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Finite Element Analysis (FEA) Software Market: Comprehensive Study, Market Dynamics, Growth Factors, and Industry Forecasts for the Next Decade
Finite Element Analysis (FEA) Software Market
As per the report, the finite element analysis (fea) software market size has grown rapidly in recent years. It will grow from $6.23 billion in 2023 to $7.01 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The finite element analysis (fea) software market size is expected to see rapid growth in the next few years. It will grow to $11.16 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.
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Liquid Fuel Industry's Surge Fuels Growth In Finite Element Analysis Software Market
The increase in liquid fuel production is expected to propel the growth of the finite element analysis software market going forward. Liquid fuel production involves the extraction, refining, and utilization of liquid substances, such as gasoline and diesel, for energy. Finite element analysis (FEA) software aids in optimizing structural integrity, heat transfer, and fluid dynamics in liquid fuel production equipment, facilitating efficient and safe processes while minimizing costs and environmental impact. For instance, in May 2022, according to the US Energy Information Administration, a US-based government organization, the United Kingdom produced 934,000 barrels per day (b/d) in total liquid fuels in 2021, and crude oil production in the UK increased to 793 barrels/per day in 2022. Therefore, the increase in liquid fuel production is driving the growth of the finite element analysis software market.
Cloud-Native Structural Simulation Software In The Finite Element Analysis Market
Major companies operating in the finite element analysis software market are developing innovative solutions such as finite element analysis solvers. A Finite Element Analysis (FEA) solver is the core computational engine within FEA software that performs the complex calculations necessary to analyze the behavior of a model under various conditions. For instance, in April 2023, Altair Engineering Inc., a US-based software company, launched OpenRadioss. OpenRadioss is a free, publicly available FEA software for simulating dynamic events like impacts, crashes, and high-pressure loading. It primarily uses the same input format and source code as its commercial counterpart, allowing users familiar with Radioss to transition easily.
The finite element analysis (fea) software market covered in this report is segmented -
1) By Software Type: Structural Analysis, Computational Fluid Dynamics (CFD), Electromagnetic Analysis, Thermal Analysis, Multi-physics Analysis
2) By Deployment: On-premises, Cloud-based
3) By Application: Automotive Industry, Aerospace And Defense Industry, Electrical And Electronics Industry, Civil Engineering And Construction, Industrial Machinery, Medical Devices, Energy And Power, Other Applications
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Major companies operating in the finite element analysis (fea) software market report are Siemens AG (Siemens PLM Software Inc.), IBM Corporation, Dassault Systemes, Hexagon AB, Keysight Technologies, Synopsys Inc, Autodesk Inc., ANSYS Inc, PTC Inc, Bently Systems Inc, Altair Engineering Inc, Aspen Technology, MSC Software Corporation, ESI Group, COMSOL AB, CD-ADAPCO Group, SimuTech Group, Flownex, NEi Software, NUMECA International, SimScale GmbH, BETA CAE Systems, Flow Science, ADINA R&D, Inc, Vanderplaats R&D Inc
Contents of the report:
1. Executive Summary
2. Finite Element Analysis (FEA) Software Market Report Structure
3. Finite Element Analysis (FEA) Software Market Trends And Strategies
4. Finite Element Analysis (FEA) Software Market - Macro Economic Scenario
5. Finite Element Analysis (FEA) Software Market Size And Growth
…..
27. Finite Element Analysis (FEA) Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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