Finite element analysis simulates an asymmetric car crash. (Image courtesy of Wikipedia.)
The explosion of the tech era has ushered in new demands for engineering companies to produce better, cheaper devices and to turn them around faster. This demand has buoyed computer-aided engineering (CAE) companies, which offer engineers the tools to design, analyze and refine systems and problems before they move a device concept to the stage of physical testing.
With the ever-increasing demand for faster time to market, simulation enables companies to study and understand their devices better. This helps to
In a report published by Zion Market Research, forecasts for the CAE market show an 11.1 percent compound annual growth rate (CAGR) for the next five years, amounting to a market value of $5,863.36 million by 2021. This growth reflects an increased reliance on CAE tools across sectors such as the automotive, aerospace, defense and medical device industries.
, circumvent post-production problems by finding and addressing design flaws early on, and cycle through many design changes without testing prototypes until they are very close to the final design stage.
The Zion Market Research report comments on the attractiveness of different segments, and discusses the competitive profiles of many major players, their business strategies, recent product developments and their financial overviews.
CAE Supports Every Industry
The demand for new technology shows up everywhere: in consumer devices such as smartphones, tablets and automotive smart systems; in newer manufacturing methods such as 3D printing; and in industries working to solve life-threatening problems, such as companies designing robotic medical devices and defense technology.
The report breaks down the trends by product type, examining finite element analysis (FEA) and computational fluid dynamics (CFD) software as the two major categories among CAE platforms. Then it provides an analysis based on the end-user segments—the aerospace, automotive, electronics, defense, industrial machinery and other industries.
It also provides a summary of market segments by world region, noting that the Asia-Pacific region is the fastest growing in the world for the CAE market. (However, North America currently accounts for the largest revenue share.)
Profiles for Siemens PLM Software, Inc., MSC Software Corporation, Bentley Systems, Inc., Dassault Systémes, S.A., and Synopsys, Inc., ANSYS Inc., Middle East Mentor Graphics Corporation, AspenTech, ESI Group, Exa Corporation and NUMECA International are included.
And Yet, Threats to the Market Growth
Finally, the report notes that there are some threats to the growth of the CAE market. With open-source software (not to mention software piracy) becoming more common, there are more and more alternatives to established tools. In an effort to curb this problem, some companies are now releasing cloud-based versions of their products in order to cut back some of the operating and maintenance costs for smaller industry sectors.
The need for technical expertise is also a deterrent to some, as there is a steep learning curve to gain the experience needed to use CAE programs effectively. This lack of skilled labor—where there is more demand than there are engineers—may also hinder market expansion. Time will tell how these factors affect the projected growth.
You can read the full report by Zion Market Research here.
Its Product Segment Analysis includes the following:
- Finite element analysis (FEA)
- Computational fluid dynamics (CFD)
The End-User Segment Analysis includes the following industries:
- Electrical and electronics
- Industrial machinery
The Regional Segment Analysis breaks down the market into the following regions:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
For a detailed look at the CFD automotive market read: CFD Auto Market to See a CAGR of 10% Between 2017 and 2021