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 projected to grow at an impressive rate over the next five years to reach an estimated value of US$ 76.8 million in 2023. Increasing penetration of composites in various end-use industries including aerospace & defense and automotive, higher demand for automation and faster production processes, and increasing demand for simulation software from design to production are some of 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 an interest to participate in the market to capture a larger pie of the market in the foreseen future.