IIoT Technologies Improving Process Efficiencies Power Global Calibration and Repair Services Market

IIoT Technologies Improving Process Efficiencies Power Global Calibration and Repair Services Market

Demand for High-quality Instrument Standards and Tightened Regulations Enhances Future Growth Potential

RELEASE DATE
11-Dec-2020
REGION
Global
Research Code: K483-01-00-00-00
SKU: TM00648-GL-MT_24872

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Description

The global calibration and repair services market is anticipated to reach $3,996.9 million by 2024, driven by increased quality awareness, greater adoption by the aerospace and defense and life sciences industries, and tightening regulations imposed by calibration regulatory authorities across the world. The instruments used in industries such as aerospace and defense, life sciences, and automotive, all of which are strictly regulated, are at high risk of failure, creating need for calibration at regular intervals.

Focus on automation and asset software also drives the calibration and repair services market because these tools reduce the amount of time required to perform calibration and improve the quality of service rendered. For some electrical equipment, users need only to plug the equipment into the software, and the test is conducted automatically. Moreover, this market is expected to grow rapidly with the advent of the Industrial Internet of Things (IIoT) and connected assets, considering all connected equipment must be calibrated regularly to ensure proper functioning of the device network.

Growth opportunities for the calibration and repair services market include multi-vendor and multi-instrument capabilities, connected mobility, and life sciences market activity, with further market consolidation and continuous acquisitions expected. However, the decline in activity across end markets such as consumer electronics, industrial, educational institutes, and energy due to the COVID-19 pandemic is expected to offset growth for the calibration and repair services market in the short-term. This trend is likely to reduce the frequency of on-site calibration and repair services due to social–distancing mandates.

Frost & Sullivan’s analysis of the global calibration and repair services market is segmented into North America, Europe, the Middle East and Africa, Asia-Pacific, and Latin America. The type of calibration and repair services covered are electrical/electronics, mechanical, physical/dimensional, and temperature/thermodynamic. The end-user industries include aerospace and defense, consumer electronics and semi-conductors, communications, medical/life sciences, automotive, industrial, and others (educational institutes). The study period is 2016 to 2024.

RESEARCH: INFOGRAPHIC

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Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

Impact of the Top Three Strategic Imperatives on the Calibration and Repair Services Market

Growth Opportunities Fuel the Growth Pipeline Engine™

Global Calibration and Repair Services Market Overview

Calibration and Repair Services Market Segmentation

Calibration and Repair Services Market Segmentation (continued)

Calibration and Repair Services Market Segmentation (continued)

Key Competitors in Global Calibration and Repair Services Market

Key Growth Metrics

Calibration and Repair Services Market Distribution Channels

Growth Drivers in the Calibration and Repair Services Market

Growth Driver Analysis

Growth Driver Analysis (continued)

Growth Driver Analysis (continued)

Growth Driver Analysis (continued)

Growth Restraints in the Calibration and Repair Services Market

Growth Restraint Analysis

Forecast Assumptions

Revenue Forecast

Revenue Forecast Discussion

Competitive Environment

Market Share Analysis

Market Share Analysis (continued)

Revenue Forecast by End User

Revenue Forecast by Service Type

Revenue Forecast by Service Type—Discussion

Revenue Forecast by Service Type—Discussion (continued)

Revenue Forecast by Service Type—Discussion (continued)

Revenue Forecast by Service Type—Discussion (continued)

Revenue Forecast by Region

Key Findings—North America

Key Findings—Europe

Key Findings—The Middle East and Africa

Key Findings—Asia-Pacific

Key Findings—Latin America

Key Growth Metrics

Revenue Forecast

Forecast Analysis by Vertical Market

Key Growth Metrics

Revenue Forecast

Forecast Analysis by Vertical Market

Key Growth Metrics

Revenue Forecast

Forecast Analysis by Vertical Market

KEY Growth Metrics

Revenue Forecast

Forecast Analysis by Vertical Market

KEY Growth Metrics

Revenue Forecast

Forecast Analysis by Vertical Market

Key Growth Metrics

Revenue Forecast

Forecast Analysis by Vertical Market

Calibration Asset Management Software

Automation in Calibration

Industry Trends in the Calibration and Repair Services Market

The Calibration and Repair Services Market in the Energy Sector

The Calibration and Repair Services Market in the Industrial Food and Beverage Sector

The calibration and Repair Services Market in the Industrial Food and Beverage Sector (continued)

Growth Opportunity 1—Consolidation of Third-party Service Providers for Expanded Customer Base, 2019

Growth Opportunity 1—Consolidation of Third-party Service Providers for Expanded Customer Base, 2019 (continued)

Growth Opportunity 2—Analytical Instrument Qualification, Calibration, and Repair Services for the Life Sciences Industry, 2019

Growth Opportunity 2—Analytical Instrument Qualification, Calibration, and Repair Services for the Life Sciences Industry, 2019 (continued)

Growth Opportunity 3—Calibration for Electric Vehicles in the Automotive Industry, 2019

Growth Opportunity 3—Calibration for Electric Vehicles in the Automotive Industry, 2019 (continued)

Growth Opportunity 4—Multi-vendor and Multi-instrument Capabilities for Expanded Customer Base, 2019

Growth Opportunity 4—Multi-vendor and Multi-instrument Capabilities for Expanding Customer Base, 2019 (continued)

Growth Opportunity 5—Calibration Asset Management Software for Technology-oriented End Users, 2019

Growth Opportunity 5—Calibration Asset Management Software for Technology-oriented End Users, 2019 (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

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Related Research
The global calibration and repair services market is anticipated to reach $3,996.9 million by 2024, driven by increased quality awareness, greater adoption by the aerospace and defense and life sciences industries, and tightening regulations imposed by calibration regulatory authorities across the world. The instruments used in industries such as aerospace and defense, life sciences, and automotive, all of which are strictly regulated, are at high risk of failure, creating need for calibration at regular intervals. Focus on automation and asset software also drives the calibration and repair services market because these tools reduce the amount of time required to perform calibration and improve the quality of service rendered. For some electrical equipment, users need only to plug the equipment into the software, and the test is conducted automatically. Moreover, this market is expected to grow rapidly with the advent of the Industrial Internet of Things (IIoT) and connected assets, considering all connected equipment must be calibrated regularly to ensure proper functioning of the device network. Growth opportunities for the calibration and repair services market include multi-vendor and multi-instrument capabilities, connected mobility, and life sciences market activity, with further market consolidation and continuous acquisitions expected. However, the decline in activity across end markets such as consumer electronics, industrial, educational institutes, and energy due to the COVID-19 pandemic is expected to offset growth for the calibration and repair services market in the short-term. This trend is likely to reduce the frequency of on-site calibration and repair services due to social–distancing mandates. Frost & Sullivans analysis of the global calibration and repair services market is segmented into North America, Europe, the Middle East and Africa, Asia-Pacific, and Latin America. The type of calibration and repair services covered are electrical/electronics, mechanical, physical/dimensional, and temperature/thermodynamic. The end-user industries include aerospace and defense, consumer electronics and semi-conductors, communications, medical/life sciences, automotive, industrial, and others (educational institutes). The study period is 2016 to 2024.
More Information
No Index No
Podcast No
Author Avinash Kumar
Industries Test and Measurement Instrumentation
WIP Number K483-01-00-00-00
Is Prebook No
GPS Codes 9404-A5,9594,9403,9426,99FA,9593,9408