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Composite Simulation Software Market | Covid-19 Impact Analysis
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
This report on simulation software for composite applications, from Stratview Research, is the first of its kind and features deep-dive analysis and market insights on various segments and competitive landscapes with an aim to provide the market stakeholders the most well-versed resource for effective decision making as well as building profitable strategies on simulation software. The report provides detailed 11-year analysis for various market segments with the trend period of 2013 to 2018 and the forecast period of 2019-2024 at global as well as regional level.
The Global Simulation Software Market in the Composites Industry: Highlights
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.
The composites industry currently accounts for a minuscule share of the total simulation software market but is likely to be one of the fastest-growing applications in the foreseen future. All the major players are keenly showing interest to participate in the market to capture a large pie of the market in the foreseen future.
Composite materials are far more complex and variable than metals due to the presence of many raw materials, intermediates, and manufacturing processes. It is not easy to produce a final part by developing the right combination of different materials and processes for the first time. Also, there is a big push on the manufacturing side to streamline automation and produce high-quality composite parts faster. Machine throughput is extremely critical to maintain the growth momentum of composites in the mass volume industries like transportation. Simulation software helps composite stakeholders in the designing, development, and production of composite parts more efficiently. It stimulates digitally and minimizes the risk of the expensive proposition of producing the physical parts. Over the past few years, there’s been a big push to add or expand composite-focused simulation tools to existing software suites.
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.
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.
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.
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.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 500 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. More than 8 detailed primary interviews with the market players across the value chain in all four regions and industry experts have been executed to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The simulation software market in the composites industry is segmented into the following categories.
Composite Simulation Software Market by Software Type:
Composite Simulation Software Market by Composites End-Use Industry Type:
Composite Simulation Software Market by Region:
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].
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