Composite Simulation Software Market to reach US$ 80.7 Million in 2024
February 10, 2020
The next five years for the composite simulation software market are going to be vigorous with attractive growth opportunities in the entire ecosystem of the market. The global composite simulation software market is subjected to grow at an impressive rate over the next five years to reach an estimated value of US$ 80.7 million in 2024. Increasing penetration of composites in various end-use industries including aerospace & defense and automotive; higher demand for automation and faster production process; and increasing demand for simulation software from design to production are the major growth drivers of the market.
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Composite Simulation Software Market Segment Insights:
By End –Use Industry Type:
The global composite simulation software market is segmented into end-use industry type as Aerospace & Defense, Transportation, Building & Construction, Wind Energy, Marine, and Others. The aerospace & defense industry is expected to remain the largest market for simulation software in the composites industry in the foreseen future. Composites are gaining ground on the major next-generation aircraft, such as B787, A350XWB, and A220. All the major aerospace and defense OEMs are searching out the possibility of using composites in most of the structural applications of their upcoming aircraft. This is driving the demand for efficient simulation software to minimize the risk of expensive product development.
Transportation is expected to experience the highest growth in simulation software demand for composites over the next five years. Increasing the use of composites in the structural applications of electric vehicles and premium vehicles is driving the demand for simulation software. All the major simulation software providers for the composites industry are heavily targeting the transportation industry to tap the growing market potential.
By Type:
There are broadly three types of simulation software used in the composites industry: Computer-Aided Design (CAD), Computer-Aided Engineering (CAE), and Computer-Aided Manufacturing (CAM). CAD and CAE software are the most widely used simulation software in the global composites industry and are expected to remain the major ones during the forecast period as well.
By Region:
In terms of region, North America is expected to remain the largest market for composite simulation software over the next five years. The region is the world’s capital in terms of aerospace composites manufacturing with the presence of several aerospace OEMs and tier players. However, Asia-Pacific is likely to experience the highest growth in the demand for composite simulation software because of high growth of composites and a gradual shift of composites manufacturing from North America and Europe to the Asia-Pacific region.
Key Players:
The supply chain of this market comprises software developers, designers, part molders, distributors, OEMs, and end users. The global composite simulation software market is highly consolidated with about a dozen players populated worldwide. The key composite simulation software providers are Siemens AG, Autodesk Inc, Dassault Systemes, and Altair Engineering. New product development and execution of merger & acquisitions are the key strategies adopted by the key players to gain a competitive edge in the market.
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- Attractive market segments and associated growth opportunities
- Emerging trends
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