DUBLIN, Sept. 1, 2023 /PRNewswire/ — The “Calibration Services: Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global market for Calibration Services estimated at US$6.2 Billion in the year 2022, is projected to reach a revised size of US$11.2 Billion by 2030, growing at a CAGR of 7.7% over the analysis period 2022-2030.
Electrical segment is projected to record a 9.2% CAGR and reach US$4.8 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Mechanical segment is readjusted to a revised 6.8% CAGR for the next 8-year period.
The Calibration Services market in the U.S. is estimated at US$1.4 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2030 trailing a CAGR of 9.7% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.7% and 7.4% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 6.5% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.5 Billion by the year 2030.
Looking Ahead to 2023
Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.
Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers.
Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
What`s New for 2023?
- Special coverage on Russia–Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies – Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
- Pandemic-Led Macroeconomic Variables Deterioration and Subdued Industrial Activity Impacts Market
- Supply Chain Disruptions Impact Manufacturers across Various End-Use Industries: % of Companies Impacted by Supply Chain Delays Due to COVID-19 Worldwide as of May 2020
- Pandemic Increases the Trend of In-House Calibration
- Preventing Bad Data with On-time Equipment Calibration
- Calibration Services – Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- An Introduction to Calibration Services
- Basic Process of Calibration
- Common Parameters of Calibration
- Calibration Services: Indispensable for Accuracy & Precision of Test & Measurement Instruments
- Global Market Prospects & Outlook
- Electrical Calibration: The Major Calibration Type
- Electronics Manufacturing Leads Calibration Services Market
- Developing Regions Present Lucrative Growth Opportunities
- Factors Considered in Selection of Calibration Service Provider
- World Brands
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Growing Need for Precision & Accurate Measurements during Critical Operations & Extensive Use of Test Instruments Fuels Market
- Fast Paced Industrialization & Subsequent Need to Test and Measure Devices: A Key Growth Factor
- Rising Awareness about Regular Maintenance of Instruments & Machinery Fuels Market
- Integration and Automation of Calibration Procedures Set to Increase
- Test & Measurement Industry Trends to Influence Calibration Services Market
- Meeting the Demands of Modern-day Test & Measurement Applications
- Industry 4.0 Trend Enhances Role of Calibration Services in Optimizing Machine Performance
- Major Industry 4.0 Technologies: Global Market Size (US$ Billion) for Internet of Things (IoT), Big Data, Smart Factory, Advanced Analytics, Service Robotics, and Smart Machines
- Expanding IoT Ecosystem to Provide Steady Demand Prospects for Calibration Services
- Notable Trends and Factors Fuel Growth in Calibration Services Market
- Growing Importance of Calibration Services in Electronics Industry
- Pandemic Causes Significant Disruption to Electrical & Electronics Market
- Mission-Critical Operations Enhance Need for Calibration Services in Aerospace & Defense Industry
- Services for Flight Calibration Help Nations in Ensuring Safer Skies
- Inspection of Flights During the Ongoing Pandemic
- With UAV Use on the Rise, UAV Flight Inspection Assumes Significance
- Pandemic Dents Prospects in the Aviation Industry
- Need for Fuel Efficiencies and Vehicle Performance Drives Demand for Calibration Services in Automotive Industry
- Increasing Integration of Electronic Components in Vehicles Raises Need for Calibration
- Rising Need for Calibration Services in Hybrid Vehicles
- The Many Questions about Who Should Bear Calibration Costs of Vehicles that Come for Repair
- COVID-19 Outbreak Severely Impacts Growth in Auto Industry, Affecting Calibration Services Market
- World Automobile Production in Million Units: 2008-2022
- Communications Industry: A Major End-Use Market for Calibration Services
- Impending Roll Out of 5G Networks Raises Demand for Calibration Services
- Calibration Becomes Critical for System Commissioning
- Medical Equipment Calibration Services Emerge as Essential to Improve & Maintain Device Accuracy
- Pandemic-Induced Disruptions Impact Medical Equipment Industry
- Compliance and Quality Control Needs Drive Demand for Calibration Services in Pharmaceutical Industry
- Critical Role of Calibration Services in the Food Industry
- Common Calibration Services in the Food Industry
- Outsourcing of Calibration Services: Enabling Businesses to Stay Updated with Changing Market Scenario
- Pandemic Spurs Shift Towards In-House Calibration Services
- Advent of User-Friendly & Self-Calibrating Devices Pose a Threat to Outsourcing of Calibration Services
- Proliferation of OEMs to Improve Quality of Calibration
- Common Challenges in Outsourcing Calibration and Maintenance of GMP Assets
- Rising Significance of Calibration in Plant Maintenance
- Problems with Low Pressure Calibration
- Common Calibration Approaches for Precision Measuring Instruments
- Rapid Shift towards Paperless Calibration Management System
- Paperless Technology Gains Prominence for Maintenance & Calibration in Life Sciences Market
- Calibration Software: A Key to Success
- Calibration Management Software Shifts to Cloud Platform
- Regulatory Requirements, Quality Standards and Business Goals of Organizations Drive Calibration Management Software Market
- Improved Access to Expert Guidance Helps Laboratories
- Pipette Calibration Services Market: Accredited Labs Aid Growth
- Torque Calibration Services Market: Need for Better Results Favors Growth
- Calibration’s Impact on Marketability Discounts & Control Premiums
- Technological Advancements in Calibration Bodes Well for the Market
- Standards and Guides & Accreditation Bodies for Calibration Services: A Review
- Standards and Guides
- Accreditation Bodies
- Major Challenges Facing the Calibration Services Market
FOCUS ON SELECT PLAYERS(Total 193 Featured)
- ABB Ltd.
- Bruel & Kjar Sound & Vibration Measurement A/S
- Endress+Hauser Group Services AG
- ESSCO Calibration Laboratory
- Fluke Corporation
- Keysight Technologies, Inc.
- Micro Precision Calibration, Inc.
- Optical Test and Calibration Ltd
- Rohde & Schwarz GmbH & Co. KG
- Siemens AG
- SIMCO Electronics
- Tektronix, Inc.
- TMI Calibration
- Tradinco Instrumenten-Apparaten B.V.
- Transcat, Inc.
- Trescal International SAS
- Yokogawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/qfmlmj
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