Finite Element Analysis Software Market Trends

Growth Drivers

• Rise in the Number of Software Engineers - FEA software, serves as the foundation for contemporary simulation software and aids engineers in identifying weak points, tension points, and optimizing components during the design process, and minimizing the need for actual prototypes and experiments. As of 2022, there were approximately 30 million software engineers around the globe out of which the United States has more than 687,000 software engineers.
• Growing Investment in the Power Generation Sector- The complex nature of power generators is understood with the support of finite element analysis software to solve structural engineering problems.
• Upsurge in Defense R&D Expenditure - The equipment that is used in defense is tested through finite element analysis software before getting approved.
• Increase in Liquid Fuel Production and Consumption –Finite element analysis software is utilized in the oil and gas industry to detect the effect of fluid in a given system. Moreover, the oil and gas production industry deals with extreme temperatures that are controlled by engineers through the system. According to the U.S. Energy Information Administration (EIA), global petroleum and other liquid fuel production and consumption are estimated to be ~100 and ~99.58 million barrels per day respectively, in the first quarter of 2022.
• Finite Element Analysis for Stress Analysis- The computerized process of FEA stress analysis is used to forecast a product's response to forces, and other physical factors to pinpoint a product's weak points and provide insightful information that can be used to enhance the design of the product and maximize performance.

Challenges

• Challenge of Stress Concentration and Accuracy Between the Test Result and the Final Result- As accurate as its user, FEA is. however, also rather complicated, and there are some errors in it such as choosing elements and meshing, defining boundary conditions, accurately determining material properties, and convergence problems. Inadequate mesh quality can result in mistakes, problems with convergence, and long calculation times, which is expected to harm the accuracy of the outcomes of a simulation. The mesh size has a significant impact on the precision of the findings; as a coarse mesh produces results that are less accurate since there will be fewer elements in a coarse mesh. A crucial step in validating finite element models is mesh refining, which can be a difficult and time-consuming process. In FEA, one of the most prevalent issues is mesh size, therefore it is an essential phase to address finite element problems (FEM).
• Complex and Time - Consuming Process Owing to the Complexity of Model Generation and Analysis,
• Demands for Higher Configuration System