Finite Element Analysis Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 - 2026

Finite element analysis Market is forecast to reach $3.06 billion by 2025, at a CAGR of 9.1% during 2020-2025. Increasing requirement of finite element analysis for efficient product development cycle and its applications in production of next generation automobiles and aerospace technology will be a key trend for the growth of finite element analysis software market. The increase in R&D investments in manufacturing sector and rise in initiatives by several countries are the major factors for the growth of the market. In 2018, China government has launched an initiative called ‘Made in China 2025’ to promote industrial growth. Similarly India launched ‘Make in India’ initiative to promote the growth of manufacturing facilities. Such initiatives are likely to increase the demand for efficient manufacturing, thereby accelerating the demand for Finite element analysis Market.

Report Coverage

The report: “Finite element analysis Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Finite element analysis Market.

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Key Takeaways

• Asia-Pacific dominates the Finite element analysis market owing to rising production of automobiles and challenges on product design in manufacturing sector.
• Design Optimization on the Finite Element analysis case is likely to register highest CAGR due to rising deployment of advanced technology in modern automobiles.
• Finite element analysis in automotive industry is likely to grow at a highest CAGR owing to its applications such as reducing the product design time, operational costs, and also lesser marketing time.
• Major companies in Finite element analysis market include ANSYS, Dassault Systems, MSC Software, Siemens PLM Software, Altair, Aspen Technology, Autodesk, CD-adapco, COMSOL Multiphysics, ESI Group among others.

Type - Segment Analysis

Design Optimization on the Finite Element analysis case is likely to register highest CAGR of 8.5% due to rising deployment of advanced technology in modern automobiles. The growing adoption of electric and hybrid vehicles and rising demand for safety and comfort in modern automobiles will be the key driving factors for design optimization on the Finite Element analysis case. Finite element analysis method is effectively used to solve the problem of whole deformation and stress distribution of complex parts and provides a strong support for the strength and stiffness analysis design of the transmission shell, suspension systems, brake systems, wheels and other auto parts in automobiles. Thus increased demand for cars will create an opportunity for Finite Element analysis. For instance BMW and Mercedes sold approximately 11000 and 15538 cars in 2018 with an increase of Y-o-Y growth of approximately 13% and 2% respectively.

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Application - Segment Analysis

Finite element analysis in automotive industry is likely to grow at a highest CAGR of 7.5% in the forecast period. Increased adoption of FEA to enables a reduction in product design time, operational costs, and also lesser marketing time. Several automobile manufacturers use applications of Finite element analysis. For Instance Toyota Motors uses Opera FEA of Chelton to simulate Prius electric motors use in Prius hybrid vehicles. Similarly, General Motors automobiles have been evaluated and developed using the finite element method. On the other hand High R&D investments     will also lead to the rise in purchase of FEA software and services; thus, fueling market growth in this industry segment.

Geography - Segment Analysis

In 2018, APAC dominated the Finite Element analysis market share with more than 35%, followed by Europe. The economy of APAC is majorly influenced by the countries such as China and India. Automobile manufacturers in these countries faced with many challenges on product design such as superior performance, faster time to market and erosion in profit margins development for such challenges, Finite Element Analysis has become the mainstay to accelerate new product development in automobiles.

On the other hand these countries are creating opportunities for this market by increased sales of automobiles. For instance, China is continuously creating opportunity for Finite element analysis market with the increased sales of automobiles in this region. The annual production of BMW in China increased to 450,000 vehicle units from 144,274 vehicle units, since 2017, from its house manufacturing plants. Along with the increase in the production, the company has also invested $1.14 billion for expanding its production line for its newer models. This plan will enforce automobile manufacturers to implement new technology to achieve the same, thereby creating opportunity for Finite Element analysis market.

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