Dublin, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The "Growth Opportunities in Calibration and Repair Services" report has been added to ResearchAndMarkets.com's offering.
The global calibration and repair services market is poised to achieve a value of $3.99 billion by 2024, propelled by a surge in quality awareness, increased adoption by industries such as aerospace and defense, life sciences, and stricter regulations imposed by global calibration authorities. These industries, characterized by highly regulated instruments, face a significant risk of equipment failure, necessitating regular calibration.
Automation and asset software are key drivers of this market, reducing calibration time and enhancing service quality. Some equipment can be automatically tested by simply plugging into the software. Furthermore, the calibration and repair services market is expected to experience rapid growth with the emergence of the Industrial Internet of Things (IIoT) and connected assets, as all connected equipment requires regular calibration for proper network functionality.
Growth prospects in this market include multi-vendor and multi-instrument capabilities, connected mobility, and increasing activity in the life sciences sector. Market consolidation and continuous acquisitions are anticipated. However, the COVID-19 pandemic has led to reduced activity in end markets such as consumer electronics, industrial, educational institutes, and energy, temporarily offsetting the growth in calibration and repair services due to social distancing measures.
This market analysis covers regions such as North America, Europe, the Middle East, and Africa, Asia-Pacific, and Latin America. Calibration and repair service types include electrical/electronics, mechanical, physical/dimensional, and temperature/thermodynamic. End-user industries encompass aerospace and defense, consumer electronics and semiconductors, communications, medical/life sciences, automotive, industrial, and others (educational institutes). The study spans from 2016 to 2024.
Key Takeaways
- The global calibration and repair services market is on track to reach $3.99 billion by 2024, driven by stringent regulations and industry demand.
- Automation and asset software are accelerating market growth by reducing calibration time and enhancing service quality.
- The advent of the Industrial Internet of Things (IIoT) and connected assets further fuels the demand for calibration services.
- Growth opportunities lie in multi-vendor capabilities, connected mobility, and increasing activity in the life sciences sector.
- The COVID-19 pandemic has temporarily reduced demand in certain industries, impacting on-site calibration and repair services.
Key Topics Covered
1. Strategic Imperatives
- Why is it Increasingly Difficult to Grow?
- The Strategic Imperative 8
- The Impact of the Top 3 Strategic Imperatives on the Calibration and Repair Services Industry
- Growth Opportunities Fuel the Growth Pipeline Engine
2. Growth Opportunity Analysis
- Scope of Analysis
- Segmentation
- Service Types Defined
- Key Competitors
- Growth Metrics
- Distribution Channels
- Growth Drivers
- Growth Driver Analysis
- Growth Restraints
- Growth Restraint Analysis
- Forecast Assumptions
- Revenue Forecast
- Revenue Forecast by Service Type
- Revenue Forecast by Region
- Revenue Forecast by Industry Vertical
- Revenue Forecast Analysis
- Revenue Forecast Analysis by Service Type
- Revenue Forecast Analysis by Region: Americas
- Revenue Forecast Analysis by Region: Europe
- Revenue Forecast Analysis by Region: APAC
- Revenue Forecast Analysis by Region: MEA
- Revenue Forecast Analysis by Vertical
- Pricing Trends and Forecast Analysis
- Competitive Environment
- Revenue Share
- Revenue Share Analysis
3. Growth Opportunity Universe
- Growth Opportunity 1: Demand from Industrial Internet of Things (IIoT)
- Growth Opportunity 2: Increased Technological and Manufacturing Activity from Asia-Pacific
- Growth Opportunity 3: Electric Vehicle Growth
- Growth Opportunity 4: Consolidation among Third-party Service Providers
4. Next Steps
- Your Next Steps
- Why Now?
5. List of Exhibits
For more information about this report visit https://www.researchandmarkets.com/r/y9zvq9
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