Finite Element Analysis [FEA] Software Market
Finite Element Analysis [FEA] Software Market (Component: Software and Services; Deployment: Cloud and On-premise; Enterprise Size: SMEs and Large Enterprises; and Industry: Automotive, Oil & Gas, Aerospace, Construction, Energy, Marine, Electronics Manufacturing, Industrial Equipment Manufacturing, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Multiple Industries Adopting Cost-effective FEA over Physical Prototypes to Optimize Products
The Finite Element Analysis (FEA) is the computerized simulation of any given product using the numerical technique called Finite Element Method (FEM). FEA is widely used to predict product reaction to real-world forces, vibration, heat, fluid flow, and other physical effects. Moreover, technicians use the FEA software to minimize the number of physical prototypes and tests, and optimize components in their design stage to produce better results, faster while saving on expenses. The finite element analysis is one of the most popular tools for stress and structural analysis. The ways of input extend to external tools such as kinematics analysis systems and computation fluid dynamics systems. The uses of the FEA software in mechanical engineering design (MED), CAD, structural analysis, modal analysis, solid mechanics, sheet metal forming analysis, etc. are currently driving the global finite element analysis (FEA) software market.
In order to comprehensively understand and mensurate physical aspects including structural behavior, thermal analysis, wave propagation, the growth of biological cells, etc., complex mathematics is necessary. The analysis of such aspects can be performed by using partial differential equations (PDE); however, in complicated situations where multiple variable equations are required, finite element analysis is currently the leading mathematical technique. Most organizations prefer finite element software based on application requirements. Although the basic principle of finite element analysis is the same, computer software can be generated with different specialties. Many commercial FEA software have advanced CAD function, while other software provides more problem-solving options. The growing need for such options is fueling the growth of the finite element analysis (FEA) software market globally.
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Extensive Use of Computer Simulation to Help Understand Coronavirus Effects
The COVID-19 pandemic has shaken the world in terms of numbers infected, mortalities, and the unmatched demand for healthcare services. As the immensity of the infections has become clear, authorities appear to have relied profoundly on computer simulations to plan and reduce the pandemic impact, with special importance on how to level the growth trajectory of the virus to reduce the stress on the healthcare operations. While considerable efforts have been made on epidemiological modeling of the spread of COVID-19 via computer simulation, the crisis inflates various new challenges that computer simulations, such as finite element analysis software, could be equally useful in addressing. Thus, amidst the COVID-19 crisis, there is continuous growth of the finite element analysis (FEA) software market.
Modeling and simulation creators are now considering their part in contributing to improving the knowledge of the disease, and intending to make better decisions and reduce its impact. The software environment presents the opportunity to work out different situations in silico rather than speculating on the real population and, in improving the models, often helps to produce a much better perception of the practice as a whole. Modeling has been used broadly by all governments and the World Health Organization in determining the most efficient approaches to attempt in lessening the effects of COVID-19. The epidemiological prototypes are intended at understanding the extent of the disease and the consequences of various interventions. However, a global pandemic creates a large number of difficulties and enigmas, and creators are trying hard to come up with the best solution.
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Cloud-based FEA Software Useful for Designers, Engineers
Any product is only useful as its capacity to respond sleekly to the given condition. However, the emergence of the FEA software makes accurate simulation possible for any engineer. For most creators, the more simulation outcomes reveal about their products, the more information they demand. Like in the instance of a heart stent, the capability to imagine the stent’s 3D geometry in a blood vessel allows the urge to envision steady-state mechanical forces, and from there to the need to learn its dynamics during vessel quantity changes with blood flow. Furthermore, in the automotive industry, manufacturers are frequently executing the finite element analysis software for modeling, simulation, estimation of structural strength, and design optimization as well. Moreover, the FEA software's increasing adoption across the world is likely to reduce operational costs and lessen product design time and the time spent on marketing. Thus, automotive is anticipated to be the fastest-growing segment of the global finite element analysis (FEA) software market during the forecast period.
Modern finite element analysis software makes it feasible to achieve solutions to nonlinear problems. Recognizing the problem, the part represented by these parameters, and a prepared and logical strategy will do much to ensure a successful solution. A nonlinear analysis is an analysis where a nonlinear relation operates between joined forces and displacements. Nonlinear effects can originate from geometrical nonlinearity, material nonlinearity, and contact. In the same way, the FEA software has also proven its efficacy in complex problems, driving more opportunities in the global market. Moreover, the shift toward cloud and mobile-based FEA software enables programmers and creators to access the software and work in partnership on results with anyone and from anywhere across the world. This leads to increased scalability, reduced cost, and low maintenance for product manufacturers, thus propelling the finite element analysis (FEA) software market.
Rising Production, Demand for Hybrid Vehicles Drives Global Market
The demand for the finite element analysis (FEA) software market has increased due to the high demand and adoption of vehicles. The market is expected to witness escalating demand for safety and comfort in modern automobiles, and thus, the FEA software will play an important role to ensure it. The finite element analysis software is presently proving to be the most productive way to develop new products, while improving the reliability and quality of the product from applications of FEA software manufacturing, aerospace, and electronics industries to marine and energy industries. Thus, the demand for FEA software is predicted to be consistent in the upcoming future. Owing to all these factors, the global finite element analysis (FEA) software market is expected to reach US$ 11 Bn by 2030, expanding at a CAGR of ~10% during the forecast period.
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The finite element analysis is rapidly being adopted, due to its growing need for an effective product development cycle and its applications in the creation of next-generation automobiles and aerospace technologies. There is an increased investment in research and development across several the manufacturing sector. Various developing countries are taking initiatives to adopt the simulation technology for future projects, which is expected to contribute to the expansion of the finite element analysis (FEA) software market. The policy of China and India to manufacture products in their regions is likely to drive the finite element analysis (FEA) software market during the forecast period.
Finite Element Analysis (FEA) Software Market: Overview
- According to Transparency Market Research’s latest research report on the global finite element analysis (FEA) software market for the historical period of 2018–2020 and the forecast period of 2020-2030, increasing adoption of outsourced financial services to fuel the efficiency of financial operations in commercial spaces is a key factor expected to boost the global finite element analysis (FEA) software market during the forecast period
- In terms of revenue, the global finite element analysis (FEA) software market was valued over US$ 4.1 Bn in 2020 and is expected to reach US$ 11 Bn by 2030, expanding at a CAGR of ~10% during the forecast period
Growing Trend of Cloud-based FEA Software: A Key Driver
- Cloud-based FEA software is a cost efficient solution and is being deployed across different industries in order to attain increased scalability, faster distribution, and lower maintenance
- Application of cloud computing offers ease of access, vast space for data storage, along with security and flexibility. Moreover, the emergence of cloud-based FEA software and tools makes comprehensive simulation practical for an engineer or designer.
- Therefore, FEA software and solution vendors are anticipated to focus more on cloud-based offerings in order to fulfill the growing market demand for cloud-based FEA software. For instance, companies such as MSC Software are offering cloud-based FEA software for ease of access to users.
- One of the major trends driving the finite element analysis (FEA) software market is the increasing shift toward cloud and mobile-based FEA software, which represents a major technological advancement in the finite element analysis (FEA) software market, as it enables programmers and designers to access the software and work in partnership on results with anyone and from anywhere across the world. Deployment of finite element analysis software in cloud primarily leads to increased scalability, reduction in cost, and lower maintenance.
High Spending on Simulation in Aerospace & Defense Industry
- Globally, an increase in spending on aerospace and defense is seen, which has paved the way for innovation and implementation of simulation software solutions. Despite higher spending, the aerospace industry has always struggled with maintaining profitability. Companies in the aerospace domain are under a lot of pressure to build more efficient space vehicles. Furthermore, these demands are against the framework of higher material costs, stricter regulations, higher fuel costs, and more demanding consumers. By integrating FEA software as part of the initial designing process, aerospace manufacturing companies and suppliers can evaluate designs and forecast product performance, while reducing the number of time-consuming and expensive physical prototypes in the first stage of the design cycle. Hence, FEA software proves to be cost-efficient for manufacturers.
- Some of the applications of simulation software in aerospace include aerodynamic performance of the airframe, landing gear, high-lift wing design, passenger comfort improvements, and fuel tank design. SolidWorks Simulation offered by Dassault Systemes SolidWorks Corp. U.S. has been deployed by the aerospace industry for a wide range of applications involving finite element analysis, kinematic analysis, and computational fluid dynamics, among others. Incorporation of advanced technologies, such as machine learning and artificial intelligence can help the aerospace and defense industry to become more proficient. Adoption of FEA software solutions in aerospace and defense industries can help in predicting how the final parts will react to structural and thermal loads, thereby driving the finite element analysis (FEA) software market growth.
Finite Element Analysis (FEA) Software Market: Competition Landscape
- Detailed profiles of providers of finite element analysis (FEA) software have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies. Key players operating in the global finite element analysis (FEA) software market include
- Synopsys, Inc.
- Autodesk, Inc.
- Dassault Systèmes
- IBM Corporation
- Altair Engineering Inc.
- Aspen Technology
- Siemens PLM Software, Inc.
- PTC Inc.
- Bentley Systems, Inc.
- ADINA R&D, Inc.
- ESI Group
- Computers and Structures, Inc.
- Dlubal Software GmbH
- MSC Software Corporation
- SimuTech Group
- Murata Software Co., Ltd.
- COMSOL Multiphysics
- BETA CAE Systems
- Vanderplaats R&D, Inc.
Finite Element Analysis (FEA) Software Market: Key Developments
- Key providers of finite element analysis (FEA) software, such as Siemens, Autodesk, ANSYS, and others are focused on acquisitions and partnerships in order to expand their presence and enhance their product portfolio in the finite element analysis (FEA) software market to attract more commercial customers
- Some of the key developments in the global finite element analysis (FEA) software market have been highlighted below:
- In January 2016, Siemens completed the acquisition of CD-adapco. With this acquisition, Siemens expands its portfolio for industry software.
- In August 2014, Autodesk completed the acquisition of NEi Software Inc. and thus enhanced its simulation software portfolio with the addition of two new simulation products, Autodesk Nastran 2015 and Autodesk Nastran In-CAD
- In March 2011, Autodesk completed the acquisition of Blue Ridge Numerics Inc., a leading simulation software provider. The addition of Blue Ridge Numerics' CF design software has enhanced the former company’s solution for digital prototyping with powerful thermal and fluid flow simulation capabilities.
- In the global finite element analysis (FEA) software market report, we have discussed individual strategies, followed by company profiles of providers of finite element analysis (FEA) software solutions. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global finite element analysis (FEA) software market.
Finite Element Analysis (FEA) Software Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global finite element analysis (FEA) software market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the finite element analysis (FEA) software market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the finite element analysis (FEA) software market will progress during the forecast period of 2020-2030.
The report offers intricate dynamics about the different aspects of the finite element analysis (FEA) software market that aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the finite element analysis (FEA) software market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the finite element analysis (FEA) software market, and estimate statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the finite element analysis (FEA) software market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the finite element analysis (FEA) software market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Finite Element Analysis (FEA) Software Market
The report provides detailed information about the finite element analysis (FEA) software market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the finite element analysis (FEA) software industry, so as to help them make successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of the advantages of finite element analysis (FEA) software?
- What are the various trends in the global finite element analysis (FEA) software market across the world and key market opportunities?
- What will be the revenue share of the global finite element analysis (FEA) software market in terms of industry?
- What will be the Y-o-Y growth of the finite element analysis (FEA) software market between 2020 and 2030?
- What are the competitive strategies of key players operating in the U.S., and the global market?
- Which component is expected to generate maximum revenue in the finite element analysis (FEA) software market during the forecast period?
Research Methodology – Finite Element Analysis (FEA) Software Market
The research methodology adopted by analysts for combining the finite element analysis (FEA) software market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the finite element analysis (FEA) software market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the finite element analysis (FEA) software market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the finite element analysis (FEA) software market.
Finite Element Analysis (FEA) Software Market – Segmentation
TMR’s research study assesses the finite element analysis (FEA) software market on the basis of component, deployment, enterprise size, industry, and region. Revenue data is estimated for all the abovementioned segments.