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Calibration Services Market worth $8.1 billion by 2030 – Exclusive Report by MarketsandMarkets™

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CHICAGO, Aug. 11, 2023 /PRNewswire/ — The calibration services market is projected to grow from USD 5.7 billion in 2023 to USD 8.1 billion by 2030, registering a CAGR of 5.3% during the forecast period according to a new report by MarketsandMarkets™. Various factors, including the increasing emphasis across industries on precision, accuracy, and compliance with regulatory standards drive the growth of the calibration services market.

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Browse in-depth TOC on “Calibration Services Market

120 – Tables
60 – Figures
250 – Pages

Calibration Services Market Report Scope:

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Report Coverage

Details

Market Revenue in 2023

$5.7 billion

Estimated Value by 2030

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$8.1 billion

Growth Rate

Poised to grow at a CAGR of 5.3%

Market Size Available for

2019–2030

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Forecast Period

2023–2030

Forecast Units

Value (USD Million/Billion)

Report Coverage

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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Proofreading, Application and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

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Key Market Challenge

Built-in self-calibration feature of electrical & electronic instrument

Key Market Opportunities

Advent of 5G technology and deployment of LTE and LTE-Advanced (4G) networks

Key Market Drivers

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Growing demand for quality and inspection equipment in precision manufacturing

 

As technologies advance and instruments become more intricate, the need for maintaining precise measurements and reliable equipment grows. Calibration services address this demand by ensuring that tools and instruments operate within specified tolerances, contributing to enhanced product quality, regulatory compliance, and overall operational efficiency.

By service type, the electrical service type to hold the largest market share during the forecast period.

Due to several key factors, electrical calibration services are likely to hold the largest market share in the overall calibration service factors. Firstly, the widespread use of electrical equipment across various industries, including power generation, electronics, telecommunications, and automation, has created a substantial demand for calibration services related to electrical instruments. Secondly, as technology continues to advance, electrical equipment becomes more complex and sophisticated, necessitating precise calibration to maintain accuracy and functionality. Thirdly, stringent quality and safety standards in industries like healthcare, aerospace, and automotive drive the need for accurate electrical measurements, further boosting the demand for calibration services. Additionally, the increasing adoption of renewable energy sources and smart grid technologies requires reliable calibration to ensure these systems’ efficient integration and operation. As a result, electrical calibration services have become indispensable for industries aiming to ensure compliance, safety, and optimal performance of their electrical equipment, leading to their dominant market share.

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The industrial & automation segment is likely to account for the largest market share between 2023 and 2030.

The industrial & automation segment has improved in terms of affordability, usability, applicability, and quality over the years with regular advancements in automation. The industrial & automation sector uses calibration services for different parts in the assembly line, such as electrical calibration to ensure proper electric supply to (computer numerical control) CNC machines; mechanical calibration to ensure standard vector attributes such as pressure, torque, and flow of machinery; dimensional calibration for physical attributes such as length, level, angle, and so on, of the machinery; and thermodynamic calibration services to read and calibrate temperature and humidity-sensing devices in the operating environment, even in hazardous areas. Thus, calibration services have a wide application in the industrial & automotive industry. The industrial & automation application in the calibration services market refers to the use of calibration services for instruments and equipment utilized in various industrial sectors, particularly in automated systems and processes. This includes manufacturing, automotive, aerospace, pharmaceuticals, and other industries where precise measurements and accurate performance are crucial for optimizing production processes, ensuring product quality, and maintaining compliance with industry standards. The increasing adoption of automation in these sectors drives the demand for calibration services to guarantee the accuracy and reliability of instruments and sensors used in automated machinery and control systems, ultimately enhancing operational efficiency and productivity.

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North America is likely to account second-largest market share in the global calibration services market during the forecast period.

During the forecast period, North America is expected to hold the second-largest market share in the calibration services industry. This prominence is attributed to the region’s robust industrial landscape, stringent regulatory requirements, and emphasis on quality control across diverse sectors. The continent’s advanced technological infrastructure and widespread adoption of precision manufacturing practices further contribute to its significant role in driving the calibration services market.

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North America is a growing region with the presence of countries such as the US, Canada, and Mexico. The calibration services market in North America is experiencing steady growth and holds significant importance across various industries in the region. One of the primary drivers of this market is the region’s technological advancements and innovation. North America is known for its cutting-edge technologies and sophisticated measuring instruments, necessitating precise calibration to maintain accuracy and reliability. Industries such as aerospace, automotive, electronics, and healthcare heavily rely on calibration services to ensure compliance with stringent quality standards and regulations. Moreover, North America’s industrial landscape strongly emphasizes precision and accuracy, making calibration an essential aspect of operations. The region’s businesses recognize calibration’s critical role in maintaining product quality and safety. As a result, there is a growing awareness of calibration’s importance, leading to an increased adoption of calibration services.

Key Players

Keysight Technologies (US), Hexagon AB (Sweden), Rohde & Schwarz (Germany), Tektronix, Inc. (US), VIAVI Solutions Inc. (US), Omega Engineering, Inc. (US), Advantest Corporation (Japan), National Instruments Corporation (US), Anritsu (Japan), Trescal, Inc. (France), Pratt and Whitney Measurement Systems, Inc. (US), Kolb & Baumann GmbH & Co KG. (Germany), Renishaw plc. (UK), Feinmess Suhl GmbH (Germany), Octagon Precision India Pvt. Ltd. (India), TESA Brown & Sharpe (Part of Hexagon AB) (Switzerland), Mitutoyo (Japan), MSI Viking (US), Master Gage & Tool Co. (US), Tanson Instrument (India), and Micro Precision Calibration (US) are the dominant companies in the calibration services companies.

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About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Blockchain

Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet

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Squad Labs announced that its Series A funding round, led by Electric Capital with participation from RockawayX, Coinbase Ventures, L1D, Placeholder, and Mert Mumtaz, will propel the launch of its Fuse smart wallet. The company aims to establish Fuse as a premier solution for securing and compounding personal digital wealth amid the growing onchain economy.

According to the company’s news release on June 12, smart accounts and smart wallets are gaining traction across blockchains as they offer a more intuitive, secure, and programmable user experience. Fuse abstracts seed phrases and provides features like wallet recovery, 2FA capabilities, and enterprise-level security for personal custody, simplifying the choice of storing digital wealth on-chain.

In addition to securing funding, Squad Labs also announced the public testing launch of Fuse on iOS. This move is part of their strategy to expand accessibility and refine functionality ahead of a full market release.

Meanwhile, a recent report from PYMNTS Intelligence explores blockchain’s role in enhancing cross-border payments. It suggests that integrating blockchain can streamline payment processing, enable digital-to-fiat currency conversion, and introduce stablecoins for faster and cost-effective cross-border transactions. Business-friendly decentralized finance (DeFi) solutions further automate and secure transactions via smart contracts, reducing dependence on traditional payment systems and enhancing security and transparency.

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The report underscores the significance of educating businesses and end-users about the benefits of blockchain-based cross-border payments. It advocates for partnerships with FinTechs and proactive engagement with financial institutions to drive adoption and improve industry-wide support for blockchain technologies in payments.

Overall, Squad Labs’ funding round and Fuse’s development represent strategic advancements in blockchain technology aimed at enhancing digital wealth management and transforming cross-border payment landscapes.

Source: pymnts.com

The post Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet appeared first on HIPTHER Alerts.

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Blockchain

TON Blockchain Surpasses Ethereum in Daily Active Users

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Ethereum’s comparative underperformance relative to TON can be attributed to several factors, notably the migration of a significant portion of its user activity to layer 2 scaling solutions. These solutions were not factored into the comparison with TON.

During a week marked by global crypto market fluctuations and cautious investor sentiment, The Open Network (TON), backed by Telegram, has seen substantial growth in user activity, surpassing Ethereum in daily active users.

Since the beginning of the month, TON and Ethereum have been closely vying for user engagement. However, leveraging Telegram’s extensive user base of 900 million, TON has consistently outpaced Ethereum for ten consecutive days starting June 1.

On June 3, TON achieved a significant milestone with 568,300 daily active addresses (DAAs), according to Artemis data. In contrast, Ethereum has not reached this level of activity since September 13, 2023.

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Delving Deeper
Ethereum’s apparent lower activity compared to TON can be attributed to various factors, including the adoption of layer 2 scaling solutions designed to enhance transaction throughput and reduce fees by processing transactions off the main Ethereum blockchain.

Consequently, the majority of Ethereum’s transactional activities have shifted to these layer 2 networks.

For instance, on June 11, the top three Ethereum layer 2 networks—Arbitrum, Base, and Optimism—collectively registered 1.3 million daily active addresses. This highlights that while Ethereum’s primary network may appear less active, substantial transactional volume is occurring on these secondary layers.

New Milestones and Market Performance
Despite the challenges of comparing directly with Ethereum, TON has demonstrated significant growth. Amidst the recent global market volatility, the network’s native token, Toncoin (TON), reached a milestone of $7.76 earlier this month, marking its highest valuation since launch.

Although Toncoin has since experienced a decline of over 12%, industry analysts remain optimistic about its future trajectory.

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A pseudonymous analyst, “Crypto King,” has forecasted a potential rise to $10 for TON in the near term, citing its robust user base, rapid infrastructure development, and Telegram’s support.

Another expert, Alex Clay, shares this positive outlook, suggesting short-term price targets of $10.5 to $11.6 for TON despite broader market downturns.

Furthermore, data from Token Terminal indicates promising long-term indicators for TON, showing a 3.6% rise in fully diluted market capitalization, a 76.3% increase in token holders, and a 26.0% growth in revenue and fees over the past 30 days.

Despite a slight decrease in trading volume by 11.6%, these metrics underline a strong underlying growth trend for TON.

Source: coinspeaker.com

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The post TON Blockchain Surpasses Ethereum in Daily Active Users appeared first on HIPTHER Alerts.

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Blockchain

Brickken is selected to participate in the European Blockchain Regulatory Sandbox

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Brickken, a startup based in Barcelona at the forefront of real-world asset tokenization, has been chosen to participate in the European Blockchain and Distributed Ledger Technologies (DLT) Regulatory Sandbox. This initiative aims to establish legal clarity for decentralized technologies like blockchain by identifying legal and regulatory hurdles to deployment. It will provide confidential guidance, legal counsel, and regulatory expertise.

Facilitated by the European Commission, this program will enable regulators to deepen their understanding of cutting-edge blockchain technologies and foster dialogue between public institutions and private entities such as Brickken.

By joining the European Regulatory Sandbox, Brickken gains the opportunity to refine and enhance its solutions within a secure environment. This will bolster its credibility with institutional clients, market operators, and bond issuers, facilitating its expansion into new markets. Brickken seeks to become a strategic partner for various participants in capital markets, enhancing operational efficiency and promoting technological synergy in digital asset management.

Edwin Mata, CEO and co-founder of Brickken, expressed excitement about this selection, emphasizing:

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“This opportunity validates our innovative approach to asset tokenization and allows us to collaborate closely with regulators and industry leaders to strengthen the blockchain ecosystem. The knowledge and experience gained in this regulatory sandbox will be invaluable for our future growth and success.”

Brickken’s inclusion in this sandbox marks a significant milestone in its mission to revolutionize the tokenization industry. Recently selected for PricewaterhouseCoopers’ Scale program for tokenization and digital assets, Brickken continues to advance blockchain adoption among institutional clients, banks, and capital markets. Additionally, the company has forged partnerships with industry leaders like Psalion and Chainlink, known for their real-world asset tokenization technology.

In collaboration with Coinbase, Brickken aims to set new standards in infrastructure and market structure for real-world asset tokenization. Leveraging Coinbase’s technology such as Wallet and Base, Brickken brings its expertise in tokenization and technology to build robust solutions.

Established in Barcelona in 2020 by Edwin Mata, Yassir Haouati, Bram Duindam, and Dario Lo Buglio, Brickken has experienced rapid growth, operating in over 14 countries and tokenizing assets exceeding 200 million euros. With a client base of over 50, the company has achieved over 100% growth compared to the previous year and is expanding into new verticals.

Brickken’s digital asset platform specializes in tokenizing financial instruments such as equity and debt, catering to entities of all sizes, asset types, and jurisdictions. Offering robust technological support, Brickken enables market entry without the need for proprietary technology development. This positions Brickken to serve diverse sectors including real estate, startups, institutions, venture capital funds, and family offices, facilitating efficient digitization and management of assets.

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Source: cointelegraph.com

The post Brickken is selected to participate in the European Blockchain Regulatory Sandbox appeared first on HIPTHER Alerts.

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