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The global FEA market in the aerospace and defense industry is witnessing substantial growth, and it is predicted to grow at a CAGR of nearly 11% from 2015 to 2019. Key observations of Technavio’s research analysts has found aerospace and defense companies extending their contracts with the PLM solution providers.
Boeing is currently in the second year of its 10 year term agreement with Siemens PLM Software. The contract includes FEA for Commercial Airplanes and Defense Space and Security segment. Boeing also extended their contract with Dassault Systems for 5 years to continue using their PLM solutions. These contract extensions are lending to new revenue streams to the market in the form of new software licenses sold, subscription, updates and upgrades, and new maintenance.
The global FEA market in the aerospace and defense industry was dominated by the Americas in 2014 and the trend is expected to continue during the forecast period.
Initiatives by governments of the leading countries in the APAC region will boost their respective aerospace and defense industry. The APAC is expected to witness the highest CAGR during the forecast period.
The FEA market in the aerospace and defense industry in APAC was valued at $70.04 million in 2014. China is one of the major countries in the aerospace and defense industry in APAC. In terms of military expenditure, China is next to the US. The aerospace and defense industry of the country is growing with several development programs such as the single-aisle commercial air transport program C-919, which was launched by the Commercial Aircraft Corporation of China. China has plans to produce close to 2,000 C-919 aircraft in the future through this program.
High R&D investment is contributing to the growth of the global FEA market in the aerospace and defense industry. Boeing invested $3.05 billion in 2014. Lockheed Martin invested close to $751 million, and Bombardier in Canada invested $2.31 billion in the same period. R&D investments are used in the purchase of several technologies, software, and solution, including FEA.
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