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The FEA in industrial machinery market size is estimated to grow by USD 733 million at a CAGR of 12.77% between 2023 and 2028. Advanced Finite Element Analysis (FEA) software has become increasingly essential in various industries due to the growing demand for more accurate and efficient product design and analysis. By utilizing FEA, companies can significantly reduce product design time and cost, as it allows for virtual testing and optimization of designs before physical prototyping. Furthermore, FEA plays a crucial role in the design and development of packaging machinery, enabling engineers to simulate the stresses and forces experienced during operation, ensuring optimal performance and reliability. This technology not only enhances product quality but also contributes to cost savings and improved time-to-market.
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The market is driven by real-world forces such as vibration, heat, and fluid flow. Technicians in mechanical engineering design utilize advanced tools like Computer-Aided Design (CAD) and Modal analysis for structural analysis to ensure the durability and efficiency of mechanical components. In industries like automotive and electrical & electronics, the demand for lightweight and high-strength materials such as composites, carbon-fiber-reinforced polymer, shape-memory alloys like Nitinol, and fabrication materials is on the rise. Mechanical components are subjected to various stresses during operation, necessitating rigorous testing and analysis. Solid mechanics plays a crucial role in understanding the behavior of these components under different conditions. The smartphone industry and automobiles, in particular, are investing heavily in research and development to create innovative mechanical designs. Physical prototypes are essential for testing and validating designs before mass production. The use of CAD and advanced simulation tools like Finite Element Analysis (FEA) has streamlined the design process, enabling designers and engineers to create intricate structures and components that can withstand the rigors of industrial applications. In conclusion, the industrial machinery market is characterized by complex engineering problems that require a deep understanding of solid mechanics, vibration analysis, and material science. The ongoing research and development in these areas will continue to drive innovation and growth in this sector. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for analysis software is notably driving market growth. In the industrial machinery sector, the application of Finite Element Analysis (FEA) software plays a pivotal role in predicting and optimizing product performance. This technology is increasingly being adopted in various industries, including the smartphone industry, automotive, electrical & electronics, and automobiles. FEA software enables designers and engineers to model complex engineering problems in a virtual environment, considering physical effects such as tension, weak spots, and material behavior. It allows for the simulation of structures and mechanical components using mathematical equations and finite elements, reducing the need for extensive physical experiments and prototypes. Moreover, the aeronautical and biomechanical industries benefit significantly from FEA software in optimizing design and identifying potential issues early in the development process.
Additionally, simulation-based software solutions, such as cloud-based and on-premise options, facilitate the analysis of large datasets and enable real-time collaboration among teams. Automobile companies, particularly those involved in electric vehicle manufacturing, are increasingly adopting FEA software to optimize components, reduce weight, and improve efficiency. Recent advancements in FEA software include the integration of artificial intelligence and machine learning algorithms, shape-memory alloys like Nitinol, fabrication materials such as composites and carbon-fiber-reinforced polymers, and the use of cloud technology for data storage and processing. For instance, Bentley Systems' acquisition of ADINA R and D Inc. in April 2022 signifies the ongoing innovation in FEA software for the industrial machinery market. This acquisition will enable Bentley to expand its offerings in the areas of decarbonization strategy, floating wind, and offshore wind energy. Thus, such factors are driving the growth of the market during the forecast period.
The growing trend of cloud-based FEA software is the key trend in the market. In the industrial machinery market, Artificial Intelligence (AI) is revolutionizing the way engineers and designers approach complex engineering problems. The smartphone industry and automotive sectors are leading the charge, integrating AI into the design and manufacturing process. Fabrication materials, such as shape-memory alloys like Nitinol, composites, and carbon-fiber-reinforced polymers, are being modeled and tested in virtual environments using simulation-based software. This technology enables the exploration of physical effects and mathematical equations through finite elements and real object simulations.
Also, Cloud-based FEA software solutions have gained popularity due to their scalability, quick distribution, and reduced maintenance requirements. The automotive and aeronautical industries, including electric vehicle manufacturing, are adopting cloud technology for simulation-based design optimization. Simulation software allows for the identification of tension weak spots and the optimization of structures, enhancing product performance and reducing production costs. The biomechanical industry and offshore wind energy sectors are also embracing cloud-based FEA software for decarbonization strategies and the development of floating wind technologies. Automobile companies are increasingly relying on cloud-based software for design and manufacturing processes, ensuring efficient collaboration and real-time data access. Vendors like Hexagon Manufacturing Intelligence provide cloud-based FEA software, offering convenience, extensive storage capacity, and security for businesses. Thus, such trends will shape the growth of the market during the forecast period.
The high cost of FEA software is the major challenge that affects the growth of the market. Artificial intelligence and advanced engineering technologies, such as Finite Element Analysis (FEA) software, are revolutionizing industries like the smartphone industry, automotive, electrical & electronics, and automobiles. FEA software enables designers and engineers to model complex engineering problems in a virtual environment, simulating the physical effects and mathematical equations of mechanical components and structures. This technology is crucial in industries where mechanical components are subjected to tension, weak spots, and other stressors, such as the aeronautical and biomechanical industries. FEA software is essential for decarbonization strategies in industries like offshore wind, where floating wind turbines are subjected to unique stressors. However, the high initial investment required for FEA software acts as a barrier to entry for Small and Medium Enterprises (SMEs). The average cost of a perpetual FEA license ranges from USD 27,000 to USD 35,000 per year per seat. Furthermore, the cost of vibration analysis and stability analysis can be prohibitively high for many end-users.
Despite these challenges, FEA software offers significant benefits, including improved product quality, reduced operating costs, and the ability to identify and address potential issues before physical experiments and prototype production. Automobile companies, including those manufacturing electric vehicles, are increasingly adopting simulation-based software solutions, such as cloud-based and on-premise FEA software, to optimize their designs and stay competitive. In summary, FEA software plays a vital role in enhancing the efficiency and productivity of industries that rely on complex engineering problems, such as automotive, aerospace, and renewable energy. However, the high initial investment and the lack of technological expertise among SMEs present challenges to the growth of the FEA software market. Despite these challenges, the benefits of FEA software, including improved product quality and reduced operating costs, make it an indispensable tool for industries seeking to stay competitive and innovate. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altair Engineering Inc. - The company offers FEA software such as the MAESTRO Basic Package.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Cloud-based segment is estimated to witness significant growth during the forecast period. The cloud segment captured a majority of the global FEA market in industrial machinery in 2023. The global FEA market in industrial machinery is undergoing a technological shift driven by advancements in cloud technology. Cloud-based FEA software is expected to register a high growth rate during the forecast period mainly because of the increasing demand from SMEs for cloud solutions (due to cost advantage and scalability). Moreover, the ease of use, cost-effectiveness, agility, and innovation of cloud solutions have been driving the growth of the segment. Enterprises that implement a cloud model will only need to pay for the resources they have used. Thus, the cloud model reduces maintenance and initial costs. India, China, Germany, and France, among other countries, have many SMEs that are rapidly implementing new technologies, such as IoT, AI, and cloud.
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The Cloud-based segment accounted for USD 401.9 million in 2018. Cloud-based FEA software offers ease of use, cost-effectiveness, agility, and innovation, making it a popular choice for industries like aerospace and defense, where simulation software solutions are essential for the design of vehicles, space vehicles, airframes, landing gear, high-lift wing design, and passenger comfort improvements. Fuel tank design also benefits from FEA analysis, ensuring optimal performance and safety. Machine learning algorithms are being integrated into FEA software to improve problem-solving options and enhance simulation accuracy.
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North America is estimated to contribute 37% to the growth of the global market during the market forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In the industrial machinery market, real-world forces such as vibration, heat, fluid flow, and stress significantly impact the design and performance of machinery. To address these complexities, mechanical engineering firms employ advanced techniques like structural analysis, kinematics analysis systems, and modal analysis.
Solid mechanics, thermal analysis, and wave propagation are essential components of these methods, requiring the use of complex mathematics and partial differential equations. Commercial FEA software, integrated with CAD functions, offers problem-solving options through computer simulations. These tools are crucial in various industries, including aerospace and defense, where simulation software solutions are indispensable for aerospace technologies, aerodynamic performance, airframe, landing gear, high-lift wing design, and passenger comfort improvements. Machine learning algorithms are increasingly being integrated into FEA software to tackle nonlinear problems, including geometrical and material nonlinearity. Cloud-based FEA software enables real-time collaboration and analysis, benefiting industries like automotive and vehicles.
The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is significantly influenced by real-world forces such as vibration, heat, and fluid flow. To design and analyze machinery that can withstand these forces, engineers employ Finite Element Analysis (FEA). FEA uses complex mathematics, including partial differential equations, to simulate the behavior of structures under stress. FEA involves creating physical prototypes and subjecting them to various loads and conditions. Structural analysis and kinematics analysis systems are crucial in this process. Mechanical engineering design, Computer-Aided Design (CAD), and Modal analysis are integral to FEA. Solid mechanics and thermal analysis are essential sub-disciplines of FEA. Wave propagation is another crucial aspect of FEA, particularly in the analysis of nonlinear problems such as geometrical and material nonlinearity. Commercial FEA software offers problem-solving options and computer simulations to help engineers design more efficient and effective machinery. The Aerospace & Defense Industry heavily relies on FEA for simulation software solutions. Vehicles, space vehicles, aerodynamic performance, airframe, landing gear, high-lift wing design, and passenger comfort improvements all benefit from FEA analysis. Machine learning is increasingly being integrated into FEA software to improve accuracy and efficiency. FEA plays a vital role in the design and analysis of intricate systems, such as heart stents, and in solving nonlinear problems. The future of FEA lies in cloud-based software solutions and the integration of machine learning algorithms to enhance its capabilities.
Market Scope |
|
Report Coverage |
Details |
Page number |
140 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.77% |
Market growth 2024-2028 |
USD 733 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.08 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, Germany, Canada, Japan, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Allegro Development Corp., Altair Engineering Inc., ANSYS Inc., Aspen Technology Inc., Autodesk Inc., Bentley Systems Inc., COMSOL AB, Dassault Systemes SE, EGS Computers India Pvt. Ltd., ESI Group SA, Fidelis Engineering Associates, Hexagon Manufacturing Intelligence, HitechDigital Solutions LLP, NUMECA International, PTC Inc., Quest Integrity Group LLC, Siemens AG, SimEvolution AS, SimScale GmbH, and SoftInWay Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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