North America is expected to hold the second largest share of the fault detection and classification market

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% between 2023 and 2028 The rise in demand for FDC systems is attributed to the increased complexity of systems, strong focus of manufacturers on automating quality control and quality assurance processes, and stringent health and safety measures imposed by governments and standards organizations on global manufacturing firms.

Key Market Drivers

Rising Complexity of Industrial Systems:

Modern industrial systems are becoming more complex, integrating various technologies and processes. This complexity increases the likelihood of faults and failures, making effective detection and classification critical. FDC systems help in identifying anomalies early, minimizing the risk of system breakdowns and optimizing overall performance.

 

Growing Emphasis on Predictive Maintenance:

Predictive maintenance, which leverages data and analytics to forecast potential failures before they occur, is a significant driver for the FDC market. By analyzing historical data and real-time information, FDC systems can predict equipment malfunctions and enable timely maintenance actions, thereby reducing unplanned downtime and maintenance costs.

 

Increased Adoption of IoT and Smart Sensors:

The proliferation of IoT devices and smart sensors in various industries provides a wealth of data that can be utilized for fault detection and classification. IoT-enabled FDC systems offer enhanced monitoring capabilities, allowing for more accurate detection of faults and improved response times.

 

Advancements in AI and Machine Learning:

AI and machine learning technologies are revolutionizing the FDC market by enabling more sophisticated fault detection algorithms and classification models. These technologies can analyze large volumes of data, recognize patterns, and make real-time decisions, leading to more accurate and efficient fault management.

 

Focus on Safety and Compliance:

Regulatory requirements and safety standards are driving the need for effective fault detection and classification systems. Industries such as aerospace, automotive, and energy are particularly focused on maintaining high safety standards and regulatory compliance, which necessitates robust FDC solutions.

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By offering hardware segment to account larger market share in the forecasted year.

The hardware segment accounted for the larger market share in 2028. Hardware offering types in FDC systems include cameras, frame grabbers, optics, and processors. Cameras are the principal hardware of FDC systems. Smart camera-based FDC systems are gaining traction over PC-based systems owing to their easy configuration, validation, and maintenance. There are also continuous advancements in camera technology in terms of resolution, frame rates, imaging technologies, and other parameters to improve the image quality of objects on production lines.

By application: manufacturing application to account for a larger market share in the forecasted year.

The manufacturing application accounted for the larger market share in 2028. In the realm of manufacturing, faults can manifest in diverse forms, ranging from structural faults and dimensional variations to cosmetic blemishes and functional shortcomings. These issues can have a significant impact on a product's performance, reliability, safety, and aesthetics. Therefore, fault detection is not only about adhering to industry standards but also about upholding brand reputation and customer trust.

By end use: electronics & semiconductors end use to account for a larger market share in the forecasted year.

Electronics & semiconductors accounted for the larger market share in 2028. Rigorous quality management and visual fault detection are more critical in the electronics industry than for semiconductors. Manual inspection cannot detect various macro and microscopic defects within multiple display pixels, missing components, and small cracks, resulting in quality issues and low productivity. Hence, automatic FDC systems are used to identify macro-defects, which can be found in flat-panel displays (FPDs), such as thin-film-transistor liquid-crystal display (TFT-LCD) glass, plasma display panels (PDPs), and organic light-emitting diodes (OLEDs).

North America is expected to hold the second largest share of the fault detection and classification market during the forecast period.

North America held the second largest share of ~32% in the fault detection and classification market in 2022.  The growth in this region is attributed to the presence of fault detection and classification system manufacturers as Cognex Corporation, Teledyne Technologies, KLA Corporation, Microsoft, etc. Moreover, North America is well known for the early adoption of new technologies that include AI, deep learning, and machine learning. Hence, manufacturers in the region are ready to integrate AI technologies into their processes to increase their production capacity and improve quality. The growing stringency of government regulations pertaining to process standardization and quality assurance across all verticals in North America is responsible for the growth of the fault detection and classification market in North America.

Key Players

Keyence Corporation (Japan), Cognex Corporation (US), KLA Corporation (US), Teledyne Technologies (US), OMRON Corporation (Japan), Microsoft (US), Tokyo Electron Limited (Japan), Siemens (Germany), Amazon Web Services, Inc. (US), Synopsys, Inc. (US), Applied Materials, Inc. (US), einnoSys Technologies Inc. (US), Datalogic(Italy), PDF Solutions (US), Nikon Corporation (Japan), INFICON (Switzerland), Qualitas Technologies. (India), BeyondMinds (Israel), elunic AG (Germany), Chooch Intelligence Technologies (US), KILI TECHNOLOGY (France), MobiDev (US), DWFritz Automation, LLC (US), Radiant Optronics Pte Ltd (Asia), Visionify. (US), SAMSUNG SDS (South Korea), LS ELECTRIC Co., Ltd. (South Korea), Doosan Corporation (South Korea), and Hyundai Heavy Industries (South Korea)

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