Global Finite Element Analysis Market is valued at approximately USD 4.67 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 10 % over the forecast period 2022-2029. Finite Element Analysis can be defined as the use of calculations, models, and simulations to predict and evaluate how an object might behave under different real-world conditions. Moreover, FEA is used by designers & engineers to find vulnerabilities in their design prototypes. . FEA simulation software is used for conducting Finite Element Analysis. FEA is created by a mesh of millions of smaller elements that combine to create the shape of the structure, each of these small elements is then subjected to various calculations. The increasing adoption of cloud applications & services and growing smartphone industry as well as strategic initiatives from leading market players are key factors accelerating the market growth.
The increasing adoption of cloud applications is contributing to the growth of the Global Finite Element Analysis Market. For instance, according to Statista- in 2021, the global cloud applications market was valued at USD 133.6 billion, and the market is projected to grow to USD 168.6 billion by 2025, representing a compound annual growth rate of 4.8 percent. Another key factor driving the market space is growing construction industry, as FEA is used in structural design. For instance, as per Statista – in 2021, the global construction market was valued at USD 7.3 trillion, and the market is projected to grow to USD 14.4 trillion by 2030. Also, growing integration in manufacturing & defense industry coupled with rising advancements in FEA Software would create a lucrative growth prospectus for the market over the forecast period. However, availability of freeware & open-source software stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Finite Element Analysis Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the presence of leading software vendors and increasing use of finite element analysis across the industries in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising expansion of automobile industry, and defense industry coupled with increasing integration of FEA analysis in defense & construction industry.
Major market players included in this report are:
- Altair Engineering Inc.
- Ansys Inc.
- Aspen Technology
- Autodesk Inc.
- Fidelis Engineering Associates
- Comsol Inc.
- Dassault System SE
- Esi Group
- Msc Software Corporation
- Siemens Digital Industries Software
Recent Developments in the Market:
In May 2021, Cenos LLC launched a new Antenna Design simulation software. This new finite element metho-based software enables engineers to speed up radio frequency antenna design. Moreover, this new software is designed to handle high Q, multi-port simulations with arbitrary 3D structures.
Global Finite Element Analysis Market Report Scope:
- Historical Data 2019-2020-2021
- Base Year for Estimation 2021
- Forecast period 2022-2029
- Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered Component, Deployment, Enterprise Size, End-Use Industry, Region
- Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By End-Use Industry
- Aerospace & Defense
- Electrical & Electronics
- North America
- Asia Pacific
- South Korea
- Latin America
- Rest of the World