MOUNTAIN VIEW, Calif., July 22, 2016 /PRNewswire/ -- Requirements for higher product quality and safety are continuously increasing in North America, fueling the growth of the calibration and repair services market. Quality standards continue to evolve, thus stimulating discussions among manufacturers across industries. Companies are calibrating more items, and the focus on quality has increased as more advanced products penetrate high-risk industries. The result is growing demand for calibration and repair services.
New analysis from Frost & Sullivan, Calibration and Repair Services Market—Product Complexity and Quality Generate Opportunities in North America (http://www.frost.com/K0A2), finds that with higher product quality and safety requirements and growing importance of high-tech products and IoT, the calibration and repair services market in North America is expected to experience sustained growth. The total market was worth $1.31 billion in revenues in 2015 and is anticipated to reach $1.85 billion in 2022 at a compound annual growth rate (CAGR) of 5 percent.
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Currently, the world is being taken over by technology, thus inducing the proliferation of smart products. Their complexity requests greater attention to detail and testing in the design stage and higher demand for more sophisticated and accurate instrumentation. This is driving demand for calibration and repair services by requiring more elaborate calibration routines, procedures and tighter calibration intervals to limit the number and importance of out-of-tolerance issues.
Companies are seeking one-stop shop calibration and repair service providers. However, the wide range of instruments used at customer locations demands that market participants expand their scope of capabilities to satisfy customers. Furthermore, certain types of instruments cannot support shipping costs, which necessitates widespread geographic coverage.
"Customers want to deal with as few suppliers as possible. They are looking for laboratories that can directly address most if not all of their requirements locally, on a national scale but also overseas," said Frost & Sullivan Measurement & Instrumentation Industry Director Jessy Cavazos. "Due to the wide range of equipment used in customer operations, most calibration and repair service providers need to develop their scope and network of laboratories."
Calibration and repair service providers must expand their capabilities to cover all parameters including electrical, mechanical, physical/dimensional and thermodynamic. They must also expand their physical presence by establishing facilities in key locations as well as offer different service delivery mechanisms.
"Taking into consideration their target markets, competitors must develop the optimal recipe for success encompassing scope, strategic locations and mix of service offerings among other factors," noted Cavazos. "Overall, calibration laboratories that will experience the most success are the ones that offer superior services, complemented by rapid turnaround time and affordable prices."
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Calibration and Repair Services Market—Product Complexity and Quality Generate Opportunities in North America is part of the Test & Measurement (http://ww2.frost.com/research/industry/measurement-instrumentation/test-measurement) Growth Partnership Service program. Frost & Sullivan's related studies include: Calibration and Repair Services Market in Europe, Electronic Test and Measurement Market in Research and Development—New Technologies Bring Drastic Change, and 2025 Vision for the Global Test and Measurement Industry. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Calibration and Repair Services Market—Product Complexity and Quality Generate Opportunities in North America
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SOURCE Frost & Sullivan