd., Agilent Technologies Inc., Endress+Hauser AG, Sulzer AG, Micro Precision Calibration Inc., Optical Test and Calibration Ltd, Simco Electronics, Rohde & Schwarz GmbH & Co KG, Siemens Aktiengesellschaft, Tradinco Instruments, Transcat Inc., Trescal Holdings Inc. and other players are listed in a final report.
Market Segmentation:
By Proofreading:
- In-house
- OEM
- Third-Party Vendor
Third-Party Vendor dominated the calibration services market with 41% of share in 2023. These autonomous firms provide impartial calibration services for a diverse selection of devices in different sectors. Third-party providers focus on calibration, unlike OEMs, to guarantee objectivity and compliance with industry norms. Their skill in managing various equipment makes them valuable allies for organizations in need of dependable and precise calibration services.
In 2023, Electrical services had the largest market share at 30% in the calibration services market. In today's manufacturing and technology industries, it is crucial to calibrate electrical systems. It is crucial for industries like electronics, manufacturing, and telecommunications to verify the precision of tools such as oscilloscopes and power analyzers. Electrical calibration assures accurate measurements to uphold quality control, product reliability, and regulatory adherence. With the progression of technology, the intricacy of electrical devices rises, requiring advanced calibration methods to uphold peak performance and adhere to industry regulations.
By Service Type
- Mechanical
- Electrical
- Dimensional
- Thermodynamics
By Application
- Industrial & Automation
- Electronics
- Aerospace & Defence
- Communication
- Others
Regional Analysis
In 2023, Asia Pacific dominates the calibration services market with a 34% stake. The need for regulatory compliance, quality improvement, and rapid industrial growth are pushing the demand. Major markets such as China, Japan, and India play a significant role in driving this growth. Businesses are opting for calibration services to adhere to global standards and cater to customers with high quality expectations.
In 2023, Europe has become the calibration services market's fastest-growing region, with a 22% market share. A strong manufacturing and technology sector is driving this expansion, with industries such as automotive, aerospace, and electronics increasing the need for accurate calibration. Europe's focus on innovation and technological progress drives the market forward, as calibration services play a crucial role in the creation of advanced solutions for telecommunications and renewable energy.
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Key Takeaways
- Determine specific regions and segments according to their potential for growth and competitive environment.
- Identify the service areas with the highest profit potential and assess opportunities for specialization.
- Assess the required investments in equipment, technology, and staff to stay competitive.
- Recognize customer requirements and desires in order to customize service offerings accordingly.
Recent Development
- Trescal, a global leader in calibration services, has announced the acquisition of A.A. Jansson in the United States, Lumadae and ACCI in Brazil, Q&Q in South Korea, SP Metrology System in Thailand. Together, these acquisitions represent €12M ($13.2M) in sales and 200 employees.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Calibration Services Market Segmentation, By Proofreading
8. Calibration Services Market Segmentation, By Service Type
9. Calibration Services Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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