Global $3.99 Bn Calibration and Repair Service Markets, 2016-2022 & 2023-2024: Customers Looking for a Quick Turnaround Time and Compliance with ISO/IEC 17025 Standards Will Drive Demand

News provided by

Nov 15, 2023, 10:45 ET

DUBLIN, Nov. 15, 2023 /PRNewswire/ -- The "Growth Opportunities in Calibration and Repair Services" report has been added to ResearchAndMarkets.com's offering.

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 the 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 the 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.

Report Scope

This 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 semiconductors, communications, medical/life sciences, automotive, industrial, and others (educational institutes).
The study period is from 2016 to 2024.

Growth Opportunity Universe

Demand from Industrial Internet of Things (IIoT)
Increased Technological and Manufacturing Activity from Asia-Pacific
Electric Vehicle Growth
Consolidation among Third-party Service Providers

Strategic Imperatives

Why is it Increasingly Difficult to Grow?
The Strategic Imperative
The Impact of the Top 3 Strategic Imperatives on the Calibration and Repair Services Industry
Growth Opportunities Fuel the Growth Pipeline Engine

Report Analysis

Scope of Analysis
Segmentation
Service Types Defined
Key Competitors
Growth Metrics
Distribution Channels
Growth Drivers
Growth Driver Analysis
Growth Restraints
Growth Restraint Analysis
Forecast Assumptions
Revenue Forecast
Revenue Forecast by Service Type
Revenue Forecast by Region
Revenue Forecast by Industry Vertical
Revenue Forecast Analysis
Revenue Forecast Analysis by Service Type
Revenue Forecast Analysis by Region: Americas
Revenue Forecast Analysis by Region: Europe
Revenue Forecast Analysis by Region: APAC
Revenue Forecast Analysis by Region: MEA
Revenue Forecast Analysis by Vertical
Pricing Trends and Forecast Analysis
Competitive Environment
Revenue Share
Revenue Share Analysis

For more information about this report visit https://www.researchandmarkets.com/r/550lr4

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets