Calibration Services Market worth $8.1 billion by 2030 at a CAGR of 5.3%

(IT-NEWSWIRE.COM, August 15, 2023 ) The Global Calibration Services Market is projected to grow from USD 5.7 billion in 2023 to USD 8.1 billion by 2030, registering a CAGR of 5.3% during the forecast period. The calibration services market is driven by stringent regulatory demands, technological advancements, and globalization, while opportunities arise from emerging industries, advanced technologies, and innovative solutions. However, the market faces challenges due to evolving standards' complexity, economic fluctuations impacting spending, competition from in-house calibration, initial investment requirements, and the need to balance cost-effectiveness with high-quality services.

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The dimensional service type is the fastest growing for the calibration services market; the demand for precision in dimensional measurements is growing as manufacturing processes become more complex. This is especially true in industries such as aerospace, automotive, and electronics, where even small errors can significantly impact the final product's quality. Dimensional calibration service is commonly used to measure static physical properties such as angle, height, depth, length, diameter, radius, level, micrometre, optical comparator, surface properties, thread, plug, ring, wire, torque arm length, wire cloth, and sieve measurement. Examples of dimensional equipment that can be tested for calibration include angle blocks, protractors, thickness gauges, callipers, height/depth gauges, length standards, length, gauge block comparator, electronic level systems, bench micrometres, bore micrometres, laser micrometres, and so on.

The industrial & automation application of calibration services is projected to hold the largest market share over the forecast period. The increasing adoption of automation in industries like manufacturing, automotive, and aerospace drives the demand for precise calibration to ensure accurate measurements and optimal performance of automated systems and instruments. Additionally, stringent quality standards and regulatory compliance requirements further contribute to the dominance of calibration services in the industrial & automation sectors. The industrial & automation segment has improved in terms of affordability, usability, applicability, and quality over the years with regular advancements in automation. The industrial & automation sector uses calibration services for different parts in the assembly line, such as electrical calibration to ensure proper electric supply to (computer numerical control) CNC machines; mechanical calibration to ensure standard vector attributes such as pressure, torque, and flow of machinery; dimensional calibration for physical attributes such as length, level, angle, and so on, of the machinery; and thermodynamic calibration services to read and calibrate temperature and humidity-sensing devices in the operating environment, even in hazardous areas. Thus, calibration services have a wide application in the industrial & automotive industry.

During the forecast period, China is expected to exhibit a fastest growth rate in the calibration services market. The calibration services market in China is experiencing rapid growth and holds the largest share due to several factors. The country's rapid industrialization and economic development have led to increased demand for calibration services across diverse industries such as manufacturing, energy, and healthcare. The rising complexity of measuring instruments and systems requires precise calibration to ensure accuracy and reliability, essential for product safety and quality. Additionally, stringent regulatory requirements in various industries mandate calibration, further driving market growth. The growing adoption of automation in calibration processes is also contributing to market expansion as businesses seek improved efficiency. Overall, the calibration services market in China is expected to continue growing, fuelled by increasing demand, complexity in instruments, regulatory demands, and automation adoption. The market also benefits from increasing awareness among businesses about calibration's importance, a rising number of third-party providers, and favourable government policies supporting the calibration services industry.

Key Market Players:

Keysight Technologies (US), Hexagon AB (Sweden), Rohde & Schwarz (Germany), Tektronix, Inc. (US), VIAVI Solutions Inc. (US), Omega Engineering, Inc. (US), Advantest Corporation (Japan), National Instruments Corporation (US), Anritsu (Japan), Trescal, Inc. (France), Pratt and Whitney Measurement Systems, Inc. (US), Kolb & Baumann GmbH & Co KG. (Germany), Renishaw plc. (UK), Feinmess Suhl GmbH (Germany), Octagon Precision India Pvt. Ltd. (India), TESA Brown & Sharpe (Part of Hexagon AB) (Switzerland), Mitutoyo (Japan), MSI Viking (US), Master Gage & Tool Co. (US), Tanson Instrument (India), and Micro Precision Calibration (US) are the dominant companies in the calibration services market.

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Calibration Services Market worth $8.1 billion by 2030 at a CAGR of 5.3%