PUBLISHER: The Business Research Company | PRODUCT CODE: 1465685
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465685
A calibration pump serves as a specialized instrument employed for generating accurate and controlled pressures or vacuums, primarily utilized in the calibration of pressure instruments such as gauges, transmitters, sensors, and other pressure-measuring devices. These pumps typically function through manual, pneumatic, or hydraulic mechanisms, enabling users to apply precise pressure values to the instruments being calibrated.
The primary classifications of calibration pumps include hydraulic calibration pumps and pneumatic calibration pumps. Hydraulic calibration pumps are specifically designed to generate precise hydraulic pressures required for calibrating pressure measurement equipment such as gauges, sensors, transmitters, and transducers. These pumps find applications across various industries including automotive, food and beverage, oil and gas, and research and development. They are distributed through diverse channels such as direct sale and indirect sale.
The calibration pumps market research report is one of a series of new reports from The Business Research Company that provides calibration pumps market statistics, including calibration pumps industry global market size, regional shares, competitors with calibration pumps market share, detailed calibration pumps market segments, market trends, and opportunities, and any further data you may need to thrive in the calibration pumps industry. This calibration pumps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The calibration pump market size has grown strongly in recent years. It will grow from $1.73 billion in 2023 to $1.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The expansion observed during the historic period can be attributed to heightened industrialization trends, a growing emphasis on precision and dependability, increased demand stemming from the oil & gas sector, as well as the expanding footprint of the food and beverage industry. Additionally, the growth was fueled by the expansion of the service and calibration provider industry.
The calibration pump market size is expected to see strong growth in the next few years. It will grow to $2.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be attributed to advancements in IoT and Industry 4.0 technologies, alongside a heightened focus on precision instrumentation. Additionally, the expansion is expected to be driven by the growth of the healthcare sector, coupled with increasing demand from the aerospace and defense industries, and the expanding energy sector. Key trends anticipated during this period include the development of multi-purpose calibration pumps, the expansion of cloud-based calibration solutions, a shift towards predictive maintenance strategies, and the integration of AI (artificial intelligence) in calibration processes.
The surge in demand for automation and industrialization is set to drive the growth of the calibration pump market in the coming years. Automation involves leveraging technology, including machinery, robotics, and computer systems, to execute tasks or processes with minimal human intervention. Conversely, industrialization encompasses the broader economic and social transformation marked by the widespread establishment of industries, factories, and manufacturing facilities within a society or region. Both trends are on the rise as industries recognize the benefits of employing automated solutions to boost productivity, reduce costs, maintain competitiveness, and address workforce challenges in today's rapidly evolving business landscape. Calibration pumps play a pivotal role in supporting automation and industrialization by ensuring the accuracy and reliability of pressure-measuring instruments utilized across various automated systems and industrial processes. For instance, in March 2023, Verizon Communications Inc. reported that retailers anticipate automating up to 70% of routine tasks by 2025, leveraging labor and productivity gains by reallocating associates to customer-facing high-value tasks and supporting business operations. Consequently, the escalating demand for automation and industrialization is fueling the expansion of the calibration pump market.
Key players in the calibration pump market are spearheading innovation efforts to introduce new technological products, such as the Beamex ePG electrical pressure generators, to capitalize on market profitability. The Beamex ePG electric pressure pump finds application in industrial settings requiring pressure calibration. For instance, in October 2021, Oy Beamex Ab unveiled the Beamex ePG electrical pressure generator, a battery-powered, portable pressure generator facilitating pressure creation from near vacuum to 20 bar (300 psi) with ease and speed. This versatile tool for pressure calibration can be seamlessly integrated with any existing pressure calibrator, offering flexibility and convenience. Moreover, when used alongside the Beamex MC6 family of calibrators, the ePG enables fully automatic pressure calibration, with the MC6 calibrator automatically regulating the ePG, streamlining the calibration process.
In February 2023, Kanbrick, a US-based long-term investment company, successfully acquired JM Test Systems for an undisclosed sum. This strategic acquisition is poised to broaden Kanbrick's calibration and testing capabilities. The transaction is expected to facilitate JM Test Systems in realizing its full potential and accelerating its growth. Simultaneously, Kanbrick aims to uphold its legacy of providing customers with top-notch services. JM Test Systems, headquartered in the United States, is a company that specializes in providing calibration pumps and offers rental, calibration, and repair services for mechanical, dimensional, and electronic test equipment.
Major companies operating in the calibration pump market are Baker Hughes, SIKA AG, Ametek Inc, Omega Engineering(Spectris), Fluke Corporation, Ashcroft Inc., Dwyer Instruments, Additel Corporation, WIKA Alexnder Wiegand SE & Co KG, Magnum Pro, Oy Beamex Ab, Crystal Engineering Corporation, 3D Instruments, Ralston Instruments, Calibration Laboratory LLC, Custom Calibration Inc., Hotek technologies, Time Electronics Ltd., Martel Electronics, Leyro Instruments, Condec s.r.o., SensorsONE, Meriam, Continental Testing Union OH
North America was the largest region in the calibration pump market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the calibration pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the calibration pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The calibration pump market consists of the sales of hand pumps, pneumatic pumps, deadweight testers, portable pressure calibration pumps, and digital pressure calibration pumps. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Calibration Pump Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on calibration pump market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for calibration pump ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The calibration pump market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.