Global Torque Calibration Services Market - Growth Analysis and Forecast| Technavio
LONDON--(BUSINESS WIRE)--May 15, 2018--Market research experts at have predicted the to grow at a CAGR of more than 3% during the period 2018-2022, according to their latest report.
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Technavio has published a new market research report on the global torque calibration services market from 2018-2022. (Graphic: Business Wire)
A major trend that is being witnessed in the market is the emergence of the one-stop window for services. Torque calibration services are usually required by field devices, and the end users of these services are either process or discrete industries. The end-users always face a challenge of carrying or transporting the different torque measuring instruments to the service center. Furthermore, any defects in torque measuring instruments can pop up suddenly and therefore, the unavailability of any repair technician may add to the difficulties of the end-users. Thus, companies who avail these services always require a consolidated service package. The consolidated service package means a single solution window for all calibration services-related problems.
In this report, Technavio analysts highlight the increasing demand for specialized technical services as a major factor fueling the growth of the global market:
Increasing demand for specialized technical services
The requirement for specialized technical services is driving the market as end-users seek to improve the quality of measurements obtained by torque measuring instruments. Thus, vendors provide specialized technical services that are customized or designed for diverse types of technical instruments. The expansion of industrial sectors into numerous sub-sectors as well as the introduction of specialized or customized tools for each instrument are contributing to the demand for these services. Torque calibration services, being a part of such specialized services, experience an increase in the market revenue because of these reasons.
According to a senior analyst at Technavio for , “Torque calibration is a fundamental activity in the manufacturing processes in both discrete and process industries. Torque calibration services are usually acquired in machines that are difficult to handle and that involve rotating movements. Machines requiring torque need to be handled carefully as any mishandling may lead to mishaps in the plant. Therefore, the end-users and individual consumers who avail torque calibration understand that calibration of torque measuring instruments can help them in obtaining better results in the overall plant process.”
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Global torque calibration services market segmentation
This market research report segments the global market into the following applications (new installation services and after-sales services), end-users (process industries and discrete industries), and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
In 2017, the Americas accounted for the highest market share of above 39% of the global market. The APAC and EMEA regions held relatively lower shares. The market is expected to grow in all the three regions. The growth is mainly attributed to the increasing interest of end-users toward maintenance and repair services in addition to increasing industrialization and urbanization in different regions.
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PUB: 05/15/2018 04:23 PM/DISC: 05/15/2018 04:23 PM