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Complexities of Smart Products Generate Growth Opportunities for Wide Scope Calibration Labs - A comprehensive range of capabilities spanning all parameters is crucial for success, finds Frost & Sullivan Measurement & Instrumentation Team - Frost.com
Complexities of Smart Products Generate Growth Opportunities for Wide Scope Calibration Labs

 

NewswireToday - /newswire/ - Mountain View, CA, United States, 2016/07/22 - A comprehensive range of capabilities spanning all parameters is crucial for success, finds Frost & Sullivan Measurement & Instrumentation Team - Frost.com.

   
 
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Requirements for higher product quality and safety are continuously increasing in North America, fueling the growth of the calibration and repair services market. Quality standards continue to evolve, thus stimulating discussions among manufacturers across industries. Companies are calibrating more items, and the focus on quality has increased as more advanced products penetrate high-risk industries. The result is growing demand for calibration and repair services.

New analysis from Frost & Sullivan, Calibration and Repair Services Market Product Complexity and Quality Generate Opportunities in North America, finds that with higher product quality and safety requirements and growing importance of high-tech products and IoT, the calibration and repair services market in North America is expected to experience sustained growth. The total market was worth $1.31 billion in revenues in 2015 and is anticipated to reach $1.85 billion in 2022 at a compound annual growth rate (CAGR) of 5 percent.

Currently, the world is being taken over by technology, thus inducing the proliferation of smart products. Their complexity requests greater attention to detail and testing in the design stage and higher demand for more sophisticated and accurate instrumentation. This is driving demand for calibration and repair services by requiring more elaborate calibration routines, procedures and tighter calibration intervals to limit the number and importance of out-of-tolerance issues.

Companies are seeking one-stop shop calibration and repair service providers. However, the wide range of instruments used at customer locations demands that market participants expand their scope of capabilities to satisfy customers. Furthermore, certain types of instruments cannot support shipping costs, which necessitates widespread geographic coverage.

“Customers want to deal with as few suppliers as possible. They are looking for laboratories that can directly address most if not all of their requirements locally, on a national scale but also overseas,” said Frost & Sullivan Measurement & Instrumentation Industry Director Jessy Cavazos. “Due to the wide range of equipment used in customer operations, most calibration and repair service providers need to develop their scope and network of laboratories.”

Calibration and repair service providers must expand their capabilities to cover all parameters including electrical, mechanical, physical/dimensional and thermodynamic. They must also expand their physical presence by establishing facilities in key locations as well as offer different service delivery mechanisms.

“Taking into consideration their target markets, competitors must develop the optimal recipe for success encompassing scope, strategic locations and mix of service offerings among other factors,” noted Cavazos. “Overall, calibration laboratories that will experience the most success are the ones that offer superior services, complemented by rapid turnaround time and affordable prices.”

Calibration and Repair Services Market Product Complexity and Quality Generate Opportunities in North America is part of the Test & Measurement Growth Partnership Service program. Frost & Sullivan’s related studies include: Calibration and Repair Services Market in Europe, Electronic Test and Measurement Market in Research and Development New Technologies Bring Drastic Change, and 2025 Vision for the Global Test and Measurement Industry. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.

The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Calibration and Repair Services Market Product Complexity and Quality Generate Opportunities in North America / K0A2-30

 
 
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Complexities of Smart Products Generate Growth Opportunities for Wide Scope Calibration Labs

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Frost & Sullivan | Calibration Labs
Publisher Contact: Jaylon Brinkley - Frost.com 
210-247-2481 jaylon.brinkley[.]frost.com
 
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