SANTA CLARA, Calif., April 25, 2018 /PRNewswire/ -- According to Frost & Sullivan, revenues for the calibration and repair services market are expected to reach $3.98 billion by 2022, driven by adoption of metrology in the manufacturing process, proliferation of high-tech products, tightening of regulations, and increases in quality awareness. Frost & Sullivan expects a growing demand for on-site and automated calibration and repair services due to reduced waiting times, lowered risk of damage, and improved efficiencies.
Frost & Sullivan's recent analysis, Growth Opportunities in the Calibration and Repair Services Market, Forecast to 2022, provides a detailed assessment of growth opportunities and trends, including the key challenges test vendors face in today's market, which product segment represents the most potential, as well as regional revenue forecasts.
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"Delivering high-quality services in a market characterized by fragmentation, pricing pressure, and demanding customers is a critical challenge," said Aravindhan Rohinidevi, Measurement & Instrumentation Research Associate at Frost & Sullivan. "Furthermore, the lack of skilled workforce in most regions also restrains market growth."
Strategic imperatives for calibration and repair services providers include:
- Offering more comprehensive online asset management tools to share the real-time status of the equipment, shipping information, electronic storage of documents, and equipment recalibration notice;
- Improving their global presence to harness emerging countries' need for strong technological support;
- Automating calibration procedures, as 10% to 15% of calibration procedures are expected to be automated in the coming years to reduce equipment downtime and improve service quality; and
- Expanding offerings to maintain market share due to consolidation of calibration laboratories.
The North American calibration services market is expected to grow steadily in the next seven years, driven by the greater complexity of instruments and stricter regulations, while demand for more quality products, market consolidation, and evolution of Industrial Internet of Things will propel the European calibration and repair services market. In the Asia-Pacific region, the continuous development in wireless and data communications networks and infrastructure is expected to drive progress in the calibration services market.
"In developing countries, quality awareness is on the rise as customers want to calibrate their equipment to comply with international standards, which is driving market growth in these regions," noted Janani Balasundar, Measurement & Instrumentation Research Analyst at Frost & Sullivan. "To improve success, third-party service providers should partner with OEMs or other providers that specialize in servicing particular brands or instruments."
Growth Opportunities in the Calibration and Repair Services Market, Forecast to 2022 is part of Frost & Sullivan's global Test & Measurement Growth Partnership Service program.
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Growth Opportunities in the Calibration and Repair Services Market, Forecast to 2022
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SOURCE Frost & Sullivan