Key Calibration Services Market Trend 2024-2033: On- Groundbreaking GNSS Technologies
Calibration Services Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How significant is the growth of the calibration services market? The calibration services market size has grown strongly in recent years. It is predicted to rise from $6.33 billion in 2023 to $6.82 billion in 2024 at a compound annual growth rate CAGR of 7.9%. Growth during the historic period can be attributed to environmental monitoring and control, aviation and aerospace industry demand, scientific research and development, healthcare sector development, and expansion of manufacturing sectors.
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What Is the Anticipated Growth Rate and Market Size of the Global Calibration Services Market?
The market size of calibration services is expected to see strong growth in the next few years. It will grow to an estimated $9.18 billion in 2028 at a compound annual growth rate CAGR of 7.7%. Growth during the forecast period can be attributed to rapid digital transformation in manufacturing, expansion of aerospace and defense industries, emergence of smart cities and infrastructure, renewable energy sector growth, increased demand in healthcare and medical devices. Major trends in the forecast period include remote and on demand calibration services, automation and robotics in calibration, data analytics and predictive maintenance, augmented reality AR and virtual reality VR calibration solutions, integration of calibration management software.
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What are the key factors driving the growth of the global calibration services market?
A key market driver is rapid industrialization, which is expected to boost the growth of the calibration services market going forward. The need for creating employment opportunities, promotion of education, training and research, and industrial growth, are some of the factors contributing to rapid industrialization. An increase in growth in industries and manufacturing sectors that produce large numbers of products to be tested and verified for intended use creates a high demand for calibration services. These services test and measure the accuracy and ensure the proper working of products. For instance, the UNIDO statistics reveal that in 2022, the global manufacturing production saw a year-on-year output growth of 4.2%, with a similar annual output growth for industrial economies. According to the investment research platform YCharts, the US's industrial production year-on-year growth for 2022 is at 3.68%, higher than the long-term average of 3.58%, signifying that rapid industrialization has considerable impact on the growth of the calibration services market.
How competitive is the calibration services market with the entry of major industry players?
The calibration services market includes major companies such as Siemens Aktiengesellschaft, General Electric, Danaher Corporation, Asea Brown Boveri Ltd, Eaton Corporation, Keysight Technologies Inc., Ametek Inc., Fluke Corporation, Optimal Calibration, Mettler-Toledo International Inc., and other notable industry leaders producing new and efficient comprehensive solutions.
What are the latest trends that are gaining popularity within the calibration service market?
One emergent trend within the calibration services market is the adoption of innovative product methodologies. For instance, Renishaw plc, a UK-based company, introduced a new CNC probe calibration machine, ACS-1 Advanced Calibration Sphere. This innovative solution is designed to improve the accuracy and repeatability of CNC machine tool probe calibration by removing manual calibration steps. Such advancements pave the way for the market players to offer more effective and efficient calibration services to their customers.
In what ways is the calibration services market segmented?
The calibration services market segmentation is as follows:
1 By Service: In-House, OEMs Original Equipment Manufacturer, Third-Party Service
2 By Calibration: Electrical, Mechanical, Thermodynamic, Physical Or Dimensional, Other Calibrations
3 By End Use: Electronics Manufacturing, Communication, Aerospace And Defense, Automotive, Other End-Uses
Are there any notable regional insights within the calibration services sector?
Based on the report, Europe was the largest region in the calibration services market share in 2023. However, a comprehensive regional perspective considers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa as potential growth regions in the market.
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