Failure Analysis Market is Expected to Reach US$ 7.1 Billion by 2028

IMARC Group, a leading market research company, has recently releases report titled "Failure Analysis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global failure analysis market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the failure analysis market?

The global failure analysis market size reached US$ 4.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.1 Billion by 2028, exhibiting a growth rate (CAGR) of 8% during 2023-2028.

What is failure analysis?

Failure analysis refers to the systematic process of investigating a part of a system to determine the root causes of failure and the corrective actions required to fix and prevent the future recurrence of the problem. It is generally performed using various techniques such as Focused Ion Beam (FIB), Energy Dispersive X-Ray Spectroscopy (EDX), Secondary Ion Mass Spectrometry (SIMS), and Broad Ion Milling (BIM). It assists in identifying the physical, chemical, and machinal causes of the failure, preventing asset or product failures and avoiding financial losses and penalties from failed parts while improving future products and manufacturing processes. As a result, failure analysis is widely used across the automotive, oil and gas, defense, construction, and manufacturing sectors.

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What are the growth prospects and trends in the failure analysis industry?

The increasing product applications across various industries represent the primary factor driving the market growth. For instance, in the automotive sector, vision and artificial intelligence (AI)-based failure analysis tools are utilized for performance analysis, vehicle dynamics studies, and accident reconstruction. Besides this, it finds extensive applications in the oil and gas industry to enhance the efficiency of the existing machinery to prevent service failures and safety incidents. In addition, there has been a rise in the use of optical and scanning electron microscopes in material science applications for the mineralogical and structural analysis of materials, such as metals, polymers, alloys, biomaterials, and ceramics. In line with this, the growing utilization of FIB systems to study biological samples and biomaterials has augmented product demand.

Furthermore, the escalating demand for high-density, integrated and miniaturized devices in the semiconductor and electronics industry has accelerated the adoption of failure analysis. Apart from this, the implementation of stringent safety rules and regulations by international organizations and governing agencies of numerous countries has propelled the market growth. Other factors, including the significant expansion in the manufacturing sector, rapid industrialization, increasing focus on nanotechnology, rising automation across various industries, and continual technological advancements, are also providing a positive impact on the market growth. Looking forward, IMARC Group expects the market value to reach US$ 7.1 Billion by 2028, expanding at a CAGR of 8% during 2023-2028.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Equipment:

Scanning Electron Microscope (SEM)
Focused Ion Beam (FIB) System
Transmission Electron Microscope (TEM)
Dual Beam System
Others

Breakup by Technology:

Energy Dispersive X-Ray Spectroscopy (EDX)
Secondary Ion Mass Spectrometry (SIMS)
Focused Ion Beam (FIB)
Broad Ion Milling (BIM)
Relative Ion Etching (RIE)
Scanning Probe Microscopy (SPM)
Others

Breakup by End Use Industry:

Automotive
Oil and Gas
Defense
Construction
Manufacturing
Others

Breakup by Region:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?

The report covers the major market players including:

A&D Company Ltd.
Bruker Corporation
Carl Zeiss AG (Carl-Zeiss-Stiftung)
Hitachi High-Technologies Corporation (Hitachi Ltd.)
Horiba Ltd.
Intertek Group PLC
JEOL Ltd.
Motion X Corporation
Tescan Orsay Holding A.S.
Thermo Fisher Scientific Inc.

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This release was published on openPR.