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Calibration Pump Market Estimated Growth Trends, Size, Share And Analysis Report 2024-2033
Calibration Pump Market
According to The Business Research Company's, The calibration pump market size has grown strongly in recent years. It will grow from $1.73 billion in 2023 to $1.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to rising industrialization, increased focus on accuracy and reliability, demand from oil & gas industry, expansion of food and beverage industry, service and calibration provider industry growth.
The calibration pump market size is expected to see strong growth in the next few years. It will grow to $2.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to advancements in IoT and industry 4.0, growing emphasis on precision instrumentation, expansion of healthcare sector, demand from aerospace and defense industries, energy sector expansion. Major trends in the forecast period include development of multi-purpose calibration pumps, expansion of cloud-based calibration solutions, expansion of cloud-based calibration solutions, shift towards predictive maintenance strategies, integration of AI (artificial intelligence) in calibration processes.
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Market Drivers and Trends:
The increasing demand for automation and industrialization is expected to propel the growth of the calibration pump market going forward. Automation refers to the process of utilizing technology, such as machinery, robotics, and computer systems, to perform tasks or processes with minimal human intervention. Industrialization, on the other hand, refers to the overall process of economic and social transformation characterized by the widespread establishment of industries, factories, and manufacturing facilities within a society or region. Automation and industrialization are growing as industries see the benefits of using automated solutions to enhance productivity, cut costs, stay competitive, and handle workforce concerns in today's quickly changing business landscape. Calibration pumps play a crucial role in automation and industrialization by ensuring the accuracy and reliability of pressure-measuring instruments used in various automated systems and industrial processes. For instance, in March 2023, according to Verizon Communications Inc., a US-based telecommunications company, retailers anticipate that up to 70% of routine tasks will be partially or fully automated by 2025. Additionally, they expect to leverage the labor and productivity benefits by re-deploying associates to customer-facing high-value tasks (18% of retailers) and supporting business operations (26% of retailers). Therefore, the increasing demand for automation and industrialization is driving the growth of the calibration pump market.
Major companies operating in the calibration pump market are innovating new technological products, such as Beamex ePG electrical pressure generators, to gain profitability in the market. The Beamex ePG electric pressure pump is employed in industrial applications requiring pressure calibration. For instance, in October 2021, Oy Beamex Ab, a Germany-based software company, introduced the Beamex ePG electrical pressure generator. With this battery-powered, portable pressure generator, creating pressure from near vacuum to 20 bar (300 psi) is simple and quick. The ePG is a flexible tool for pressure calibration because it can be used with any existing pressure calibrator. It allows for fully automatic pressure calibration, in which the MC6 calibrator regulates the ePG automatically, when used in conjunction with the Beamex MC6 family of calibrators.
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Major Key Players of the Market:
Baker Hughes, SIKA AG, Ametek Inc., Omega Engineering(Spectris), Fluke Corporation, Ashcroft Inc., Dwyer Instruments, Additel Corporation, WIKA Alexnder Wiegand SE & Co KG, Magnum Pro, Oy Beamex Ab, Crystal Engineering Corporation, 3D Instruments, Ralston Instruments, Calibration Laboratory LLC, Custom Calibration Inc., Hotek technologies, Time Electronics Ltd., Martel Electronics, Leyro Instruments, Condec s.r.o., SensorsONE, Meriam, Continental Testing Union OH
Calibration Pump Market 2024 Key Insights:
• The Calibration Pump Market is expected to grow to $2.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Automation And Industrialization's Contribution To The Market Growth For Calibration Pumps
• Creative Technological Developments Fueling Market Growth For Calibration Pumps
• North America was the largest region in the calibration pump market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the calibration pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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