LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global instrumentation services market is expected to reach USD 5.99 billion by 2021, growing at a CAGR of almost 9%.
This research report titled ‘Global Instrumentation Services Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers.
The optimized production of industrial goods is highly dependent on how well the measurement devices are calibrated, commissioned, and maintained. Thus, most of the industries are aggressively focusing on instrumentation services for achieving maximum performance by minimizing the error level of instruments.
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Technavio’s analysts categorize the global instrumentation services market into three major segments by service. They are:
- Calibration services
- Maintenance and repair services
- Testing and commissioning services
Global calibration services market
Calibration is a service performed to compare the performance of a measurement instrument against a measurement standard. It indicates the traceability of the instrument and accuracy of the measured data. Industries worldwide are opting for calibration services in their production process.
According to Bharath Palada, a lead automation research analyst from Technavio, “Calibration undertaken at regular intervals helps to identify any faults in an instrument at the earliest, reduce downtime, and increase production efficiency. Calibration services include electrical, mechanical, thermodynamic, and dimensional/physical, which are used across the industrial manufacturing, automotive, oil and gas, and power industries.”
Global maintenance and repair services market
Maintenance is a routine service that helps in managing the health of the instruments over a regular interval of time. It helps the machine recover from regular wear and tear and increases the lifespan of the machine. Similarly, repair service is performed on demand by end-users when the failure of the instrument occurs.
“Manufacturers have to follow regulatory norms stipulated by the respective nation's NMIs during production processes to adhere to regular standards. Similarly, the rising concern for quality products and high competition in the market push the OEMs to produce high-quality instruments, reducing the occurrence of system failures,” says Bharath.
Global testing and commissioning services market
The growth of global testing and commissioning services market is highly related to new installations of machines in industrial plants. Once the new installation is complete, an experienced professional needs to commission the machine to ensure the machine is operated as per specified contracts. Commissioning is also highly essential to ensure the safety of the machine.
The growth of the testing and commissioning market is highly correlated to macroeconomic parameters because any economic downfall will result in low investment in the industrial sectors, resulting in a lower requirement for industrial instruments.
The top vendors highlighted by Technavio’s research analysts in this report are:
- ABB
- Siemens
- Honeywell
- Yokogawa
- Endress+Hauser
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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