The ‘Global Computer Aided Engineering Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global computer aided engineering market, assessing the market on the basis of its segments like type, deployment model, end-use, and major region.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Computer Aided Engineering Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 8.37 billion
- Forecast CAGR (2023-2028): 20%
- Forecast Market Size (2028): USD 14.04 billion
Computer assisted engineering (CAE) facilitates faster product development processes by removing the need to construct physical prototypes in the early stages of product development. As a result, it has a wide range of applications in the automotive, aerospace, plant engineering, electronics, energy, and healthcare sectors, thereby propelling the computer aided engineering market growth.
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Developments in the automotive sector, such as the introduction of driverless and semi-autonomous vehicles that employ technology for accident avoidance, parking assistance systems, and interactive infotainment systems, are further likely to propel the market for computer aided engineering in the forecast period. In addition, it is anticipated that the development of cutting-edge technologies, such as semi-autonomous and driverless vehicles, will favourably impact the computer aided engineering market expansion.
Developers and designers across diverse fields can share their products on cloud platforms, which is enabling enhancement of mobility, while facilitating cost savings, owing to the user-friendly technological developments in CAE software. During the projected period, finite element analysis (FEA) is anticipated to hold a sizable share of the market for computer aided engineering. The capabilities of CAE, such as improved accuracy, accessibility, and the prevention of further failures, are broadening the range of its applications in critical structure engineering. Its ability to predict product performance is also increasing its popularity across a variety of sectors, which will likely accelerate its adoption.
Computer Aided Engineering Industry Definition and Major Segments
Computer-aided engineering (CAE) refers to the process of creating a product and simulating its performance using computer software and virtual tools. It helps developers address various engineering issues while enhancing the product’s performance and design. The physical characteristics of a product are replicated by CAE, together with thermal and finite element analysis and several optimisations.
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By type, the market is segmented into:
- Finite Element Analysis (FEA)
- Computational Fluid Dynamics (CFD)
- Multibody Dynamics
- Optimisation and Simulation
On the basis of deployment model, the market is bifurcated into:
By end-use, the market is categorised into:
- Defence and Aerospace
- Medical Devices
- Industrial Equipment
On the basis of region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Computer Aided Engineering Market Trends
The key trends driving the computer aided engineering market growth include the rapidly expanding wearable sector, which is leading to a heightened use of CAE software in a variety of sectors including fitness, healthcare, entertainment and gaming, education, and transportation, among others. The increasing penetration of IoT enabled gadgets, smartphones, and tablets, is further improving the dynamics of the market for computer aided engineering.
Additionally, the miniaturisation of electronic and sensor components has accelerated the expansion of the computer aided engineering market. Surgical tools, medical devices, and lab equipment are becoming stronger and more specialised as a result of the expanding usage of 3D printing in the healthcare sector. Computer-assisted engineering solutions are also frequently used in the healthcare sector for greater accuracy and improved patient outcomes. Examples include tailored prosthetic implants for orthopaedic and dental procedures.
Building information modelling (BIM), 3D printing, and concurrent engineering are among the emerging engineering approaches that are expected to have a favourable impact on the computer aided engineering market. The development of electrical battery-powered aircraft engines and low-emission aircrafts is a common application of CAE solutions. Additionally, this technology is assisting in the creation of cutting-edge and ecologically friendly passenger aircraft designs for the next generation of aircrafts.
Key Market Players
The major players in the global computer aided engineering market report are ESI Group, SimScale GmbH, NovaStar Solutions, Autodesk Inc., Dassault Systèmes S.E., Hexagon AB, Altair Engineering Inc., ANSYS, Inc, and Siemens AG, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.