Fault Detection and Classification (FDC) Market Size & Share, by Offerings (Services, Software, Hardware); Application (Manufacturing, Packaging); End-User (Automotive, Electronics & Semiconductor, Metal and Machinery, Food and Packaging, Pharmaceuticals); Fault Type (Dimensional Fault, Surface Defects, Contamination Faults, Process Variability) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5925
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Fault Detection and Classification Market size is poised to reach USD 11 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of fault detection and classification was USD 5 Billion. The reason behind the growth is impelled by the growing manufacturing industry across the globe. Over the past ten years, there has been steady growth in the manufacturing sector worldwide driven by changing consumer needs, and technology improvements acting as significant change agents. For instance, in 2022, the manufacturing sector worldwide reached around USD 9 trillion.

The growing integration of AI is believed to fuel the market growth. Numerous AI techniques, such as those for data processing, data mining, feature analysis, and classification, have been used in fault detection and classification since they have become extremely useful for automating error detection and prediction processes.


Fault Detection and Classification Market
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Fault Detection and Classification Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Industrial Automation – Industries primarily rely on automation, which is the replacement of humans with machines and processes through the use of technologies such as computer software and robotics, which has increased the need for fault-detection devices to ensure that these systems and machinery operate properly.
  • Growing Production of Semiconductors- Current trends indicate that innovation and rivalry in the semiconductor industry will only increase in the future, leading to a higher demand for fault detection and classification which helps semiconductor manufacturers keep an eye on the state of their equipment and investigate possible causes of malfunctions, fault detection and classification.
  • Increasing Adoption of Application-specific Integrated Circuits (ASICs)- ASICs, or application-specific integrated circuits, are in high demand, which have been specially designed and optimized to meet a particular need and are expected to drive the demand for fault detection and classification.

Challenges

  • High cost of implementation- The significant expenses associated with implementing fault detection and classification technologies in the manufacturing or packaging sector are impeding the growth of the market owing to the high cost of unplanned equipment downtime and as the equipment needs more room to be installed and is related with higher maintenance costs.
  • Complexity associated with the integration can be difficult and may limit market growth- One of the most difficult jobs in the process industries is fault detection these systems are susceptible to disruptions and electrical malfunctions owing to their intricate and ever-changing structure, and an increased likelihood of system faults occurring.
  • Shorter Operational Life as Compared to Traditional Batteries
  • A dearth of skilled professionals is expected to impede the demand for fault detection and classification systems

Fault Detection and Classification (FDC) Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~9%

Base Year Market Size (2023)

~ USD 5 Billion

Forecast Year Market Size (2036)

~ USD 11 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Fault Detection and Classification Segmentation

End-User (Automotive, Electronics & Semiconductor, Metal and Machinery, Food and Packaging, Pharmaceuticals)

The automotive segment in the fault detection and classification market is estimated to gain a robust revenue share of 30% in the coming years owing to the growing sale of automobiles. Owing to government measures, favorable job trends, and rising income levels, automobile sales are predicted to grow flat during the forecast timeframe, leading to a rising demand for fault detection and classification.

Fault detection and classification (FDC) systems are crucial in automotive applications as they aid in monitoring various vehicle components such as engines, transmissions, brakes, and sensors to detect any abnormalities or malfunctions, and to identify issues that may affect performance, such as engine misfires or fuel system faults to optimize vehicle performance and fuel efficiency.

Early detection of faults allows for timely maintenance or repairs, which helps to minimize vehicle downtime and reduces the time required for repairs.  These systems can provide real-time monitoring of vehicle components, which allows for immediate action to be taken in case of any abnormalities.

Offerings (Services, Software, Hardware)

The software segment in the fault detection and classification market is set to garner a notable share shortly. Across sectors, fault detection and classification (FDC) is a data-driven method and technology, which becomes increasingly important as systems get more complex to identify and categorize errors.

Our in-depth analysis of the global market includes the following segments:

          Offerings

  • Services
  • Software
  • Hardware

          Application

  • Manufacturing
  •  Packaging

          End-User

  • Automotive
  •  Electronics & Semiconductor
  •  Metal and Machinery
  •  Food and Packaging
  •  Pharmaceuticals

            Fault Type

  • Dimensional Fault
  •  Surface Defects
  •  Contamination Faults
  •  Process Variability

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Fault Detection and Classification Industry- Regional Synopsis

APAC Market Forecast

Fault detection and classification market in Asia Pacific is predicted to the largest share of 35% by 2036 impelled by the growing urbanization. In 2022, almost one-third of India's inhabitants called its cities home owing to the population's fast growth. This is expected to lead to development in the region as economic development, urbanization, and industrialization are anticipated to coexist, leading to a higher adoption rate of fault detection and classification. For instance, in India, more than 43% of the population will live in urban areas by the middle of 2035.

North American Market Statistics

The North American fault detection and classification market is estimated to be the second largest, during the forecast period led by increasing demand for food packaging. This has led to market growth in the region since packaging industries employ fault detection and classification (FDC), a technological and data-driven procedure, to find packaging flaws and guarantee product quality. For instance, food packaging demand in the US is expected to reach over USD 58 billion in 2027, growing at a rate of around 2% annually.

Research Nester
Fault Detection and Classification Market size
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Companies Dominating the Fault Detection and Classification Landscape

top-features-companies
    • Cognex Corp.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Clockworks Analytics
    • Keyence Corp.
    • KLA Corp.
    • Microsoft Corp.
    • OMRON Corp.
    • Siemens AG
    • DNV Group AS
    • Lucy Electric
    • einnoSys Technologies Inc.
    • elunic AG
    • INFICON Holding AG

In-the-news

In The News

  • Lucy Electric combined Advanced grid monitoring capabilities and AI for subterranean cable asset management and fault detection by utilizing a "digital twin" and sensors at the feeder and substation levels to identify irregularities in grid operation. Furthermore, combining this innovative technology with the GridKey monitoring system enhances fault management, resulting in considerable cost savings and fewer customer interruptions, and is regarded as a very successful method of identifying cable faults since it can locate little transients that are indicative of the beginning of a cable fault.
  • A novel machine-learning model for forecasting the maintenance requirements of large-scale solar PV installations has been created by scientists from Malaysia and Thailand, which will aid in detecting irregularities in the expected electrical current of string modules, the tool seeks to circumvent "fault detection and classification," which is frequently present in standard operating systems and notifies operators when repair is necessary.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5925
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing manufacturing industry across the globe and the growing integration of AI are the major factors driving the growth of the market.

The market size of Fault Detection and Classification is anticipated to attain a CAGR of 9% over the forecast period, i.e., 2024-2036.

The major players in the market are KLA Corp., Microsoft Corp., OMRON Corp., Siemens AG, DNV Group AS, Lucy Electric, einnoSys Technologies Inc., elunic AG, INFICON Holding AG, Synopsys Inc., Musashi Seimitsu, and others.

The Automotive segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Fault Detection and Classification Market Report Scope
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