LONDON--(BUSINESS WIRE)--The global instrumentation services market size is expected to grow by USD 1.31 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 5%.
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Instrumentation services market is driven by the rising number of industrial internet of things (IIoT) applications. In addition, the rising number of channel partner relationships are anticipated to boost the growth of the Instrumentation Services Market.
The global industrial internet of things (IIoT) market is growing significantly, owing to factors such as advances in cloud computing and big data analytics, increasing complexity of machines, and innovation in sensor technology to include wireless and smart sensors. The data that connected industrial devices generate is used to monitor, record, analyze, and draw valuable insights for quick decision making. For instance, a computer in raw material warehouses can itself place an order for input materials required in the production process based on its interaction with finished goods warehouse and order book of the marketing team. Thus, such a decision-making process will lead to the elimination of unintentional human error and improve the productivity and performance of manufacturing plants. For IIoT to succeed, instruments such as sensors and valves play a critical role. Increasing adoption of IIoT will lead to the upgrade of various instruments and control systems. Thus, the rising number of IIoT applications will drive the demand for instrumentation services, thereby market growth.
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Major Five Instrumentation Services Companies:
ABB Ltd. has business operations under various segments such as electrification, industrial automation, motion, robotics & discrete automation, and corporate and other. The company offers Installation and commissioning, Preventative Services, and Calibration Services
Agilent Technologies Inc.
Agilent Technologies Inc. operates its business through various segments such as life sciences and applied markets, diagnostics and genomics, and Agilent CrossLab. The company offers crosslab services, dako services, financial solutions, genomics, oligonucleotide api manufacturing, and vacuum product services
Branom Instrument Co.
Branom Instrument Co. offers branom bubbler system, technical service & calibration, on-site services, backflow test kits, industrial control panels, and diaphragm & annular seals.
Endress+Hauser Group Services AG
Endress+Hauser Group Services AG has business operations under four segments: Europe, Asia-Pacific, Americas, and Africa/Middle East. The company offers calibration services, commissioning services, maintenance services, training services, and engineering services
Honeywell International Inc.
Honeywell International Inc. operates its business through various segments such as aerospace, Honeywell Building Technologies, performance materials and technologies, and safety and productivity solutions. The company offers calibration and validation services and Instrumentation services such as personalized service and assistance through the life of the installation
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Instrumentation Services Market End-user Outlook (Revenue, USD bn, 2020-2024)
- Process industries - size and forecast 2019-2024
- Discrete industries - size and forecast 2019-2024
Instrumentation Services Market Regional Outlook (Revenue, USD bn, 2020-2024)
- North America - size and forecast 2019-2024
- APAC - size and forecast 2019-2024
- Europe - size and forecast 2019-2024
- MEA - size and forecast 2019-2024
- South America - size and forecast 2019-2024
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