Selbyville, Delaware, March 05, 2024 (GLOBE NEWSWIRE) -- Fault Detection and Classification Market is projected to accumulate USD 9 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The rising complexity of industrial processes, combined with the increased adoption of automation technologies is driving the demand for fault detection and classification (FDC) systems to assure operational efficiency and prevent downtime. Stringent regulatory requirements for product quality and safety in a variety of industries, including manufacturing, oil, and gas, and automotive, are pushing the adoption of several solutions for ongoing monitoring and compliance.
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As per the Semiconductor Industry Association (SIA), the value of the global semiconductor sales reached USD 526.8 billion in 2023. This thriving business of semiconductors will escalate the demand for FDC systems. The growing emphasis on predictive maintenance and asset optimization strategies will also encourage the integration of the systems to detect and repair issues before they cause costly failures. Significant advances in AI and machine learning (ML) technologies are also improving the accuracy and efficacy of FDC systems, further accelerating the market growth.
Software component to exhibit significant share
The software component segment in the fault detection and classification market is anticipated to accumulate over USD 3 billion in revenue by 2032, due to the increasing demand for advanced data analytics and machine learning solutions. Software systems enhance fault detection and classification capabilities for enabling more accurate and predictive fault detection. They also offer scalability and flexibility, making it easier for organizations to integrate FDC into their existing processes and harness the power of data-driven insights for improved operational efficiency and product quality.
Rising demand in electronics & semiconductor sector
Fault detection and classification market from the electronics & semiconductor end-use segment is projected to depict over 8.5% CAGR from 2023 to 2032, on account of the ever-increasing complexity and precision required in semiconductor manufacturing. FDC systems are crucial for identifying and preventing defects in semiconductor production, enhancing yield rates, reducing wastage, and ensuring product quality. With the demand for advanced electronic components and semiconductor devices continuing to rise, the adoption of FDC solutions will favor the segment growth.
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Europe to register notable growth
Europe fault detection and classification market size is estimated to expand at over 8% CAGR from 2023 to 2032. This can be credited to the increasing industrial automation along with the rising focus on sustainable and efficient manufacturing, and regulatory pressures. Several European industries are seeking FDC solutions to enhance operational excellence, reduce energy consumption, and ensure compliance with stringent quality and safety standards. The strong emphasis on technological innovations and Industry 4.0 initiatives will further drive the market penetration across the region.
Fault Detection and Classification Market Participants
Some of the leading fault detection and classification industry players include ADVANTEST CORPORATION, Amazon Web Services, Inc., Applied Materials, Inc., CIM Environmental Pty Ltd., Cognex Corporation, einnoSys Technologies Inc., INFICON, KILI TECHNOLOGY, KLA Corporation, Microsoft, MobiDev, OMRON Corporation, Qualitas Technologies, SAMSUNG SDS, Siemens AG, Synopsys, Inc., Teradyne Inc., Tokyo Electron Limited. These companies are adopting business expansion strategies, such as mergers & acquisitions, partnerships, and introducing innovative solutions to gain strong foothold. For instance, in May 2021, INFICON announced the launch of the SmartFDC Machine Learning Anomaly Detection System for offering semiconductor industry engineers user-friendly tools for risk reduction, swift issue resolution, and automated FDCcoverage.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
