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Instrument Calibration Services Market Size, Share, Growth & Trends 2024-2033 | Key Players & Outlook
Instrument Calibration Services Market Size
According to The Business Research Company's, The instrument calibration services market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.67 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to regulatory compliance, quality standards, industry growth, outsourcing trend, globalization, rising complexity of instruments, focus on preventive maintenance.
The instrument calibration services market size is expected to see strong growth in the next few years. It will grow to $2.40 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to growing healthcare sector, emergence of new industries, focus on sustainability, shift towards predictive maintenance, demand for accredited services. Major trends in the forecast period include integration of cloud-based systems, development of predictive maintenance solutions, collaboration between providers and manufacturers, adoption of remote capabilities, and increasing emphasis on data analytics.
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Market Drivers and Trends:
The expansion of industrial robots is expected to propel the growth of the instrument calibration services market going forward. Industrial robots are programmable mechanical devices used in manufacturing and industrial settings to automate various tasks traditionally performed by humans. The application of industrial robots is expanding rapidly due to technological advancements, globalization, labor shortages, and the skills gap by automating repetitive tasks. Calibration services maintain the accuracy and safety of industrial robots, ensuring reliable performance and compliance in manufacturing operations. For instance, in September 2023, according to the International Federation of Robotics, a Germany-based trade organization, industrial robot installations surged to a historic peak of 553,052 units in 2022, reflecting a notable 5% rise from the previous record of 517,385 units set in 2021. Therefore, the expansion of industrial robots is driving the growth of the instrument calibration services market.
Major companies operating in the instrument calibration services market are focusing on developing phased array calibration solutions to enhance efficiency, accuracy, and automation in the calibration process. The phased array calibration solution is a cutting-edge system designed to facilitate the development of active electronically scanned arrays for satellite communications applications. For instance, in October 2023, Keysight Technologies, a US-based electronics company, launched a phased array antenna control and calibration solution for satellite communications. It features a user-friendly software interface that controls the antenna under test, a compact antenna test range positioner, and a temperature control unit. This innovative system significantly reduces the time required for calibrating complex phased array antennas from hours or days to just a few minutes in a lab setting, enhancing mission success for commercial and military satellite communications.
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Major Key Players of the Market:
Siemens AG, Lockheed Martin, General Electric Company, ABB Group, CMS Energy, Eurofins Scientific, SGS S.A, Bureau Veritas, Tektronix, Fluke Corporation, Keysight Technologies Inc, Intertek Group PLC, Endress+Hauser, TÜV SÜD, Cal Inc, Rohde & Schwarz GmbH & Co KG, Transcat Inc, Mitutoyo Corporation, Technical Maintenance, ESSCO Calibration Laboratory, Trescal Inc, Tradinco Instruments, Optical Test and Calibration Ltd, GE Kaye, Micro Precision Calibration
Instrument Calibration Services Market 2024 Key Insights:
• The instrument calibration services market size is expected to see strong growth in the next few years. It will grow to $2.40 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Rising Demand For Instrument Calibration Services Fueled By Industrial Robots Boom
• Technological Advancements Driving Instrument Calibration Market
• Asia-Pacific was the largest region in the instrument calibration services market in 2023
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