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Global Computer Aided Engineering (CAE) Market to Reach $8.7 Billion by 2026
SAN FRANCISCO, June 29, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Computer Aided Engineering (CAE) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: January 2021
Executive Engagements: 28025
Companies: 248 - Players covered include Altair Engineering, Inc.; SimuTech Group; Dassault Systèmes SE; Dell Inc.; ESI Group; Hexagon AB; Mentor Graphics, Inc.; NEC Display Solutions, Ltd.; Numeca International; Siemens Industry Software Inc.; Simerics Inc.; Symscape; Synopsys, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Finite Element Analysis (FEA), Computational Fluid Dynamics (CFD), Other Product Types); Deployment (On-Premise, Cloud); Application (Automotive, Aerospace & Defense, Electrical & Electronics, Medical Devices, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Computer Aided Engineering (CAE) Market to Reach $8.7 Billion by 2026
Computer-aided engineering (CAE) refers to the use of computer and software solutions to design, analyze and generate processes and products. CAE broadly incorporates computer aided design (CAD) as well as computer aided manufacturing (CAM) capabilities for providing assistance in engineering analysis processes. The market has benefited significantly from the rapid shift of manufacturing of the West to cheaper destinations in the East. Market growth would be largely directed by the emerging economies, where the prominence of CIM or Computer Integrated Manufacturing is growing. Continued reduction in prices of CAE software and licensing fees would also stimulate market growth. Cloud computing is bringing down costs of licensing, deployment as well as maintenance, which is likely to expand the market. Companies are also leveraging advanced technologies like machine learning and artificial intelligence for creating advanced CAE tools.
Amid the COVID-9 crisis, the global market for Computer Aided Engineering (CAE) estimated at US$5.2 Billion in the year 2020, is projected to reach a revised size of US$8.7 Billion by 2026, growing at a CAGR of 9.1% over the analysis period. Finite Element Analysis (FEA), one of the segments analyzed in the report, is projected to record a 9.4% CAGR and reach US$5.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Computational Fluid Dynamics (CFD) segment is readjusted to a revised 8.4% CAGR for the next 7-year period. Finite Element Analysis (FEA) segment dominates market share due to the numerous benefits offered by the software. Besides enabling easier modeling of complex geometries, FEA also offers benefits such as increased accuracy, adaptability and visualization. FEA also supports simulations that are time-constrained, for example, in aerospace manufacturing (crash simulations).
The U.S. Market is Estimated at $1.7 Billion in 2021, While China is Forecast to Reach $1.1 Billion by 2026
The Computer Aided Engineering (CAE) market in the U.S. is estimated at US$1.7 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.1 Billion by the year 2026 trailing a CAGR of 11.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.6% and 8.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.2% CAGR. North America and Europe are the leading regions led by increasing manufacturing sector automation. The presence of large automotive manufacturers in countries such as Russia, Germany and Romania also propel market growth for CAE in Europe. Growth in the Asia-Pacific region is mainly attributed to steady rise of major end-use industries. Another prominent growth promoting factor is the growing automation penetration in manufacturing industries in the region.
Computational Fluid Dynamics (CFD) Segment to Reach $2.1 Billion by 2026
Computational Fluid Dynamics (CFD) is one of the major forms of engineering analysis performed by CAE software. The capabilities of CFD enables in resolving issues related to identification of compressible and incompressible fluids, multiphase flow problems, and laminar and turbulent flows. CFD software is a popular tool for analyzing air flow around cars and aircraft. As the cooling infrastructure of server rooms has increased in complexity, CFD has also become a useful tool in the data center for analyzing thermal properties and modeling air flow. In the global Computational Fluid Dynamics (CFD) segment, USA, Canada, Japan, China and Europe will drive the 8.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.1 Billion in the year 2020 will reach a projected size of US$2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$203.2 Million by the year 2026. More
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Global Industry Analysts, Inc.
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SOURCE Global Industry Analysts, Inc.
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