Instrumentation Services Market is to grow by USD 1.5693 billion from 2022 to 2027 | The rising number of industrial Internet of Things applications to boost market growth- Technavio

NEW YORK, Sept. 5, 2023 /PRNewswire/ -- The instrumentation services market is estimated to grow at a CAGR of 5.06% from 2022 to 2027 and the size of the market is forecast to increase by USD 1.5693 billion, according to Technavio. The rising number of industrial Internet of Things applications is a key factor driving market growth. The growth of the market for IIoT in process manufacturing industries is due to advances in cloud computing and Big Data Analytics, increasing complexity of machines, as well as innovation in sensor technologies like Wireless or Smart Sensors. In most advanced manufacturing sectors, cloud computing and the Internet of Things are also used. The complicated process of production is simplified by these technologies. Hence, these factors are expected to drive market growth during the forecast period. - Request a sample report

Instrumentation Services Market – Company Analysis
Company Landscape - The instrumentation services market is fragmented, with the presence of several global as well as regional companies. A few prominent companies that offer instrumentation services in the market are ABB Ltd., Agilent Technologies Inc., Alco Valves Group, Branom Instrument Co., Charnwood Instrumentation Services Ltd., Emerson Electric Co., Honeywell International Inc., KROHNE Messtechnik GmbH, Larsen and Toubro Ltd., Marsh Instrumentation Ltd., Miraj Instrumentation Services I Pvt. Ltd., Parker Hannifin Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Swagelok Co., Trescal International SAS, Utilities Instrumentation Service Inc., Yokogawa Electric Corp., and Endress Hauser Group Services AG and others.

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Company Offerings -

• ABB Ltd. - The company offers instrumentation services such as instrumentation and control system services for industrial automation and process industries.
• Agilent Technologies Inc. - The company offers instrumentation services such as calibration and measurement services for scientific instruments and equipment.
• Emerson Electric Co. - The company offers instrumentation services such as instrumentation and control system services for a wide range of industries, including process automation and analytical measurement.
• For details on the company and its offerings – Request a sample report

Instrumentation Services Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on service (calibration, maintenance and repair, and commissioning and testing), end-user (process Industries and discrete industries), and geography (North America, APAC, Europe, Middle East and Africa, and South America). 

• The calibration segment will account for a major share of the market's growth during the forecast period. To ensure that the measured value of process parameters or operating conditions is in line with actual values, calibration shall be performed on industrial instruments such as sensors, gauges, actuators, valves, and dampers. A large degree of compliance with product specifications defined by concerned authorities is followed by several industries. In addition, the use of large measurement systems and control devices is set to increase in the future, driven by factors like more acceptance of industrial control systems as well as capacity increases for key end-user industries. Hence, these factors are expected to drive segment growth during the forecast period.

Geography Overview
By geography, the instrumentation services market is segmented into North America, APAC, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global instrumentation services market.

• North America is estimated to contribute 31% to the growth by 2027. In North America, the capacity to produce natural gas has grown significantly. The supply side and demand side factors are the drivers of growth in production. The growth in demand is due to several factors including an increase in gas demand from the petrochemical and power generation industries in the region, Canada as well as Mexico. The US, on the other hand, is a global leader in biofuel production. For controlling a number of process parameters, fuel production facilities rely on large numbers of industry instruments. Hence, these factors are expected to drive market growth in the region during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Instrumentation Services Market – Market Dynamics

Significant Challenge

Increasing standardization of instruments and communication protocols is a significant challenge restricting market growth. Continuous efforts to increase productivity, which require the upgrading of existing equipment or control systems with a solution that is already available as best in class, are being made by process and discrete manufacturing industries. In addition, several suppliers, including ABB and Siemens, have for some time been advocating the use of Open Standards in Process Automation. Hence, the rising demand for open standards will be a major challenge that will restrict the growth of the market during the forecast period.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Instrumentation Services Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the instrumentation services market between 2023 and 2027
• Precise estimation of the size of the instrumentation services market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the instrumentation services market across North America, APAC, Europe, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of the instrumentation services market companies

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End User

7 Market Segmentation by Service

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio