Last updated on September 2nd, 2022 at 11:09 am
Research Nester published a report titled “Finite Element Analysis Software Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global finite element analysis software market in terms of market segmentation by solution, industry, and by region.
Further, for the in-depth analysis, the reports encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global finite element analysis software market is anticipated to grow with a CAGR of ~10% during the forecast period, i.e., 2022-2031. The market is segmented by solution into software and services. Out of these the software segment is anticipated to garner the largest revenue by the end of 2031, owing to the growing use of thermal analysis software to analyze heat transfer processes as well as offering solutions for conduction, convection, radiation, and changes of phase helping to develop various designs required by food industry globally.
Rise in the number of software engineers as well as growing investment in the power generation sector along with increase in liquid fuel production and consumptionare some of the major growth factors anticipated to drive the growth of the global finite element analysis software market during the forecast period.
Geographically, the global finite element analysis software market is segmented into five regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America region is projected to garner the largest share by the end of 2031. The increase adoption of advanced finite element analysis software applications by aerospace & defense sectorin the region are some of the major factors anticipated to drive the growth of the market in North America region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Upsurge in Defense R& D Expenditure to Drive the Market Growth
According to the Office for National Statistics data, the defense R&D expenditure increased by 4.8% in the year 2020 as compared to 2019.
The increasing usage of finite element analysis software in various industries, such as automotive, building & construction, defence, aviation energy and others, is expected to drive the market growth. Moreover, an increasing expenditure on innovation by various sector along with the rising number of products demanding for finite element analysis software is expected to boost the market growth.
However,demands for higher configuration system, complex and time-consuming process and challenge of stress concentration as well as high prices of finite element analysis software are expected to operate as restraints to the growth of the global finite element analysis software market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global finite element analysis software market which includes company profiling of ANSYS, Inc., Synopsys, Inc., Autodesk, Inc., DassaultSystèmes, IBM Corporation, Altair Engineering Inc., Aspen Technology Inc, Siemens AG, PTC Inc., Comsol AB and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global finite element analysis software market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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