Fault Detection and Classification (FDC) Market worth $7.4 billion by 2028 - Exclusive Report by MarketsandMarkets™
Therefore, fault detection is not only about adhering to industry standards but also about upholding brand reputation and customer trust.
CHICAGO, Sept. 20, 2023 /PRNewswire/ -- 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 according to a new report by MarketsandMarkets™. 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.
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Browse in-depth TOC on "Fault Detection and Classification (FDC) Market"
170 – Tables
67 – Figures
270 – Pages
Fault Detection and Classification (FDC) Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2022 |
$ 4.4 billion |
|
Estimated Value by 2028 |
$ 7.4 billion |
|
Growth Rate |
Poised to grow at a CAGR of 8.9% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2022–2028 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Offering Type, Application, End Use and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Complexity in implementation of fault detection and classification solution and technologies |
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Key Market Opportunities |
Increasing adoption of artificial intelligence (AI) technology |
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Key Market Drivers |
The increased complexity of systems |
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).
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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 industry 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
The major players in fault detection and classification companies are 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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