What is the current market size for Multifunction Calibrators? What is the annual growth rate?

Multifunction Calibrators Market Introduction

Multifunction calibrators are a type of battery operated, handheld devices that are utilized for measurement, calibration and sources physical and electrical parameters of instruments.
Comparing parameters of instruments at their steady states with the standards and revising deviations, if any, are the essential functions of multifunction calibrators.
Numerous organizations are concentrating on maintaining the operating condition of the multifunctional calibrators through planned maintenance schedule.

Multifunction Calibrators Market Dynamics

Rising demand for on-site calibration services is a key factor driving the market.
Increasing awareness regarding instrumentation services is anticipated to propel the demand for multifunction calibrators and thereby, boost the market.

Moreover, industry owners in different sectors are focused on maintenance of safety at their workplaces in order to enhance operational efficiency. They are creating high alerts to maintain the operating conditions of equipment through periodic maintenance schedule of instruments.
With growing competitive environment, there is an increasing need to maintain the accuracy of instruments. Therefore, industries are preferring predictive maintenance services over corrective maintenance services.

Moreover, implementation of Internet of Things (IoT) in automation and process instrumentation has increased significantly due to a rise in the demand for real-time information across various industries

Large scale industries are emphasizing on the expansion of their industrial operations. Thus, Big Data analytics, cloud-based services, wireless devices, and machine-to-machine communication are positively influencing these industries to analyze their operational efficiencies
Increase in demand for real-time information has augmented the adoption of multifunction calibrators, which perform remote monitoring and self-contained field calibration
However, high risk associated with the individual calibrators is expected to hamper the market

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Multifunction Calibrators Market: Segmentation Analysis

Based on product, the multifunction calibrators market can be bifurcated into bench top multifunction calibrators, portable multifunction calibrators, handheld multifunction calibrators, desktop multifunction calibrators, and others
The bench top multifunction calibrators segment accounted for a leading share of the multifunction calibrators market in 2018. The market share held by this segment is expected to decline considerably during the forecast period; however, the segment is anticipated to maintain its dominance during the forecast period.
Based on application, the multifunction calibrators market can be divided into temperature measurement and calibration, electrical measurement and calibration, and pressure measurement and calibration
Based on end-user, the multifunction calibrators market can be segmented into OEMs (original equipment manufacturers), third-party service providers, and in-house maintenance
Third-party service providers are anticipated to be the primary end-users of multifunction calibrators across the world. The introduction of regulatory policies to maintain instrument accuracy and the need for accurate reporting as augmented the demand for multifunction calibrators, thereby driving the market.

This industry segment is anticipated to gain market share and subsequently, maintain its leading position in the global market during the forecast period

Asia Pacific to Lead Global Multifunction Calibrators Market

In terms of region, the global multifunction calibrators market can be classified into North America, Europe, Asia Pacific, South America, and Middle East & Africa

Asia Pacific is likely to dominate the global multifunction calibrators market from 2019 to 2027
Additionally, the market in Asia Pacific is anticipated to expand significantly in the near future. Emerging economies, such as China and India, are expected to contribute significantly to the expansion of the multifunction calibrators market due to the introduction of regulatory policies regarding quality assurance in these countries. This is expected to be a major factor that drives the demand for multifunction calibrators, and thereby boost the market in the region.

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Key Manufacturers Operating in Market

The global multifunction calibrators market was moderately fragmented in 2018. Key manufacturers operating in the global market are:

General Electric Company
Yokogawa Electric Corporation
Fluke Corporation
WIKA
Beamex
AMETEK, Inc.
Additel Corporation
Transmille Ltd.
Ralston Instruments
Meriam

Global Multifunction Calibrators Market: Research Scope

Multifunction Calibrators Market, by Product

Bench-top Multifunction Calibrators
Portable Multifunction Calibrators
Handheld Multifunction Calibrators
Desktop Multifunction Calibrators
Others

Multifunction Calibrators Market, by Application

Temperature Measurement and Calibration
Electrical Measurement and Calibration
Pressure Measurement and Calibration

Multifunction Calibrators Market, by End-user

OEMs (original equipment manufacturers)
Third-party Service Providers
In-house Maintenance

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