PCB Design Software Market to grow US$ 6,064.5 Mn by end of 2028 Says Coherent Market Insights
SEATTLE, Dec. 17, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global PCB design software market is estimated to be valued at US$ 2,482.3 million in 2021 and is expected to exhibit a CAGR of 13.6 % over the forecast period (2021-2028).
When it comes to PCB design software, it is important to choose a tool that has some of the basic features. PCB design software that is easy to use is the speed and complexity of the software. Different PCB design software tools have different levels of speed and complexity. It's important to check the limitations of the free versions before spending money on the full version. It's also a good idea to compare features before making a decision. Altium is a high-end PCB design software. This program is designed for large enterprises and complex projects. The software is scalable and supports low-end hardware.
The global PCB design software market is estimated to account for 6,064.5 Mn in terms of value by the end of 2028.
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1. Rapid growth of the consumer electronics industry in both developed and emerging economies is expected to drive growth of the global PCB design software market during the forecast period
Consumer electronics include smartphones, tablets, laptops, television, refrigerators, washing machine, etc. Over the years, the consumer electronics industry has witnessed significant growth across both developed and emerging economies. Moreover, according to the India Brand Equity Foundation (IBEF), the Indian appliance and consumer electronics (ACE) market is expected to be valued at US$ 21.18 billion by 2025, increasing from US$ 10.93 billion in 2019. This, in turn, has increased the adoption of advanced PCB design software across the globe.
2. Increasing need to reduce time and remove the challenges emerging during the product development is expected to propel the global PCB design software market during the forecast period
Engineers are required to consider various factors including error tolerance, input signals, and design input while designing printed circuit boards (PCBs). With PCB design software, an engineer can mimic circuit design and get valuable insights into real-time issues related to applying the circuit. Furthermore, PCB design software reduces complications of design, identifies and correct errors early, allows engineers to implement new ideas, and save time as well as cost. Thus, the demand for such software solutions has increased.
1. Icreasing demand for smartphones and tablets can present lucrative growth opportunities
Advanced portable mobile devices such as smartphones and tablets have witnessed massive demand in the recent past. With rising penetration of the internet at competitive prices, the adoption of smartphones and tablets has increased significantly. According to the Pew Research Center, in 2019, around 81% of people in the U.S. had smartphones, increasing from 68% in 2015. According to the same source, tablet users in the U.S. increased from 34% in 2013 to 52% in 2019. This, in turn, has increased the demand for PCB design software solutions across the consumer electronics industry.
2. Growing demand for electric cars can provide major business opportunities
As the demand for electric cars continues to grow against fossil-fueled cars, the adoption of advanced printed circuit boards also increases. PCBs are used in the automotive industry are required to be highly reliable with long-life service. According to the International Energy Agency (IEA), in 2019, electric car sales reached 2.1 million globally, registering a growth rate of 2.6%. According to the Edison Electric Institute (EEI), as of March 2019, there were around 1.18 million electric vehicles on U.S. roads, with EV sales increasing by 81% in 2018 as compared to 2017.
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1. North America Trends
Among regions, North America is expected to witness significant growth in the global PCB design software market during the forecast period. This is owing to increasing investment in research and development activities by market players. Moreover, rapid growth of the semiconductor industry is expected to boost the regional market growth in the near future.
2. Asia Pacific Trends
Asia Pacific is expected to register strong growth in the global PCB design software market over the forecast period. This is owing to increasing adoption of automation in various industries in the region. Furthermore, high growth of the consumer electronics industry is expected to propel the regional market growth over the forecast period.
Key companies involved in the global PCB design software market are Cadence Design Systems, Inc., Altium LLC, Mentor Graphics Corporation, WestDev Ltd., Zuken Inc., AutoDesk Inc. Ansys, Inc., and Synopsys, Inc.
For instance, in October 2021, Ansys Inc. collaborated with AutoDesk Inc. to introduce Fusion 360 PCB Extension that will enable rapid design exploration and help reduce expensive prototyping.
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
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