Finite element (FEA) Software Market: Introduction
- Finite element analysis (FEA) software is used to virtually test and predict the behavior of structures and solve complex structural engineering problems subjected to dynamic and static loading conditions. In addition, FEA software is used to perform simulations structure, which includes linear static and nonlinear quasi-static analyses.
- Finite element analysis (FEA) software is a computerized method to predict how a product reacts to real- world forces such as heat, vibration, fluid flow, and other physical effects. It also predicts the behavior of products affected by physical effects that include mechanical stress, mechanical vibration, fatigue, motion, heat transfer, electrostatics, and plastic injection molding.
- COVID-19 has adversely affected the finite element analysis (FEA) software market, due to decline in production and shutdowns across the world. The situation is exacerbated by staff shortages, and pressure on the existing infrastructure as firms scramble to deal with the impact of COVID-19. Hence, the disruption on manufacturing industries caused by COVID-19 has severe operational, social, and financial consequences, which in turn has affected the growth of the finite element analysis software market.
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Global Finite element analysis (FEA) Software Market: Dynamics
Global Finite element analysis (FEA) Software Market:
- Rising new fabrication materials - shape-memory alloys (SMAs) such as Nitinol and composites such as carbon-fiber-reinforced polymer (CFRP), is expected to boost the FEA software market. Introduction of new materials will push software developers to exploit the opportunity in industries.
- The trend of cloud and mobile-based FEA software, which enables designers and programmers to access the software and collaborate on results with anyone and from anywhere across the globe is expected to fuel the FEA software market.
- FEA software also eliminates the hassle of multiple prototypes, product recalls, and consumption of material, which is its major advantage. This drives the growth in R&D facilities across various industries globally, in turn, boosting the FEA software market.
- Rising demand for automobiles across the world is expected to accelerate the growth of the FEA software market. Automotive OEMs are aggressively developing new automobile and component designs such as next-generation IC engines and exhaust systems to curb vehicular emission and its impact on the environment. FEA software is the most cost-effective and fastest way to develop new products while improving quality and reliability of the product. This factor is likely to trigger the growth of the finite element analysis software market.
North America to Account for Major Share of the Global Finite Element Analysis (FEA) Software Market
- In terms of region, the global finite element analysis (FEA) software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is anticipated to lead the global finite element analysis (FEA) software market, due to well established players and rising adoption of FEA software for the production and manufacturing of automobiles and aerospace in the region.
- Europe is expected to hold a significant share of the FEA software market due to rise in R&D investments in the manufacturing sector and increasing initiatives for manufacturing automobiles.
- The finite element analysis (FEA) software market in Asia Pacific is expected to hold significant share due to rising adoption of FEA software across developing countries such as China and India. This is expected to fuel the growth of the finite element analysis (FEA) software market across Asia Pacific. In addition, the China government has launched an initiative called ‘Made in China 2025,’ to promote industrial growth. In the same way, India launched the ‘Make in India’ initiative to promote the growth of manufacturing facilities. Such initiatives across Asia Pacific are likely to increase the demand for efficient manufacturing in the region, which in turn will trigger the growth of the finite element analysis (FEA) software market.
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Global Finite element analysis (FEA) Software Technology Market: Competitive Landscape
Key Players Operating in the Global Finite Element Analysis (FEA) Software Market
Local, regional, and international players are present in the finite element analysis (FEA) software market. The market is highly consolidated, with top manufacturers accounting for approximately 25%–30% of the market share. Key players operating in the global finite element analysis (FEA) software market are:
- ANSYS, Inc.
- Autodesk Inc.
- COMSOL INC.
- Dlubal Software GmbH
- Lauterbach Verfahrenstechnik GmbH
- Manor Tool & Manufacturing Company
- Murata Software Co., Ltd.
- Sabalcore Computing, Inc.
- Siemens Industry Software Inc.
- SimScale GmbH
- SimuTech Group
Global Finite Element Analysis (FEA) Software Market: Research Scope
Global Finite Element Analysis (FEA) Software Market Segmentation, by Deployment
Global Finite Element Analysis (FEA) Software Market Segmentation, by Type
- Design Optimization
Global Finite Element Analysis (FEA) Software Market Segmentation, by Application
- Heavy Machinery
- Additive Manufacturing
- Industrial Equipment
- Automotive and Aircraft Parts
- Bridge design
- Medical Cases
Global Finite Element Analysis (FEA) Software Market Segmentation, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.