The instrument calibration services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Instrument Calibration Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The instrument calibration services market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.67 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to regulatory compliance, quality standards, industry growth, outsourcing trend, globalization, rising complexity of instruments, focus on preventive maintenance.
The instrument calibration services market size is expected to see strong growth in the next few years. It will grow to $2.40 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to growing healthcare sector, emergence of new industries, focus on sustainability, shift towards predictive maintenance, demand for accredited services. Major trends in the forecast period include integration of cloud-based systems, development of predictive maintenance solutions, collaboration between providers and manufacturers, adoption of remote capabilities, and increasing emphasis on data analytics.
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Scope Of Instrument Calibration Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Instrument Calibration Services Market Overview
Market Drivers –
The expansion of industrial robots is expected to propel the growth of the instrument calibration services market going forward. Industrial robots are programmable mechanical devices used in manufacturing and industrial settings to automate various tasks traditionally performed by humans. The application of industrial robots is expanding rapidly due to technological advancements, globalization, labor shortages, and the skills gap by automating repetitive tasks. Calibration services maintain the accuracy and safety of industrial robots, ensuring reliable performance and compliance in manufacturing operations. For instance, in September 2023, according to the International Federation of Robotics, a Germany-based trade organization, industrial robot installations surged to a historic peak of 553,052 units in 2022, reflecting a notable 5% rise from the previous record of 517,385 units set in 2021. Therefore, the expansion of industrial robots is driving the growth of the instrument calibration services market.
Market Trends –
Major companies operating in the integrated patient care systems market are focused on co-developing advanced technological solutions, such as artificial intelligence (AI)-powered device-integrated patient monitoring frameworks, to gain a competitive edge in the market. An artificial intelligence (AI)-powered device integrated patient monitoring framework refers to a sophisticated system within an integrated healthcare setup that utilizes AI technology to continuously monitor patients’ health status and provide real-time insights. For instance, in June 2021, Max Healthcare, an India-based healthcare company, in partnership with MyHealthcare, an India-based digital healthcare company, launched the Max MyHealth+ ecosystem, an AI-powered device-integrated patient monitoring framework that has integrated blood pressure monitors, ECG (electrocardiogram), heart rate devices, and blood sugar monitoring devices. The device-integrated products will enable patients to use clinical devices at home that are easily connected to the Max MyHealth+ app. The clinical data collected is managed using automatic trend analysis and vital alerts. Remote care monitoring and the utilization of care programs will allow Max Healthcare to manage their patients wherever they are located.
The instrument calibration services market covered in this report is segmented –
1) By Type: Electrical Calibration Services, Mass Standards Calibration Services, Temperature Calibration Services, Other Types
3) By Application: Pharmaceutical And Biomedical, Industrial And Automotive, Electronics, Communication, Aerospace And Defense, Other Applications
4) By End-User: Manufacturing, Research And Development, Government And Defense, Other End Users
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Regional Insights –
Asia-Pacific was the largest region in the instrument calibration services market in 2023. The regions covered in the instrument calibration services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the instrument calibration services market are Siemens AG, Lockheed Martin, General Electric Company, ABB Group, CMS Energy, Eurofins Scientific, SGS S.A, Bureau Veritas, Tektronix, Fluke Corporation, Keysight Technologies Inc., Intertek Group PLC, Endress+Hauser, TÜV SÜD, Cal Inc., Rohde & Schwarz GmbH & Co KG, Transcat Inc., Mitutoyo Corporation, Technical Maintenance, ESSCO Calibration Laboratory, Trescal Inc., Tradinco Instruments, Optical Test and Calibration Ltd, GE Kaye, Micro Precision Calibration
Table of Contents
1. Executive Summary
2. Instrument Calibration Services Market Report Structure
3. Instrument Calibration Services Market Trends And Strategies
4. Instrument Calibration Services Market – Macro Economic Scenario
5. Instrument Calibration Services Market Size And Growth
…..
27. Instrument Calibration Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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