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The field devices calibration services market size is estimated to increase by USD 625.65 million between 2022 and 2027. The market size is forecast to grow at a CAGR of 4.54%. The growth of the market depends on several factors such as the growing demand for the services to maximize production yield, the growing need for elimination of errors in industrial operations, and ensuring adherence to process safety guidelines. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Stringent industry regulations and standards require precise measurement of field devices in industries such as pharmaceutical, healthcare, aerospace, and manufacturing. Adherence to these standards is an essential part of these services. End users should have increased confidence in service providers and be able to independently evaluate their reliability before using these services. Suppliers must comply with certification regulations to perform the required analysis to ensure reliability.
Moreover, stringent industry regulations and standards are pushing the demand for precision services by emphasizing the critical importance of accuracy, safety, and compliance across various sectors. Measurement services play a key role in ensuring field equipment meets these rigorous standards, thereby contributing to improved product quality, safety, and regulatory compliance, thereby driving the growth of the market during the forecast period.
There is an increasing need for accurate and reliable measuring equipment in factories to reduce downtime associated with product recalls due to reference quality mismatch. Metrology services have important applications across industries, thereby making the market more dynamic. Calibration assures traceability of measurements and specifies the metrological characteristics of the device.
Moreover, the benefits of metrology services include quality inspection and control, optimizing product quality, minimizing waste generation, and reducing the need for rework and reverse engineering. Therefore, the growing demand for measurement in factories is one of the trends expected to drive market growth during the forecast period.
One factor leading to technological complexity is the ongoing development of digital, smart, and interconnected devices. Managing and calibrating these devices requires specialist knowledge and resources. Additionally, the integration of software and hardware into many modern systems adds complexity. Calibration of these systems includes not only physical adjustments but also ensuring the accuracy and compatibility of their software components.
Moreover, data-driven calibration and processing of the large amounts of information generated by modern instruments also contribute to technological complicatedness. Effective data management, analysis, and interpretation are essential for accurate calibration. Therefore, the technological complexity involved in benchmarking may impede the growth of the market during the forecast period.
The temperature and humidity calibration segment will account for a major share of the market's growth during the forecast period. Industrial temperature and humidity services include measurement of handheld thermometers, thermocouples, and real-time digital (RTD) simulators. Market players offer a variety of temperature and humidity measurement services to fulfill the critical accurate temperature measurement requirements of common devices.
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The temperature and humidity segment was valued at USD 900.46 million in 2017. Humidity calibration is also performed in a controlled environment and typically covers a humidity range of 10% to 98%. Humidity calibrators are crucial for measuring humidity in the food, pharmaceutical, chemical, fuel, wood, textile, and paper manufacturing and distribution industries. This increases the demand for humidity measurement devices, thereby leading to the growth of the temperature and humidity segment in the market during the forecast period.
Based on end-users, the market has been segmented into process industries and discrete industries. The process industries?segment will account for the largest share of this segment.?The oil and gas industry, energy industry, and petrochemical industry are some examples of process industries that heavily utilize field equipment measurement services. In the oil and gas industry, the existence of a large number of machinery and equipment in departments, such as drilling, service rigs, pumps, tow works and moorings, leads to a high demand for services before and after implementation. Additionally, in the petrochemical industry, products are highly flammable and the industry requires regular and appropriate testing and commissioning services. Therefore, the growing use of field equipment measurement in various process industries is expected to drive the growth of the market in the process industry segment during the forecast period.
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North America is estimated to contribute 38% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The current industrialization scenario in North America, along with economic development, has improved the quality standards of the manufacturing sector.
Furthermore, the US is one of the leading countries in oil and gas exploration and production (E&P). New oil and gas exploration and production (E&P) projects are increasing shale oil and gas production in the US and Canada. Therefore, an increasing number of projects will boost the demand for measurement services for high-power devices, thereby driving the growth of the market in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ABB Ltd., Applied Industrial Technologies Inc., Branom Instrument Co., Danaher Corp., Ellab AS, Endress Hauser Group Services AG, ENVEA, Fortive Corp., General Electric Co., Honeywell International Inc., Keysight Technologies Inc., PFREUNDT GmbH, Rockwell Automation Inc., Siemens AG, Thermo Fisher Scientific Inc., Transcat Inc., Trescal International SAS, Yokogawa Electric Corp., and Rohde and Schwarz GmbH and Co. KG
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
In this industry, the demand for reliable and precise calibration services is escalating across diverse industries such as automotive, aerospace, and medical. These services play a crucial role in safety and quality assurance, ensuring optimal performance of industrial equipment. However, challenges like the high cost of calibration services, scarcity of skilled personnel, and a lack of awareness hinder market growth. Calibration service providers are exploring innovative solutions, integrating artificial intelligence and the Internet of Things to enhance efficiency.
The application of calibration services extends to hazardous environments, industrial automation, and process control activities. To address the need for cost-effective solutions, remote calibration services are gaining prominence, contributing to process optimization. Integrated service solutions offered by calibration providers include product benchmarking, and the industry is witnessing strategic initiatives such as mergers and acquisitions. A SWOT analysis further sheds light on the strengths, weaknesses, opportunities, and threats in the market, paving the way for continuous advancements and improved service delivery.
Field Devices Calibration Services Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.54% |
Market growth 2023-2027 |
USD 625.65 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.34 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, China, Germany, France, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Applied Industrial Technologies Inc., Branom Instrument Co., Danaher Corp., Element Materials Technology Group Ltd., Ellab AS, Endress Hauser Group Services AG, ENVEA, Fortive Corp., General Electric Co., Honeywell International Inc., Keysight Technologies Inc., PFREUNDT GmbH, Rockwell Automation Inc., Siemens AG, Thermo Fisher Scientific Inc., Transcat Inc., Trescal International SAS, Yokogawa Electric Corp., and Rohde and Schwarz GmbH and Co. KG |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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