Calibration Services Market a CAGR of 6.99% To Reach USD 3,410 Billion by 2022
According to a new market research report “Calibration Services Market by Service Segments (Electrical, Mechanical, Physical/Dimensional, Thermodynamic), by Type (In-House Laboratories, OEM, Third-Party Services), by End-User Industry & Geography – Global Forecast to 2013 – 2020”, the total market was valued at $3,410.00 Million in 2013 and is expected to reach $5,580.00 Million by 2020, at a CAGR of 6.99% between 2014 and 2020.
The calibration services market has witnessed a steady growth in spite of the economic turmoil across the globe. Businesses are practicing to operate effectively with lowered downtime of equipment. Evidently, this is a helpful approach when businesses want to maximize the overall output by maintaining existing infrastructure in best conditions. The focus on preventive maintenance, strict government regulations and increased quality-consciousness among consumers are key drivers propelling the growth of the calibration services market. The calibration services market in the report is categorized by services as electrical, mechanical, thermodynamic, and physical/dimensional. Electrical calibration services accounted for the largest share of 49% of the total calibration services market in 2013.
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The report also covers key end user industries of the calibration services market, which include electronics manufacturing, communication, aerospace & defense, industrial & automotive, and others (power generation and petrochemicals). Among all sectors, the electronics manufacturing sector is expected to be the largest contributor to the overall calibration services market, accounting for ~31% share.
The calibration services market for different geographic regions including North America, Europe, Asia-Pacific, and the Rest of the World (RoW) has also been covered in the report. Europe was the largest market for the calibration services in 2013. APAC is expected to be the most promising market for calibration services during the forecast period and would grow at the highest CAGR among all regions.
The report profiles major players with a SWOT analysis of key players in the calibration services market. The market is expected to witness a series of new product launches, announcements and partnerships across the value chain. Key players in this industry include General Electric (U.S.), Siemens AG (Germany), Danaher Corporation (U.S.), Endress+Hauser (Switzerland), Trescal, Inc. (U.S.), Transcat, Inc. (US), and others.
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