Fault Detection and Classification Market Size

Fault Detection and Classification Market size was valued at USD 5.14 billion in 2024 and is projected to cross USD 15.2 billion by the end of 2037, expanding at more than 8.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of fault detection and classification is estimated at USD 5.5 billion. The reason behind the growth is impelled by the growing manufacturing industry across the globe. Over the past ten years, there has been steady growth in the manufacturing sector worldwide driven by changing consumer needs, and technology improvements acting as significant change agents. For instance, in 2022, the manufacturing sector worldwide reached around USD 9 trillion.

The growing integration of AI is believed to fuel the market growth. Numerous AI techniques, such as those for data processing, data mining, feature analysis, and classification, have been used in fault detection and classification since they have become extremely useful for automating error detection and prediction processes.