LONDON--(BUSINESS WIRE)--The global multifunction calibrators market is expected to grow at a CAGR of almost 7% during the period 2018-2022, according to the latest market research report by Technavio. A major factor driving the market’s growth is the increasing awareness about instrumentation services is expected to drive the growth of the market. The industry owners are creating high alerts to maintain a safe workplace. Business owners are strictly concentrating on maintaining the operating condition of the equipment through planned maintenance schedule of instruments.
This report on the global multifunction calibrators market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing demand for real-time information as one of the key emerging trends in the global multifunction calibrators market:
Global multifunction calibrators market: Increasing demand for real-time information
High-demand for real-time data in industries has increased the rate of implementation of Internet of Things (IoT) in process instrumentation and automation. Established enterprises are concentrating on their industrial growth. This depends on the connectivity sector. The prominence of wireless devices, cloud-based services, Big Data analytics, and machine-to-machine communication is influencing industry players in analyzing their operations intelligently.
“The current development in calibrators follows calibration protocols. End-users adopt these protocols to maintain accuracy requirements. The increasing demand for real-time information has supported the adoption of multifunction calibrators that can perform online monitoring and self-contained field calibration,” says a senior analyst at Technavio for research on automation.
Global multifunction calibrators market: Benchtop multifunction calibrators segment to dominate
This market research report segments the global multifunction calibrators market into the following products (benchtop multifunction calibrators and portable multifunction calibrators), end-users (third-party service providers, OEMs, and in-house maintenance), and key regions (the Americas, APAC, and EMEA).
The benchtop multifunction calibrators segment held the largest market share in 2017, accounting for more than 64% of the market. The market share of this segment will decrease to some extent during the forecast period. However, this product will dominate the global market through 2022.
APAC was the largest shareholder of the global multifunction calibrators market in 2017, accounting for a market share of approximately 39%. This region will dominate the global market throughout the forecast period.
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