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Fault Detection And Classification Global Market Estimated to Surge at a CAGR of 9.0% to Reach $6.94 Billion By 2028 | Microsoft Corporation, Amazon Web Services Inc., Siemens AG, Applied Materials Inc., KLA Corporation
Fault Detection And Classification Global Market
According to The Business Research Company's, The fault detection and classification market size has grown strongly in recent years. It will grow from $4.52 billion in 2023 to $4.91 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. 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 $6.94 billion in 2028 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.
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Market Drivers and Trends:
The rising demand for automation is expected to propel the growth of the fault detection and classification market going forward. Automation refers to the use of technology, machinery, or systems to perform tasks or processes with minimal human intervention. The demand for automation is increasing due to its ability to enhance efficiency, reduce costs, improve productivity, and meet evolving market demands more effectively. Automation improves fault detection and classification by offering real-time monitoring and predictive insights, enhancing operational efficiency, reliability, and safety across industries. For instance, in October 2022, according to a report published by the International Federation of Robotics, a Germany-based non-profit organization, the installation of robots in 2021 reached an all-time high of 517,385 in factories around the world, which represents an increase of 31% compared to 2020. Therefore, the rising demand for automation is driving the growth of the fault detection and classification market.
Major companies operating in the fault detection and classification market are focused on integrating advanced technologies, such as the integration of AI technologies into FDC Solutions, to enhance accuracy and optimize operational efficiency. AI-based fault detection is a system that uses artificial intelligence (AI) algorithms and techniques to automatically identify and diagnose faults or anomalies in systems, equipment, or processes. For instance, in August 2023, Lucy Electric UK Ltd., a UK-based electrical and electronic manufacturing company, introduced SYNAPS, a revolutionary AI technology to revolutionize fault detection and asset management for underground cables. This integrated solution merges cutting-edge grid monitoring with AI and machine learning to minimize faults on the LV network. This pioneering technology has the capacity to improve fault management, facilitate proactive maintenance, diminish customer outages, and yield significant cost reductions for network operators.
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Major Key Players of the Market:
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
Fault Detection And Classification Market 2024 Key Insights:
• The fault detection and classification market size is expected to see strong growth in the next few years. It will grow to $6.94 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Automation Driving Growth In The Fault Detection And Classification Market
• Innovative AI Technology In Fault Detection And Classification Industry
• North America was the largest region in the fault detection and classification market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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