North America Calibrators Market Is Anticipated To Account For About 31.7% Of The Share In 2022 | FMI
The presence of many renowned manufacturers of digital calibrators is expected to boost the U.S. market in the near future. As per FMI, North America calibrators market is anticipated to account for about 31.7% of the share in 2022.
The majority of the major players in the United States are focusing on mergers and acquisitions in order to co-develop new products and expand their geographic presence. Driven Brands Holdings Inc., a prominent automotive services company in North Carolina, for example, acquired Auto Glass Now (AGN) in January 2022 to expand its auto glass offering in the country. With the growing need for calibration, the company will be able to strengthen its glass repair service. As a result, the involvement of key players based in the United States in such acquisitions is expected to boost demand for pressure calibrators in the coming years.
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In 2014, the global calibrators market was worth $700 million. By the end of 2022, it is expected to be worth $820 million. Between 2022 and 2029, the calibrators market is expected to grow at a CAGR of 4%, reaching a value of US$ 1,200 Mn by the end of 2029.
Calibrators Market: Segmental Analysis
By the current type, the direct current calibrator type segment, in terms of value, is anticipated to account for over half of the global calibrators market since, direct current calibrators are expensive and in most of the process control industries, the source of power is direct current type. Besides, alternative current type calibrators are usually employed for specific applications such as substations, etc. Thus, DC calibrators are predicted to have an upper hand throughout the forecast period as compared to the AC calibrators segment.
Based on the sales channel, the calibrators market has been divided into offline sales and online sales. The offline sales channel is stipulated to overlook the global calibrators market in the forecast period.
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On the basis of end use, the global calibrators market has been segmented into industries and laboratory. The industries segment is further classified into sub-segments; electrical & electronics, process industry/process control industry, power industry, and auxiliary manufacturing. The process industry/process control industry sub-segment is stipulated to be the controlling segment in the global calibrators market due to the extensive need of test and measurement equipment in order to eliminate or mitigate any discrepancies in the manufacturing process.
Among all other regions, North America is estimated to account for over one-fourth of the market share in the global calibrators market, owing to the growing industrialization and urbanization, which in turn, is augmenting electrical testing services. As the entire world depends on electricity and its resources for power generation and distribution, the consumption of these resources have been increasing rapidly in the global market and hence, the impact of this factor is moderately high.
In terms of the global calibrator market value share, Europe is estimated to stand second, following North America in the global calibrators market. By country, China, Brazil, and India are predicted to be the emerging countries in the global calibrators market.
The electrical equipment industry is highly competitive and fragmented, due to the presence of various small and medium scale players. Some of the key players in the global calibrators market are Fluke Calibration, Keysight Technologies, WIKA, AMETEK INC, Beamex Oy Ab, OMEGA Engineering Inc., Megger, Yokogawa Test & Measurement Corporation, and ABB, among others.