PUBLISHER: The Business Research Company | PRODUCT CODE: 1686391
PUBLISHER: The Business Research Company | PRODUCT CODE: 1686391
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 from The Business Research Company 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 size has grown strongly in recent years. It will grow from $4.91 billion in 2024 to $5.37 billion in 2025 at a compound annual growth rate (CAGR) of 9.3%. 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 $7.56 billion in 2029 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.
The growing need for automation is anticipated to drive the expansion of the fault detection and classification market in the future. Automation involves utilizing technology, machinery, or systems to carry out tasks with minimal human involvement. This increased demand for automation is fueled by its potential to improve efficiency, cut costs, boost productivity, and better address changing market needs. By enabling real-time monitoring and providing predictive insights, automation enhances fault detection and classification, improving operational efficiency, reliability, and safety across various industries. For example, in October 2023, the International Federation of Robotics, a Germany-based nonprofit organization, reported that in 2022, sales of service robots for professional use totaled 158,000 units, marking a 48% increase. The shortage of skilled workers has become a key driver for companies to adopt automation. As a result, the growing need for automation is contributing to the growth of the fault detection and classification market.
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 March 2024, Cisco Systems Inc., a multinational company based in the United States, acquired Splunk Inc. for around $28 billion. This acquisition is intended to strengthen Cisco's security and observability capabilities, particularly by leveraging advanced AI and machine learning technologies. By incorporating Splunk's data analytics and threat detection solutions, Cisco aims to enhance its AIOps and predictive security offerings, allowing organizations to proactively tackle potential cybersecurity threats. Splunk Inc., a US-based company, provides a comprehensive solution for Field Force Automation through its Security Orchestration, Automation, and Response (SOAR) features.
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 2024. 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.
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.
Fault Detection And Classification Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on fault detection and classification market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for fault detection and classification ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The fault detection and classification market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.