Emphasis on Smart Factory & the Ensuing Focus on Well Calibrated Automated Production Drives Demand for Calibration Services
Global
Calibration Services market is projected to reach US$8.8 billion by 2024, driven
by the rising significance of periodic calibrations of industrial measuring
equipment in ensuring quality control and maintaining tolerances of
manufacturing processes especially in the current era of smart manufacturing.
Calibration is the process of comparing a reading on one
instrument with another instrument that has been calibration and referenced to
a set of known parameters. Calibration process is aimed at eliminating or
minimizing uncertainties by ensuring that test instruments give accurate
results. Calibration hence not only quantifies errors or uncertainties but also
ensures control over them during the measurement processes to maintain them
within an acceptable level. Majority of the large manufacturers undertake
periodic calibration services to ensure that all instrumentation and equipment
are working precisely, as per manufacturer's specifications. Though some
calibration tasks may be performed in-house using standard calibrators,
majority of the large-to-medium scale firms that consider quality as a high
priority prefer services of an independent calibration/metrology lab.
Over the years, calibration has come to play a critical
role in improving productivity, reducing replacement costs, enhancing
profitability and providing a competitive edge to players. Global market for
calibration services continues to record stable growth, driven by the growing need
for businesses to improve efficiency and effectiveness of operations by
reducing equipment downtime. Periodic
inspections and testing of equipment and systems to ensure their conformity
to standard performance levels are driving companies to opt for regular 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 calibration services market.
Driven by the sheer diversity of application areas for
calibration services, global calibration services market is recording stable
growth. Calibration services are imperative in end-industries such as power
generation, aerospace & defense, communication, industrial, automotive,
semiconductors, electronics
manufacturing, water, and power generation, among others. The increasing
complexity of manufacturing activities over the years is also raising demand
for testing. The increased attention being given to detailing in the design
stage is also leading to higher demand for accurate and complex instruments,
thus enhancing demand for calibration services. The increased focus on
automation is also favoring calibration services market, since automation has
the potential to cut down the time needed to carry out calibrations and also
improve overall quality of services. With the use of modular instruments on the
rise in various industries, there is increasing scope for calibration and
repair services to be performed at regular intervals due to the high risk of
failures in these sectors.
As stated by the new market research report on Calibration
Services, Europe represents the largest regional market, worldwide. The
rising demand for onsite calibration services and the increasing need to reduce
equipment downtime is contributing to the region’s large share in the
calibration services market. Asia-Pacific is forecast to register the fastest
CAGR of 10.7% over the analysis period. The rapid pace of
industrialization and infrastructure development activities in countries such
as China, India and Brazil is contributing to the continuous rise in installed
base of equipment across various industry verticals. Increased investments in
the establishment of new facilities across industries such as chemical, and oil
& gas sectors, automotive, food & beverages, communications, and
electronics manufacturing are expected to propel the need for quality and
accuracy of equipment, thus fueling demand for calibrations on a periodic
basis.
Major players in the market include ABB Ltd., Brüel &
Kjær Sound & Vibration Measurement A/S, ESSCO Calibration Laboratory,
Endress+Hauser AG, Fluke Corporation, Keysight Technologies Inc., Micro
Precision Calibration Inc., Optical Test and Calibration Limited, Rohde &
Schwarz GmbH & Co. KG, Siemens AG, SIMCO Electronics, Technical Maintenance
Inc., Tektronix Inc., Tradinco Instrumenten-Apparaten B.V., Transcat Inc., and Trescal,
among others.
The research report titled “Calibration
Services - Market Analysis, Trends, and Forecasts” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for all major geographic markets such as the US, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and
Rest of Latin America) and Rest of World. The global and regional Calibration
Services markets are analyzed by the End-Use Sectors - Electronic
Manufacturing, Communication, Aerospace & Defense, Industrial &
Automotive, and Others. The global Calibration Services market is additionally
analyzed by Parameter - Mechanical Calibration Services, Electrical Calibration
Services, Physical/Dimensional Calibration Services, and Thermodynamic Calibration
Services. The US market for Calibration Services is additionally analyzed by
the Segments - Original Equipment Manufacturers, In-House Laboratories and
Third Party Service Providers.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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