Global Calibration Services Market Outlook – Trends, Forecast, and Opportunity Assessment (2014-2022)
The Global Calibration Services market is estimated to be $3.94 billion in 2014 and is expected to reach $6.84 billion by 2022 growing at a CAGR of 7.33% from 2014 to 2022. Calibration Services market has promising steady growth inspite of economic crisis. Increased quality awareness, protective maintenance, and strict government regulations are the key factors influencing the market growth. Factors such as high competition and lack of skilled labor are limiting the market growth of calibration services market. The emerging end user industries are providing vast opportunities for calibration services. Multidisciplinary calibration equipment requirement acts as a major challenge for the market.
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The calibration services market is steered by need for accurate information. The calibration services market has been escalating to cover industries such as, aerospace & defense, power generation, electronics manufacturing, communication, semiconductors, industrial & automotive, water, and petrochemicals. The electronic manufacturing market has the largest existence among all the end-user markets with largest share of around 50% in calibration services market. OEMs instruments, that sold to clients will have the benefit of installed support. The market growth is completely affected by the premium prices. Europe has the largest share for calibration services market and Asia Pacific is expected to be the fastest growing market during the forecast period.
Global Calibration Services market is segmented by type, by end-user industry, by service and by geography. Based on type, market is segmented into in-house laboratories, third-party services and OEM. Based on end-user industry, market is categorized into industrial & automotive, electronic manufacturing, aerospace, defense and communications. Based on service, market is classified into electrical, physical/dimensional, mechanical and thermodynamic. Market by geography is segmented into North America, Europe, Asia Pacific and Rest of the World.
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The Key players in the market include, Siemens AG, General Electric, Micro Precision Calibration, ABB, Keysight Technologies, Inc., Trescal, Inc., Optical Test and Calibration Ltd, Danaher Corporation, and Transcat, Inc.
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