LONDON--(BUSINESS WIRE)--The computer aided engineering (CAE) market size is expected to grow by USD 4.27 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The global electrical and electronics industry is witnessing an increase in the demand and subsequent production of smartphones and tablets. Tablets and smartphones fulfill both the entertainment and business-related needs of end-users, leading to their increased adoption among end-users. Smartphone and tablet providers are using new technologies, hardware, and software to launch innovative products in the market. They are adopting simulation software to analyze several parameters of product development. For instance, ANSYS simulation software, including FEA, is used to analyze the structural weakness of a tablet casing and the effect of different casing materials on thermal management and IC performance and check for electronic signal performance. This has increased the demand for FEA software in the smartphone industry, thereby driving the growth of the market.
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As per Technavio, the growth of application-specific CAE software will have a positive impact on the market and contribute to its growth significantly over the forecast period. This CAE market research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Computer Aided Engineering (CAE) Market: Growth of Application-Specific CAE Software
One major trends observed in this market is the shift toward application-specific simulation software (vertical apps) from generic simulation software. This is due to the increasing focus of end-users on the design and ease of use of the software. For instance, a simulation app for designing and manufacturing engines should provide options for the simulation of engine parts and other aspects. Such options make it easier for the designers to focus on the design aspect, making the learning curve for CAE software steeper. Some vendors provide end-users with options to create their own simulation environments. One such example is the Application Builder software, developed by COMSOL, which can be used by the end-users to build application-specific simulation environments, satisfying the end-user requirements with the help of customization.
“Factors such as the development of CAE solutions at the nano level, and the increased adoption of CFD for battery designing will have a significant impact on the growth of the computer-aided engineering (CAE) market value during the forecast period,” says a senior analyst at Technavio.
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Computer Aided Engineering (CAE) Market: Segmentation Analysis
This market research report segments the computer aided engineering (CAE) market by product (CFD and FEA), end-user (automotive, aerospace and defense, electrical and electronics, and others), and geographic landscape (APAC, Europe, MEA, North America, and South America).
Europe led the computer aided engineering (CAE) market in 2019, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the growth in R&D in the aerospace and defense industry.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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