LONDON--(BUSINESS WIRE)--Scope of the report
This report provides a detailed analysis of the field devices calibration services market by end-user (process industries and discrete industries), type (temperature and humidity calibration, electrical calibration, pressure calibration, and mechanical calibration), and geography (North America, Europe, APAC, South America, and MEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including ABB Ltd., Element Metech AB, Endress+Hauser Group Services AG, Honeywell International Inc., Integrated Service Solutions Inc., Keysight Technologies Inc., Lesman Instrument Co., Rohde & Schwarz GmbH & Co. KG, Siemens AG, and Yokogawa Electric Corp. Ensuring adherence to process safety guidelines is a key trend in the global field devices calibration services market which will lead to significant market growth. The need to adhere to process safety standards laid out by regulatory bodies is increasing the demand for field devices calibration services among calibration laboratories. All these factors are leading to a positive outlook for the field devices calibration services market.
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Field Devices Calibration Services Market: Segmentation by Geography
The market is segmented into five regions encompassing North America, Europe, APAC, South America, and MEA. North America was the largest market for field devices calibration services in 2019. About 41% of the market’s growth will originate from North America during the forecast period. Governments in the region are introducing stringent regulations that need to be followed by industries to maintain accuracy and safety. In addition, factors such as the increasing production of shale oil and gas in the US, investments in the power sector, expansion of the automotive industry, and others are expected to offer huge growth opportunities for market vendors during the forecast period. The US is the key market for field devices calibration services in North America.
Field Devices Calibration Services Market: Segmentation by End-user
The field devices calibration services market is segmented into two segments based on end-users comprising of process industries and discrete industries. The process industries segment exhibited a high demand for field devices calibration services in 2019. The rising adoption of the industrial internet of things (IIoT) in the oil and gas sector to derive real-time intelligence and situational awareness has increased the demand for calibration services. In addition, the presence of a large number of machinery and equipment in departments, such as drilling, service rigs, pumps, draw works, and mooring is creating a continuous demand for calibration services in the process industries segment.
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Field Devices Calibration Services Market: Growth Drivers
The need to maximize production yield will drive market growth. Calibration done at regular intervals will have proper control over the industrial operations with minimum involvement of experts. Neglecting calibration schedules can cause unscheduled production and machine downtime. It also leads to product and process quality issues and might result in product recalls and reputation loss. Thus, effective and periodic calibration services are crucial for enhancing industrial productivity as well as profit generation. Also, the growing need to adhere to many parameters set by accrediting bodies, regulatory agencies, quality programs, and auditors have increased the demand for calibration services. These factors are expected to fuel the growth of the global field devices calibration services market during the forecast period.
Field Devices Calibration Services Market: Market Overview
The field devices calibration services market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. ABB Ltd., Element Metech AB, and Endress+Hauser Group Services AG are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the loss of industrial productivity during device calibration will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Market Sizing Methodology
Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years).
Field Devices Calibration Services Market: Parent Market Overview
Technavio categorizes the global field devices calibration services market as a part of the global industrial machinery market. The parent global industrial machinery market covers companies engaged in the manufacturing of industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications.
Growth in the global industrial machinery market will be driven by the growing industrial output leading to capacity additions in process and discrete industries.
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