Global Calibration and Repair Services Market Report 2020-2024: Market is Anticipated to Reach $3,996.9 Million - Focus on Automation and Asset Software
Dublin, Jan. 20, 2021 (GLOBE NEWSWIRE) -- The "IIoT Technologies Improving Process Efficiencies Power Global Calibration and Repair Services Market" 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.
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.
Key Topics Covered:
1. Strategic Imperatives
Why is it Increasingly Difficult to Grow?
The Strategic Imperative
Impact of the Top Three Strategic Imperatives on the Calibration and Repair Services Market
Growth Opportunities Fuel the Growth Pipeline Engine
2. Growth Opportunity Analysis, Global Calibration, and Repair Services Market
Global Calibration and Repair Services Market Overview
Calibration and Repair Services Market Segmentation
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 Restraints in the Calibration and Repair Services Market
Growth Restraint Analysis
Forecast Assumptions
Revenue Forecast
Revenue Forecast Discussion
Competitive Environment
Market Share Analysis
Revenue Forecast by End User
3. Service Type and Regional Market Analysis
Revenue Forecast by Service Type
Revenue Forecast by Service Type - Discussion
Revenue Forecast by Region
4. Aerospace and Defense Segment
Key Growth Metrics
Revenue Forecast
Forecast Analysis by Vertical Market
5. Communications Segment
Key Growth Metrics
Revenue Forecast
Forecast Analysis by Vertical Market
6. Automotive Segment
Key Growth Metrics
Revenue Forecast
Forecast Analysis by Vertical Market
7. Medical and Life Sciences Segment
Key Growth Metrics
Revenue Forecast
Forecast Analysis by Vertical Market
8. Consumer Electronics and Semi-Conductor Segment
Key Growth Metrics
Revenue Forecast
Forecast Analysis by Vertical Market
9. Industrial Segment
Key Growth Metrics
Revenue Forecast
Forecast Analysis by Vertical Market
10. Industry and Mega Trends
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
11. Growth Opportunities Universe, Global Calibration and Repair Services Market
Growth Opportunity 1 - Consolidation of Third-party Service Providers for Expanded Customer Base, 2019
Growth Opportunity 2 - Analytical Instrument Qualification, Calibration, and Repair Services for the Life Sciences Industry, 2019
Growth Opportunity 3 - Calibration for Electric Vehicles in the Automotive Industry, 2019
Growth Opportunity 4 - Multi-vendor and Multi-instrument Capabilities for Expanded Customer Base, 2019
Growth Opportunity 5 - Calibration Asset Management Software for technology-oriented End Users, 2019
12. Next steps
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