The fault detection and classification global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Fault Detection And Classification Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The fault detection and classification market size has grown strongly in recent years. It will grow from $4.52 billion in 2023 to $4.91 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to adoption of industrial automation, emphasis on quality control and assurance, increased focus on operational efficiency, growth of predictive maintenance strategies, technological advancements in sensor technology.
The fault detection and classification market size is expected to see strong growth in the next few years. It will grow to $6.94 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to expansion of edge computing capabilities, continued growth of predictive maintenance adoption, increasing demand for cloud based solutions, focus on cybersecurity in industrial environments, industry specific customization and solutions. Major trends in the forecast period include shift towards industry 4.0 and smart manufacturing, predictive analytics for maintenance optimization, explainable AI in FDC systems, and integration of blockchain for data security and transparency.
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Scope Of Fault Detection And Classification Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Fault Detection And Classification Market Overview
Market Drivers –
The rising demand for automation is expected to propel the growth of the fault detection and classification market going forward. Automation refers to the use of technology, machinery, or systems to perform tasks or processes with minimal human intervention. The demand for automation is increasing due to its ability to enhance efficiency, reduce costs, improve productivity, and meet evolving market demands more effectively. Automation improves fault detection and classification by offering real-time monitoring and predictive insights, enhancing operational efficiency, reliability, and safety across industries. For instance, in October 2022, according to a report published by the International Federation of Robotics, a Germany-based non-profit organization, the installation of robots in 2021 reached an all-time high of 517,385 in factories around the world, which represents an increase of 31% compared to 2020. Therefore, the rising demand for automation is driving the growth of the fault detection and classification market.
Market Trends –
Major companies operating in the fault detection and classification market are focused on integrating advanced technologies, such as the integration of AI technologies into FDC Solutions, to enhance accuracy and optimize operational efficiency. AI-based fault detection is a system that uses artificial intelligence (AI) algorithms and techniques to automatically identify and diagnose faults or anomalies in systems, equipment, or processes. For instance, in August 2023, Lucy Electric UK Ltd., a UK-based electrical and electronic manufacturing company, introduced SYNAPS, a revolutionary AI technology to revolutionize fault detection and asset management for underground cables. This integrated solution merges cutting-edge grid monitoring with AI and machine learning to minimize faults on the LV network. This pioneering technology has the capacity to improve fault management, facilitate proactive maintenance, diminish customer outages, and yield significant cost reductions for network operators.
The fault detection and classification market covered in this report is segmented –
1) By Offering: Software, Hardware, Services
2) By Fault Type: Dimensional Fault, Process Variability, Surface Defects, Contamination Faults, Other Fault Types
3) By Technology: Sensor Data Analysis, Statistical Methods, Machine Learning Algorithm, Other Technologies
4) By Application: Manufacturing, Packaging
5) By End Use: Automotive, Electronic and Semiconductor, Metals And machinery, Food And packaging, Pharmaceuticals
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Regional Insights –
North America was the largest region in the fault detection and classification market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fault detection and classification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the fault detection and classification market are Microsoft Corporation, Amazon Web Services Inc., Siemens AG, Applied Materials Inc., Tokyo Electron Limited, Doosan Corporation, KLA Corporation, Hyundai Heavy Industries, OMRON Corporation, Keyence Corporation, Teledyne Technologies, Edwards Limited, Synopsys Inc., Advantest Corporation, LS Electric Co. Ltd., Cognex Corporation, Datalogic S.P.A, INFICON Holding AG, DWFritz Automation LLC, MobiDev, elunic AG, eInnoSys Technologies Inc., Chooch Intelligence Technologies, Kili Technology
Table of Contents
1. Executive Summary
2. Fault Detection And Classification Market Report Structure
3. Fault Detection And Classification Market Trends And Strategies
4. Fault Detection And Classification Market – Macro Economic Scenario
5. Global Fault Detection And Classification Market Size and Growth
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32. Global Fault Detection And Classification Market Competitive Benchmarking
33. Global Fault Detection And Classification Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fault Detection And Classification Market
35. Fault Detection And Classification Market Future Outlook and Potential Analysis
36. Appendix
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