Americas to dominate the Failure Analysis Market during the forecast period:
Americas is expected to have the highest growth in the Failure Analysis Market due to the increased use of failure analysis methods across the oil and gas industries and shale oil refineries. The region is expected to reach a revenue of $2.7 Billion by 2023 with a CAGR of 6.8%. Focus on improved quality testing of products in the South American market will lead to a high growth due to the increased adoption of equipment and NDT. The growing healthcare sector in the region also requires improved quality assurance of medical equipment owing to the strict laws that govern the use of the equipment.
In Asia Pacific, the growing regulations regarding the safety of the equipment in medical, beverage, food, and oil & gas industries drives the growth of the failure analysis equipment in the region.
Selected Analysis done in the full Report:
In the oil and gas industry, failure analysis helps to find the cause of failures and helps to improve the performance of the product or components associated, thereby reducing the future occurrences of failures. Various failure and damage analysis services across the oil and gas industries include material assessment, corrosion investigation and mitigation, where investigation is due to the damage caused by fire, fractography, etc. The technical failure analysis services include forensic engineering, pipeline failure assessment, stress analysis and trace evidence analysis.
Ageing, Mechanical failures, Corrosion, stress, welding defects, pressure surge problems, and wall thickness are the main factors responsible for failures across oil and gas industries. These factors drive the demand for the failure modes effect analysis.
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Excerpts on Market Growth Factors:
Growth of the Biosciences industry drives the demand for the fault tree analysis during the forecast period.
Increase in the maintenance and service cost for the equipment in the manufacturing sector enhances the growth of common mode failure analysis.
Quality and product differentiation at early stages of the value chain are the factors responsible for sustainable manufacturing.
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Key players of the Failure Analysis Market:
The key players of the Failure Analysis Market are Thermofisher, FEI Company, and Carl Zeiss SMT GmbH. Thermofisher Scientific is the global leading company that accelerates life sciences research, solves complex analytical challenges, and improves laboratory productivity. FEI Company provides new products that enhances the advance process control, root cause failure analysis for changing the device functionality. Carl Zeiss SMT GmbH has launched ZEISS MeRiT neXT system for repairing the next generation defects.
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