Global Finite Element Analysis Market 2016-2020
About Finite Element Analysis
Finite element analysis helps to evaluate the functionality of a given product design before its prototype is produced. It is used in various manufacturing industries for estimation of structural strength and behavior, modeling, simulation, and design optimization.
Technavio’s analysts forecast the global finite element analysis (FEA) market to grow at a CAGR of 13.03% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global finite element analysis (FEA) market for 2016-†. To calculate the market size, the report considers the revenue generated from the sales of FEA software only.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Finite Element Analysis (FEA) Market 2016-2020
Technavio recognizes the following companies as the key players in the global finite element analysis (FEA) market: ANSYS, Dassault Systèmes, MSC Software, and Siemens PLM Software.
Other Prominent Vendors in the market are: Altair, Aspen Technology, Autodesk, CD-adapco, COMSOL, ESI, and Exa.
Commenting on the report, an analyst from Technavio’s team said: “Production of next-generation vehicles in automotive industry will be a key trend for market growth. The auto emission of harmful gases in the environment has increased the need to develop new automobile designs. The need arises to design new exhaust systems and next-generation engines to reduce auto emission and its impact on the environment. The global automotive industry finds new demands for developing smart and safer trucks and cars. With this demand, the industry finds automobiles incorporated with interactive infotainment systems, collision-avoidance systems, wireless communications technology, and navigation devices. Engineers are using simulation software such as FEA to design electric powertrains and cars. Toyota Motors uses Opera FEA of Chelton to simulate Prius electric motors use in Prius hybrid vehicles.”
According to the report, one of the key drivers for market growth will be increase in adoption of cloud-based finite element analysis software. Cloud computing provides a vast space for data storage, ease of access, flexibility, and security. Companies increasingly prefer to use cloud-based FEA software as it is cost effective. End-users do not have to pay license costs as they can access the software through the cloud. The deployment of FEA in cloud leads to a reduction in cost, faster distribution, low maintenance, and increase in scalability. FEA providers are continuously focusing on providing FEA through the cloud.Siemens PLM Software entered into a partnership with Rescale, a cloud-based simulation platform provider, to offer Siemens PLM Software NX Nastran through the cloud in 2014. NX Nastran is available on a pay-per-use model and can be used to perform several simulations such as noise, harshness, and vibration analysis.
Further, the report states that one of the challenges for the market will be delivery of limited finite element analysis service packages. The global FEA providers face a high demand for low-cost FEA products and services. With the high demand for low-cost FEA products, vendors are faced with the challenge to reduce the cost of their products. Vendors are reluctant to reduce the cost as it will directly impact profit margins of vendors. To meet the high demand for low-cost FEA, vendors are cutting costs involved in service packages and delivery. FEA vendors in developing countries have started offering limited service packages at a comparatively low cost, instead of the entire package. The adoption of such limited packages has led to inaccurate results in product design, simulation, and testing, which makes the use of FEA ineffective.
ANSYS, Dassault Systèmes, MSC Software, Siemens PLM Software, Altair, Aspen Technology, Autodesk, CD-adapco, COMSOL, ESI, Exa.