Finite Element Analysis [FEA] Software Market (Component - Service, and Software; Deployment - On-premise, and Cloud; End User - Manufacturing, Electronics and Electrical, Automotive, Aerospace, Oil and Gas, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on finite element analysis [FEA] software market provides in-depth analysis of segments and sub-segments in the global as well as regional finite element analysis [FEA] software market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional finite element analysis [FEA] software market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global finite element analysis [FEA] software market.

Market Insight:

The global Finite Element Analysis [FEA] software market was valued at USD 5.18 billion in 2022 and is expected to reach USD 11.67 billion in 2030, with a CAGR of 9.18% during the forecast period 2023-2030.

Finite Element Analysis (FEA) is a type of computational method used for predicting the reactions and effects of forces, vibrations, heat, fluid movement, and other physical influences on a production in the real world. Finite Element Analysis (FEA) Determines if a product will wear out, break, or perform as intended. It's actually utilized in the product creation process to forecast how the product will perform and what will happen when it is used. FEA breaks down an actual object into a large number of finite elements (thousands to hundreds of thousands), such as small cubes. The separate behaviors are then added together by a computer to anticipate the behavior of the actual object. By using FEA software, predictions regarding the behavior of a product being affected by physical effects such as mechanical vibration, mechanical stress, fatigue, motion, electrostatics, heat transfer, and others are made.

Strong growth in end user industries such as aerospace, defense, automotive, electronics, and electrical has catapulted the growth of the market. The end-user industries are focusing on the R&D of new products and boosting product development. The development of new jets, hybrid and electric vehicles, smart gadgets, and chips is going on a large scale. Therefore, the demand for Finite Element Analysis (FEA) Software has increased significantly over the past few years. Thus, this factor is majorly driving the market. Furthermore, end-user industries are widely adopting cloud-based FEA software due to multiple advantages. Cloud-based FEA solutions offer rapid deployment, scalability, cost-effectiveness, and compressive testing of products with a huge amount of storage for engineers and designers around the world. These cloud-based FEA solutions can be accessed from any part of the world with a stable internet connection and a device. The market's growth may be stifled because FEA software is still prohibitively expensive for small and medium-sized businesses to adopt. Nevertheless, new growth opportunities are in foresight as new technologies such as AI and ML are emerging in the market. The integration of these new technologies with FEA software will significantly increase the capabilities of FEA software.

Many big companies from industries such as automotive, aerospace and defense, manufacturing, and others are based in North America. North America serves as the primary market for companies such as Boeing Company, Tesla, Inc., Ford Motor Company, General Motors Company, Apple Inc., Lockheed Martin Corporation, and organizations such as NASA. All of these companies have their R&D and product development centers in North America. Therefore, the demand base for FEA software is strong in North America. Furthermore, the concentration of market players is high in the region, with companies such as ANSYS, Inc, Autodesk Inc., IBM Corporation, Altair Engineering Inc., Advanced Science and Automation Corp., and others operating in North America. The demand for FEA software is rapidly growing in the automotive industry as the development of EV and hybrid vehicles is increasing in the region. Due to the strong demand from end-user industries and the growth of local players offering FEA software and solutions, Asia-Pacific is expected to be the fastest-growing region in the market. The growing use of Computer-aided Engineering (CAE) tools, such as Finite Element Analysis (FEA) software, in various industries in the Asia-Pacific region is expected to drive market growth.

Report Scope of the Finite Element Analysis [FEA] Software Market:

Segment Covered

The report on global finite element analysis [FEA] software market covers segments such as component, deployment, and end user. On the basis of component, the sub-markets include service, and software. On the basis of deployment, the sub-markets include on-premise, and cloud. On the basis of end user, the sub-markets include manufacturing, electronics and electrical, automotive, aerospace, oil and gas, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Autodesk Inc., IBM Corporation, Siemens, PTC, Logic Design Inc., Advanced Science and Automation Corp., ANSYS, Inc, COMSOL AB, Altair Engineering Inc., ADINA R&D, Inc. (acquired by Bentley Company), and Others.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the finite element analysis [FEA] software market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.