Fault Detection and Classification Market Share, Size, Trends, Industry Analysis Report, By Fault Type (Dimensional Fault, Others); By Technology; By Offering; By Application; By End Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Feb-2024
- Pages: 117
- Format: PDF
- Report ID: PM4626
- Base Year: 2023
- Historical Data: 2020-2022
Report Outlook
Global fault detection and classification market size was valued at USD 4.38 billion in 2023. The market is anticipated to grow from USD 4.69 billion in 2024 to USD 8.98 billion by 2032, exhibiting a CAGR of 8.5% during the forecast period.
Market Overview
The growth of the fault detection and classification market is attributable to the rising focus on product quality and the increased government interventions in monitoring the safety of various products produced by companies in the global market. The growing quality assurance demand by the major companies engaged in production and manufacturing services is showing a significant commitment to adopting fault detection and classification tools in the market.
- For instance, in September 2023, Mathwork unveiled the Matlab and Simulink product families, 2023B. It introduced two new products and other feature upgrades to monitor and detect faults in the researcher's and engineer's workflows.
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Moreover, the ongoing global shift towards the use of renewable energy and energy efficiency is positively influencing the fault detection and classification market. For instance, a 2023 study published in Scientific Reports focused on developing a machine-learning model with a view to classifying pollution sources using photovoltaic panels. This model provided a timely framework for cleaning panels to enhance the solar power-producing capacity.
However, the need for more awareness about the numerous fault detection and classification tools and limited knowledge of these systems is expected to restrain market growth during the forecast period.
Growth Drivers
Rising adoption of technological advancements is driving the market growth
The growing number of researchers engaging in research and development activities with the adoption of emerging technologies is promoting goods safety in society, along with the operational efficiency of manufacturing processes in multiple disciplines. In addition, the emergence of market trends of implementation of Artificial Intelligence and Deep Learning is further promoting the market growth. For instance, a 2023 study published in Springer Link developed a fault diagnosis model using image-based deep learning networks and vibration signals. The results of the model demonstrated 99% accurate fault detection capabilities in rolling bearings.
Regulatory standards in food production and the pharmaceutical sector is boosting the growth of the market
The growing concerns about food safety and rising government guidelines in the pharmaceutical and food packaging domains are highly motivating the adoption of fault detection and classification systems. Furthermore, to adhere to the stringent regulations set by the government, companies are stepping forward to install fault detection and classification models in their production and packaging processes.
Restraining Factors
Higher costs of the adoption of fault detection and classification systems tend to restrain market growth
The huge costs of the deployment of fault detection and classification tools in the manufacturing or packaging industry are negatively impacting market growth. The moderate complexity of these tools is discouraging their adoption by small and medium manufacturing companies. These factors are expected to limit the fault detection and classification market expansion in the next few years.
Report Segmentation
The market is primarily segmented based on fault type, technology, offering, application, end use and region.
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By Fault Type |
By Technology |
By Offering |
By Application |
By End Use |
By Region |
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By Fault Type Analysis
Dimensional fault segment is expected to witness the highest growth during the forecast period
The dimensional fault segment is expected to witness the highest CAGR during the projected period, mainly driven by its automation capabilities, contributing to the efficient monitoring of faults in multiple production and manufacturing processes. This type of fault mostly occurs in the packaging of end products, including pharmaceuticals and food. The evolving food and snack production is driving the demand for fault detection and classification software to counter dimension faults.
The surface defects segment led the market with a substantial market size in 2023, largely attributable to its ability to offer precise detection mechanisms. The production of reliable products and the drive for operational efficiency in the manufacturing process are driving the demand for fault detection and classification in the marketplace.
By Technology Analysis
Machine Learning Algorithm segment registered the largest market share in 2023
The machine learning algorithm segment registered the largest share in 2023. The rising research and development studies focusing on the utilization of machine learning in fault detection and classification are expected to show tremendous growth potential in the coming years.
Based on market analysis the sensor data segment is expected to grow at the fastest rate over the next few years on account of the significant advancements in sensor technology and the increase in demand for reliable and qualitative products.
By Offering Analysis
Software segment witnessed a significant market revenue share in 2023
The software segment witnessed a significant market share in terms of market revenue in 2023, which was highly accelerated due to its cost-effectiveness, flexibility, and adaptability. The increased efficiency of fault detection and classification software over hardware is likely to stimulate the growth of the market during the study period.
Based on market analysis the hardware segment is anticipated to drive significant growth in the global market, driven by the increasing complexity of systems. The ability to provide accurate fault detection and classification results is expected to boost demand in the coming years.
By Application Analysis
Manufacturing segment received a dominant share in 2023
The manufacturing segment received a dominant market share in 2023. The evolution of manufacturing companies in the world and the presence of larger machines are projected to drive the employment of fault detection and classification in the marketplace.
The packaging segment is likely to showcase significant growth potential for fault detection and classification during the study period, owing to the growing product assurance measures taken by the companies to promote their brand coverage with higher quality.
By End Use Analysis
Automotive segment dominated the global market in 2023
The automotive segment dominated the global market revenue in 2023 in fault detection and classification compared to the other segments due to its ability to enhance product quality and rising concerns about automobile safety, driven by its potential to lead to human losses in society.
The electronic and semiconductor segments are projected to witness growth opportunities during the forecast time frame due to rising concerns about anomaly detection of manufacturing processes and the need for efficient electronic equipment, which is anticipated to showcase new products for the fault detection and classification market.
Regional Insights
North America region registered the largest share of the global market in 2023
The North America region held the global market with the largest market share in 2023 and is expected to retain its dominance over the forecast timeframe. The existence of rigid infrastructure in the region can largely influence the growth of the segment market. The existence of an established manufacturing and packaging industry with advanced fault detection and classification is likely to promote market growth during the forecast period.
The Asia Pacific will grow rapidly, owing to the growing technological adoption, primarily artificial intelligence in the production process, and the adoption of advanced automation technologies in business operations, which are projected to drive demand for the fault detection and classification market in the coming years.
Key Market Players & Competitive Insights
Strategic partnerships to drive the competition
The fault detection and classification market is a mix of consolidation and fragmentation driven by the presence of several industry leaders along with rising expansion activities in the global space. Major industry leaders in the market are showing interest in adopting advanced technologies to detect faults efficiently and drive innovations around the world. For instance, in March 2023, Utilifeed introduced a fault detection tool to monitor district heating systems.
Some of the major players operating in the global market include:
- Amazon Web Services, Inc. (US)
- Cognex Corporation (US)
- Keyence Corporation (Japan)
- KLA Corporation (US)
- Microsoft (US)
- OMRON Corporation (Japan)
- Siemens (Germany)
- Synopsys, Inc. (US)
- Teledyne Technologies (US)
- Tokyo Electron Limited (Japan)
Recent Developments in the Industry
- In August 2023, IFS announced the acquisition of Falconry, an AI-based data analysis service provider for the manufacturing industry. The acquisition is aiming to promote its offering of fault detection software in the market.
Report Coverage
The fault detection and classification market report emphasize key regions across the globe to provide a better understanding of the product to the users. Also, the industry research report provides market insights into recent developments and market trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the industry research report covers an in-depth qualitative market insights pertaining to various paradigm shifts associated with the transformation of these solutions.
The fault detection and classification market report provide a detailed analysis of the market while focusing on various key aspects such as competitive analysis, fault type, technology, offering, application, end-use, and futuristic growth opportunities.
Fault Detection and Classification Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 4.69 billion |
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Revenue forecast in 2032 |
USD 8.98 billion |
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CAGR |
8.5% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The global fault detection and classification market size is expected to reach USD 8.98 billion by 2032
Key players in the market are Amazon Web Services, Inc., Cognex Corporation, Keyence Corporation, KLA Corporation
North America contribute notably towards the global Fault Detection and Classification Market
Fault Detection and Classification Market exhibiting a CAGR of 8.5% during the forecast period.
The Fault Detection and Classification Market report covering key segments are fault type, technology, offering, application, end use and region.
