PUBLISHER: The Business Research Company | PRODUCT CODE: 1499859
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499859
Generative design refers to a design process utilizing algorithms to generate and explore a diverse array of potential solutions for a specified problem. It automatically generates multiple design options based on predefined parameters and constraints, allowing designers and engineers to explore various solutions and optimize designs for performance, cost, and other criteria, thereby enhancing product development efficiency and fostering innovation.
The primary software solutions for generative design encompass topology optimization, parametric design tools, simulation and analysis software, and algorithmic design platforms. Topology optimization involves a design methodology that optimizes the material layout within a given space to achieve optimal structural performance while minimizing weight. These solutions can be deployed both on-premises and in the cloud, offering services such as consulting, training, implementation, and integration services. Generative design finds widespread application across various industries including automotive, aerospace and defense, architecture and construction, industrial manufacturing, among others.
The generative design market research report is one of a series of new reports from The Business Research Company that provides generative design market statistics, including generative design industry global market size, regional shares, competitors with a generative design market share, detailed generative design market segments, market trends and opportunities, and any further data you may need to thrive in the generative design industry. This generative design market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The generative design market size has grown rapidly in recent years. It will grow from $3.18 billion in 2023 to $3.78 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The expansion observed in the historical period can be attributed to several factors, including the increased adoption of generative design across industries, a growing demand for lightweight, high-performance structures in various sectors, heightened focus on sustainability and environmental concerns, and an increase in regulatory approvals and compliance with standards.
The generative design market size is expected to see rapid growth in the next few years. It will grow to $7.57 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%. The projected growth in the forecast period can be attributed to several factors, including a growing emphasis on product performance and optimization, expansion into new industries, the acceleration of digital transformation across various sectors, and the increasing demand for customized and personalized products. Significant trends anticipated in the forecast period encompass the integration of artificial intelligence (AI) and machine learning (ML) algorithms into generative design processes, the adoption of cloud-based generative design platforms, the implementation of hybrid design approaches combining human creativity with algorithmic solutions, the integration of generative design with additive manufacturing technologies, and the democratization of generative design tools making them more accessible to a wider range of users.
An uptick in the sales of commercial vehicles is poised to drive the growth of the generative design market in the foreseeable future. Commercial vehicles encompass various motorized vehicles primarily utilized for transporting goods, passengers, or conducting services for financial gain or business purposes. The surge in commercial vehicle sales can be attributed to heightened consumer demand, the expansion of the electric vehicle (EV) industry, and favorable financing options, all contributing to a growing need for innovative engineering solutions. Generative design plays a pivotal role in optimizing the structural integrity and efficiency of commercial vehicles, effectively reducing weight and fuel consumption while simultaneously enhancing performance and safety. For example, data from the National Automobile Dealers Association revealed that commercial truck sales in the USA reached 476,000 units in 2022, marking a 3.8% increase compared to 2021. Hence, the increasing sales of commercial vehicles are fueling the expansion of the generative design market.
Prominent players in the generative design market are intensifying their efforts to develop cutting-edge technological solutions, such as incorporating generative AI features, to gain a competitive advantage. Generative AI-featured elements entail the integration of artificial intelligence (AI) capabilities into the generative design process, augmenting its functionality and performance. These features enable generative design software to harness advanced AI algorithms and machine learning techniques to autonomously generate, evaluate, and refine design solutions. For instance, Evolv AI, a US-based software company, introduced a series of generative AI features accessible in beta, including a description-to-design element. This feature allows businesses to instantly create visual web page changes from simple text descriptions within Evolv AI's web editor, revolutionizing the landscape of personalization and experimentation. Leveraging generative AI technology, this innovation empowers businesses to generate design variations automatically based on textual descriptions, facilitating instant visual web page changes from text descriptions.
In June 2022, Altair Engineering Inc., a US-based technology company specializing in software and cloud solutions, acquired Gen3D for an undisclosed sum. This strategic acquisition positions Altair to expand its presence across various sectors within the manufacturing industry and reinforces its commitment to leveraging AI for automation and innovation. Gen3D, a UK-based technology company, provides generative design tools empowering engineers to rapidly create complex designs.
Major companies operating in the generative design market are Dassault Systemes SE, Hexagon AB, Synopsys Inc., Autodesk Inc., Cadence Design Systems Inc., ANSYS Inc., Parametric Technology Corporation, The MathWorks Inc., Bentley Systems Inc., Altair Engineering Inc., Materialise NV, MSC Software Corporation, Desktop Metal Inc., ESI Group, CoreTech System Co. Ltd., Innovyze Inc., SoftInWay Inc., ESTECO SpA, Concepts NREC, HBM nCode, Volume Graphics GmbH, Opticore AB, SimScale GmbH, Onshape Inc., Caracol AM, nTopology Inc., Diabatix, Granta Design Limited, Lattice Technology Inc.
North America was the largest region in the generative design market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative design market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the generative design market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The generative design market includes revenues earned by entities by providing services such as consulting and training, implementation and integration, customization and tailoring, and maintenance and support to enhance product development processes. 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.
Generative Design 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 generative design 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 generative design? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The generative design 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.