Failure Analysis Market 2019 is Trending with CAGR of 7.47% by 2023, Key Players- EAG INC., INTERTEK GROUP, RAYTHEON COMPANY, THERMO FISHER SCIENTIFIC, and HITACHI HIGH-TECHNOLOGIES CORPORATION

The failure analysis market was valued at USD 5.6 billion in 2017 and is projected to reach USD 8.6 billion by the end of 2023, growing at a CAGR of 7.47% over the forecast period of 2018 - 2023. The scope of the report is limited to the type of products used in failure analysis, type of testing, technique used, and application of failure analysis. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, and Rest of the World.

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Failure analysis is used to eradicate an existing problem and prevent an upcoming problem. The devices used in failure analysis first analyze the problem and then recommend a corrective course of action, thus, improving efficiency and reducing maintenance cost.
Technological advancements, ageing infrastructure, innovation in materials, and increasing complexity of advanced processes are a few driving factors of the failure analysis market, while high equipment cost and high turnaround time are the factors hindering the market growth.

Key Developments in the Market
• March 2018 - Intertek launched commercial laundering testing services for textiles. These services simulate real-world commercial laundering conditions to determine the best care for repeatedly heavily laundered textiles.
• January 2018 - Elements acquired Metals Testing Company (MTC) to strengthen the Group’s aerospace non-destructive testing platform.

The major players include –
EAG INC., INTERTEK GROUP PLC, RAYTHEON COMPANY, THERMO FISHER SCIENTIFIC INC., and HITACHI HIGH-TECHNOLOGIES CORPORATION, amongst others.

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Ageing Infrastructure and Increasing Need for Maintenance
Non-destructive Testing (NDT) failure analysis testing is used to monitor the ageing of structures periodically, in lieu of traditional methods. Recently, quality evaluation of ageing infrastructure has witnessed renewed emphasis, owing to the spate of high-profile infrastructural failures in the mature economies such as the United States and Europe, for instance, the collapse of the I-35 Bridge on Mississippi River. A recent report on the quality of the United States’ infrastructure has revealed that several key public installations like roads, transport, public buildings, and inland waterways are in urgent need of investments to retain effectiveness and long-term stability. Moreover, several European countries, such as France and the United Kingdom, have been taking proactive measures towards maintenance and renovation of public infrastructure. Thus, the rate of adoption for NDT in the developed economies is being driven by renewed emphasis on ageing infrastructure and maintenance activities. NDT aids in timely detection of faults and cracks in infrastructure, thus reducing maintenance costs.
Moreover, the costs involved in building new infrastructure have witnessed a marked rise over the last few decades, prompting public and private agencies to determine the feasibility of using refurbished and revamped structures (like buildings, navy vessels, large ships), before opting for new investments. All this will promote the growth of the failure analysis market.

Scanning Electron Microscope
Scanning Electron Microscopes (SEMs) are used across several industrial, commercial, and research applications. SEMs provide information on- topography, morphology, and composition.
Improvement in the resolution power and attachment of other devices, such as energy x-ray dispersion spectrometer, increasing demand for nanotechnology-based research, and consequent rise in funding will propel the market growth of SEMs. Moreover, as nanotechnology has applications in most of the areas of material sciences, semiconductors, and life sciences that substantially affect the economy of any nation, it promotes government organizations and other corporate enterprises to support R&D in SEMs.
Rapid growth of the semiconductor industry in developing nations such as India and China, owing to the outsourcing of electric equipment manufacturing, is a major driver of the SEMs.

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