Failure Analysis Market Size

Failure Analysis Market Analysis

The Failure Analysis Market size is estimated at USD 5.20 billion in 2024, and is expected to reach USD 7.59 billion by 2029, growing at a CAGR of 7.86% during the forecast period (2024-2029).

The increasing requirement for failure analysis among automobile manufacturers, who also employ vision and artificial intelligence (AI)-based analysis tools for performance analysis, dynamic vehicle studies, accident reconstruction, etc., is augmenting the market's growth.

• Failure analysis refers to gathering and analyzing data to determine the cause of failure and corrective actions or liability. It is crucial to understand the root cause of failure to prevent similar incidents in the future. 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 has 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. They also use spectroscopy tools to discover critical changes in materials that cause defects and inefficiency.
• For the identification of problems and deficiencies in existing equipment, as well as those encountered with recent equipment or devices employed across different industries, failure analysis techniques have been applied. The demand for failure analysis equipment is increasing due to stricter use specifications, government safety rules, and high-quality control requirements. Regulatory authorities in various countries have jurisdiction over the development, production, and publication of technical industrial standards. For instance, the American Society for Nondescriptive Testing (ASNT) is a member that provides NDT-related reference materials, NDT training documentation, and technical conferences.
• The usage patterns of the microscopes have changed. Due to its advanced features, high resolution, and magnification power, conventional microscopes are gradually losing their market share in comparison with higher-end products like electron microscopes, scanning probe microscopes, and digital or hybrid microscopes. However, these microscopes are expensive, and this is a major factor limiting the use of them in hospitals, pathology laboratories, or small businesses.