(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, United States, April 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global calibration pump market size stood at US$ 1.3 Bn in 2022 and is expected to attain value of us$ 1.8 bn by 2031 . The global industry is likely to develop at a CAGR of 4.1% between 2023 and 2031.
The oil & gas, aerospace, automobile, maritime, food & beverage, petrochemical, and pharmaceutical sectors all depend heavily on high precision calibration and pressure testing. This is anticipated to increase the market size of calibration pump in the near future.
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Calibration is essential for water systems to get the proper dosage of water treatment chemicals. A pump can be calibrated to help find leaks caused by temperature and humidity-related issues. Fuel pump calibration improves safety and lowers the likelihood of an explosion, hence it constitutes one of the most useful spending for gas stations. In various industries calibration results in high return on investment by boosting earnings, producing greater yields, reducing fuel waste, and improving equipment efficiency.
Manometers, or various pressure standards, are utilized along with calibrating pumps to measure volumetric capacity and pressure of a system. Instruments such as transducers, sensors, transmitters, and gauges can be calibrated using calibration pumps. Calibration procedures are used on pressure pump calibrators, vacuum pumps, calibration hand pumps, pressure comparator pumps, and pressure pumps in order to improve precision, which in turn lowers waste.
Key Findings of Market Report
Based on type, the hydraulic calibration pumps are witnessing high demand. Among the most effective methods of energy transfer is hydraulic pressure. With relatively little effort, high pressure levels can be reached with the hydraulic hand pump. Manually controlled hydraulic pumps are appropriate for applications requiring a high level of fine adjustment.
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Global Calibration Pump Market: Growth Drivers
The manufacturing and industrial sectors depend heavily on calibration. Pump calibration helps provide a quality control process and create an efficient way to measure if a machine is working as planned, while assisting in the elimination of overruns in time and costs and high scrap rates. Several companies are spending on both processes and products to boost product quality, which in turn is anticipated to fuel business opportunities in the global calibration pump market.
Global Calibration Pump Market: Regional Landscape
The existence of multiple manufacturers, substantial spending on R&D activities, the rise of the oil & gas sector, and stringent governmental regulations all contribute to North America's dominant position in the global market.
The calibration pump market has considerable development potential in Asia Pacific, where economic expansion and increasing manufacturing investment are likely to drive market development.
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Global Calibration Pump Market: Key Players
Some of the key players in the global calibration pump market are as follows
Dwyer Instruments Inc. WIKA Alexander Wiegand SE & Co. KG Additel Corporation Hotek Technologies, Inc. Baker Hughes Company Time Electronics Ltd.
Global Calibration Pump Market: Segmentation
Type
Hydraulic Calibration Pumps Pneumatic Calibration Pumps
Price
Up to US$ 500 US$ 500 to US$ 1000 Above US$ 1000
Applications
Automotive Food & Beverage Oil & Gas Research & Development Others
Distribution Channel
Direct Sales Indirect Sales
Regions
North America Europe Asia Pacific Middle East & Africa Latin America
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