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Failure Analysis Equipment Market Report 2024 - Failure Analysis Equipment Market Size And Growth
Failure Analysis Equipment Market
According to The Business Research Company's, The failure analysis equipment market size has grown strongly in recent years. It will grow from $8.21 billion in 2023 to $8.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to expansion of consumer electronics, quality control requirements, regulatory compliance, and demand for cost-effective solutions.
The failure analysis equipment market size is expected to see strong growth in the next few years. It will grow to $12.5 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to expansion of iot and connected devices, emergence of ai and machine learning, demand for high-reliability electronics, and globalization of manufacturing. Major trends in the forecast period include integration with big data analytics, cross-industry collaboration, environmental sustainability, enhanced user interface and software, and security and data protection.
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Market Drivers and Trends:
The growing adoption of IoT devices is expected to propel the growth of the failure analysis equipment market going forward. IoT devices are interconnected physical devices embedded with sensors, software, and other technologies, allowing them to collect and exchange data over the internet. IoT devices streamline workflows, automate repetitive tasks, and monitor equipment performance, leading to increased efficiency and productivity. Failure analysis equipment helps identify the underlying reasons for system failures, malfunctions, or breakdowns in automated processes to ensure that components and assemblies meet quality standards. For instance, in February 2024, according to a report published by The GSMA, a UK-based trade body that represents the interests of mobile network operators worldwide, licensed cellular IoT connections are expected to increase from 3.5 billion in 2023 to 5.8 billion IoT connections in 2030 with an 8% CAGR. Therefore, the growing adoption of IoT devices is driving the growth of the failure analysis equipment market.
Companies operating in the fashion design software market are increasingly adopting virtual design tools such as the 3D fashion system, to revolutionize the fashion design process. A 3D fashion system allows users to import and export the main elements of a 3D garment from any fashion 3D system to another. For instance, in November 2022, Tukatech Inc., a US-based design automation software company, launched TUKA3D, an open 3D fashion system to enable seamless collaboration between different 3D software used by designers, brands, retailers, and their factories. The new TUKA3D 2022 version offers an open system that allows users to import and export all main elements of a 3D garment from any fashion 3D system to another. It allows users of other 3D systems to start with a replica avatar from Tukatech's library of over 700 models, ensuring the 2D patterns fit the same 3D avatar.
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Major Key Players of the Market:
Hitachi ltd., Thermo Fisher Scientific Inc., Applied Materials Inc., KLA Corporation, CARL Zeiss SMT GmbH, Eurofins Scientific SE, Ametek Inc., Keysight Technologies, Advantest Corporation, Shimadzu Corporation, Intertek Group PLC, Teradyne Inc., Bruker Corporation., HORIBA Ltd., Jeol Ltd., Leica Microsystems GmbH, Axcelis Technologies Inc., Veeco Instruments, Oxford Instruments, Exponent Inc., A&D Company Ltd., Park Systems Corporation, Tescan Orsay Holding A.S., Semilab, TESTiLABS, Motion X Corporation
Failure Analysis Equipment Market 2024 Key Insights:
• The failure analysis equipment market size is expected to see strong growth in the next few years. It will grow to $12.5 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• IoT Adoption Driving Growth Of Failure Analysis Equipment Market
• High-Force Solutions With Real-View High-Resolution Camera Systems
• North America was the largest region in the failure analysis equipment market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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