Global $9.6 Bn Computer Aided Engineering (CAE) Market to 2027: While Short-term Outlook Remains Challenged due to Pandemic, Aerospace Sector Poised to Witness Healthy Growth in the Long Run
DUBLIN, June 18, 2021 /PRNewswire/ -- The "Computer Aided Engineering (CAE) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
With Manufacturing Collapsing, Engineering Design Services are Recording an Unprecedented Slowdown. Computer Aided Engineering (CAE) Market Records $513.2 Million Erosion in Revenues
Global manufacturing industry is facing its worst ever recession with PMI plummeting to 35.4 index points, the lowest in recent industry. The impact on manufacturers will mean crunch on capital resources; workforce layoffs/reduction and loss in productivity; supply chain disruptions; difficulties with funding; and increase in cybersecurity risks and fraud.
Unlike IT services where work is being carried out remotely via internet and cloud platforms, for the manufacturing industry, plant activities and production cannot be carried remotely and therefore remains worst affected. The slower economic activity means reduced demand for industrial and consumer goods and lower manufacturing orders. Plant closures both full and partial are expected to continue into the coming months. Manufacturers, especially automotive producers with complex supply chains will be hard hit as transportation, trade and movement of goods continue to remain crippled.
Industrial output remains weak with the 1st Half of 2020 recording double digit declines in volume output. With plants shuttered and new manufacturing orders dwindling, OEM outsourcing of product design and development projects has significantly slowed. Muted activity in Industries such as power & energy; heavy & structural; consumer & industrial; automotive means lower innovation & new product development activity. With finances needed for supporting innovation drying up there is a hiatus in new product development. Used widely for 3D modeling/visualization, rapid prototyping, modelling, tool design and development & product platform/architecture design, Computer Aided Engineering is slumping in-line with the slowdown in engineering services demand.
Continued reduction in rices of CAE software and licensing fees will help stimulate market growth. Companies will continue to offer newer delivery models for their products and services. For instance, CAE as a service is already a fast growing approach where customers can choose the pay-as-you-go plan. Cloud computing helps bring down costs of licensing, deployment as well as maintenance. Also, organizations are seeking HCI (Hyper Converged Infrastructure) platforms for creating private cloud which enables advanced computation as well as storage.
CAE companies have and will continue to offer CAD software as an in-built feature in CAE tools. Since mobile access has now become important to almost all technologies, even CAE companies are trying to offer means for accessing data about product analysis on mobile platforms. Designers can now access data on smartphones. Cloud software deployment allows designers and developers to easily upload analysis about products on cloud platforms.
Cloud deployment of the software offers many advantages including higher mobility and easier software upgrade among others. Such user-friendly advancements will significantly contribute to market growth. Companies are also leveraging advanced technologies like machine learning and artificial intelligence for creating advanced CAE tools.
The market for CAE will also be positively influenced by emerging engineering modes like building information modeling, concurrent engineering and 3D printing. A key trend that will gain momentum in the post COVID-19 period is CAD/CAE integration. Given that CAD and CAE files are different, it is difficult to produce a model in CAD software that can be utilized for finite element analysis in CAE software. This is however changing with new types of software being developed that enable testing of design and analysis in integrated CAD/CAE environment.
Another notable trend will be the growing use of machine learning for accelerating the pace of engineering simulations primarily by enabling accurate predictions. With computers able to learn and create better data using tools such as statistical learning, it is possible to speed up the process of optimal product design. For instance, in simulations, ML tools can understand that changes that need to be made for making automobiles safety without any adverse impact on design integrity.
Key Topics Covered:
2. FOCUS ON SELECT PLAYERS
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/ovhi1e
Research and Markets
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