HYDERABAD, India and MINNEAPOLIS, May 24, 2016 /PRNewswire/ --
According to the report, "Failure Analysis Market: By Test (NDT, Weld Testing, Others); By Technique (Sneak Circuit Analysis, Others); By Product (Dual Beam Systems, ION Beam Others); By Application (Oil & Gas, Aerospace; Others) - Forecast (2016-2021)", published by IndustryARC, estimates the failure analysis market to reach $7.31 Billion by 2021 at a high CAGR.
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Browse - 16 Market Tables, 88 figures spread through 183 Pages and an in-depth TOC on "Failure Analysis Market"
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Failure Analysis refers to the analysis of possible ways of failure of electrical, electronic and mechanical parts of a system that has undergone a breakdown. Several tests are performed to analyze the occurrence as well as to ensure product life, quality, prevent product malfunction, achieve process reliability, prevent customer dissatisfaction, and prevent safety or environment hazards. This analysis is conducted in almost every industry to increase the reliability of the output. The analysis process depends on collecting failed components for consequent inspection of the reasons causing failure; this is done by using a wide array of methods, especially microscopy and spectroscopy. The most commonly used test for failure analysis includes regulatory compliance testing and mechanical testing.
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According to a recent study by IndustryARC, the global failure analysis market is estimated to reach $7.31 billion by 2021. Automotive segment is estimated to register the highest growth rate of 13.5% during the forecast period 2016-2021. Increasing penetration of advanced driver assistance systems and R&D on the driverless vehicles are the major drivers reported in this segment. This will be followed by Aerospace and Food and Beverage industries registering growth of 10.30% and 9.53% respectively in the same period. Product testing and quality check have been the primary concerns of the OEMs traditionally, and they are now focused on conducting different types of failure analysis tests that can provide the product an edge over the competitor's product, which can act as a key product differentiator.
Americas region was the Market Leader in Failure Analysis Market in 2015 with nearly 34% of the Total Market share and is estimated to grow at a CAGR of 6.84% through 2016 to 2021. However the APAC region will have the highest overall growth rate in the forecast period. Americas will continue to be the market leader in 2021 also.
The Major Players in the Market include -
The major manufacturers in this market have utilized product launches, product developments, acquisitions, agreements and joint ventures to expand entry into interconnected markets and enhance core competencies through additions to product portfolio as well as improving the existing product line. The acquisitions help them to reduce competition and enter into new markets.
The report on failure analysis market provides detailed analysis of different types of failure analysis tests, techniques, products and their applications.
The Various Failure Analysis Tests incorporated in the study include -
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The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
The Market Segmentation by Geography:
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