Computer Aided Engineering Market Poised for Strong Growth, Reaching US$ 22.7 Billion by 2033

The computer-aided engineering market is expected to grow at a high-value rate of 8.6% CAGR over the next ten years, with a projected value of US$ 9.9 billion in 2023. By the end of 2033, the global market for computer-aided engineering is expected to be valued US$ 22.7 billion.

When computers became widely used devices worldwide, there have been significant changes in the engineering and design industries. The usage of engineering software and computer-aided design (CAD) to increase efficiency and better project outcomes has been further supported by digitization.

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Simulation, validation, testing, and analysis of many products across multiple industrial verticals are all included in computer assisted engineering, or CAE. Manufacturer profitability is increased when several physical prototypes are avoided and the overall cost of product development is decreased via the use of CAE software and solutions.

Future forecasts indicate that the growing usage of finite element analysis and computational fluid dynamics in a number of industrial verticals for product design and development will boost sales of computer-aided engineering software. Over the next ten years, a number of factors could favorably impact market growth, including rising awareness of the advantages of computer-aided design and engineering, increasing use of CAE solutions for aircraft design, growing adoption of 3D printing and Internet of Things (IoT) technologies, and rapid digitization.

Key Companies Profiled

• ANSYS Inc.
• Exa Corporation
• 3D Systems Corp.
• ESI Group
• Siemens AG
• Dassault Systems
• Autodesk Inc.
• Altair Engineering
• Aveva Group
• Hexagon AB
• Bentley Systems Inc

In contrast, it is anticipated that future market growth would be significantly constrained by the high costs associated with both installation and license fees for computer-aided engineering software and solutions. Future main problems for computer-aided engineering organizations are anticipated to include the ongoing requirement for new upgrades and security issues.

The lack of qualified workers with the necessary technical know-how to run and implement computer-aided design and engineering solutions is also anticipated to limit market expansion to some degree.

Innovation in Computer-Aided Technologies Development
Aspiring firms in computer-aided engineering are concentrating on creating novel approaches to make computer-aided design more straightforward for many industrial verticals. It is anticipated that emerging suppliers of computer-aided engineering would concentrate on obtaining fresh funding to support their company growth initiatives and expedite the release of innovative CAE products.

Munich, Germany-based SaaS business SimScale said in January 2020 that it has secured US$ 29.4 million in a Series C financing headed by Insight Partners. With this finance, the business intended to broaden the use of its cloud-based engineering simulation platform.

Established market companies and educational institutions have initiated supporting initiatives to help start-ups enhance their commercial potential. These initiatives can also be advantageous to new sellers of computer aided engineering software.

Governmental Programs that Encourage Manufacturing Activity

For a considerable amount of time, the governments of the Asian nations have been initiating new programs to support industrialization and manufacturing in order to support their economic growth. This has made the situation extremely favorable for computer-aided engineering suppliers in the Asia-Pacific area. China and India are favored nations by several global product manufacturers due to their low labor and manufacturing costs.

Future use of computer-aided engineering solutions and services is also expected to be boosted by the rising popularity of automation in sectors and the growing technological penetration of Asian nations.
Increased Utilization of Computer-Aided Design and Engineering in the Automobile Sector

Europe has a strong car manufacturing sector, which is expected to drive demand for computer-aided engineering for the next 10 years. In the upcoming years, it is also anticipated that growing investments in the development of innovative battery technologies and a growing application of computational fluid dynamics and finite element analysis in vehicle design would support market expansion in European nations.

The demand for CAE solutions and services is expected to increase in the future due to growing expenditures in the construction of renewable energy infrastructure and increased defense sector spending. Through 2033, the most profitable markets in the European area are expected to be Germany and the United Kingdom.

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Competitive Environment

Leading producers of computer-aided engineering are introducing new product suites with the newest features and analytical tools for developers and designers.

Amazon Web Services, a division of Amazon that provides cloud computing solutions, unveiled its new set of finite element analysis tools for cloud use in February 2023. PArallel, Large-scale Computational Electromagnetics, is short for Palace, which is a parallel finite element code used for full-wave electromagnetics simulations.

Leading producer of simulation and analysis software Ansys announced in October 2022 the release of Ansys Gateway, a cloud-based platform driven by AWS solutions that makes it simple for customers to access and use Ansys simulations.

Key Segments of Computer Aided Engineering Industry Research

• By Type :
o Finite Element Analysis (FEA)
o Computational Fluid Dynamics (CFD)
o Multibody Dynamics
o Optimization & Simulation
• By Deployment :
o On-premise
o Cloud-based
• By End Use :
o Automotive
o Defense & Aerospace
o Electronics
o Medical Devices
o Industrial Equipment
o Others
• By Region :
o North America
o Latin America
o Europe
o APAC
o MEA

This robust growth trajectory highlights the pivotal role of CAE in enhancing product development processes, reducing time-to-market, and lowering overall costs. As industries continue to embrace digital transformation, the demand for sophisticated CAE tools and software is expected to rise significantly, providing ample opportunities for innovation and investment in the sector.

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This release was published on openPR.