NEW YORK, Aug. 20, 2021 /PRNewswire/ -- As per the latest The Insight Partners research report "Instrument Calibrator Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type, Modularity, Industry Vertical, and Geography," market is projected to reach US$ 1,854.03 million by 2028 from US$ 1,277.57 million in 2021; it is expected to grow at a CAGR of 5.5% during the forecast period of 2021 to 2028.
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The calibration of weighing instruments is an important process in food & beverages, oil & gas, energy, chemicals, and pharmaceuticals industries. Calibration helps determine the precision of device under test (DUT). Companies are coming up with latest calibrator procedures or approaches. WIKA Alexander Wiegand SE & Co. KG, AMETEK Sensors Test & Calibration, and Yokogawa Test & Measurement Corporation are among the world's top manufacturers and developers of calibration instruments for temperature, pressure, process signals, and temperature sensors. In January 2020, AMETEK STC presented the new JOFRA CTC-652 temperature calibrator. The CTC-652s are used to measure long temperature sensors at a high temperature. This makes it unique to the market and ideal for use at power plants, transformers, and in the marine industry. In November 2020, WIKA Alexander Wiegand SE & Co. KG launched portable instruments for multiple calibration tasks in the field. In October 2019, Yokogawa Test & Measurement Corporation released CA500 and CA550 multifunction process calibrators that can generate and measure signals with the highest accuracy. They are intended for use in the inspection and calibration of plant instruments. Such advancements based on modern technologies are generating new future trends in the instrument calibrator market.
Fluke Corporation, Baker Hughes Company (Druck), Spectris (OMEGA Engineering), Yokogawa Electric Corporation, and AMETEK Inc. are the five key market players operating in the global instrument calibrator market. Due to fragmented nature of global instrument calibrator market with the presence of various regional and local players worldwide, this listing of "Key Five Players" is derived by considering and giving weightage to following key parameters: overall revenue, segmental revenue, brand image & industry experience, current instrument calibrator portfolio and related products, innovative and advanced technology integration, customer base, geographical reach, research and development investments, patents, new product launches, partnerships, mergers & acquisitions, and other market related activities. However, the above listing/positioning does not represent top five players by market share. Other notable players operating in the global instrument calibrator market ecosystem are Extech Instruments (FLIR Systems), WIKA Alexander Wiegand SE & Co. KG, Additel, Beamex Oy Ab, and Calmet, which are also profiled in this report. In addition to the 10 players profiled in the report, several other global, regional, and local players in the global instrument calibrator market ecosystem/value chain were studied and analyzed during this study to gain a holistic view of the global market size and growth trends.
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Technological Advancements and Affordability of Calibrators to Propel Instrument Calibrator Market Growth in Coming Years
The availability of tabletop and portable instrument calibrators in both established and emerging nations has been instrumental in the performance of the instrument calibrator market growth. The widespread use of portable calibrators owing to their user-friendly interface and affordable prices is adding to their demand worldwide. To gain a major market share, manufacturers are developing low-cost instrument calibrators. For instance, the portable CA700 Precision Pressure Calibrator was recently released by Yokogawa Test & Measurement Corporation. High precision, long stability, and robust support for field calibration and maintenance work are among the features of this portable calibrator. WIKA Alexander Wiegand SE & Co. KG recently launched electrical calibration instruments, which are used in laboratories, production plants, and workshops; calibration service companies and quality assurance departments are the major end users of these equipment.
Instrument Calibrator Market: Product Type Overview
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.
Instrument Calibrator Market: Competitive Landscape and Key Developments
AMETEK Inc., Baker Hughes Company, Extech Instruments, Fluke Corporation, Yokogawa Electric Corporation, WIKA Alexander Wiegand SE & Co. KG, Additel, Beamex Oy Ab, Calmet, and Spectris are among the key market players in the global instrument calibrator market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In January 2020, AMETEK STC presented the new JOFRA CTC-652 temperature calibrator. The CTC-652 is the tallest of JOFRA's CTC Series calibrators and is the only industrial-grade temperature calibrator with a 200 mm insert.
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