Computer-Aided Engineering Market to Reach US$ 29,126.2 Million by 2034 from US$ 10,978.9 Million in 2024 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Global Computer-Aided Engineering Market accelerates, driven by innovative manufacturers and rising demand for precision across industries. Many industries, including shipbuilding, automation, and space exploration, and aviation, employ computer aided engineering.
NEWARK, Del, Jan. 25, 2024 (GLOBE NEWSWIRE) -- 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 million.
The United States market is projected to register a CAGR of 7.1% through 2034.
The markets for computer-aided engineering in Japan, China, and Australia are forecast to expand at CAGRs of 11.5%, 10.8%, and 13.8%, respectively, through 2034.
The software segment is predicted to account for a market share of 54.3% in 2024.
The cloud-based CAE is estimated to capture a share of 51.1% 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.
Key Computer-aided Engineering Suppliers and Producers
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
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflecting his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently recognized him as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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