New York, July 07, 2023 (GLOBE NEWSWIRE) -- According to the research report “Global Calibration Equipment Market” published by Consegic Business Intelligence, the market was worth USD 479.30 Million in 2022 and is anticipated to reach over USD 792.24 Million by the year 2030, growing at a CAGR of 6.7%.
Calibration equipment is defined as a set of tools, instruments, or devices used to measure, adjust, and validate the accuracy, precision, and reliability of other measuring instruments. Calibration equipment ensures that the measurements obtained from various devices are reliable, consistent, and traceable to established standards. Additionally, calibration equipment includes instruments namely reference standards, calibration sources, simulators, meters, gauges, sensors, and software among others. The tools are utilized to compare the measurements obtained from the Device Under Test (DUT) with known or certified values to determine any deviations or errors.
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The implementation of stringent regulatory standards to ensure the safety and reliability of the products act as the major factor responsible for driving the growth of the calibration equipment market. In addition, the advancements in technology including the emergence of automated calibration equipment to automate recurring measurements are also contributing significantly in propelling the market growth. Moreover, the ability of automated calibration equipment to offer improved durability and reduced cost is further accelerating the growth of the market. For instance, in January 2023, Mahr GmbH launched an automated cost-effective calibration system for 3D printing. The automated calibration system is designed to load the measuring stations in the measuring room, eliminating the need of an operator, and increasing the throughput while reducing the cost, thus contributing remarkably in propelling the market growth.
Moreover, the integration of calibration equipment with the Internet of Things (IoT) and Industry 4.0 is expected to create potential opportunities for the growth of the market. The advent of the Internet of Things (IoT) enables the connectivity of devices and sensors, allowing real-time data collection and analysis. Calibration equipment that integrates with IoT platforms provides remote monitoring, data logging, and automated calibration processes, thus creating opportunities for market growth. However, the high manufacturing cost associated with calibration equipment is restraining the market growth.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 792.24 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 6.7% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Additel Corporation, Ametek Inc., Bronkhorst High-Tech B.V., Beamex Inc., Chino Corporation, Endress+Hauser AG, ESSCO Calibration Laboratory, Extech Instruments, Fluke Corporation, Trescal Group, Godrej & Boyce Mfg. Co. Ltd., Launch Tech Co. Ltd., Meriam Process Technologies |
| By Type | Pressure Calibration, Temperature Calibration, Mechanical Calibration, Electrical Calibration, Radiological Calibration, Optical Calibration, Thermodynamic Calibration, Pipette Calibration, and Flow Calibration |
| By End-User | Metallurgy, Chemical, Power, Petroleum, Aerospace and Defense, Electronics, Automotive, Food and Beverages, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Calibration Equipment Market Growth Drivers:
- Growing demand for safety standards associated with product quality and reliability is driving the growth of the market
- Rising demand of calibration equipment due into increasing industrial automation is propelling the market growth.
- Increasing demand of calibration equipment from the chemical industry to calibrate and verify the accuracy of process instruments namely pressure transmitters, temperature sensors, and flow meters is accelerating the market growth.
Restraints
- High manufacturing cost associated with calibration equipment is restraining the market growth.
Opportunities
- Integration of calibration equipment with the Internet of Things (IoT) and Industry 4.0 is expected to create opportunities for the growth of the market.
Global Calibration Equipment Market Segmentation Details:
Based on Type, the electrical calibration segment contributed the largest shares to the market growth in 2022 owing to the implementation of strict regulatory standards to ensure the safety, accuracy, and reliability of electrical instruments in industries. Additionally, electrical instruments including oscilloscopes, power analyzers, signal generators, and electronic loads require accurate calibration to ensure correct measurements and maintain traceability. Consequently, the growing need of specialized calibration equipment to efficiently calibrate electrical instruments is contributing remarkably in spurring the market growth.
Based on End-User, the chemical segment offers substantial shares to the global calibration equipment market in the year 2022. The growth is attributed to the increasing adoption of calibration equipment to verify the accuracy of process instruments namely pressure transmitters, temperature sensors, flow meters, level sensors, pH meters, conductivity meters, and analytical instruments. Accurate calibration of such instruments is essential for precise control of chemical processes, ensuring product quality and safety. In addition, safety is paramount in the chemical industry, and safety instrumented systems play a vital role in preventing and mitigating accidents. Calibration equipment is employed to calibrate safety devices including pressure gas detectors, flame detectors, unknown chemicals, and alarm systems, thus contributing significantly in bolstering the market growth.
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Based on region, North America has been a major contributor to the growth of the calibration equipment market owing to the stringent regulatory standards and quality requirements in industries including healthcare, pharmaceuticals, and aerospace. Compliance with such regulations necessitates regular calibration of instruments that raises the demand for accurate calibration equipment to meet regulatory standards. Additionally, North American industries have a strong emphasis on quality control and product safety that further increases the demand of calibration equipment to ensure product quality. Consequently, the aforementioned factors are collectively responsible in propelling the growth of the calibration equipment market in the region.
Key Market Highlights
- The global calibration equipment market size is estimated to reach USD 792.24 Million by 2030 and grow at a CAGR of 6.7% during the forecast period (2023-2030).
- Globally, calibration equipment is divided based on the type into pressure calibration, temperature calibration, mechanical calibration, electrical calibration, radiological calibration, optical calibration, thermodynamic calibration, pipette calibration, and flow calibration.
- The end-user segment is classified into metallurgy, chemical, power, petroleum, aerospace and defense, electronics, automotive, food and beverages, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in calibration equipment.
Recent Development:-
- In March 2023, Beamex Inc. updated the MC6 advanced field communicator and calibrator by enabling the users to partly calibrate air driven valves by electrifying the valve controller, creating the input mA signal, and reading the digital output signal on one device.
- In September 2022, Trescal acquired IKM Laboratorium and entered into a long-term strategic partnership with IKM Group and its’ clients. The acquisition was made to expand Trescal’s portfolio in calibration and maintenance services, particularly in Norway. Additionally, in Romania, Trescal acquired Metrosenzor and signed the contract for the acquisition of Metracal in Brazil.
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List of Major Global Calibration Equipment Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Additel Corporation
- Ametek Inc.
- Bronkhorst High-Tech B.V.
- Beamex Inc.
- Chino Corporation
- Endress+Hauser AG
- ESSCO Calibration Laboratory
- Extech Instruments
- Fluke Corporation
- Trescal Group
- Godrej & Boyce Mfg. Co. Ltd.
- Launch Tech Co. Ltd.
- Meriam Process Technologies
Global Calibration Equipment Market Segmentation:
- By Type
- Pressure Calibration
- Temperature Calibration
- Mechanical Calibration
- Electrical Calibration
- Radiological Calibration
- Optical Calibration
- Thermodynamic Calibration
- Pipette Calibration
- Flow Calibration
- By End-User
- Metallurgy
- Chemical
- Power
- Petroleum
- Aerospace and Defense
- Electronics
- Automotive
- Food and Beverages
- Others
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Key Questions Covered in the Calibration Equipment Market Report
- What will be the potential market valuation for the calibration equipment market by 2030?
- The market valuation for the calibration equipment industry is expected to be approximately USD 792.24 Million by 2030 owing to the increasing demand to validate the accuracy, precision, and reliability of measuring instruments.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the calibration equipment market's growth in the coming years?
- Asia Pacific is expected to witness the fastest CAGR during the forecast period due to a diverse manufacturing sector, including electronics, automotive, and consumer goods that heavily rely on calibration equipment to ensure the accuracy and reliability of the manufacturing processes and products.
- What specific segmentation details are covered in the calibration equipment market report, and how is the dominating segment impacting the market growth?
- Electrical calibration equipment dominates the market in 2022 owing to the strict regulatory standards and quality requirements to ensure the safety, accuracy, and reliability of electrical instruments in industries.
- What specific segmentation details are covered in the calibration equipment market report, and how is the fastest segment anticipated to impact the market growth?
- The power industry is anticipated to impact the growth of the market owing to the increasing adoption of calibration equipment to validate the accuracy of instruments and devices used in power generation facilities. The instruments include sensors, transmitters, recorders, meters, and control systems that measure parameters such as voltage, current, power, frequency, and energy.
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