PUBLISHER: The Business Research Company | PRODUCT CODE: 1425341
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425341
Computer Aided Engineering Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on computer aided engineering market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for computer aided engineering? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The computer aided engineering market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Computer-aided engineering (CAE) involves simulating performance to improve product designs or address technical challenges. CAE utilizes computer software to enhance product design and solve engineering problems across various industries.
The main types of CAE include finite element analysis (FEA), computational fluid dynamics (CFD), multibody dynamics, optimization, and simulation. Finite element analysis (FEA) employs numerical techniques to simulate physical phenomena. CAE tools can be deployed on-premise or in the cloud and are applied in industries such as automotive, defense and aerospace, electronics, medical devices, and industrial equipment.
The computer-aided engineering market research report is one of a series of new reports from The Business Research Company that provides computer-aided engineering market statistics, including computer-aided engineering industry global market size, regional shares, competitors with computer-aided engineering market share, detailed computer-aided engineering market segments, market trends and opportunities, and any further data you may need to thrive in the computer-aided engineering industry. This computer-aided engineering market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The computer aided engineering market size has grown strongly in recent years. It will grow from $8.97 billion in 2023 to $9.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period of computer-aided engineering (CAE) can be attributed to several factors, including advancements in computational power, the globalization of engineering work, increasing complexity in product design, the adoption of simulation-driven design, cost and time savings, and regulatory compliance requirements. For instance, the use of CAE tools in automotive crash testing simulations has been a significant driver of growth.
The computer aided engineering market size is expected to see strong growth in the next few years. It will grow to $14.1 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period of computer-aided engineering (CAE) can be attributed to the rise of Industry 4.0 and smart manufacturing, increased complexity in electronics design, a focus on sustainability and environmental impact, enhanced human-machine interaction simulations, digitalization of construction and infrastructure, and increased use in consumer electronics. Major trends in the forecast period include increased integration of multiphysics simulations, advancements in high-performance computing (HPC), growing adoption of cloud-based CAE, a focus on user-friendly interfaces and workflows, and increased use of generative design, along with the use of virtual prototyping for system-level simulation.
The computer-aided engineering market anticipates significant growth due to the increasing automation in the manufacturing sector. Automation technologies, including computer-aided drafting and computer-assisted N/C tape preparation, are becoming integral in manufacturing processes to counteract declining productivity trends. Recent data from the International Federation of Robotics (IFR) in September 2023 indicates a 48% increase, reaching 158,000 units, in service robots sold for professional use in 2022. This surge in automation is marked by 553,052 industrial robot installations globally, reflecting a 5% growth rate in 2022, year-on-year.
The computer-aided engineering market is poised for growth propelled by the expanding automotive industry. This sector, encompassing vehicle design, development, manufacturing, and sales, heavily relies on Computer-Aided Engineering (CAE) for virtual simulations and design optimization. A report from the European Automobile Manufacturers' Association (ACEA) in March 2022 notes a 5.5% increase in US passenger car sales to 11.9 million units in 2021. CAE contributes to streamlining the design process, enhancing product quality, and fortifying safety and fuel efficiency in response to the dynamic demands of the automotive industry.
Technological advancements take center stage as a key trend in the computer-aided engineering market. Major industry players, like Siemens AG, are focusing on innovative solutions to gain a competitive edge. Siemens AG launched Simcenter Femap, a sophisticated simulation application providing users with the ability to create, update, and evaluate finite element models. This advanced technology, coupled with Simcenter Nastran, offers a comprehensive CAE solution, optimizing product performance through sophisticated data-driven and graphical result visualization.
Major players in the computer-aided engineering market are concentrating on introducing advanced capabilities to enhance their market position. Avient Corporation's announcement in April 2023 about upgraded CAE capabilities reflects this trend. These enhanced capabilities, based on predictive simulation technology, factor in isotropic and anisotropic modeling data, providing a more accurate prediction of potential part failures. Avient asserts that these capabilities contribute to optimized part design, material selection, risk mitigation, improved performance, and reduced costs early in the development phase.
In April 2021, Hexagon AB, a Sweden-based technology company, successfully acquired CADLM SAS. This strategic move reinforces Hexagon's smart manufacturing solutions portfolio by integrating CADLM's expertise in artificial intelligence (AI) and machine learning (ML) with computer-aided engineering (CAE). CADLM SAS, a France-based company, brings AI capabilities that leverage data to enhance product design innovation, manufacturing productivity, product quality, and environmental sustainability, particularly in reducing material waste throughout various stages of product development.
Major companies operating in the computer aided engineering market report are Altair Engineering Inc., Dassault Systemes SE, ESI Group, Siemens AG, Hexagon AB, Seiko Epson Corporation, Exa Corporation, Bentley Systems Inc., Numeca International, Dell Inc., Aspen Technology Inc., Symscape Pty Ltd., Synopsys Inc., Aveva Group PLC, Autodesk Inc., ANSYS Inc., PTC Inc., COMSOL Inc., MSC Software Corporation, Mentor Graphics Corporation, The MathWorks Inc., OpenText Corporation, Siemens Industry Software NV, CD-adapco, ETA Engineering Inc., Ricardo Software, ZWSOFT Co. Ltd., Zemax LLC, Flow Science Inc., GNS Systems GmbH, AVL List GmbH, and EnginSoft S.p.A.
Europe was the largest region in the computer-aided engineering market in 2023. The regions covered in the computer aided engineering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the computer aided engineering market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The computer-aided engineering market includes revenues earned by entities by providing computer-aided engineering for stress and dynamics analysis, thermal and fluid analysis, and acoustics analysis. These are used to simulate performance to improve product designs and assist in the resolution of engineering problems for a wide range of industries. The computer-aided engineering market includes finite element analysis (FEA), computational fluid dynamics (CFD), multibody dynamics, optimization, and simulation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.