MarketersMEDIA / Newsroom / Global Failure Analysis Market is Expected to Reach USD 9.26 Billion by the End of 2024, Registering a CAGR of 7.50%

Global Failure Analysis Market is Expected to Reach USD 9.26 Billion by the End of 2024, Registering a CAGR of 7.50%

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This report helps to analyze competitive developments such as Joint Ventures, Strategic Alliances, Mergers and Acquisitions, New Product Developments, And Research And Developments in the “Global Failure Analysis Market”.

— What does this “Failure Analysis Market “ report offers:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support

Market Overview
The Failure Analysis Market was valued at USD 6.01 billion in 2018, and is expected to reach USD 9.26 billion by the end of 2024, registering a CAGR of 7.50% during the forecast period.

- Failure analysis is a process in which a failed product is investigated/examined to determine what caused it to fail. There are several methods that failure analysts use, for example, failure modes and effects analysis (FMEA), Ishikawa “fishbone” diagrams or fault-tree analysis (FTA).

- Understanding what caused one product to fail may help in improving next-generation versions of the product or other products. By performing a failure analysis on a product, critical information about the design process, manufacturing processes, material properties, or actual service conditions can be determined, in order to make the product safer or improve the next iteration.

- One area where failure analysis is used extensively is for finding the cause of vehicular accidents. Private and commercial vehicle accidents can result in severe property damage, bodily injury, and even loss of life. In India alone, more than 140,000 people were killed in road accidents in 2017. Mechanical failure analysis is seen as a possible remedy to find the cause of the accident, if it is related to any mechanical component.

- Moreover, turbines, jet engines, and other delicate rotating machinery are prevalent in numerous industries, such as heavy construction, aerospace, mining, and power generation. Rotating machinery failure can have calamitous financial consequences, in addition to the physical damage that may be caused as well.

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Scope of the Report
Failure analysis is the systematic investigation of a part failure with the objectives of determining the root causes of failure and the corrective actions needed to prevent future failures. The failure analysis techniques are used in various end-user verticals like automotive, oil and gas, defense, etc.

Key Market Trends
Automotive Sector is Driving the Demand for Failure Analysis

- The automotive industry continually faces new challenges, as the demand for inexpensive and high-quality components increases. Extreme diligence must be maintained to ensure that such components are designed and manufactured with sufficient quality, in order to endure a variety of service environments.

- Recently, Asia-Pacific witnessed a considerable growth in the automotive industry, owing to the increasing demand for passenger as well as advanced vehicles. The passenger vehicles however, find increased usage due to population density in the region. Therefore, the increasing production of passenger and luxury cars is driving the market growth in the region.

- The automobile component may fail for different failure modes, causing severe accidents and therefore it is important to identify the failure mode for which the automobile component fails more frequently.

- Failure analysis is also done to establish the cause of an accident, wherein analysis is employed to see which component in the automotive caused the accident.

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North America occupies the Largest Market Share

- North America, majorly owing to the United States is one of the earliest adopters of failure analysis techniques, originally introduced to ensure no major disruptions occur in the existing business models.

- The country is home to a majority of the dominant industries. For instance, the automotive sector in the country is ruled by General Motors and Ford, who rely heavily on automation.

- Furthermore, the United States is one the leaders in terms of crude oil production and has several oil rigs spread out across the North American continent. After the devastating effects of various oil rig accidents, the most notable being the Deepwater Horizon oil spill that occurred in 2010, discharging over 4.5 million barrels of oil into the sea due to a mechanical failure, the need for failure analysis techniques is being felt more acutely.

Competitive Landscape
The failure analysis market is competitive and consists of several players. These major players with prominent shares in the market are focusing on expanding their operations to different verticals. Many companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring firms working on failure analysis to strengthen their product capabilities. Major firms in the market are IBM Corporation, Exponent Inc., and EAG Inc.

- March 2018 - Intertek launched the 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.

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Major Point of TOC:
Chapter One: INTRODUCTION
Chapter Two: RESEARCH METHODOLOGY
Chapter Three: EXECUTIVE SUMMARY
Chapter Four: MARKET DYNAMICS
Chapter Five: MARKET SEGMENTATION
Chapter Six: COMPETITIVE LANDSCAPE
Chapter Seven: INVESTMENT ANALYSIS
Chapter Eight: MARKET OPPORTUNITIES AND FUTURE TRENDS

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Source URL: https://marketersmedia.com/global-failure-analysis-market-is-expected-to-reach-usd-926-billion-by-the-end-of-2024-registering-a-cagr-of-750/88910746

Source: MarketersMedia

Release ID: 88910746

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