Global Calibration Services Market to Reach US$8.2 Billion by the Year 2026

Calibration service identifies any inaccuracies or variances in mechanical equipment. The need for businesses to improve efficiency and effectiveness of operations by reducing equipment/system downtime is the main growth driver for the calibration services market. Growth in the market is influenced by internal factors such as lab accreditation, service quality and personnel expertise, along with external factors such as general economic conditions and installed base of process instruments. As customers purchasing test and measurement equipment also require calibration, there is sustained demand for calibration services. Growing importance of preventive maintenance and increasing appreciation of its long-term cost savings and benefits will further step up demand for calibration services. The adoption of stringent government regulations is also necessitating industry players to ensure accurate functioning of their testing and measurement devices, thus driving growth in the market. Sustained focus on improving operating efficiency of new as well as existing devices is also fostering adoption of calibration services in various industry verticals. The increased focus on automation is also favoring market growth, since automation has the potential to cut down the time needed to carry out calibrations and also improve overall quality of services. In recent years, the market witnessed the emergence of several 3rd party calibration providers, which has aided the market. Accessibility to 3D imitation fantasy, and 3D printing technology advancements are also auguring well for the market. Further, increasing R&D activities are stimulating market growth.

Amid the COVID-19 crisis, the global market for Calibration Services estimated at US$5.5 Billion in the year 2020, is projected to reach a revised size of US$8.2 Billion by 2026, growing at a CAGR of 7% over the analysis period. Electrical, one of the segments analyzed in the report, is projected to grow at a 8.3% CAGR to reach US$3.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Mechanical segment is readjusted to a revised 6.1% CAGR for the next 7-year period. This segment currently accounts for a 32% share of the global Calibration Services market. The adoption of stringent quality assurance measures and the need to comply with highest quality standards, electrical instruments need to be calibration at regular intervals, thus raising the demand for electrical calibration services. Calibration of mechanical instruments is required as they tend to go off track due to repeated use, exposure to changing air conditions, and mechanical stress.

The U.S. Market is Estimated at $1.4 Billion in 2021, While China is Forecast to Reach $1.3 Billion by 2026

The Calibration Services market in the U.S. is estimated at US$1.4 Billion in the year 2021. The country currently accounts for a 23.2% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$1.3 Billion in the year 2026 trailing a CAGR of 8.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.1% and 6.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.9% CAGR while Rest of European market (as defined in the study) will reach US$1.5 Billion by the end of the analysis period.

Thermodynamic Segment to Reach $1.2 Billion by 2026

Calibration of temperature equipment such as thermostats, thermo-anemometers, chart recorders, thermometers, ovens and freezers, temperature controllers, data logger, and thermocouples is required to be performed once in twelve months, thus augmenting demand for thermodynamic testing. In the global Thermodynamic segment, USA, Canada, Japan, China and Europe will drive the 6.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$641.8 Million in the year 2020 will reach a projected size of US$1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$154.8 Million by the year 2026, while Latin America will expand at a 7.9% CAGR through the analysis period.