NEW
YORK, June 25, 2024 /PRNewswire/ -- The global
instrumentation services market size is estimated to grow by
USD 1759.6 mn from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 5.39% during the forecast period. Rising
number of industrial internet of things applications is
driving market growth, with a trend towards on-site
deputation of service personnel. However, increasing
standardization of instruments and communication protocols
poses a challenge. Key market players include ABB Ltd.,
Agilent Technologies Inc., Alco Valves Group, Branom Instrument
Co., Charnwood Instrumentation Services Ltd., Emerson Electric Co.,
Endress Hauser Group Services AG, Honeywell International Inc.,
KROHNE Messtechnik GmbH, Larsen and Toubro Ltd., Marsh
Instrumentation Ltd., Miraj Instrumentation Services I Pvt. Ltd.,
Parker Hannifin Corp., Rockwell Automation Inc., Schneider Electric
SE, Siemens AG, Swagelok Co., Trescal International SAS, Utilities
Instrumentation Service Inc., and Yokogawa Electric Corp..
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Instrumentation
Services Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
5.39%
|
Market growth
2024-2028
|
USD 1759.6
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.82
|
Regional
analysis
|
North America, APAC,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 32%
|
Key
countries
|
US, China, Germany,
Japan, and South Korea
|
Key companies
profiled
|
ABB Ltd., Agilent
Technologies Inc., Alco Valves Group, Branom Instrument Co.,
Charnwood Instrumentation Services Ltd., Emerson Electric Co.,
Endress Hauser Group Services AG, Honeywell International Inc.,
KROHNE Messtechnik GmbH, Larsen and Toubro Ltd., Marsh
Instrumentation Ltd., Miraj Instrumentation Services I Pvt. Ltd.,
Parker Hannifin Corp., Rockwell Automation Inc., Schneider Electric
SE, Siemens AG, Swagelok Co., Trescal International SAS, Utilities
Instrumentation Service Inc., and Yokogawa Electric
Corp.
|
Market Driver
The increasing need for production facilities to operate at full
capacity has led to heightened focus on maintaining the accuracy
and precision of instrumentation and control systems. This
necessitates regular calibration, maintenance, and testing of
sensors, control valves, and controllers. Consequently, buyers in
the global instrumentation services market are requesting on-site
support from vendors to prevent potential breakdowns or errors.
This trend is expected to boost the demand for instrumentation
services and drive market growth throughout the forecast
period.
The Instrumentation Services Market is experiencing significant
growth, driven by the increasing demand for monitoring and
controlling processes in various industries. Microcontrollers,
sensors, and software solutions are key components of this market.
The use of chromatography and spectroscopy techniques for analysis
is trending, as is the integration of artificial intelligence and
machine learning for predictive maintenance. The demand for
real-time monitoring and automation is also driving innovation in
this sector. Additionally, the adoption of Industry 4.0 and the
Internet of Things (IoT) is creating new opportunities for
instrumentation services providers. Overall, the market is expected
to continue growing due to the need for increased efficiency,
productivity, and safety in industrial processes.
Research report provides comprehensive data on
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Market Challenges
- The Instrumentation Services Market is driven by the need for
productivity gains in manufacturing industries, leading to the
demand for interoperable equipment and instruments. Open standards
are increasingly preferred by buyers to save time and money on
compatibility issues. However, the adoption of open standards may
impact the growth of the market, as interoperability reduces the
need for testing and commissioning services. To counter this,
vendors must offer value-added services. The trend towards wireless
sensors and IT-OT convergence is driving the standardization of
instruments and communication protocols, increasing the challenge
for the market during the forecast period.
- The Instrumentation Services Market faces several challenges in
the implementation and maintenance of various systems and
technologies. These include the complexity of consoles and
controls, the need for subsystems and ancillary systems, and the
requirement for secure and reliable connectivity. Additionally, the
integration of new technologies such as artificial intelligence and
machine learning brings new challenges in terms of data processing
and analysis. The use of older systems and technologies also poses
challenges in terms of compatibility and obsolescence. The
implementation of new systems requires careful planning and
execution to ensure seamless integration and minimal disruption to
operations. The need for skilled professionals to design, install,
and maintain these systems adds to the overall cost and complexity
of the market.
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challenges - Request a sample report!
Segment Overview
This instrumentation services market report extensively covers
market segmentation by
- Service
- 1.1 Calibration
- 1.2 Maintenance and repair
- 1.3 Commissioning and testing
- End-user
- 2.1 Process industries
- 2.2 Discrete industries
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Calibration- The industrial instrumentation
services market is expected to grow significantly due to the
increasing importance of calibration for measuring and controlling
devices in highly automated processes. Strict regulatory
requirements, particularly in the process industry, are driving the
demand for advanced measurement systems and control devices.
Factors such as capacity additions in major end-user industries and
food and drug safety regulations will further accelerate market
growth. The market will also benefit from the focus on efficiency,
emission reduction, and natural resource conservation across
various manufacturing sectors.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Instrumentation Services Market encompasses a wide range of
technologies and applications, including laboratory tools for
Chemical Substances analysis, Spectroscopy, Chromatography-related
instrumentation, Thermal analyzers, and Mass spectrometers. These
instruments play a crucial role in Clinical Diagnostics and Life
Sciences Research, facilitating the analysis of Monoclonal
Antibodies, Vaccines, and Therapeutic Proteins. Advanced techniques
such as Liquid Chromatography, Mass Spectroscopy, and UV-Vis
Spectroscopy are employed in the Sequencing Segment for DNA and RNA
Sequencing, as well as High-throughput Sequencing. Automation and
Efficiency are key factors driving the market, with instruments
like Chromatographs, Sequencers, Microscopes, and Flow Cytometers
enabling large-scale, accurate data analysis.
Market Research Overview
The Instrumentation Services Market encompasses a range of
offerings designed to optimize and enhance the functionality of
various industrial processes. These services include calibration,
installation, maintenance, and repair of sensors, controllers, and
other measurement devices. The use of advanced technologies such as
IoT, AI, and machine learning in instrumentation services enables
real-time monitoring, predictive maintenance, and improved
efficiency. The market is driven by the increasing demand for
automation and process optimization across industries, particularly
in sectors like oil and gas, pharmaceuticals, and manufacturing.
The market is expected to grow significantly in the coming years
due to the rising adoption of smart instruments and the increasing
focus on quality control and regulatory compliance.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Service
-
- Calibration
- Maintenance And Repair
- Commissioning And Testing
- End-user
-
- Process Industries
- Discrete Industries
- Geography
-
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio