According to a new market research report published by MarketsandMarkets, the total calibration services market was valued at US$3410 Million in 2013 and is expected to reach US$5580 Million by 2020.
The Calibration Services Market has witnessed a steady growth despite the economic problems across the globe. Businesses are practicing to operate effectively with lowered downtime of equipment. This is an effective approach when businesses want to maximise the overall output by maintaining existing infrastructure in best conditions.
The focus on preventive maintenance, strict government regulations and increased quality-consciousness among consumers are key drivers propelling the growth of the calibration services market. The Calibration Services Market in the report is categorised by services as electrical, mechanical, thermodynamic, and physical/dimensional. Electrical calibration services accounted for the largest share of 49% of the total Calibration Services Market in 2013.
The report also covers key end user industries of the Calibration Services Market, which include electronics manufacturing, communication, aerospace, & defence, industrial & automotive, and others (power generation and petrochemicals). Among all sectors, the electronics manufacturing sector is expected to be the largest contributor to the overall calibration services market, accounting for an approximately 31% share.
The Calibration Services Market for different geographic regions including North America, Europe, Asia-Pacific, and the Rest of the World (RoW) has also been covered in the report. Europe was the largest market for the calibration services in 2013. APAC is expected to be the most promising market for calibration services during the forecast period and would grow at the highest CAGR among all regions.
Adapted from press release by Joseph Green
Read the article online at: https://www.hydrocarbonengineering.com/refining/26052015/calibration-services-market-2020-841/