The Computer Aided Engineering Market is projected to grow at a CAGR of 9.1% in the forecast period of 2023-28, cites Markntel Advisors in the recent research report. The market growth is predominantly driven by the ever-increased outsourcing of manufacturing processes to developing economies in combination with the growing deployment of integrated software solutions by companies to eliminate the need for multiple prototypes & product recall concerns and the mounting use of CFD tools to analyze temperature in battery modules and extend its life and performance. Moreover, the evolving trends of concurrent engineering, 3D printing & BIM (Building Information Modeling) positively influence the demand for CAE solutions in various industries, further states the research report, “Computer-Aided Engineering Market Analysis, 2023.”
The market is broadly fragmented based on Type, Deployment Model, and End User. Based on Type the market is segmented into Finite Element Analysis, Computational Fluid Dynamics, Thermal Analysis, Multibody Dynamics, and Others (Mechanical Event Simulation, etc.). Additionally, based on Deployment Model the market is divided between On-Premise and Cloud. Finally, on the basis of End User, the market is distributed amongst Automotive, Medical Devices, Industrial Equipment, Defense & Aerospace, Ellectronics, and Others (Energy, Consumer Goods, etc.)
Excellent Accuracy of Finite Element Analysis Benefits Market Expansion
Finite Element Analysis dominates the market aided by the associated benefits such as real-life stimulation and control, excellent accuracy, easy access, prevention of future failures, and prediction of product performance. Furthermore, FEA helps identify the product’s strength with respect to loading by stimulating essential components to analyze heat transfer, mass transport, electromagnetic potential, structural analysis, and more. Additionally, FEA is witnessing rising applications in critical structure engineering and aerospace manufacturing, accelerating market growth.
Automotive Industry Rewards Europe the Dominating Market Share
Globally, Europe dominates the Computer-Aided Market with the largest share, aided by the rising number of virtual vehicles and connected care developers. Additionally, the ever-increasing automation in the manufacturing sector across the region further propels market growth. Moreover, the automotive industry in the area is investing massively in deploying reliable engineering tools in order to optimize production costs, attain shorter prototyping cycles, reduce the chances of product defects, and enhance the overall consumer experience fueling the integration of CAE further into the industry. On the other hand, Asia-Pacific is anticipated to register a massive hike in market share, attributed to the increasing government investments in expanding the manufacturing sector while enhancing the renewable energy generation capacity and promoting digitalization.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including AAltair Engineering Inc., ANSYS, Inc., Autodesk Inc., Aveva Group, Bentley Systems, Inc., Dassault Systemes, ESI Group, Hexagon AB, Siemens AG, SimScale GmbH, Cambrio, Waterloo Hydrogeologic, The MathWorks, Inc., Aspen Technology Inc, and Cadence Design Systems Inc are looking forward to strengthening their market position.
Key Questions Answered in the Research Report