Rockville, Nov. 28, 2022 (GLOBE NEWSWIRE) -- The global computer aided engineering (CAE) market is expected to grow by 2.4X during the forecast period (2019-2029). With rising adoption across industries such as automotive, electronics, medical devices, and defense & aerospace, the overall demand for computer aided engineering solutions is projected to increase at a CAGR of 9% over the next ten years.
Computer aided engineering refers to the use of computer software to aid in engineering analysis tasks. It allows end users to analyze, create, and design different products and techniques as well as to resolve engineering problems. Fact.MR’s latest analysis on computer aided engineering market scrutinizes key growth factors that are impacting sales in the market. The report offers in-depth insights covering vital factors such as drivers, opportunities, key player strategies, and demand outlook for the computer aided engineering market. In addition to this, the study analyzes latest trends across segments including type, deployment, and end use.
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Demand remains especially high for finite element analysis (FEA) with the targeted segment expected to grow two folds during the forecast. This is attributed to the benefits offered by this type of computer aided engineering such as ease of modeling complex geometrical shapes, adaptability, accuracy, and visualization
Regionally, with over 1/3rd of market value, Europe is expected to remain at the epicenter of the global computer aided engineering market. This is attributed to strong presence of leading automotive companies in countries such as Germany, Romania, and Russia coupled with increasing usage of CAE.
Several automotive manufacturers based in Europe are adopting computer aided engineering tools for improving product design and resolving engineering problems. The technology offers design and production benefits such as shorter prototyping cycles, reduced product defects, and improved customer experience.
However, with booming electronics industry and growing focus towards designing and manufacturing cost efficient products, South Asia & Oceania will emerge as the fastest growing computer aided engineering market during the assessment period.
Key Takeaways:
- By type, finite element analysis segment is expected to grow at 7% CAGR during the forecast period.
- By deployment, on-premise computer aided engineering services segment will continue to hold the largest share of the global market.
- Cloud-based services segment will register growth at a robust pace during the projection period.
- In 2022, Europe is expected to hold around 35% of the total market value in the global computer aided engineering market
- South Asia & Oceania computer aided engineering market is projected to grow at a prolific CAGR of 10% during the forecast period.
- Demand for computer aided engineering services across India and China is expected to grow at a significant pace over the next ten years.
Growth Drivers:
- Growing adoption of computer aided engineering solutions across various industries to improve product design or resolve engineering problems is a key factor augmenting the growth of the market.
- Rapid shift from on premise computing to cloud-based computing is expected to generate high demand in the market during the forecast period.
- Increasing usage of digital technologies such as the internet of things (IoT), machine learning (ML), and artificial intelligence (AI) will support the growth.
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Competitive Landscape:
Leading providers of computer aided engineering are focused on launching new products and offering new services to their customers. Furthermore, they are adopting strategies such as partnerships, mergers, acquisitions, and collaborations to expand their global footprint.
For instance,
- In October 2022, Ansys announced the launch of Ansys Gateway powered by AWS. The new Ansys Gateway features in-demand access to Ansys applications and high-performance computing resources on the cloud. Customers can manage and control computer-aided engineering (CAE)/ computer-aided design (CAD) cloud consumption and costs on AWS while taking advantage of the scalable hardware and compute capacity.
- In October 2021, Hexagon’s Manufacturing Intelligence division announced the new structure and growth plans for computer-aided engineering at its first simulation-focused conference, HxGN Live Design & Engineering 2021.
- In January 2016, ESI Group launched ESI cloud: a reliable, scalable, multitenant and secure SaaS platform designed to deliver advanced engineering simulation in the cloud, across physics and engineering disciplines.
Key Companies Profiled by Fact.MR
- ANSYS Inc.
- ESI Group
- Siemens AG
- Hexagon AB
- Exa Corporation
- Bentley Systems Inc.
- Dassault Systems
- Autodesk Inc.
- Altair Engineering
- 3D Systems Corp
- Aveva Group.
More Valuable Insights on Computer Aided Engineering Market
In the latest study, Fact.MR offers a detailed study on global computer aided engineering market for the forecast period of 2019 to 2029. This study also highlights key drivers promoting the sales of computer aided engineering through detailed segmentation as follows:
- By Type:
- Finite Element Analysis (FEA)
- Computational Fluid Dynamics (CFD)
- Multibody Dynamics
- Optimization & Simulation
- By Deployment:
- On-premise
- Cloud-based
- By End Use:
- Automotive
- Defense & Aerospace
- Electronics
- Medical Devices
- Industrial Equipment
- Others
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Key Questions Covered in the Computer Aided Engineering Market Report
- What is the projected value of the computer aided engineering market in 2019?
- At what rate will the global computer aided engineering market grow until 2029?
- Which are the factors hampering the growth in the computer aided engineering market?
- Which region is expected to lead in the global computer aided engineering market during 2019-2029?
- Which are the factors driving the computer aided engineering market during the forecast period?
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