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Liquid Fuel Industry's Surge Fuels Growth In Finite Element Analysis Software Market: Strengthening the Growth Trajectory of the Finite Element Analysis (FEA) Software Market
Finite Element Analysis (FEA) Software
What Is the Expected CAGR for the Finite Element Analysis (FEA) Software Market Through 2025?
In recent times, there has been a significant expansion in the market size of finite element analysis (FEA) software. The market is expected to rise from a value of $7.01 billion in 2024 to approximately $7.87 billion in 2025, indicating a compound annual growth rate (CAGR) of 12.3%. Factors contributing to this growth during the historic period include the widespread use of smartphones and tablets, advancements in TV and monitor displays, increased funding in research and development, improvements in display quality, and growing consumer demand for novel products.
What's the Projected Size of the Global Finite Element Analysis (FEA) Software Market by 2029?
The market size for Finite Element Analysis (FEA) software is predicted to witness significant growth in the forthcoming years, anticipated to increase to $12.56 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 12.4%. This expansion during the projected period can be associated with its adoption in automobile displays, the commercialization of foldable devices, mass production initiation, diversification into novel applications, and escalating popularity among gaming devices. Notable trends during this forecast period encompass wearable displays for Augmented Reality/Virtual Reality, the inception of rollable displays, increased durability of foldable devices, flexible displays in smart home devices, and technological advancements.
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Top Growth Drivers in the Finite Element Analysis (FEA) Software Industry: What's Accelerating the Market?
The surge in the production of liquid fuels is predicted to spur the growth of the finite element analysis software market. This market pertains to the use of software tools in enhancing the structural soundness, heat transfer, and fluid dynamics of equipment used in the extraction, refining, and use of liquid fuels like gas and diesel. These tools, thus, amplify efficiency, uphold safety, minimize cost, and reduce environmental damage. As an illustration, the US Energy Information Administration, a US government body, reported that the UK pumped out a total of 934,000 barrels per day of liquid fuels in 2021, with its crude oil output escalating to 793 barrels per day in 2022. This escalation in liquid fuel production is, hence, driving the expansion of the finite element analysis software market.
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What Trends Will Shape the Finite Element Analysis (FEA) Software Market Through 2029 and Beyond?
Key players in the finite element analysis software market are focusing on the creation of novel solutions such as finite element analysis solvers. Essentially, a Finite Element Analysis (FEA) solver is a central computational mechanism within FEA software that carries out intricate calculations needed to scrutinise the behaviour of a model under diverse conditions. For example, in April 2023, a software company based in the US, Altair Engineering Inc., introduced OpenRadioss. OpenRadioss is an FEA software that is freely accessible to the public for emulating dynamic events such as impacts, crashes, and high-pressure loading. It primarily relies on the identical input format and source code as its commercial version, facilitating an easy transition for users accustomed to Radioss.
What Are the Main Segments in the Finite Element Analysis (FEA) Software Market?
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
Subsegments:
1) By Structural Analysis: Static Analysis, Dynamic Analysis, Nonlinear Analysis
2) By Computational Fluid Dynamics (CFD): Incompressible Flow Analysis, Compressible Flow Analysis, Heat Transfer Analysis
3) By Electromagnetic Analysis: Static Electromagnetic Analysis, Time-Varying Electromagnetic Analysis
4) By Thermal Analysis: Steady-State Thermal Analysis, Transient Thermal Analysis
5) By Multi-Physics Analysis: Coupled Field Analysis, Fluid-Structure Interaction (FSI)
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Which Top Companies are Driving Growth in the Finite Element Analysis (FEA) Software Market?
Major companies operating in the finite element analysis (fea) software market report are Siemens AG (Siemens PLM Software Inc.), IBM Corporation, Dassault Systemes, Hexagon AB, Keysight Technologies, Synopsys Inc., Autodesk Inc., ANSYS Inc., PTC Inc., Bently Systems Inc., Altair Engineering Inc., Aspen Technology, MSC Software Corporation, ESI Group, COMSOL AB, CD-ADAPCO Group, SimuTech Group, Flownex, NEi Software, NUMECA International, SimScale GmbH, BETA CAE Systems, Flow Science, ADINA R&D, Inc., Vanderplaats R&D Inc
Which Regions Will Dominate the Finite Element Analysis (FEA) Software Market Through 2029?
North America was the largest region in the finite element analysis (FEA) software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the finite element analysis (fea) software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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