Transparency Market Research delivers key insights on the global finite element analysis (FEA) software market. In terms of revenue, the global finite element analysis (FEA) software market was valued over US$ 4.1 Bn in 2020. It is expected to reach US$ 11 Bn by 2030, expanding at a CAGR of ~10% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global finite element analysis (FEA) software market.
The global finite element analysis (FEA) software market is broadly affected by several factors, including increasing demand for finite element analysis (FEA) software in manufacturing, aerospace, and electronics industries. Thus, rising adoption of finite element analysis (FEA) software in different sectors is propelling the global market for finite element analysis (FEA) software.
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Finite Element Analysis (FEA) Software Market: Dynamics
The increasing demand for vehicles across the globe is expected to drive the finite element analysis (FEA) software market. Rising adoption of hybrid and electric vehicles and intensifying demand for safety and comfort in modern automobiles are anticipated to be a major driving factor for design optimization of the finite element analysis (FEA) software market. Finite element analysis software helps in effectively improving design accuracy and reliability of the end product. Finite element analysis software is the most lucrative way to develop new products, while improving reliability and quality of the product. An increasing number of automobile manufacturers is implementing finite element analysis software solutions. For instance, General Motors automobiles are being evaluated and developed with the help of the finite element method. Similarly, Toyota Motors is making use of Opera FEA of Chelton to simulate Prius electric motors use in Prius hybrid vehicles.
Based on industry, the market has been segmented into automotive, oil & gas, aerospace, construction, energy, marine, electronics manufacturing, industrial equipment manufacturing, and others. The automotive industry, being one of the early adopters of FEA software, is projected to be the fastest growing segment during the forecast period. The automotive industry is increasingly implementing the finite element analysis software for modeling, simulation, estimation of structural strength, and design optimization as well. Moreover, increase in the adoption of finite element analysis software is likely to enable reduced operational costs, reduced product design time, and lesser time spent on marketing.
The increasing demand for outsourced finite element analysis (FEA) software in developing countries in the Asia Pacific and European region is expected to generate new revenue opportunities for service providers. The growing and challenging requirements from consumers are leading to disruption in the manufacturing industry. Presently, the manufacturing industry is aiming at offering enhanced design and early evaluation of critical design parameters of products in the manufacturing sector. Finite element analysis software is responsible for making the manufacturing outcomes more certain. Companies such as Autodesk and SimScale are offering FEA software for manufacturing industry verticals. The solution from Autodesk for digital prototyping is helping manufacturers design, visualize, and simulate industrial machinery, consumer products, and building products efficiently. The deployment of the FEA software in the manufacturing industry is projected to lead to reduced downtime, improved lead times, maximized resources, and delivery of high-quality products in a timely manner.
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Finite Element Analysis (FEA) Software Market: Prominent Regions
The finite element analysis (FEA) software market in North America is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and rise in consumer spending in outsourced financial services in the region. The finite element analysis (FEA) software market in Europe is projected to expand during the forecast period, due to a significant rise in the demand for finite element analysis across different industry verticals and an increasing number of finite element analysis (FEA) software providers in major countries such as the U.K. and Germany. The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period, owing to the rise in demand for finite element analysis software from the manufacturing industry coupled with rapid expansion of the domestic market, as well as global enterprises in the region. Moreover, high market growth is also projected, owing to advancements in technology and utilization of simulation and analysis technologies across different industry verticals in the region.
Finite Element Analysis (FEA) Software Market: Key Players
Key players operating in the global finite element analysis (FEA) software market include ANSYS, Synopsys, Inc., Autodesk, Inc., Dassault Systèmes, IBM Corporation, Altair Engineering Inc., Aspen Technology, Siemens PLM Software, Inc., PTC Inc., Bentley Systems, Inc., ADINA R&D, Inc., ESI Group, Computers and Structures, Inc., Dlubal Software GmbH, SimScale, MSC Software Corporation, SimuTech Group, Murata Software Co., Ltd., COMSOL Multiphysics, BETA CAE Systems, Flownex, and Vanderplaats R&D, Inc.
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