Fort Collins, Colorado, Oct. 18, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Calibration Services Market size was valued at USD 5.3 Billion in 2022 and is expected to reach a market size of USD 9.2 Billion by 2032 with a CAGR of 5.7%.
Precision is paramount in manufacturing industries and is subject to stringent quality standards and regulations to ensure product safety and reliability. Calibration services play a crucial role in helping companies adhere to these standards by verifying the accuracy of instruments used in manufacturing, testing, and quality control. Drug development and manufacturing instruments must meet regulatory requirements in the pharmaceutical sector to ensure product efficacy and patient safety.
Additionally, the expansion of international trade has amplified the need for uniform measurement standards across borders. Calibration ensures that measurements are consistent and comparable, facilitating smooth trade transactions. As companies operate globally, the demand for accredited calibration services has risen to meet international metrology standards.
Furthermore, the rise in applications of calibration services in key industries like aerospace and healthcare offers myriad growth opportunities for the market. Precise measurements are crucial for safety and optimal performance in the aerospace sector. The growth of the calibration services market is evident as aerospace companies increasingly rely on third-party calibration providers to ensure the accuracy of avionics, navigation systems, and engine components. Also, the medical field heavily depends on accurate measurements for diagnostics and treatment. As medical equipment becomes more advanced, calibration becomes integral. For instance, calibration services are utilized to maintain the accuracy of MRI machines, patient monitors, and laboratory equipment.
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Segmentation Overview:
The global calibration services market has been segmented into service type, end-use, and region. Laboratory calibration services dominate the segment growth in the calibration services market. Laboratory calibration services are conducted in controlled and certified facilities with advanced instrumentation. Booming electronics manufacturing and technological advancements in Asia Pacific countries drive the demand for electrical calibration services. Countries like China, Japan, South Korea, and India are rapidly expanding their industrial bases, contributing to the growing demand for calibration services.
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Calibration Services Market Report Highlights:
- The global calibration services market growth is anticipated at a CAGR of 5.7% by 2032.
- The growing use of measuring instruments to evaluate quality parameters drives market growth.
- By end-use, the electronic manufacturing segment holds a prominent position in the market. The electronic manufacturing sector relies on calibration services to maintain precision in production processes.
- By service type, the third-party calibration services segment is expected to grow significantly during the forecast period. Many industries rely on third-party calibration service providers due to their specialized expertise, adherence to standards, and impartiality.
- Some prominent players in the calibration services market report include ABB Ltd., Agilent Technologies Inc., Siemens AG, Danaher Corporation, Endress+Hauser, Trescal Inc., Rohde & Schwarz GmbH & Co KG, Simco Electronics, Micro Precision Calibration Inc, and Tradinco Instruments among others.
Industry Trends and Insights:
- In 2023, Kanbrick, an investment firm, joined forces with the Morisson family to acquire JM Test Systems to support the next growth phase for the business. JM Test Systems specializes in calibration, repairs, and testing of various equipment types.
- In 2021, Godrej & Boyce, a flagship company of the Godrej Group, launched mobile calibration laboratory services in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Kerala. This initiative is aimed to provide on-site calibration services to customers in industries such as automotive, manufacturing, and aerospace with a high-precision measuring device.
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Calibration Services Market Segmentation:
- By Service: In-house, laboratories, OEM, third-party services.
- By Type: Electrical, mechanical, physical/dimensional, thermodynamic, others
- By End-Use: Aerospace & defense, electronic manufacturing, communications, industrial & automotive, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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