Packaging Design and Simulation Technology Market Size Forecasted to Reach $1243.58 Mn by 2030, Fueled by 6.26% CAGR

Washington, DC, June 15, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Packaging Design And Simulation Technology Market By Type (Software And Service), By End-Use Industry (Consumer Goods, Food & Beverages, Pharmaceutical, Automotive, Consumer Electronics And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Packaging Design and Simulation Technology Market size & share in terms of revenue was valued at USD 764.93 million in 2022 and it is expected to surpass around USD 1243.58 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.26% during the forecast period 2023 to 2030.”

What is Packaging Design and Simulation Technology? How big is the Packaging Design and Simulation Technology Industry?

Report Overview:

The development of creative new packaging is a significant contributor to the overall success of the market. When it comes to the product's packaging, it is required that materials of a high grade be utilised. It ought to be difficult enough so that it can survive the entirety of the product life cycle. The packaging of the product involves participation from a number of different suppliers; as a result, the procedure is accompanied by recalls, quality checks, and cost checks, which eventually slows down the whole process.

The application of simulation technology is an important component of the analysis that must be carried out in order to establish whether or not a certain packaging design is practical and efficient. When virtual prototypes are put through testing scenarios inside of a computer simulation, it is much simpler to identify potential issues such as structural faults, load-bearing capacity, and transportation durability. These issues can be uncovered more quickly. This proactive strategy lowers the need for costly physical prototypes and changes, which in turn saves both time and money. Moreover, it also reduces the risk of errors.

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Global Packaging Design and Simulation Technology Market: Growth Factors

The market is being driven forward by the rapidly growing automobile industry.

The automotive sector is currently in the midst of a paradigm shift as a result of the widespread implementation of a number of technologies across its value chain. The expansion of simulation in the automotive industry is affected by macrotrends such as the development of autonomous automobiles and the push towards more efficient and electric vehicles. These trends are driving the growth of simulation in the sector. On the other hand, the traditional need for driving simulators is continually increasing in popularity. High-performance computer (HPC) simulation, which makes use of computer-aided engineering (CAE) software, has come a long way in terms of enhancing and optimizing all aspects of product development.

This includes the manufacturing process, which was once utilized by automobile manufacturers for a limited number of use cases in vehicle design. The same computer-aided engineering (CAE) simulation tools that were utilized in the process of designing vehicles are now used to determine the production processes that are the most efficient and cost-effective. The use of simulation has become increasingly useful in recent years as a result of the introduction of new materials such as aluminium and plastics. Simulation enables manufacturers to avoid the costly inefficiencies associated with the traditional approach of creating the production process of a new vehicle, which is based on trial and error. As a result, it is anticipated that this will propel the expansion of the global market for packaging design and simulation technologies throughout the period covered by the forecast.

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Report Scope

Packaging Design and Simulation Technology Market: Segmentation Analysis

The global packaging design and simulation technology industry is segmented based on type, end-use industry, and region.

Based on the type, the global market is bifurcated into software and service. The software segment is expected to dominate the market during the forecast period. The advantages of software, such as data security, dependability, and continuous testing, may be credited for this market segment's expansion. Finite element analysis is also anticipated to have a significant impact on the software segment's growth. FEA is often used to assess the quality, performance, and design of products in sectors including automotive, aerospace, defense, and electronics. On the other hand, the service segment is expected to grow at the fastest rate over the forecast period. The segment's expansion can be ascribed to governments and businesses being more aware of the virtual procedures employed for product creation. Services like design and consultation, implementation, and maintenance are becoming more and more popular with different businesses. One of the major companies in the industry, ANSYS Inc., offers expert advice and services for streamlining and compressing the simulation workflow.

Based on the end-use industry, the global packaging design and simulation technology industry is bifurcated into consumer goods, food & beverages, pharmaceutical, automotive, consumer electronics, and others. The automotive segment accounted for the largest market share in 2022 and is expected to show its dominance over the forecast period. The segment growth is owing to the early adoption of virtual tools for product development. Furthermore, a movement toward the utilization of electric and autonomous cars is also being seen in the automobile sector. The primary factor fueling the expansion of this market sector is the use of simulation to improve manufacturing processes in this sector.

The global Packaging Design and Simulation Technology market is segmented as follows:

By Type

• Software
• Service

By End-use Industry

• Consumer Goods
• Food & Beverages
• Pharmaceutical
• Automotive
• Consumer Electronics
• Others

Browse the full “Packaging Design And Simulation Technology Market By Type (Software And Service), By End-Use Industry (Consumer Goods, Food & Beverages, Pharmaceutical, Automotive, Consumer Electronics And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" Report at- https://www.zionmarketresearch.com/report/packaging-design-and-simulation-technology-market-size

Competitive Landscape

Some of the main competitors dominating the global Packaging Design and Simulation Technology market include - 

• Altair Product Design Inc.
• MSC Software Corporation
• Dassault Systemes
• ANSYS Inc.
• NEFAB Group
• Axiom Consulting
• Mentor Graphics
• ESI Group
• Bosch Rexroth AG
• AVID Technology Inc.
• Siemens
• WHIZZ SYSTEMS
• Cadence Design Systems Inc
• PRE Technologies
• Others.

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Packaging Design and Simulation Technology market is likely to expand at a CAGR of around 6.26% during the forecast period (2023-2030).     
• In terms of revenue, the Packaging Design and Simulation Technology market size was valued at around US$ 764.93 million in 2022 and is projected to reach US$ 1243.58 million by 2030.
• Developing technology and changing the preference of companies to adopt simulation technology are projected to propel the packaging design and simulation technology market growth in the future.
• Based on the type, the software segment is expected to dominate the market during the forecast period.
• Based on the end-use industry, the automotive segment accounted for the largest market share in 2022.
• Based on region, North America is expected to dominate the market during the forecast period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Packaging Design and Simulation Technology industry?
• What are the main driving factors propelling the Packaging Design and Simulation Technology Market forward?
• What are the leading companies in the Packaging Design and Simulation Technology Industry?
• What segments does the Packaging Design and Simulation Technology Market cover?
• How can I receive a free copy of the Packaging Design and Simulation Technology Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, By End-use Industry, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North American area are always concentrating on innovation and investment to create a greener working environment. Environmental restrictions are growing more rigorous in the region, and as a result, corporations are using simulators to verify product viability before producing it. Furthermore, the government's creative city projects in this region have significantly affected the adoption trend of simulation and analytic technologies to boost monitoring and improve surveillance.

The Asia-Pacific market is expected to rise significantly over the projected period owing to the growing automotive industry. According to PIB, during the 2021-22 fiscal year, two-wheelers and passenger automobiles accounted for 77% and 18% of the Indian automobile market, respectively. Small and midsized automobiles dominate passenger car sales. The total number of automobiles exported climbed from 4,134,047 in 2020-21 to 5,617,246 in 2021-22, representing a 35.9% increase.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In April 2023, Huhtamaki, a leading provider of packaging solutions, redefined what is possible by employing science to create revolutionary mono-material technology. It's revolutionary, environmentally friendly flexible packaging in Paper, PE, and PP Retort satisfies the needs of both its clients and their end users.
• In March 2022, Powersim, a supplier of simulation and design tools for power electronics, including power supplies, motor drives, control systems, and microgrids, has been acquired by Altair, a leading global expert in computational science and artificial intelligence (AI). With the acquisition, power electronics are now a part of Altair's electronic system design technologies.
• In August 2022, Esko, a global developer of integrated hardware and software solutions for the print, packaging, and label industries, acquired Tilia Labs, an imposition A.I. software company, in a deal that addresses brand owners' and converters' need to connect and integrate the entire value chain through upstream digitalization. This purchase underscores the company's continuous commitment to offering integrated software and hardware solutions that speed the consumer-packaged goods go-to-market process.
• In January 2023, Oliver Inc. announced the acquisition of Tap Packaging + Design ("Tap Packaging"). Tap Packaging is a bespoke folding carton maker that serves customers in the food and beverage, beauty products, confection, health and wellness, and consumer goods industries. Oliver will be able to increase its product options and improve its position as the nation's biggest independent specialized packaging supplier as a result of this collaboration.

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