Fault Detection and Classification Global Market Report 2024

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 observed in the historic period within the fault detection and classification (FDC) sector can largely be credited to several key factors: the widespread adoption of industrial automation, a heightened emphasis on quality control and assurance across industries, a growing focus on enhancing operational efficiency, the expansion of predictive maintenance strategies, and significant technological advancements in sensor technology. These elements collectively contributed to the increased utilization and development of FDC systems, supporting industries in improving productivity and reducing downtime.

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%. The anticipated growth in the fault detection and classification (FDC) sector during the forecast period can be attributed to several pivotal developments and trends. Notably, there is an expected expansion in edge computing capabilities, which facilitates faster data processing and analysis closer to the point of data collection, crucial for real-time FDC.

The escalating demand for automation is anticipated to drive significant growth in the fault detection and classification (FDC) market. Automation, which involves leveraging technology, machinery, or systems to execute tasks with minimal human oversight, is gaining traction due to its potential to enhance efficiency, reduce costs, improve productivity, and adapt more effectively to changing market demands. Automation technologies enhance fault detection and classification capabilities through real-time monitoring and predictive analytics, thereby increasing operational efficiency, reliability, and safety across various industries. For example, a report by the International Federation of Robotics in October 2022 indicated that robot installations in factories worldwide reached a record high of 517,385 in 2021, marking a 31% increase from 2020. This surge in automation adoption underscores the expanding market for fault detection and classification solutions.

Leading enterprises in the fault detection and classification sector are increasingly incorporating advanced technologies, such as artificial intelligence (AI), to refine the accuracy and efficiency of FDC systems. AI-based fault detection employs algorithms and AI techniques to autonomously identify and diagnose anomalies or malfunctions in systems, equipment, or processes. In August 2023, Lucy Electric UK Ltd., an electrical and electronic manufacturing firm based in the UK, launched SYNAPS, an innovative AI technology designed to transform fault detection and asset management for underground cables. This solution integrates advanced grid monitoring with AI and machine learning capabilities to reduce incidences of faults on low-voltage networks. The deployment of this technology is set to enhance fault management, enable proactive maintenance strategies, reduce customer downtime, and achieve significant cost savings for network operators.

In June 2021, in a strategic move to bolster its technology portfolio, LogicMonitor, a US-based developer of monitoring software solutions, acquired Dexda. This acquisition is aimed at enhancing LogicMonitor's capabilities in artificial intelligence (AI) and machine learning (ML), specifically targeting predictive fault identification and AIOps. By integrating Dexda's advanced machine learning techniques for predictive fault management, LogicMonitor seeks to automate the prediction and prevention of costly asset failures before they occur. Dexda, headquartered in the UK, specializes in intelligent predictive fault management for physical assets.

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.

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.

The countries covered in the fault detection and classification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Fault detection and classification (FDC) is a critical technique utilized in manufacturing and engineering sectors for identifying and categorizing anomalies or faults in systems, processes, or machinery. The primary objective of FDC is to pinpoint deviations from standard operational parameters, determine the underlying causes of these faults, and systematically classify them according to specific characteristics or attributes. This process helps in maintaining operational efficiency and preventing potential failures.

Fault detection and classification (FDC) systems encompass three main components such as software, hardware, and services. The software component consists of sophisticated programs that manage data processing, analysis, and control of systems. This software is adept at identifying a variety of fault types such as multidimensional faults, process variability, surface defects, and contamination issues, employing advanced technologies such as sensor data analysis, statistical methods, and machine learning algorithms. Hardware typically includes the sensors and computing devices necessary to collect and process data. The services component involves the support and maintenance needed to implement and optimize these systems. Together, these elements are applied across diverse industries, including manufacturing and packaging, serving sectors such as automotive, electronics and semiconductors, metals and machinery, food and packaging, and pharmaceuticals.

The fault detection and classification market research report is one of a series of new reports that provides fault detection and classification market statistics, including fault detection and classification industry global market size, regional shares, competitors with a fault detection and classification market share, detailed fault detection and classification market segments, market trends and opportunities, and any further data you may need to thrive in the fault detection and classification industry. This fault detection and classification market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The fault detection and classification market consists of revenues earned by entities by providing services such as anomaly detection, root cause analysis, real-time monitoring, and performance optimization, as well as related services. The market value includes the value of related goods sold by the service provider or included within the service offering. The fault detection and classification market also includes sales of monitoring and control systems, data acquisition systems, sensors and instruments, communication interfaces, and diagnostic tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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