Chicago, May 17, 2024 (GLOBE NEWSWIRE) -- The global calibration services market size is projected to grow from USD 5.7 billion in 2023 to USD 8.1 billion by 2030, registering a CAGR of 5.3% during the forecast period.
The calibration services market has experienced significant growth driven by growing demand for quality and inspection equipment in precision manufacturing, the need for interoperability testing, and strict regulatory standards imposed by governments to ensure product safety and environmental protection. These factors have collectively contributed to the expansion of the market. Additionally, the increasing complexity of technological instruments, the globalization of trade, the emphasis on measurement accuracy for quality control, and risk mitigation in safety-critical sectors are also fueling the demand for calibration services.
To know about the assumptions considered for the study
Major Calibration Services companies include:
- Technologies (US),
- Hexagon AB (Sweden),
- Rohde & Schwarz (Germany),
- Tektronix, Inc. (US), and
- VIAVI Solutions Inc. (US).
Key Market Growth Drivers:
The calibration services market share is experiencing significant growth due to the rising demand for quality and inspection equipment within the precision manufacturing sector. As industries increasingly prioritize precision and accuracy in their manufacturing processes, the need for regularly calibrated instruments and equipment becomes paramount. Calibration services ensure these tools maintain precision, meeting strict quality standards and regulatory requirements. This synergy between precision manufacturing and calibration services underscores the market's expansion as industries seek to enhance product quality, reduce defects, and adhere to industry regulations.
Regional Market Analysis:
Asia-Pacific (APAC) is expected to be Kone of the key markets for calibration services in the future, due to its high growth potential for industries as compared to the other regions. The other major factors favoring the APAC market include the emergence of industries and high-cost benefits due to the lower wages in the region. The APAC region includes some of the leading markets such as China, Japan, and India. The growth of the calibration services market share in the APAC region is mainly attributed to the increasing investments, growing manufacturing activities in the region, and significant research and development activities. The growing quality consciousness among consumers, coupled with a preference for accredited manufacturers is driving the demand for calibration services among companies in APAC.
Calibration Services Market Dynamics:
Opportunity: Advent of 5G technology and deployment of LTE and LTE-Advanced (4G) networks
The advent of 5G technology has presented a significant opportunity for the calibration service market growth. 5G networks operate at higher frequencies than previous generations of cellular networks, which requires more accurate and precise calibration of communication equipment and testing instruments. This is because even small errors in calibration can significantly impact the performance of 5G networks. In addition, 5G technology is enabling a wide range of emerging applications, such as the Internet of Things (IoT), autonomous vehicles, augmented reality, and virtual reality. These applications require seamless and reliable communication, which makes precise calibration services indispensable for their success. The 5G networks are rolled out worldwide, the demand for calibrated instruments for network testing, optimization, and troubleshooting is increasing. Calibration services play a vital role in verifying the accuracy and functionality of these instruments, which are critical for the successful deployment and maintenance of 5G networks.
Challenge: Built-in self-calibration feature of electrical & electronic instrument
The rapid development of technology is evident from its growing importance and the increasing investments in R&D. These developments are spanning across multiple industries including oil and gas, power generation, chemicals, water, telecommunication, semiconductors, aerospace and defense, and healthcare, and life science. There is increasing awareness regarding self-calibrated devices to reduce the cost of maintenance. Furthermore, there is a growing emphasis on calibrating devices through software technologies to easily accomplish such services within the facility. Hence, such technological developments may affect calibration service providers, which may lead them to the stage of strategic inflection.
