What Is The Definition Of The Global Failure Analysis Market?
Failure analysis refers to the systematic investigation and examination of components or processes to determine the root causes of failures or malfunctions. The primary purpose of failure analysis is to understand why failures occur and to implement corrective actions to prevent similar failures in the future, ultimately improving reliability, performance, and safety.
Failure Analysis Global Market Report 2024 provides data on the global failure analysis market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Failure Analysis market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Failure Analysis Market Size Expected To Expand, And At What Annual Growth Rate?
The failure analysis market size has grown strongly in recent years. It will grow from $4.44 billion in 2023 to $4.86 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to the increasing complexity of products, stringent regulatory requirements, growing awareness of quality control, and rising demand for reliability engineering. The failure analysis market size is expected to see strong growth in the next few years. It will grow to $6.96 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to the expansion of emerging industries, the globalization of supply chains, and rising demand for predictive maintenance. Major trends in the forecast period include medical device failure analysis, industry-specific solutions, collaboration and knowledge sharing, and failure analysis in additive manufacturing.
What Are The Key Drivers Fueling Growth In The Failure Analysis Market?
The increasing adoption of automation is expected to propel the growth of the failure analysis market going forward. Automation uses technology and machinery to perform tasks or processes with minimal human intervention. Automation streamlines processes, reduces manual labor, and minimizes human error, increasing efficiency and productivity in various industries. Failure analysis helps identify the underlying reasons for system failures, malfunctions, or breakdowns in automated processes. For instance, in May 2022, according to a survey of 321 manufacturers conducted by Rockwell Automation, Inc., a US-based industrial automation company, the adoption of smart factory technologies witnessed a remarkable 50% year-over-year growth. Moreover, 74% of surveyed manufacturers are either utilizing or planning to integrate technologies into their manufacturing operations. Additionally, 83% of manufacturing professionals will upgrade their modernization processes into smart factories. Therefore, the increasing adoption of automation is driving the growth of the failure analysis market.
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What Are The Principal Market Segments In The Global Failure Analysis Industry?
The failure analysis market covered in this report is segmented –
1) By Equipment: Scanning Electron Microscope (SEM), Focused Ion Beam (FIB) System, Transmission Electron Microscope (TEM), Dual Beam System
2) By Technology: Secondary ION Mass Spectrometry (SIMS), Energy Dispersive X-ray Spectroscopy (EDX), Chemical Mechanical Planarization (CMP), Other Technologies
3) By End-User Vertical: Automotive, Oil And Gas, Defense, Construction, Manufacturing, Other End-User Verticals
Which Emerging Market Trends Are Altering The Failure Analysis Sector?
Companies are incorporating AI and ML technologies into solutions like AI-powered test failure analysis to improve efficiency and accuracy in diagnosing failures. AI-powered test failure analysis tools use artificial intelligence to identify and categorize errors in test cases, providing a comprehensive overview of failure causes. For instance, in January 2023, LambdaTest, a US-based operator of an AI-powered test execution cloud platform, introduced an AI-powered test failure analysis feature in its HyperExecute platform. This feature streamlines troubleshooting by automating error categorization and offering structured approaches to resolve test failures. HyperExecute includes intelligent features like auto-grouping, auto-retry, and fail-fast mechanisms to enhance testing productivity and speed up time-to-market.
What Is The Leading Region In The Failure Analysis Market?
North America was the largest region in the failure analysis market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the failure analysis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
