Finite Element Analysis Software Market Size & Share, by Solution {Software (On-premises, Cloud-based), Services (Implementation & Integration, Consulting, Support & Maintenance)}; Industry (Automotive, Construction, Manufacturing, Aerospace, Marine, Oil & Gas, Electronics, Electrical) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2031

 Global Finite Element Analysis Software Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global finite element analysis software market is estimated to garner a revenue of USD 12 billion by the end of 2031 by growing at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 5 billion in the year 2021. The growth of the market can primarily be attributed to the growing innovation in science & technology as well as engineering with increasing expenditure on research and development (R&D) worldwide. According to the Office for National Statistics, in the year 2020, the government net expenditure on R&D reached to USD 15.65 billion in United Kingdom, representing the highest percentage rise since 2013, in current or constant prices.

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Finite Element Analysis (FEA) Software is a tool for predicting the reaction of a developing product to real world forces. It is a computerized method of analyzing the effects of heat, vibration, fluid flow, fatigue and other physical effects on a product. The finite element analysis software rules out the possibilities of whether a product will wear out or breakdown and the chances of it working as the way it was designed. Generally, there are three group of elements which are one-dimensional (1D), two-dimensional (2D), and three-dimensional (3D) elements. Moreover, FEA is used to find the vulnerabilities in their design prototypes by means of calculations, models and simulations to predict how a product/object might behave under various physical conditions. With the recent advancements in automobile engineering as well as rising demand of automotives across the globe is expected to create massive revenue generation opportunities for the key players operating in the global finite element analysis software market during the forecast period. It was observed that, in the year 2021, there was ~5 % growth in the trade surplus generated by the European Union (EU) auto industry.

Global Finite Element Analysis Software Market: Growth Drivers and Challenges

Growth Drivers

• Increase in Liquid Fuel Production and Consumption –Finite element analysis software is utilized in the oil and gas industry in order to detect the effect of fluid in a given system. Moreover, the oil and gas production industry deals in extreme temperatures that are controlled by engineers through the system. Therefore, it is expected to drive the growth of the global element analysis software market.

According to the U.S. Energy Information Administration (EIA), the global petroleum and other liquid fuel production and consumption is estimated to be ~100 and ~99.58 million barrels per day respectively, in the first quarter of 2022.

• Upsurge in Defense R&D Expenditure –The equipment that is used in defense is tested through finite element analysis software before getting approved. Hence, it is projected to drive the growth of the market.

As per the data furnished by the Office for National Statistics, in the year 2020, defense R&D expenditure increased by 4.8% from ~USD 1.0 billion in 2019 to ~USD 1.13 billion.

• Growing Investment in the Power Generation Sector -The complex nature of power generators is understood with the support of finite element analysis software in order to solve the structural engineering problems. Hence, it is projected to increase the growth of the global finite element analysis software market.

In the year 2020, annual global power generation investment was accounted to be USD 500 billion.

• Rise in the Number of Software Engineers – As in 2022, there were approximately 30 million software engineers around the globe out of which United States has more than 687,000 software engineers.

Challenges

• Challenge of Stress Concentration and Accuracy Between the Test Result and the Final Result
• Complex and Time - Consuming Process
• Demands for Higher Configuration System

The global finite element analysis software market is segmented and analyzed for demand and supply by solution into software and services. Moreover, software is further bifurcated as, on-premises and cloud-based software whereas services are further categorized into implementation & integration, consulting, support & maintenance. Amongst these segments, the software segment is anticipated to garner the largest revenue by the end of 2031, backed by the growing use of thermal analysis software to analyze heat transfer processes as well as offering solutions for conduction, convection, radiation, and changes of phase helping to develop various designs required by food industry globally. According to the Food and Agriculture Organization of the United Nations data, compared to the year 2000, 47% more meat was produced globally, accounting to USD 342 million tonnes in 2018, with 50% increase contributed by the chicken meat.

Major Macro-Economic Indicators Impacting the Market Growth

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.  

Global Finite Element Analysis Software Market Regional Synopsis

Regionally, the global finite element analysis software market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these market in the North America region is projected to hold the largest market share by the end of 2031, backed by an increased adoption of advanced finite element analysis software applications by aerospace & defense sector. It was found that, in the year 2020, the U.S. Aerospace and Defense industry accounted for more than USD 380 billion or ~1.8% of the total United States Gross Domestic Product (GDP).

The global finite element analysis software market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global finite element analysis software market includes the following segments:

Top Featured Companies Dominating the Global Finite Element Analysis Software Market

• ANSYS, Inc.
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis 
• Autodesk, Inc.
• Synopsys, Inc.
• Dassault Systèmes
• IBM Corporation
• Altair Engineering Inc.
• Aspen Technology Inc
• Siemens PLM Software, Inc.
• PTC Inc.
• Comsol AB