Fault Detection and Classification Market Trends

Growth Drivers

• Rising Industrial Automation – Industries primarily rely on automation, which is the replacement of humans with machines and processes through the use of technologies such as computer software and robotics, which has increased the need for fault-detection devices to ensure that these systems and machinery operate properly.
• Growing Production of Semiconductors- Current trends indicate that innovation and rivalry in the semiconductor industry will only increase in the future, leading to a higher demand for fault detection and classification which helps semiconductor manufacturers keep an eye on the state of their equipment and investigate possible causes of malfunctions, fault detection and classification.
• Increasing Adoption of Application-specific Integrated Circuits (ASICs)- ASICs, or application-specific integrated circuits, are in high demand, which have been specially designed and optimized to meet a particular need and are expected to drive the demand for fault detection and classification.

Challenges

• High cost of implementation- The significant expenses associated with implementing fault detection and classification technologies in the manufacturing or packaging sector are impeding the growth of the market owing to the high cost of unplanned equipment downtime and as the equipment needs more room to be installed and is related with higher maintenance costs.
• Complexity associated with the integration can be difficult and may limit market growth- One of the most difficult jobs in the process industries is fault detection these systems are susceptible to disruptions and electrical malfunctions owing to their intricate and ever-changing structure, and an increased likelihood of system faults occurring.
• Shorter Operational Life as Compared to Traditional Batteries
• A dearth of skilled professionals is expected to impede the demand for fault detection and classification systems