Loop calibrators are utilized to compare electric readings with regulatory standards and correct deviations of electrical measuring tools including transformer flicker meters, arm meters, angle meters, voltmeters, and watt meters. Loop calibrators that has high storage capacity are gaining much importance among users. This factor is expected to drive the global loop calibrators market during the forecast period. In order to meet the rising demand, leading manufacturers are focusing on introducing loop calibrators enabled with high data storage capacity.
Furthermore, the growing adoption of automation technologies across various sectors and the trend of acquiring high-definition pictures and videos are driving the demand for loop calibrators with high storage capacity. as of now commercialization, is increasing rapidly for the products developing industry infrastructure and growing demand for loop calibrators are improving the market foothold of loop calibrators and thereby they are contributing to the revenue generation in the global market. Loop calibrators are the device that specifically designed to troubleshoot current loops. Rising digitalization and increasing the adoption of automation technologies are driving the growth of the loop calibrators market. Also, the necessity to maintain the accuracy of operations in industries coupled with the rising demand for on-site calibration is accelerating the demand for loop calibrators market in the upcoming years.
COVID -19 impact on industry -
COVID-19 pandemic has shut-down the production of various products in the loop calibrators market industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of loop calibrators market industry significantly from last few months, as is likely to continue during 2020.
COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The main purpose of loop calibration electric readings with regulatory standards its demand is increasing for safe calibration and its heavy usage drives its growth for upcoming time.
Increasing demand for intrinsically safe calibration
Increasing demand for intrinsically safe calibration is considered a key factor driving the market. Intrinsic safety is a standard followed in industries that manage highly explosive environments. These industries need to ensure that their operations are ‘intrinsically safe’. This make sure that devices do not discharge energy in amounts that can cause ignition upon contact with combustible substances. An equipment must be free from electric sparks, electromagnetic radiation, flames, mechanical friction, arcs, and impact and ionizing radiations. Implication of safety solutions is gaining importance in different industries such as mining, petrochemical, and pharmaceutical as safety is big concern for handling and using such equipment and so it is fulfilled. Thus, intrinsically safe calibration can limit the inherent risk associated with hazard-prone workplaces. Moreover, increasing demand for maintaining accuracy of operations in different industries is augmenting the demand for loop calibrators. The market is witnessing rise in the number of third-party service providers to maintain the operating condition of an increasing number of industrial equipment. These service providers track instruments at their premises and notify end-users in advance if they fail to function properly on-site. At times, end-users employ calibrators to manage small deviations.
Increasing adoption of Industrial Internet of Things (IIoT)
Increasing adoption of Industrial Internet of Things (IIoT) has also prompted end-users to adopt loop calibrators, as they can be easily connected with cloud computing. As increasing use of technology is much in demand in every sector, due to increasing adoption of newer technology things results in increasing usage of it. However, there is increasing popularity of multifunctional calibrators causes a serious threat to manufacturers of loop calibrators that is limiting the market for loop calibrators. This increasing popularity of multifunctional calibrators is the key hindering factor for the growth of the loop calibrators market that is a prohibiting factor of their market growth but the rising demand for the loop calibrator from pharmaceutical, mining, and petrochemical industries for maintaining operation processes that is required is expected to boom the growth of the loop calibrators market.
Key benefits of the report:
- This study presents the analytical depiction of the loop calibrators market industry along with the current trends and future estimations to determine the future of the market
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the loop calibrators market share.
- The current market is quantitatively analyzed to loop calibrators market growth scenario.
Loop Calibrators Market Report Highlights
By End user
Key Market Players
General Electric Company, WIKA Group, OMEGA Engineering Inc., Meriam Process Technologies, Additel Corporation, Altek Industries Corp., Practical Instrument Electronics, Inc. (PIE), Fluke Corporation, Hotek Technologies Inc., AMETEK, Inc.