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Calibration Services Market Report 2024 - Calibration Services Market Size, Trends And Forecast
Calibration Services Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Innovative product adoption is a key trend gaining popularity in the calibration services market. Calibration service providers are increasingly focusing on adopting innovative calibration machine solutions to provide effective and efficient calibration services such as improved accuracy and repeatability to customers. Providing effective and efficient calibration services enables market players to stay on top of the market and gain a competitive edge in the market. For instance, in July 2022, Renishaw plc, a UK-based company that specialized in coordinate-measuring machines and machine tool products, introduced a new CNC probe calibration machine. This machine consists of ACS-1 (Advanced Calibration Sphere), a new innovative solution to improve the accuracy and repeatability of CNC machine tool probe calibration. ACS-1 (Advanced Calibration Sphere) is designed to achieve maximum measurement accuracy on machine tools by removing manual calibration steps. The magnetic base of the ACS-1 is used to secure it to the table or chuck of the machine tool. By pressing the plunger down to the correct position and locking it in place, a test bar (or other instruments of defined length) creates an exact datum surface. Using the calibration disk (the top surface of the lockable plunger), the entire length of the probe can be precisely calibrated. Adopting this innovative machine will enable market players to offer effective and efficient calibration services to their customers.
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Major Key Players of the Market:
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, Chauvi*n Arnoux Group, 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
Calibration Services Market 2024 Key Insights:
• 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%.
• Calibration Services Market Surges With Global Expansion Driven By Rapid Industrialization
• Calibration Services Market Adopts Cutting-Edge Solutions For Precision And Efficiency
• Europe was the largest region in the calibration services market share in 2023
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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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