Report : Instrument Calibrator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Temperature Calibrator, Pressure Calibrator, Electrical Calibrator, and Multifunction Process Calibrator), Modularity (Benchtop and Portable), and Industry Vertical (Automotive, Aerospace and Defense, Electronics, Food and Beverage, Pharmaceutical, Oil and Gas, and Other Industries)
Favourable Government Regulations and Technological Developments to Provide Growth Opportunities for Instrument Calibrator Market during 2021–2028
According to our latest market study on “Instrument Calibrator Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by product type, modularity, and industry vertical,” the market is expected to grow from US$ 1,277.57 million in 2021 and is projected to reach US$ 1,854.03 million by 2028; it is expected to grow at a CAGR of 5.5% from 2021 to 2028.
Government regulatory authorities such as the Food and Drug Administration (FDA) and the Environmental Protection Agency (EPA) require strict adherence to regulates emissions of various manufacturing plants, among other processes. Companies that use mercury in their manufacturing processes need to calibrate sensors that monitor plant emissions to ensure the absence of mercury in the discharge, as it can harm the adjacent environment and ecosystems. The FDA regulates to calibrate regular basis on chemical makeup of drugs. So test and measurement of the equipment are done to verify correct measurements and the operation of manufacturing equipment that controls the errors while manufacturing the chemical makeup of drugs. BEAMEX provides of calibration solutions for improving the calibration process worldwide. It offers Beamex CMX calibration management software for the process industries; the product assists in planning, managing, analyzing, and documenting the calibration activities and assets with greater efficiency and security. Beamex LOGiCAL is a subscription-based calibration software. Beamex bMobile is a mobile application for executing and documenting instrument calibration, maintenance-related inspection, and weighing instrument calibration processes.
The instrument calibrator market is segmented in terms of product type, modularity, industry vertical, and geography. Based on product type, the instrument calibrator market is segmented into temperature calibrator, pressure calibrator, electrical calibrator, and multifunction process calibrator. In 2020, the pressure calibrator segment led the instrument calibrator market, accounting for the largest share in the market. In terms of modularity, the instrument calibrator market can be segmented into benchtop and portable. In 2020, the portable segment accounted for the largest market share. Similarly, based on industry vertical, the instrument calibrator market can be segmented into automotive, aerospace and defense, electronics, food & beverage, pharmaceutical, oil and gas, and other industries. In 2020, the other industries segment accounted for the largest market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC accounted for the significant share in the global market.
Impact of COVID-19 Pandemic on Instrument Calibrator Market
The COVID-19 pandemic had a negative impact on the global instrument calibrator market in the year 2020. Since the outbreak of COVID-19, all manufacturing processes across the world have been temporarily closed to combat the spread of COVID-19 and comply with the social distancing norms laid down by local and federal government bodies. Therefore, the closure of manufacturing units is resulting into logistic issues. However, as the manufacturing processes resumed from the 3rd quarter of 2020, and the demand for instrument calibrator started to recover, manufacturers were able to stabilize the overall revenue and cashflow.
AMETEK Inc., Baker Hughes Company, Extech Instruments, Fluke Corporation, Yokogawa Electric Corporation, WIKA Alexander Wiegand SE & Co. KG, Additel, Beamex Oy Ab, and Calmet, Spectris are among the major companies operating in the instrument calibrator market.
Instrument Calibrator Market — by Geography, 2020 and 2028 (%)
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