Overview of the global finite element analysis (FEA) market
Market research analysts at Technavio have predicted that the global FEA market will grow steadily at a CAGR of more than 13% by 2020. This market research analysis identifies the need for improved efficiency as one of the primary growth factors for this market. Since integrated software solutions substantially reduce the product development cycle time and increase efficiencies, there is an increasing demand for such software from end-users. It also enables engineers and stakeholders to participate in product development and improve the collective product design. Additionally, integrated software also improves the design optimization of complex and innovative products and facilitates faster marketing as it eliminates the need for multiple prototypes and product recall concerns. Since finite element analysis software can be integrated with several design and simulation software such as CAD, CAM, and CAE, there will be a considerable increase in their demand in the coming years.
Complexities in mesh generation during the pre-processing phase of FEA analysis is one of the existing challenges faced by companies. Designers have the need to develop a fine mesh that would help in the mathematical analysis. It also helps in understanding the real-time behavior of the material when subjected to specific stress and loads. FEA pre-processing costs approximately 43% of the overall investment and the availability of low-cost skilled workforce in APAC will induce customers to outsource their FEA pre-processing requirements to this region in the next few years.
Competitive landscape and key vendors
This global market appears to be fragmented due to the presence of several international and regional vendors offering FEA analysis software to various end-users. Vendors focus on introducing innovative products in the market, which provides end-users with several options to choose from. As a result, the competition among the international and regional vendors is very high, and is expected to further intensify during the forecast period due to the availability of open source and free software.
The leading vendors in the market are -
Siemens PLM Software
The other prominent vendors in the market are Altair, Aspen Technology, Autodesk, CD-adapco, COMSOL, ESI Group, and Exa.
Segmentation by end-users and analysis of the FEA market
Aerospace and defense industry
Electrical and electronics industry
By accounting for more than 34% of the total shares of the market, the automotive industry was the major end-user of FEA software during 2015. The automotive industry uses finite element analysis software for the estimation of structural strength and behavior, modeling, simulation, and design optimization. The adoption of FEA enables a reduction in product design time, operational costs, and also lesser marketing time, which, in turn, improves the overall productivity. High R&D investments will also lead to the rise in purchase of FEA software and services; thus, fueling market growth in this industry segment.
Geographical segmentation and analysis of the FEA market
This market study estimates that in terms of geographical regions, the Americas will dominate the global market throughout the forecast period and will post an impressive revenue of more than USD 998 million by 2020.Much of this growth can be attributed to the exponential increase in the growth of the R&D sector and continuous support from the government since this will attract several product lifecycle management and FEA software companies to start R&D facilities in this region.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global FEA market?
What are the key market trends impacting the growth of the global FEA market?
What are the challenges to market growth?
Who are the key vendors in the global FEA market?
What are the market opportunities and threats faced by the vendors in the global FEA market?
Trending factors influencing the market shares of the Americas, APAC, Europe, and ROW.
What are the key outcomes of the five forces analysis of the global FEA market?
Technavio also offers customization on reports based on specific client requirement.
The finite element analysis (FEA) is a software, mainly used in engineering, which evaluates the functionality of a product design before the production of its prototypes. Several manufacturing industries use the FEA software to evaluate the structural strength and behavior, modeling, simulation, and design optimization of products. The application of FEA software aids the end-users to produce quality products, reduce expenses, improve product design, and accomplish faster product development time. The major end-users of FEA include automotive, electrical and electronics, industrial machinery, and aerospace and defense industries.
The report, global FEA market, is part of Technavio’s ICT research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as automatic identification system, cloud computing, data center, enterprise application, IT security, ITO and BPO, and product lifecycle management. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.