ICT-IOT

Finite Element Analysis (FEA) Software Market is Predicted to Reach USD 15.09 billion by 2030

Mar 2024

ICT-IOT

As per the report published by Kings Research, the global Finite Element Analysis (FEA) Software Market was valued at USD 5.37 billion in 2022 and is projected to reach USD 15.09 billion by 2030, growing at a CAGR of 14.04% from 2023 to 2030.

The rapid electrification of the automotive industry is driving the demand for finite element analysis software. FEA software is playing a vital role in the design and development of electrified vehicles. As composite materials are essential for vehicle light weighting, the software needs to provide comprehensive electrified vehicle simulations for accurate analysis. Furthermore, to improve simulation accuracy, FEA software needs to employ various links to general-purpose 2D and 3D electromagnetic finite element analysis. As a result, automotive companies and their partners are increasingly adopting FEA software to enable rapid and accurate analysis of new designs, further driving the growth of the FEA software market.

Key Insights

  • Based on deployment, the cloud-based segment accounted for the largest market share of 64.17% in 2022
  • Based on application, the automotive segment is anticipated to register a significant growth rate of 16.24% over the forecast period
  • On the basis of region, Asia Pacific is likely to exhinit the highest CAGR of 16.63% through the review period

Altair Launches Cloud-based Structural Simulation Software to Enhance Accessibility

April 2023: Altair launched a next-generation cloud-based structural simulation software called Altair SimSolid Cloud that eliminates the need for geometry simplification and meshing, which are the most labor-intensive aspects of traditional finite element analysis. Notably, users can access this innovative simulation technology from any web browser, anywhere and anytime, enhancing accessibility for its users.

SimScale Introduces Cloud-based Simulation Platform for Multiple Industries

October 2022: SimScale is a cloud-based simulation platform widely used by engineers globally, including leading design and engineering firms in various industries such as construction, automotive, electronics, and medical devices. It allows easy handling of computer-aided design and supports comprehensive analysis capabilities such as finite element analysis and computational fluid dynamics (CFD).

Increasing Integration of ML and AI-based Technologies to Propel Industry Development

Machine learning and artificial intelligence algorithms are widely being integrated into FEA software. These algorithms can help automate certain parts of the simulation process, such as mesh generation and load identification, leading to faster and more accurate results. Other notable trends, including the use of high-performance computing systems, the utilization of machine learning and artificial intelligence algorithms, and the incorporation of additive manufacturing techniques, are further aiding market progress.

Widespread Adoption of Additive Manufacturing to Drive Market Growth

Finite element analysis can accurately simulate additive manufacturing processes, as well as the performance of the final product. The incorporation of additive manufacturing techniques has enabled the design and fabrication of more complex geometries. FEA plays a critical role in these processes, allowing for the simulation of the final manufactured parts' properties and performance. Moreover, such FEA software must also consider the impact of material qualities and variations, deposition direction, and thermal conditions during the manufacturing process. The incorporation of advanced materials and manufacturing techniques necessitates the use of sophisticated simulation software to ensure that the final product meets all specified criteria. As a result, FEA software providers such as Ansys, AlphaSTAR, and MSC Software are developing new tools to support the engineering requirements of additive manufacturing processes effectively.

Asia Pacific to Record Fastest Growth at a CAGR of 6.24% over the Forecast Period

Based on region, the global finite element analysis market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Asia-Pacific is expected the fastest growth at a CAGR of 6.24% through the timeframe. India's manufacturing sector is increasingly embracing finite element analysis (FEA) software to enhance product quality. FEA is being widely utilized to optimize designs, reduce manufacturing expenses, and expedite time-to-market through simulated assessments of product performance under diverse operational scenarios. Additionally, Indian enterprises are utilizing FEA tools to develop tailored femoral stem implants for the local demographic using innovative manufacturing methods like rapid manufacturing. Government initiatives such as 'Make in India' are further propelling the expansion of manufacturing facilities in the nation, driving up the demand for FEA software. Moreover, with proficient FEA engineers offering consultancy and analysis services, numerous Indian firms are subcontracting their FEA needs to ensure more authentic designs and superior product functionality.

Market Players Concentrating on Product Innovation to Drive Market Development

The global finite element analysis (FEA) software market is fragmented with key players such as ANSYS, Inc, Dassault Systemes, PTC, Autodesk Inc., Siemens, Bentley Systems, Incorporated, Murata Software Co., Ltd., SimScale GmbH, Synopsys, Inc., Schneider Electric (AVEVA Group), Dlubal Software GmbH, StruSoft AB, and Altair Engineering Inc. Companies in the industry are employing a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

Get the latest!

Get actionable strategies to empower your business and market domination

  • Deliver Revenue Impact
  • Demand Supply Patterns
  • Market Estimation
  • Real-Time Insights
  • Market Intelligence
  • Lucrative Growth Opportunities
  • Micro & Macro Economic Factors
  • Futuristic Market Solutions
  • Revenue-Driven Results
  • Innovative Thought Leadership