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Calibration Services Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Calibration Services Market
The Business Research Company presents an extensive market research report on the Calibration Services Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The calibration services market size has grown strongly in recent years. It will grow from $6.33 billion in 2023 to $6.82 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to environmental monitoring and control, aviation and aerospace industry demand, scientific research and development, healthcare sector development, expansion of manufacturing sectors.
The calibration services market size is expected to see strong growth in the next few years. It will grow to $9.18 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to rapid digital transformation in manufacturing, expansion of aerospace and defense industries, emergence of smart cities and infrastructure, renewable energy sector growth, increased demand in healthcare and medical devices. Major trends in the forecast period include remote and on-demand calibration services, automation and robotics in calibration, data analytics and predictive maintenance, augmented reality (AR) and virtual reality (VR) calibration solutions, integration of calibration management software.
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Key Market Players:
Major companies operating in the calibration services market report are Siemens Aktiengesellschaft, General Electric, Danaher Corporation, Asea Brown Boveri Ltd, Eaton Corporation, Keysight Technologies Inc., Ametek Inc., Fluke Corporation, Optimal Calibration, Mettler-Toledo International Inc., Endress+Hauser AG, Yokogawa Electric Corporation, Rohde & Schwarz GmbH & Co KG, Tektronix Inc., WIKA Alexander Wiegand SE & Co. KG, National Technical Systems, Trescal Holdings Inc., Industrial Physics, Beamex Oy Ab, Transcat Inc., Instron Corporation, Micro Precision Calibration Inc., Cole-Parmer Instrument Company LLC, Simco Electronics, Anton Paar GmbH, Gagemaker LP, Tradinco Instruments, American Calibration Inc., Optical Test and Calibration Ltd., Instrumentation Laboratory, Pruftechnik, Flir Systems, Global Beam Technologies, Intertek Group plc, Nagman Instrumentation & Electronics
Market Drivers:
Rapid industrialization is expected to boost the growth of the calibration services market going forward. Rapid industrialization is due to the need for creating employment opportunities, promotion of education, training and research, industrial growth, and others. Rapid industrialization leads to increased growth in industries and manufacturing sectors that produce a lot of products to be tested and verified for the intended use. These products or materials need to be tested for deviations and accurate performance to be employed for final use, thus, creating a huge demand for calibration services that test and measure the accuracy and ensure the proper working of the products. For instance, according to the statistics by the UNIDO (United Nations Industrial Development Organization), a US-based specialized agency assisting countries in economic and industrial development, in 2022, the global manufacturing production saw a year-on-year output growth of 4.2% while industrial economies registered a similar annual output growth of 4.1%. This is followed by a stable increase of 3.6% and 6.1% in the last two quarters respectively. In addition, according to YCharts, a US-based investment research platform, the US industrial production year-on-year growth for 2022 is at 3.68%, which is higher than the long-term average of 3.58%. Therefore, rapid industrialization will drive the growth of the calibration services market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/calibration-services-global-market-report
The calibration services market covered in this report is segmented -
1) By Service: In-House, OEMs (Original Equipment Manufacturer), Third-Party Service
2) By Calibration: Electrical, Mechanical, Thermodynamic, Physical Or Dimensional, Other Calibrations
3) By End Use: Electronics Manufacturing, Communication, Aerospace And Defense, Automotive, Other End-Uses
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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