Computer Aided Engineering Market Exhibits Stupendous 9% Growth Through 2029
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. 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.
- 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
Global Computer Aided Engineering Market: In-Depth Assessment on Key Segments
The global computer aided engineering market is segmented on the basis of application, services, end use and region.
By Type :
- Finite Element Analysis (FEA)
- Computational Fluid Dynamics (CFD)
- Multibody Dynamics
- Optimization & Simulation
By Deployment :
By End Use :
- Defense & Aerospace
- Medical Devices
- Industrial Equipment
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Find More Valuable Insights on Computer Aided Engineering Market
Fact.MR, in its new offering, provides an in-depth analysis of the global computer aided engineering market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the computer aided engineering market on the basis of type (finite element analysis, computational fluid dynamics, multibody dynamics, and optimization & simulation), deployment (on premise and cloud based), end use (automotive, defense & aerospace, electronics, medical devices, industrial equipment, and others), across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).