Calibrators Market Will Surpass US$ 1200 Million by 2029
In 2014, the global calibrators market was pegged at US$ 700 Mn. It is expected to be valued at ~US$ 820 Mn by the end of 2019. The calibrators market is expected to grow at a CAGR of ~ 4% during the projected period of 2019-2029 and reach a value of ~US$ 1,200 Mn by the end of 2029.
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Calibrators Market: Segmental Analysis
By the current type, the direct current calibrator type segment, in terms of value, is anticipated to account for over half of the global calibrators market since, direct current calibrators are expensive and in most of the process control industries, the source of power is direct current type. Besides, alternative current type calibrators are usually employed for specific applications such as substations, etc. Thus, DC calibrators are predicted to have an upper hand throughout the forecast period as compared to the AC calibrators segment.
Based on the sales channel, the calibrators market has been divided into offline sales and online sales. The offline sales channel is stipulated to overlook the global calibrators market in the forecast period.
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On the basis of end use, the global calibrators market has been segmented into industries and laboratory. The industries segment is further classified into sub-segments; electrical & electronics, process industry/process control industry, power industry, and auxiliary manufacturing. The process industry/process control industry sub-segment is stipulated to be the controlling segment in the global calibrators market due to the extensive need of test and measurement equipment in order to eliminate or mitigate any discrepancies in the manufacturing process.
Among all other regions, North America is estimated to account for over one-fourth of the market share in the global calibrators market, owing to the growing industrialization and urbanization, which in turn, is augmenting electrical testing services. As the entire world depends on electricity and its resources for power generation and distribution, the consumption of these resources have been increasing rapidly in the global market and hence, the impact of this factor is moderately high.
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In terms of the global calibrator market value share, Europe is estimated to stand second, following North America in the global calibrators market. By country, China, Brazil, and India are predicted to be the emerging countries in the global calibrators market.
The electrical equipment industry is highly competitive and fragmented, due to the presence of various small and medium scale players. Some of the key players in the global calibrators market are Fluke Calibration, Keysight Technologies, WIKA, AMETEK INC, Beamex Oy Ab, OMEGA Engineering Inc., Megger, Yokogawa Test & Measurement Corporation, and ABB, among others.
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