The Finite Element Analysis (FEA) Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Finite Element Analysis (FEA) Software Global Market Report 2024, The finite element analysis (fea) software market size has grown rapidly in recent years. It will grow from $6.23 billion in 2023 to $7.01 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to smartphone and tablet adoption, tv and monitor display evolution, increased investment in r&d, enhanced display quality, consumer demand for innovation.
The finite element analysis (fea) software market size is expected to see rapid growth in the next few years. It will grow to $11.16 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to adoption in automotive displays, commercialization of foldable devices, entry into mass production, expansion into new applications, rising popularity in gaming devices. Major trends in the forecast period include wearable displays for ar/vr, development of rollable displays, enhanced durability in foldable devices, flexible displays in smart home devices, technology innovations.
The increase in liquid fuel production is expected to propel the growth of the finite element analysis software market going forward. Liquid fuel production involves the extraction, refining, and utilization of liquid substances, such as gasoline and diesel, for energy. Finite element analysis (FEA) software aids in optimizing structural integrity, heat transfer, and fluid dynamics in liquid fuel production equipment, facilitating efficient and safe processes while minimizing costs and environmental impact. For instance, in May 2022, according to the US Energy Information Administration, a US-based government organization, the United Kingdom produced 934,000 barrels per day (b/d) in total liquid fuels in 2021, and crude oil production in the UK increased to 793 barrels/per day in 2022. Therefore, the increase in liquid fuel production is driving the growth of the finite element analysis software market.
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The finite element analysis (fea) software market covered in this report is segmented –
1) By Software Type: Structural Analysis, Computational Fluid Dynamics (CFD), Electromagnetic Analysis, Thermal Analysis, Multi-physics Analysis
2) By Deployment: On-premises, Cloud-based
3) By Application: Automotive Industry, Aerospace And Defense Industry, Electrical And Electronics Industry, Civil Engineering And Construction, Industrial Machinery, Medical Devices, Energy And Power, Other Applications
Major companies operating in the finite element analysis software market are developing innovative solutions such as finite element analysis solvers. A Finite Element Analysis (FEA) solver is the core computational engine within FEA software that performs the complex calculations necessary to analyze the behavior of a model under various conditions. For instance, in April 2023, Altair Engineering Inc., a US-based software company, launched OpenRadioss. OpenRadioss is a free, publicly available FEA software for simulating dynamic events like impacts, crashes, and high-pressure loading. It primarily uses the same input format and source code as its commercial counterpart, allowing users familiar with Radioss to transition easily.
The finite element analysis (fea) software market report table of contents includes:
1. Executive Summary
2.Finite Element Analysis (FEA) Software Market Characteristics
3.Finite Element Analysis (FEA) Software Market Trends And Strategies
4.Finite Element Analysis (FEA) Software Market analysis
5.Finite Element Analysis (FEA) Software Market Size And Growth
6.Finite Element Analysis (FEA) Software Segmentation
7. Finite Element Analysis (FEA) SoftwareRegional And Country Analysis
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27.Finite Element Analysis (FEA) Software Competitive Landscape And Company Profiles
28.Finite Element Analysis (FEA) Software Key Mergers And Acquisitions
29.Finite Element Analysis (FEA) Software Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Siemens AG (Siemens PLM Software Inc.)
- IBM Corporation
- Dassault Systemes
- Hexagon AB
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