Finite Element Analysis Software Market Forecast and CAGR
Increasing demand for finite element analysis software for predicting how a product reacts to real-world forces, fluid flow, vibration, heat, and other physical effects is expected to propel demand over the coming years.
The market is projected to witness significant growth due to several factors such as the growing need for reliable and cost-effective finite element analysis software, increasing demand for automation across different industries, finite element analysis software provider’s landscape, and rising availability of cost-effective finite element analysis software along with technological advancements.
The finite Element Analysis Software market was valued at US$ ~950.0 Mn in 2020 and is expected to grow at a CAGR of 9.5% during the forecast period 2021-2031.
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What is Driving Demand for Finite Element Analysis Software?
Growth in developments of finite element analysis & simulation software for product design, and application of cloud computing are driving the demand for finite element analysis software during the forecast periods.
It also offers some of the major benefits such as time-dependent simulation, visualization, adaptability, increased accuracy, increased productivity, virtual prototyping, and others. The reliability of such benefits drives the growth of the finite element analysis software market during the forecast period.
There is a growing demand for simulation software in finite element analysis for various end-use industries to attain faster distribution, increased scalability, and lower maintenance. It offers various features such as increased competitiveness, static analysis, dynamic analysis, modal analysis, and others.
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What is the Impact of COVID-19 Pandemic Outbreak on Sales of Finite Element Analysis Software?
The COVID-19 pandemic outbreak has disrupted many industries, including the finite element analysis software market. The extensive use of computer simulation to help understand coronavirus effects on various end-use industries. The increasing shift toward cloud and mobile-based FEA software is one of the essential trends for increased sales of the FEA software.
Further, lockdown and restrictions have augmented the usage of finite element analysis software quite higher than usual. The finite element analysis software market is estimated to grow by 1.8X from 2020-2021 and would see a surge in demand amid the COVID-19 outbreak, as industries trend towards industrial automation.
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US and Canada Finite Element Analysis Software Market Outlook
The US is one of the largest markets for finite element analysis software globally. The US finite element analysis software market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. Demand is likely to remain muted in the next couple of years, as several end-use industries make a gradual recovery.
The increased adoption of advanced finite element analysis software applications in various industries such as automotive, manufacturing, and aerospace defense has been fueling the growth for finite element analysis Software in the North American market.
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Europe Demand Outlook for Finite Element Analysis Software
The adoption of cloud-based FEA software applications is expected to rise considerably across small- and medium-sized businesses across the Europe. Demand for finite element analysis software is increasing due to predict the behavior of products affected by many physical effects and maximum operational efficiency across the Europe.
Some of the key players such as Dassault Systèmes SE, Ansys, Inc., Autodesk, Inc., and others are focused on cost effective and offering advanced FEA solutions that have the potential to enhancing customer experience through increase their profitability and revenue in European countries. Europe is identified by PMR as the second-leading market, a position it is likely to hold on to through the forecast period.
Who are the Key Providers of Finite Element Analysis Software?
Some of the leading providers of finite element analysis software include
- Ansys Inc.
- Autodesk Inc.
- International Business Machines Corporation
- Altair Engineering Inc.
- PTC Inc.
- ESI Group
The key providers of finite element analysis software are partners with other companies in the market to drive out more quality and logical products in the market. It is generally seen to partner with companies who work with the necessary and latest technology, which would benefit the standard product of the major FEA vendors.
For instance, in 2018, the company partnered with PTC to accelerate product innovation by providing customers a world-class simulation-driven design solution. This partnership helps to ANSYS and PTC for deliver ANSYS Discovery Live real-time simulation within PTC’s Creo 3D CAD software.
- Finite Element Analysis Software
- Implementation & Integration
- Support & Maintenance
By End-use Industry
- Food & Beverages
- Electronics and Electrical
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Finite Element Analysis Software Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.