The computer-aided engineering market value is expected to rise from US$ 10,978.9 million in 2024 to US$ 29,126.2 million by 2034. This market is expected to rise at a CAGR of 10.20% over the next decade.
The increasing use of computer-aided engineering (CAE) to elevate product reliability and quality is projected to propel market growth. In addition to this, the surging deployment of CAE to reduce costs, optimize designs, and ensure the overall success of engineering projects is propelling growth in the market.
The growing demand for CAE in the automotive sector to lower emissions and enhance safety and fuel efficiency is projected to boost the CAE market in the future. Moreover, the increasing development of eco-friendly products in different sectors is providing lucrative growth opportunities to top investors.
The surging adoption of CAE tools to analyze vehicle aerodynamics and battery performance contributes to market growth. Besides, the intensifying focus on data exchange and automation in manufacturing is augmenting the CAE market. The rising demand for CAE solutions to enhance prosthetic implants in orthopedic surgeries is contributing to market growth.
“Market players are finding significant growth opportunities in the Asia Pacific region, with China, Japan, and Australia as the high-growth bearing countries. Apart from this, market leaders are focusing on enhancing their offerings of cloud-based CAE solutions to capture customers for this deployment model,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
Key Takeaways from the Computer-aided Engineering Market Report
- In 2019, the computer-aided engineering market generated a revenue of US$ 7,282.7
- The United States market is projected to register a CAGR of 1% through 2034.
- The markets for computer-aided engineering in Japan, China, and Australia are forecast to expand at CAGRs of 5%, 10.8%, and 13.8%, respectively, through 2034.
- The software segment is predicted to account for a market share of 3% in 2024.
- The cloud-based CAE is estimated to capture a share of 1% of the market in 2024.
Competitive Analysis
Key players continuously innovate and introduce new functionalities and features to their software, like multi-physics simulations, better meshing capabilities, and integration with machine learning (ML) and artificial intelligence (AI). Further, market leaders are extending into new high-growth geographic markets like China and Australia.
Key contenders are focusing on partnering and acquiring other companies in the CAE ecosystem to enjoy more enriched sources in terms of expertise, technologies, and markets. Additionally, players are focusing on cloud-based offerings and subscription-based models to enhance their revenue flow.
Recent Developments in Computer-aided Engineering Market
- In April 2023, Avient Corporation upgraded CAE capabilities to support the usage of plastics in structural applications. The advanced solutions are designed to help customers predict the response of fiber-reinforced polymer materials to accelerate the speed to market.
- In June 2022, Ansys and SoftInWay entered into a partnership to further support the digitization of a streamlined workflow for single-stage, multi-stage, and multi-module turbomachinery.
- In 2022, Ansys and AWS expanded their high-performance computing (HPC) in the cloud to help advance CAE, electronic design automation (EDA), and simulation solutions.
Key Segments Covered in the Computer-aided Engineering Market Report
By Type:
- Finite Element Analysis (FEA)
- Computational Fluid Dynamics (CFD)
- Multibody Dynamics
- Optimization and Simulation
- Software
By Deployment Model:
- On-premise
- Cloud-based
By End-Use Industry:
- Automotive Industry
- Defence and Aerospace Industry
- Electronics Industry
- Medical devices
- Industrial equipment
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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