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Fault Detection and Classification (FDC) Market Insights:
The global fault detection and classification market is growing rapidly. With the constantly rising demand from most industries, the market would demonstrate a significant increase over the next few years. Market Research Future (MRFR) states that the global fault detection and classification market is expected to escalate from USD 4.6 BN in 2022 to USD 10.49 BN by 2032, growing at a 9.60% CAGR over the forecast period (2023-2032).
The increasing complexity and rising demand for quality assurance in manufacturing drive the demand for fault detection and classification systems. Besides, the rising demand for automated industrial processes boosts the fault detection and classification market size. Digital transformation across industries, the proliferation of Industry 4.0, and IoT advances are megatrends escalating the FDC market value.
The uptake of smart connected devices is growing regardless of vertical, increasing the market shares further. Besides, improvements in connectivity and emerging IoT applications drive the growth of the fault detection and classification market. The rising industrial automation offers significant market opportunities.
Also, the growing demand for improved productivity & safety for workers and minimized overall production cost pushes the market growth. Additionally, massive investments into the development of FDC systems influence market shares. Increasing usage of these sensors in smart factories to automate workflow, increase efficiency, and reduce manual work & downtime accelerates the market size.
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Major Players
Key players active in the FDC market are
Fault Detection and Classification Market – Segmentation
The fault type segment is sub-segmented into dimensional faults, surface defects, contamination faults, process variability, and others. The sensor data segment is sub-segmented into statistical methods, machine learning algorithms, and others. The application segment is sub-segmented into manufacturing and packaging. The end-use segment is sub-segmented into automotive, electronics & semiconductors, metals & machinery, food & packaging, and pharmaceuticals. By region, the fault detection and classification market is segmented into Europe, North America, Asia-Pacific, the Middle East & Africa, and others.
Fault Detection and Classification Market – Regional Analysis
North America dominates the global fault detection and classification market. Ongoing advancements in sensor technology, data analytics, and artificial intelligence drive market growth, enhancing the capabilities and accuracy of FDC systems. Besides, the early adoption of Industry 4.0 and upcoming smart factory projects would boost the fault detection and classification market size.
Global FDC Market – Competitive Analysis
Highly competitive, the fault detection and classification market appears fragmented, led by the presence of several well-established players. Industry players incorporate strategic initiatives such as partnerships, mergers & acquisitions, collaborations, expansion, and product/ technology launches to gain a larger competitive share.
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Industry/ Innovation/ Related News
May 18, 2021 — INFICON, a leading semiconductor and related manufacturing software and hardware solutions provider, released the SmartFDC Machine Learning Anomaly Detection System. The new system uses ML to provide process and equipment engineers with easy-to-use tools to reduce product risk and rapidly resolve production issues while automatically providing Fault Detection and Classification (FDC) coverage.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
