Failure Analysis Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Failure Analysis Market (henceforth referred to as the market studied) was valued at USD 4. 10 billion in 2021, and it is projected to be worth USD 6. 58 billion by 2027, registering a CAGR of 8. 14% during the period of 2022-2027 (henceforth, referred to as the forecast period).
New York, June 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Failure Analysis Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06241275/?utm_source=GNW
The increasing requirement for failure analysis among automobile manufacturers, who are also employing vision and AI-based analysis tools for performance analysis, dynamic vehicle studies, accident reconstruction, etc., is augmenting the global market.
Key Highlights
Failure analysis is the process of gathering and analyzing data to determine the cause of failure to determine corrective actions or liability. It is crucial to understand the root cause of failure to prevent similar incidents in the future. Some of the common causes include assembly error, misuse or abuse, fastener failure, inadequate maintenance, manufacturing defects, low-quality material, improper heat treatments, unforeseen operating conditions, design errors, insufficient quality assurance, inadequate environmental protection, and casting discontinuities.
Automation across the end-user industries fueled the development in the market studied. Companies developing batteries for electric vehicles, mobile phones, energy systems, and other systems rely on testing to enhance the output, creating a more efficient, cleaner, and safer energy source. Companies use electron microscopy technologies to understand structures that level down at the atomic scale, along with spectroscopy tools to discover critical changes in materials that cause defects and inefficiency.
Several solution providers are innovating to provide effective and advanced failure analysis solutions in the industry. For instance, in February 2021, SGS announced having invested in Secondary ION Mass Spectrometry equipment at its Fujairah laboratory to test marine fuels for various chemical species, which suggests contamination of the fuel with chemical waste components. Furthermore, one area where failure analysis is used extensively in finding the cause of vehicular accidents. Private and commercial vehicle accidents can result in severe property damage, bodily injury, and even loss of life.
The outbreak of the COVID-19 across the world has significantly disrupted the supply chain and production of the semiconductor and electronic device market in the initial phase of 2020. For circuits and chipmakers, the impact was more severe. Due to labor shortages, many of the package and testing plants in the Asia-Pacific region reduced or even suspended operations. This also created a bottleneck for companies that depend on failure analysis of these devices.?
Key Market Trends
Automotive Sector is Driving the Demand for Failure Analysis
The automotive industry has constantly faced new challenges as the demand for inexpensive and high-quality components increases. Extreme diligence must be imparted to ensure that such components are designed and manufactured with sufficient quality to withstand various service environments.
The automotive industry has witnessed rapid advancement in ADAS systems, connected vehicles, IoT devices, and smart sensors, which could prevent potential accidents due to malfunctioning of some of the vehicle’s vital parts. According to a report published by WHO in July 2021, the lives of approximately 1.3 million people are cut short every year due to a road traffic crash. Between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability due to their injury.
Potential causes for automotive device failure may include product design, manufacturing processes, contamination of the source materials, product packaging, improper handling, and improper calibration, among others. This has raised concerns over the quality of automotive parts being manufactured and the preventive measures that can be implemented to avoid such incidents.
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 to endure a variety of service environments.
Recently, Asia-Pacific witnessed considerable growth in the automotive industry, owing to the increasing demand for the 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.
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 significant disruptions occur in the existing business models. The region is home to most of the prominent organizations in the world. For instance, the automotive sector in the country is ruled by General Motors and Ford, which rely heavily on automation.
Furthermore, the United States is one of 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.
The country has been witnessing critical infrastructure failures for the last few years. Three times in 2021, significant pieces of US infrastructure have failed - the Texas power grid, the East Coast’s main gasoline pipeline, and a freeway bridge over the Mississippi River. The crises disrupted businesses and lives, cost billions, and leftover 150 Texans dead.
To overhaul the US infrastructure, in November 2021, the Bipartisan Infrastructure Law (Infrastructure Investment and Jobs Act) was passed by Congress and signed into law by President Biden, seeking to invest a large amount of investment in critical infrastructure. The deal focuses on key sectors to modernize the country’s infrastructure landscape, including improving and rebuilding roads, public transit, bridges, ports, rail, and airports.
Similarly, according to Statistics Canada 2021, Canada invested CAD 81.6 billion in infrastructure assets in 2020, continuing the trend of investment made in the previous four years. These investments are crucial to address the country’s infrastructure gap, the estimate of which ranges from CAD 150 billion to CAD 1 trillion.
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 Exponent Inc., Rood Microtec GmbH, and EAG Inc.
December 2021: AEM’s Afore Wafer-Level Test Solutions engineering team will install and exhibit the AIOLOS Wafer-Level Test Handlers at the RoodMicrotec facility in Nördlingen, as part of a collaboration between RoodMicrotec N.V., a leading independent company for semiconductor supply and quality services, and AEM, a global leader in semiconductor test and handling.
December 2021: With a new 20,000 square-foot facility in St. Louis, Mo., EAG Laboratories is extending its medical device testing capabilities. The new laboratory was built specifically to meet the needs of the medical device sector. It improves EAG’s analytical capabilities, provides for faster turnaround times, and aids in meeting growing FDA and European Union Medical Device Regulations criteria (MDR).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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