Report : South America Instrument Calibrator Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Temperature Calibrator, Pressure Calibrator, Electrical Calibrator, and Multifunction Process Calibrator), Modularity (Benchtop and Portable), and Industry Vertical (Automotive, Aerospace & Defense, Electronics, Food & Beverage, Pharmaceutical, Oil & Gas, and Other Industries)
Pharmaceutical Segment is Expected to be Fastest Growing During the Forecast Period for SAM Region
According to a new market research study on “SAM Instrument Calibrator Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type, modularity, and Industry Vertical” is expected to reach US$ 113.28 million by 2028 from 85.34 US$ million in 2021. The market is estimated to grow at a CAGR of 4.1% from 2021 to 2028. The report provides trends prevailing in the SAM instrument calibrator market along with the drivers and restraints pertaining to the market growth. Significant developments in calibration services is the major factor driving the growth of the SAM instrument calibrator market. However, issues such as red ocean strategy hampering the market players hinders the growth of SAM instrument calibrator market.
SAM instrument calibrator market is segmented into product type, modularity, industry vertical and country. Based on product type, the SAM instrument calibrator market is segmented into temperature calibrator, pressure calibrator, electrical calibrator, and multifunction process calibrator. Pressure calibrator segment held the largest market share in 2020. The modularity segment is classified into benchtop, and portable. Portable segment held the largest market share in 2020.Based on industry vertical, the SAM instrument calibrator market is categorized into automotive, aerospace and defense, electronics, food, and beverage, pharmaceutical, oil and gas, and others. Oil and gas segment held the largest market share in 2020. Based on country, the SAM instrument calibrator market is segmented into Brazil, Argentina, and rest of SAM. Brazil held the largest market share in 2020.
SAM is witnessing a growing number of COVID-19 cases. The increasing number of cases in Brazil, Peru, Chile, Ecuador, and Venezuela is having a negative impact on the SAM instrument calibrator market. With the second wave of the COVID-19 outbreak, there has been an increasing number of cases in the SAM countries. According to the International Council of Nurses, the number of deaths of health professionals in Brazil is more than other countries across SAM due to high transmission of the novel coronavirus. As Brazil has many populated regions with small houses with 6-7 people per house, the virus spreads like wildfire. Currently, the countries in SAM are rapidly increasing their clinical programs to fight against the COVID-19 outbreak. In this scenario, the COVID-19 epidemic has once again highlighted Brazil's need to reduce its dependence on foreign active pharmaceutical ingredients (APIs). Brazil imports 95% of the raw ingredients to make medications. With rising freight costs and the value of the dollar, the Brazilian pharmaceutical industry is beginning to feel the impact on production costs. The first scenario has two transmission pathways across the economic system—a negative shock to labor supply as a result of the pandemic's high rates of sickness and mortality, and a temporary closure of nonessential economic activities. Furthermore, by assuming 3 and 6 months of shutdown in both scenarios, a sensitive analysis of the shutdown's temporality is considered. The results show a 3.78% loss in national GDP growth rate in Scenario 1 and a 0.48% reduction in Scenario 2 in 2020, with three months of shutdown. In Scenarios 1 and 2, the reduction would be greater with 6 months, at 10.90% and 7.64%, respectively. These factors are likely to have negative impact on the market growth during the forecast period.
Additel; AMETEK Inc.; Baker Hughes Company; Beamex Oy Ab; Calmet; Spectris; WIKA Alexander Wiegand SE & Co. KG; and Yokogawa Electric Corporation are among the leading companies in the SAM instrument calibrator market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Calmet launched C300B Three- and single-phase power and energy calibrator, tester, and protection relay test set. The C300B Calibrator and Tester is used for calibration and testing a wide range of SAMsuring instruments used in power engineering and enables testing.
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