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The FEA market in industrial machinery market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the growth of 10.32% and a CAGR of 10.56%, with the market share growing by USD 475.96 million during the forecast period 2021 to 2026.
This FEA market in industrial machinery market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the FEA market in industrial machinery market segmentation by deployment (cloud-based and on-premise) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The finite element analysis (FEA) market in the industrial machinery market report also offers information on several market vendors, including 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, Hitech Digital Solutions LLP, NUMECA International, PTC inc., Quest Integrity Group LLC, Siemens AG, SimEvolution AS, SimScale GmbH, and SoftinWay inc. among others.
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The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the FEA market in industrial machinery market.
Key FEA Market in Industrial Machinery Market Driver
The growing demand for analysis software is notably driving the finite element analysis market in industrial machinery market growth. Analysis software helps in predicting, validating, and optimizing products across the industrial machinery industry using accurate analyses. With the application of analysis software, device performance can be optimized, potential compliance issues can be identified and mitigated early in the design process, the number of physical prototypes required can be reduced, and the risk of test failures and recalls can be minimized. Thus, vendors operating in the global FEA market in the industrial machinery industry are innovating the FEA software. Thus, the growing demand for analysis software across the industrial machinery industry is expected to drive the growth of the market during the forecast period.
Key FEA Market in Industrial Machinery Market Trend
The growing trend of cloud-based FEA software is the primary trend driving the finite element analysis market in industrial machinery market growth. One of the key trends influencing the global FEA market in the industrial machinery industry is the growing preference for cloud- and mobile-based FEA software. This represents a significant technological advancement in the global FEA market in industrial machinery industry as it allows programmers and designers to access the software and collaborate on results with anyone from anywhere in the world. The deployment of FEA software on the cloud largely results in improved scalability, cost savings, and reduced maintenance. Hence, the adoption of cloud-based FEA software is expected to contribute to the growth of the market during the forecast period.
Key FEA Market in Industrial Machinery Market Challenge
The high cost of FEA software is the major challenge impeding the finite element analysis market in industrial machinery market growth. The cost involved in vibration analysis and stability analysis is prohibitively high for many end-users. FEA software is deployed to enhance the efficiency of the product using simulations during the design phase. Therefore, this software is available with a large number of features, which requires end-users to be trained to use them. Training on the upgrading of software is also essential to achieve optimal performance, but it is expensive. This discourages some companies from investing in FEA software, which, in turn, is expected to hinder the growth of the market during the forecast period.
This FEA market in industrial machinery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global finite element analysis (FEA) market in the industrial machinery market as a part of the global systems software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the FEA market in the industrial machinery market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the finite element analysis (FEA) market in industrial machinery market encompasses successful business strategies deployed by the key vendors. The finite element analysis (FEA) market in industrial machinery market is fragmented, and the vendors are deploying growth strategies such as acquisitions and collaborations to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report on the FEA market in industrial machinery market contains comprehensive market knowledge and an in-depth vendor landscape added to an analysis of the key vendors.
Our report provides extensive information on the value chain analysis for the finite element analysis (FEA) market in industrial machinery market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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37% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the FEA market in industrial machinery market in North America. Market growth in this region will be slower than the growth of the market in APAC.
The focus on increasing productivity and improving manufacturing processes will facilitate the FEA market in industrial machinery market's growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 severely impacted regional market growth. However, in 2021, the demand in the FEA market in the industrial machinery market rebounded as regional industrial operations resumed owing to the COVID-19 vaccination drives. Thus, these factors are expected to drive the growth of the regional market during the forecast period.
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The FEA market in industrial machinery market share growth in the cloud-based segment will be significant during the forecast period. With the increasing demand for cloud-based solutions, vendors have started offering cloud-based FEA software. Thus, the demand for cloud-based solutions is likely to increase during the forecast period, owing to the increased adoption of simulation and analysis software among SMEs.
This report provides an accurate prediction of the contribution of all the segments to the growth of the FEA market in industrial machinery market size and actionable market insights on the post-COVID-19 impact on each segment.
FEA Market in Industrial Machinery Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.56% |
Market growth 2022-2026 |
$475.96 million |
Market structure |
Fragmented |
YoY growth (%) |
10.32 |
Regional analysis |
North America, Europe, APAC, South America, and the Middle East and Africa |
Performing market contribution |
North America at 37% |
Key consumer countries |
US, Canada, Japan, China, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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, Hitech Digital 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, and Market condition analysis for the 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. |
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