The instrument calibrator market size is projected to reach US$ 2.22 billion by 2031 from US$ 1.32 billion in 2023. The market is expected to register a CAGR of 6.8% during 2023–2031. Increasing demand from the pharmaceutical industry and technological advancement and affordability of callibrators are likely to remain key trends and drivers in the market.
Instrument Calibrator Market Analysis
The demand for the instrument calibrator market is anticipated to grow with the increasing demand from the pharmaceutical, aerospace and defence industry is fueling the instrument calibrator market. Additionally, various government regulations, technological advancements and instrument calibration are anticipated to drive the market in the coming years.
Instrument Calibrator Market Overview
Instrument calibration is an important part of any measurement system, it ensures that the instruments are operating properly and providing precise readings. It is the process of comparison between the readings on an instrument to those given by a reference instrument or calibrator. Calibration helps to ensure reliability, accuracy, safety, and compliance with industry standards.
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Instrument Calibrator Market: Strategic Insights
Market Size Value in US$ 1,277.57 Million in 2021 Market Size Value by US$ 1,854.03 Million by 2028 Growth rate CAGR of 5.5% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Instrument Calibrator Market: Strategic Insights
| Market Size Value in | US$ 1,277.57 Million in 2021 |
| Market Size Value by | US$ 1,854.03 Million by 2028 |
| Growth rate | CAGR of 5.5% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Instrument Calibrator Market Drivers and Opportunities.
High Demand for Instrument Calibrators in the Pharmaceutical Industry to Favor Market
Instrument calibration is a critical GMP activity in the pharmaceutical industry. It ensures accurate measurements of critical instruments and helps maintain product quality and safety. This process involves comparing instruments against known standards to verify accuracy within specified tolerances. Pharmaceutical plants are enable to function without calibration. However, observing the stringent EMEA/FDA regulations and ISO standards, not to mention the enormous quantity of instruments requiring regular calibration, can be a costly and time-consuming process. Large amounts of calibration data are produced and archived, which must be conveniently accessible, particularly in the event of an audit. This creates a huge demand for instrument calibration, which further fuels market growth.
Technological advancement in the calibration process.
Technological advancements in the calibration process hold immense opportunities. As the demand for the automates software for improved process accuracy and efficiency. Calibration automation software can be used to convert manual processes and procedures into low-touch or even no-touch tasks. Also, artificial Intelligence for deep learning and intelligent calibration is gaining traction. New applications of these tools are being identified daily, and calibration is one of many sectors benefitting from this technology boom. Thus, owing to the above parameters, technological advancement in the calibration process is anticipated to fuel the market growth in coming years.
Instrument Calibrator Market Report Segmentation Analysis
Key segments that contributed to the derivation of the instrument calibrator market analysis are product type, modularity, and industry vertical.
- Based on product type, the instrument calibrator market is divided into temperature calibrator, pressure calibrator, electrical calibrator, and multifunction process calibrator. The temperature calibrator segment is anticipated to hold a significant share in the forecast period.
- Based on modularity, the instrument calibrator market is benchtop and portable. The portable segment is anticipated to hold a significant share in the forecast period.
- By industry vertical, the market is segmented into automotive, aerospace and defense, electronics, food and beverage, pharmaceutical, oil and gas, and other industries. The automotive segment is anticipated to hold a significant market share in the forecast period.
Instrument Calibrator Market Share Analysis by Geography
The geographic scope of the instrument calibrator market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. North America comprises countries such as the US, Canada, and Mexico. The region is experiencing substantial growth owing to factors such as the availability of tabletop and portable instrument calibrators in developed and developing economies. Additionally, the high use of portable calibrators owing to their user-friendly interface and affordable prices is increasing their demand globally. Moreover, the focus on research and development is increasing the technological advancement in the region. Also, the region has a large number of key manufacturers in the market. Thus, due to all these parameters, the market is gaining traction in North America.
Instrument Calibrator Market Report Scope
Instrument Calibrator Market News and Recent Developments
The instrument calibrator market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the instrument calibrator market are listed below:
- ABB began the construction of a new 12,000-square-foot calibration hall in the industrial park adjacent to its existing 200,000-square-foot manufacturing facility in Bartlesville, Oklahoma. The investment will strengthen the company’s calibration capabilities and provide customers with high levels of quality and accuracy in ABB’s full range of flowmeters. It will also further increase the company’s “Made in America” offering. (Source: ABB Company Website, January 2024)
- Dracal Technologies announced the signing of an agreement between Dracal Technologies and Essco Calibration Laboratory in the United States. Essco is an ISO/IEC 17025:2017 accredited laboratory with over 50 years of experience in the calibration of measuring instruments. (Source: Dracal Technologies, Company Website, November 2023)
Instrument Calibrator Market Report Coverage and Deliverables
The “Instrument Calibrator Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Instrument calibrator market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Instrument calibrator market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- Instrument calibrator market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Instrument calibrator market.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Modularity , and Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Netherlands, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America is anticipated to dominate the instrument calibrator market in 2023.
Increasing demand from the pharmaceutical industry and technological advancement and affordability of callibrators are likely to remain key trends and drivers in the market.
The development in instrument service is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global instrument calibrator market are AMETEK Inc., Baker Hughes Company, Extech Instruments, Fluke Corporation, Yokogawa Electric Corporation, and WIKAAlexander Wiegand SE & co. KG, Additel, Beamex Oy Ab, Calmet, Spectris.
The global instrument calibrator market is expected to reach US$ 2.22 billion by 2031.
The expected CAGR of the instrument calibrator market is 6.8%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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