Finite Element Analysis Market is forecast to reach $3.06 billion by 2025, at a CAGR of 9.1% during 2020-2025. Increasing requirement of finite element analysis for efficient product development cycle and its applications in production of next generation automobiles and aerospace technology will be a key trend for the growth of finite element analysis software market. The increase in R&D investments in manufacturing sector and rise in initiatives by several countries are the major factors for the growth of the market. In 2018, China government has launched an initiative called ‘Made in China 2025’ to promote industrial growth. Similarly India launched ‘Make in India’ initiative to promote the growth of manufacturing facilities. Such initiatives are likely to increase the demand for efficient manufacturing, thereby accelerating the demand for Finite element analysis Market.
Type – Segment Analysis
Design Optimization on the Finite Element analysis case is likely to register highest CAGR of 8.5% due to rising deployment of advanced technology in modern automobiles. The growing adoption of electric and hybrid vehicles and rising demand for safety and comfort in modern automobiles will be the key driving factors for design optimization on the Finite Element analysis case. Finite element analysis method is effectively used to solve the problem of whole deformation and stress distribution of complex parts and provides a strong support for the strength and stiffness analysis design of the transmission shell, suspension systems, brake systems, wheels and other auto parts in automobiles. Thus increased demand for cars will create an opportunity for Finite Element analysis. For instance BMW and Mercedes sold approximately 11000 and 15538 cars in 2018 with an increase of Y-o-Y growth of approximately 13% and 2% respectively.
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Application – Segment Analysis
Finite element analysis in automotive industry is likely to grow at a highest CAGR of 7.5% in the forecast period. Increased adoption of FEA to enables a reduction in product design time, operational costs, and also lesser marketing time. Several automobile manufacturers use applications of Finite element analysis. For Instance Toyota Motors uses Opera FEA of Chelton to simulate Prius electric motors use in Prius hybrid vehicles. Similarly, General Motors automobiles have been evaluated and developed using the finite element method. On the other hand High R&D investments will also lead to the rise in purchase of FEA software and services; thus, fueling market growth in this industry segment.
Geography – Segment Analysis
In 2018, APAC dominated the Finite Element analysis market share with more than 35%, followed by Europe. The economy of APAC is majorly influenced by the countries such as China and India. Automobile manufacturers in these countries faced with many challenges on product design such as superior performance, faster time to market and erosion in profit margins development for such challenges, Finite Element Analysis has become the mainstay to accelerate new product development in automobiles. On the other hand these countries are creating opportunities for this market by increased sales of automobiles. For instance, China is continuously creating opportunity for Finite element analysis market with the increased sales of automobiles in this region. The annual production of BMW in China increased to 450,000 vehicle units from 144,274 vehicle units, since 2017, from its house manufacturing plants. Along with the increase in the production, the company has also invested $1.14 billion for expanding its production line for its newer models. This plan will enforce automobile manufacturers to implement new technology to achieve the same, thereby creating opportunity for Finite Element analysis market.
Drivers –Finite Element Analysis Market
Growing demand for simulation software in finite Element Analysis
The adoption of simulation software in the automotive industry helps in vehicle development to ensure the proper functionality of the system. Automotive simulation software is now crucial as car and truck makers are majorly investing in the development of advanced vehicle technologies such as autonomous driving systems, safety-critical control software and smart electronics. In 2019, Siemens integrated MultiMechanics’ TRUE Multiscale simulation technology with Simcenter 3D software to accelerate innovation and adoption of advanced materials. Similarly, in electrical and electronics applications, simulation software is used for simulating electromagnetic performance across component, circuit and system design, and can evaluate temperature, vibration, and other critical mechanical effects. The innovation of electronic products set to create opportunities for simulation software thereby creating demand for Finite element analysis market during the forecast period.
Increasing integration in manufacturing sector
The demanding requirement from consumers and retail industries are bringing disruption in the manufacturing industry. At present, the manufacturing industry is focusing on enhanced design and early evaluation of critical design parameters of products in manufacturing sector. As finite element analysis is a widely used method for analyzing a structure or any complex system in this sector, several companies are adopting this method to overcome several design constrains. On the other hand several country governments are providing various initiatives to promote manufacturing industries. For Instance in India, the Government has launched the ‘Make in India’ Program to promote manufacturing in India and develop it as an attractive hub for manufacturing and to raise manufacturing to 25% of GDP. Similarly China is promoting manufacturing industry by an initiative called ‘made in china 2025’ to develop higher efficient products due to high competition from countries like Germany. These initiatives are aiming at improving efficiency of products in manufacturing sector. So, most of the manufacturers are deploy technology like Finite Element Analysis to achieve higher efficiency.
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Challenges – Finite Element Analysis Market
Availability of Open Source software
Availability of open source software online is one of the major factor which hamper the market in the forecast period. Several manufacturers adopt open source software for their design constraints. As open source software does not give accurate results in the design process and make the designers to adopt other alternatives. This could create a possibility of contraction of manufacturing unit and negatively affect the finite element analysis market growth.
Partnership, acquisitions and technology launches are key strategies adopted by players in the Finite Element Analysis Market. In 2018, the market of Finite Element Analysis industry outlook has been consolidated by the top five players accounting for 55% of the market share. Finite Element Analysis market top 10 companies include ANSYS, Dassault Systems, MSC Software, Siemens PLM Software, Altair, Aspen Technology, Autodesk, CD-adapco, COMSOL Multiphysics, ESI Group among others
In February 2019, ANSYS has acquired LSTC, the premier provider of explicit dynamics and other advanced finite element analysis technology.
In November 2019, Siemens acquired MultiMechanics, Inc., to integrate finite element software of Multimechanics, which helps companies virtually predict failure in advanced materials at an unprecedented level of speed and accuracy.
Asia-Pacific dominates the Finite element analysis market owing to rising production of automobiles and challenges on product design in manufacturing sector.
Design Optimization on the Finite Element analysis case is likely to register highest CAGR due to rising deployment of advanced technology in modern automobiles.
Finite element analysis in automotive industry is likely to grow at a highest CAGR owing to its applications such as reducing the product design time, operational costs, and also lesser marketing time.
Major companies in Finite element analysis market include ANSYS, Dassault Systems, MSC Software, Siemens PLM Software, Altair, Aspen Technology, Autodesk, CD-adapco, COMSOL Multiphysics, ESI Group among others.
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