Dublin, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The "Global Fault Detection and Classification (FDC) Market by offering type (Software, hardware, services), Application (Manufacturing, Packaging), End Use (Automotive, Electronics & Semiconductor, Metal & Machinery) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global fault detection and classification market was valued at USD 4.4 billion in 2022 and is projected to reach USD 7.4 billion by 2028; it is expected to register a CAGR of 8.9% during the forecast period. High demand for application-specific integrated circuits (ASICs) and The increased complexity of systems are driving the growth of the fault detection and classification market. Where as dearth of skilled professionals in manufacturing factories are restraining the growth of fault detection and classification market.
Market Dynamics
- Drivers
- Effective Detection and Management of Complex Systems in Modern Technological Landscape
- Improved Plant-Efficiency and Reduced Costs with Quality Control Processes in Manufacturing
- Increasing Focus on Deployment of Automated Tools in Manufacturing Sector
- High Demand for Application-Specific Integrated Circuits
- Restraints
- Shortage of Skilled Professionals
- Opportunities
- Improved Production Processes Using AI-based Fault Detection and Classification Instruments
- Government-Led Initiatives to Boost Adoption of Automation and Data Acquisition Systems
- Challenges
- Growing Complexities in Manufacturing Processes Attributed to Technological Innovations
The software offering segment is expected to grow at the highest CAGR during the forecast period
The software offering segment is expected to grow at second highest CAGR of 12.9% in the near future. FDC software tends to be more cost-effective than hardware-based alternatives. FDC software typically involves lower initial costs, and ongoing expenses are mainly related to software updates and support. This cost advantage is particularly appealing to organizations aiming to optimize their budget while still benefiting from advanced fault detection capabilities. Also, factors such as flexibility, cost-efficiency, scalability, compatibility, advanced analytics capabilities, remote accessibility, and user-friendly data visualization are boosting the growth of software segment in the coming years.
Automotive end use segment to register growth at the highest CAGR during the forecast period
The automotive segment is expected to grow at a highest CAGR of 9.7% during the forecast period. Safety is paramount in the automotive industry, and vehicles must comply with strict safety regulations globally. FDC systems play a pivotal role in ensuring compliance with these standards by identifying and addressing potential safety-critical faults early in the manufacturing process. Also, the rise of electric vehicles (EVs) and autonomous vehicles has amplified the importance of FDC systems. EVs rely heavily on complex battery systems, and any fault in these systems can have serious safety and performance implications. FDC systems are essential in monitoring battery health, ensuring optimal charging and discharging, and identifying potential faults to prevent critical incidents.
The manufacturing application segment is likely to grow at a higher CAGR during the forecast period
The manufacturing segment is expected to grow at a higher CAGR during the forecast period. In manufacturing processes, faults may originate from design failures, faulty production equipment, metal fatigue, unfavorable working conditions, or any interplay between these factors. Faults like undesired holes, pits, abrasions, and scratches on various pieces that exit the assembly line are unavoidable. Regardless of the source of the defect, defected components spike production costs, degrade product quality, shorten product lifespan, hamper customer satisfaction, and result in an extensive waste of resources. Therefore, fault detection is a core part of any manufacturing quality control and assurance process.
Earlier, faults were inspected manually by human inspectors, which is naturally prone to fatigue, inattentiveness, and biases. Later, manual inspection was augmented by rule-based machine vision technologies. Over the past decade, fault detection has become increasingly technology-driven, building on advancements in artificial intelligence, deep learning, and big data. The use of smart cameras and related AI-enabled systems is already helping manufacturers deliver high-quality inspection in shorter cycles, reduce latency and costs, and set new standards that are far beyond the capabilities of even the most experienced human inspectors.
Research Coverage
The report segments the fault detection and classification market and forecasts its size by offering type, device type, deployment, application, end-user, and region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions - North America, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the fault detection and classification ecosystem.
The fault detection and classification market is dominated by a few globally established players such as Keyence Corporation (Japan), Cognex Corporation (US), KLA Corporation (US), Teledyne Technologies (US), OMRON Corporation (Japan). The study includes an in-depth competitive analysis of these key players in the fault detection and classification market, with their company profiles, recent developments, and key market strategies.
Full List of Companies Profiled
- Amazon Web Services, Inc.
- Applied Materials, Inc.
- Beyondminds
- Chooch Intelligence Technologies
- Cognex Corporation
- Datalogic S.p.A.
- Doosan Corporation (Doosan Skoda Power)
- Dwfritz Automation, LLC
- Einnosys Technologies Inc.
- Elunic AG
- Hyundai Heavy Industries
- Inficon
- Keyence Corporation
- Kili Technology
- KLA Corporation
- LS Electric Co. Ltd.
- Microsoft
- Mobidev
- Nikon Corporation
- Omron Corporation
- PDF Solutions
- Qualitas Technologies
- Radiant Optronics Pte. Ltd.
- Samsung SDS
- Siemens
- Synopsys, Inc.
- Teledyne Technologies Incorporated
- Tokyo Electron Limited
- Visionify.AI
Key Attributes
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $4.4 Billion |
| Forecasted Market Value (USD) by 2028 | $7.4 Billion |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ra5gc1
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