Failure Analysis Market Highlights
Acknowledging the prominence and traction, the market is garnering currently Market Research Future (MRFR) in its recently published study report asserts that the global Failure Analysis Market will garner exponential accruals by 2023, registering approximately 8% CAGR throughout the review period (2017-2023).
The demand for Engineering Failure Analysis is a crucial driver for this market. The need to use high-quality materials in the automotive sector is rising. Extreme care and diligence are essential to manufacturing and automobile product. Through the failure analysis, it is possible to examine which mechanical part is causing these accidents. Through this insight, the automobile industry can correct the mistakes. Through the failure analysis, the product quality is improving. It is one of the crucial factors that are increasing the overall demand for the product. Further, the awareness about product quality is rising among customers. Earlier, many of the customers choose product based on its cost.
Key Players:
Fervent players driving the market for the failure analysis include FEI Company (U.S.), Carl Zeiss SMT GmbH (Germany), JEOL Ltd. (Japan), Tescan (U.S.), Hitachi High- Technologies (Japan), EAG Inc. (Luxembourg), Raytheon Company (U.S.), and Intertek Group plc (United Kingdom).
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Moreover, factors such as the advantageous features of failure analysis like scalability and cost optimization along with the proliferation of connected devices allow market to grow at large, fetching many benefits to industries.
Furthermore, factors propelling the market growth include the increasing industrialization and the improving economic conditions worldwide.
On the other hand, failure analysis being in its embryonic stage still presents the challenges such as lack of universally accepted testing standards while, the initial investment required for the implementation of failure analysis acts as a headwind that obstructs the market growth.
Global Failure Analysis Market - Segments
The analysis has been segmented into five key dynamics for the better scope: -
By Equipment : Scanning electron microscope (SEM), Transmission Electron Microscopy (TEM), Focused Ion Beam (FIB), and Dual Beam FIB among others.
By Technology : SIMS, EDX, CMP, FIB, BIM and RIE.
By Testing : Material Testing, Non-destructive Testing (NDT), and Physical Testing.
By Application : Material Science, Bio Science, Industrial, and Electronics.
By Region : North America, Europe, APAC and the Rest-of-the-World.
Global Failure Analysis Market - Regional Analysis
Globally, the North American region accounts for the leading market for the failure analysis. Advancements in technologies and market proliferation of portable electronics devices are expected to support the market growth to retain its dominance over the global failure analysis market throughout the forecast period.
Presence of well-established infrastructures along with the presence of well-established key players in the region acts as a tailwind that pushes up the growth of the regional market, allowing a favorable environment for technological developments. The market is estimated to witness a higher adoption of failure analysis tools owing to the government’s efforts to push the markets for material testing.
The Asia Pacific region is projected to grow at the fastest rate during the forecast period, emerging as a promising market for failure analytics. Factors such as the presence of major semiconductor industries and the rising adoption of failure analysis solutions to fight out the risks such as chemical explosion drive the market growth in the region.
Furthermore, the augmenting demand for deployment of failure analysis technologies alongside the massive demand for the advanced analytics solutions help increase the market size, facilitating enterprises to comprehend business scenarios.
Failure Analysis Market – Competitive Analysis
Highly competitive by nature, the global failure analysis market appears to be fragmented due to the presence of many players. Key strategies traced from the analysis of recent developments of the market players include agreement & partnership, acquisition expansion, and product launch. These key players strive to deliver comprehensive testing solutions with adept technology and features. Growth in terms of product innovations and technologies in the market are also expected to create strong investment opportunities for the global players.
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