Consumer product manufacturers are investing in research and development for products with enhanced battery life and performance. Surging application of computational fluid mechanics in developing battery modules, battery life testing, and measuring performance is contributing to the growth of the computer aided engineering market.
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Emerging hyper converged infrastructures (HCI) is propelling the mass adoption of scalable computer aided engineering by various multinationals. The flexibility and cost efficiency of cloud computing acts as a central factor for resurgent adoption of computer aided engineering.
Cloud computing eliminates the high costs associated with hardware procurement, installation, and support infrastructure for computer aided engineering systems. Since cloud enabled computer aided engineering will run on a subscription bases, the cost of adoption has decreased considerably.
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Key Takeaways of Computer Aided Engineering Market Study
- Europe is leading global sales with more than 1/3rd share of the total market value. Presence of major automotive manufacturers is leading to high growth in this region.
- South Asia & Oceania offer the most lucrative growth opportunities with a double digit growth rate of over 10% CAGR. Budding ecosystem of smart devices is heightening the demand for computer aided engineering for the development of new products.
- Automotive applications account for more than 50% of the total market revenues. The 7% CAGR growth of this market can be attributed to the increasing need for sustainable manufacturing.
- On-premise computer aided engineering is the most prevalent kind of deployment. The segment accounts for over 70% market value share and is poised to grow at an impressive 7% CAGR during the forecast period.
- Cloud based computer aided engineering is garnering increasing consumer traction on the back of reduced costs, and increased accessibility of Computer Aided Engineering products based on subscription models.
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- Finite Element analysis (FEA) exhibits share-wide dominance with more than 55% market value share. The segment is expected to grow at a robust 7% CAGR during the forecast period.
- Computational fluid dynamics (CFD) is witnessing multiplying demand from electric vehicle manufacturers. CFD is an ideal method to design, test, and conduct conceptual repairs to electric vehicle batteries. The segment is expected to grow at 8% CAGR through 2029.
Market players are witnessing a surge in demand from industries such as consumer electronics, medical devices, and industrial equipment. This can be attributed to prevalence of cloud computing and supporting IT infrastructure. Computer Aided Engineering product developers must anticipate a surge in demand for customized products during the forecast period. -Says Fact MR Analyst
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Reseller Programs to Proliferate Future Growth
Strong value added reseller programs will witness multiplying growth through 2029. Reseller programs are ideal for expanding global footprint without significant financial investments. Training and development of partners can be done via virtual methods and sharing of knowledge resources. Reseller programs are expected to boost revenues for market players from 2019 to 2029. Developing countries are witnessing a boom in sales of smart products. CAE organizations will find increasing applications in smart device manufacturing such as smart homes, automobiles, and accessories. Since many of these products are being developed for the first time, computer aided engineering stands a strong chance to garner revenues from smart device industries.
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