The global Finite Element Analysis Market in electrical and electronics industry has been growing at a steady rate during past few years. The major factor attributing to the growth of the FEA market is the involvement of inspection agencies in product development, as it enables the organization to reduce the product development time by decreasing the number of prototypes and tests. The need to have reduced defects during the production process by the manufacturing industries is one of the key factors for the growing demand of the FEA (finite element analysis) software, which in turn contributes to the growth of the FEA market in electrical and electronics industry.
The use of finite element analysis to develop “internet of things” supporting devices and increasing adoption of cloud based FEA software are the major trends witnessed in the global FEA market in electrical and electronics industry. Cloud based FEA software provides high flexibility, storage, security and scalability to the users. Hence, this software is offered on a pay-per-use basis and can be made available easily for the price sensitive users anytime and anywhere. The main factors restraining the growth of the FEA market in electrical and electronics industry include the easy availability of the free software and high R&D cost of FEA in the market.
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FEA is the software used in the engineering sector, which aims to analyze the working of any product design before its prototypes are built. In the manufacturing industry, FEA software is used for analyzing the structural strength, simulation, modeling and design optimization. Finite element analysis helps the consumer to manufacture high quality product with reduced cost and better product design, which saves time due to the reduction in number of tests for validating any design. The software can be used in the industries including automotive, aerospace and defense, industrial machinery, and electrical and electronics.
The FEA market in electrical and electronics industry is projected to witness growth at a significant rate during the forecast period. Asia-Pacific is estimated to account for the largest share in the FEA market in electrical and electronics industry, due to the increased production of goods and testing of new products in the region. The market share held by North American region is considerably low due to the increased usage of open source FEA software in the region, which is compensated to some extent by the increased demand for cloud based FEA software.
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Some of the major players operating in the global FEA market in electrical and electronics industry include Ansys Inc., Dassault Systèmes SA, LMS International NV, MSC Software Corp., Siemens PLM Software, Altair Engineering Inc., Blue Ridge Numerics Inc., Aspen Technology Ltd, ESI Group, COMSOL Inc., and NEi Software Inc.