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Instrumentation Services Market size is set to grow by USD 1.75 billion from 2024-2028, Rising number of industrial internet of things applications boost the market, Technavio

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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..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

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 impact of trend. For more details- Download a Sample Report

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.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This instrumentation services market report extensively covers market segmentation by  

Service 1.1 Calibration1.2 Maintenance and repair1.3 Commissioning and testingEnd-user 2.1 Process industries2.2 Discrete industriesGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 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

ServiceCalibrationMaintenance And RepairCommissioning And TestingEnd-userProcess IndustriesDiscrete IndustriesGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth 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

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Technology

Todd Tucker joins Parking Revenue Recovery Services as Chief Operating Officer to Guide Growth as PRRS expands as a Vehicle Identification and Monitoring Technology Platform

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DENVER, Nov. 15, 2024 /PRNewswire/ — Parking Revenue Recovery Services (PRRS), Inc., a leader in AI-driven compliance and vehicle activity monitoring, is pleased to announce the appointment of Todd Tucker, JD, DBA, CAPP, CPP, as its new Chief Operating Officer, effective November 15, 2024. With over 30 years of experience in the parking industry, Tucker is a recognized leader, having held various senior executive roles. Todd assumes the role of Chris Conley, who has decided to retire and enjoy some well-earned time after 30 years in the parking industry.

Before joining PRRS, Tucker served as President at Parking Logix and has been a leader in multiple tech companies focused on mobility solutions, with two leading to strategic and/or investment transaction outcomes Todd’s experience as a parking operations leader/expert and his roles spearheading the development and growth of innovative technology offerings focused on parking provide him with a unique ability to build solutions that meet the needs of today’s parking operations.

PRRS is uniquely positioned in gateless parking technology solutions through its machine vision-based technology, which identifies all vehicle activity, enhances compliance, and enables clients to expand their service capabilities. Our technology allows clients to gather valuable insights into operation and consumer activity while helping our clients improve their customer experience. With Tucker’s extensive expertise in parking technology and leadership, PRRS aims to broaden its services across North America, solidifying its status as the premier provider of gateless technology solutions to operators and facilities.

“Todd’s proven track record of driving innovation and his dedication to enhancing technology-based services make him the ideal candidate to lead PRRS into its next growth phase,” said Gabor Burchner, Managing Director, GB & Partners IM. “As the demand for adaptable technology solutions providers continues to rise, Todd’s leadership and collaborative approach will be invaluable.”

PRRS, in partnership with Asura, has successfully implemented the ARC solution and its compliance services at over 400 parking sites across 29 states. With ongoing investment from GB & Partners IM, PRRS is set to expand beyond its current identity as a “parking notice firm” to become the leading gateless technology solution for the future.

“I am thrilled to join PRRS and enhance the value we provide to our parking operating partners,” said Todd Tucker. “Throughout my career, I’ve consistently sought to challenge the status quo by delivering innovative solutions in an ever-evolving industry. PRRS is at the forefront of leveraging technology to enhance its services, and with GB & Partners IM participation, we will continue to deliver exceptional value to the parking sector and beyond. I look forward to joining the PRRS team and collaborating with our clients to push boundaries and innovate in compliance and facility monitoring services.”

About Parking Revenue Recovery Services

Parking Revenue Recovery Services, Inc. (PRRS) is North America’s leading Parking Compliance and Facility Monitoring technology provider. PRRS is on track to provide over 1,000 parking locations and proudly supports national, regional, and local parking operators throughout the United States. Our client owners and parking operators use our monitoring and compliance services in all properties, including commercial lots and garages, municipal facilities, college and university facilities, airports, hospitals, commercial properties, and residential buildings. PRRS creates exceptional value for its parking operator clients through increased overall customer compliance and enhanced visibility into operating activity and usage while delivering excellent customer service. We maximize the value provided to our clients through excellence, innovation, and efficiency in its compliance and monitoring services, delivered by an outstanding team of parking professionals dedicated to the highest levels of customers.

About Asura Technologies

Asura Technologies specializes in next-generation video analytics and license plate recognition software, utilizing AI to create smart parking, traffic management, frictionless tolling, and safety security applications. Active globally since 2018, Asura Technologies USA collaborates with PRRS to provide highly effective, automated parking enforcement solutions through innovative technology.

About GB & Partners IM

GB & Partners IM is an independent private equity and venture capital firm focused on innovative city technologies, fashion, fintech, medical technologies, and mechanical engineering. As the largest Hungarian-based firm in its sector, GB & Partners IM offers extensive leadership experience in private equity and venture capital investments, M&A transactions, and IPOs, providing operational support to investment entities by international standards. In 2019, GB & Partners IM became the first Hungarian venture capital firm to gain membership in Invest Europe.

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SOURCE Parking Revenue Recovery Services, Inc.

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Connect and Converse Across Borders with Moii: Now Available Worldwide

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SEOUL, South Korea, Nov. 15, 2024 /PRNewswire/ — Moii, an innovative avatar-based interest-matching conversation service developed by tech startup illuni, has officially launched globally. Available on the Google Play Store and Apple App Store, Moii offers users a unique way to meet new friends, share stories and enjoy engaging conversations. The service allows people around the globe to experience safe, interest-based connections with like-minded people, fostering a sense of community across borders. Moii exemplifies illuni’s commitment to creating immersive digital experiences through advanced artificial intelligence (AI) technology.

To create heartfelt connections, download Moii from the Google Play Store (https://play.google.com/store/apps/details?id=com.illuni.moii&hl=en-US) and Apple App Store (https://apps.apple.com/us/app/moii-heartfelt-connections/id6456406927).

Create Moiiments, Connect Globally

In a world where genuine interaction can feel rare, Moii provides a space for simple, meaningful conversations without the pressure of video or photo sharing. By connecting users based on shared interests, Moii creates a relaxed environment for spontaneous chats, whether someone is looking for a listening ear, a language exchange, or a fresh global perspective. With engaging features such as avatar costumes and singing content in virtual karaoke – introduced in a recent November update – the app continues to attract a growing user base of young adults seeking meaningful connections beyond small talk.

“Since our global launch on the 1st of November, users from over 30 countries have come together on Moii to share interests, create unique content and enjoy friendly conversations,” said Byung-Hwa Park, CEO of Illuni. “We are thrilled by the enthusiasm for Moii as people around the world find it to be a fun and welcoming platform.”

Aimed at users in their 20s and 30s, Moii allows users to interact in a fully customizable 3D environment. Instead of revealing their actual appearance, users create avatars that reflect their personalities and interests, providing a sense of anonymity, security, and comfort. Once matched, users can personalize their avatars, use conversation cards, and enjoy mini games, making every interaction fun and engaging.

With a mission to create comfortable spaces for conversation, Moii promotes cross-cultural and language exchange on a global scale. Whether users want to make foreign friends, practice a new language, or simply chat with a friendly listener, Moii offers a low-pressure, refreshing way to connect.

Looking ahead, Illuni plans to expand Moii’s language support, making it accessible to even more users across the globe.

For more information about Moii, visit https://www.moii.net/en

About illuni

Illuni is a forward-thinking startup focused on developing immersive digital experiences through advanced AI technology. The company is committed to building innovative mixed-reality services that redefine user engagement in digital spaces. Alongside Moii, illuni’s portfolio includes Storyself (https://storyself.com), an interactive storybook app that transforms users’ pictures into story characters, allowing them to become the protagonists of various tales—making it both engaging and educational for children.

To learn more about illuni and its suite of mixed-reality projects, visit:  https://www.illuni.com/en 

For media inquiry, please contact: illuni Communications, e-mail: contact@illuni.com 

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SOURCE illuni

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LONGi’s Solar Panels Enhance Sustainability in Bengaluru’s Residential Complex

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BANGALORE, India, Nov. 15, 2024 /PRNewswire/ — LONGi, in partnership with SolarSquare, has completed a 342 kW solar project using advanced Hi-MO 5 solar panels for a residential apartment complex in Bengaluru.

Launched seven months ago, this solar project is set to save the residential complex up to $47,736 annually and has already generated an impressive 340,000 units of electricity. Thanks to the high efficiency of the solar modules, significant economies of scale, and the inherent advantages of rooftop solar, the project is projected to reach its break-even point within just 4.75 years.

Before the installation of the rooftop solar panels, residents faced annual electricity costs of approximately $143,305. The switch to solar energy is expected to result in annual savings between $47,768$53,768, effectively reducing their electricity expenses by around 33%.

Nikhil Nahar, Co-founder and Director of SolarSquare, stated, “Through our strategic partnership with LONGi over the years, our customers have gained access to state-of-the-art technology for their projects. LONGi’s solar panels consistently deliver performance and help our customers save on electricity bills. With a shared vision to accelerate the mass adoption of renewable energy and enhance sustainability, our partnership has continually provided innovative solutions, earning the trust of our customers.”

LONGi remains committed to delivering advanced solar technology and helping more residential complexes achieve energy independence through its highly efficient and reliable products.

About LONGi

Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.

Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modulescommercial & industrial distributed solar solutionsgreen energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com

View original content:https://www.prnewswire.com/in/news-releases/longis-solar-panels-enhance-sustainability-in-bengalurus-residential-complex-302306744.html

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