The industrial machinery segment is the major end-user of MCAD software and contributed to around $2 billion to the global MCAD market in 2015.
Technavio’s product life-cycle management portfolio has announced its latest market research report on MCAD for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global MCAD market during the forecast period. Some of the top vendors listed in this industry analysis include Autodesk, Dassault Systèmes, PTC, and Siemens.
Among all geographical regions, the Americas will be the fastest-growing region in the global market, contributing to around $3 billion revenue by 2020. The primary reason of the region’s dominance is the presence of many manufacturing industries in the US market that use MCAD software for research and designing activities.
“The integration of ECAD and MCAD is the latest development in the global MCAD market. The growing complexity of product development due to the increasing demand for customized products has created the need for better integration of ECAD and MCAD. This integration not only eliminates unnecessary development rework but also reduces the product development cost. Moreover, the increase in demand for automobile electronics is also fueling the need for the ECAD and MCAD integration, especially in the auto components segment such as mechanical parts,” says Ishmeet Kaur, a lead analyst at Technavio for research on product life-cycle management.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing demand for MCAD in aerospace and defense industry
In the aerospace and defense industry, the technical capabilities of aircraft is expected to boost the demand for MCAD software. The major areas focused by aircraft manufacturers include reduced operation cost by low fuel consumption, wherein MCAD is used to design efficient engines and cut down the weight of the aircraft. MCAD software, along with CAE software was to develop advanced engines and wing designs and test the effects of factors such as wind and temperature on the newly designed models. The manufacturers are also focusing towards the interiors of the aircrafts where the MCAD software is used to create a simulated view of the designed interiors and helps in designing features such as large windows, big cabins, and high ceilings.
Growing need to provide quality products at faster rate
The rising demand for providing quality products across industries has led to the growth of the MCAD market. By reducing the product development cycle and testing time, MCAD software helps improve the time-to-market and increases operational efficiency. It enhances the speed of the product design cycle and produces consistent and cost-effective products by reducing the analysis time. The companies across the globe are increasingly adopting MCAD software to design products as it eliminates the need to develop multiple prototypes. In case of poor design of a product where several quality problems and in-house rework increases the organization’s costs, MCAD helps maintain, repair expenses and reduces credibility of suppliers. The effective use of MCAD software facilitates the development of prototypes, which are tested under different environments, to produce quality products.
Increased adoption of virtual product development environment
The companies globally are increasingly adopting virtual product development environment. To perform optimization and testing procedures in virtual environment, virtual product models are created, which also lead to time and cost savings. To create these virtual models, vendors in the market are significantly using MCAD. MCAD ensures production of quality products by being used in the product development lifecycle and at various stages of the design process, such as failure verification, design verification, and concept verification.
Some of the other prominent vendors identified in this report are 3D Systems, Altair, Cadonix FreeCAD, IronCAD, Kubotek, and Nemetschek.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global MCAD Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Cloud Product Lifecycle Management Market 2016-2020
- Global Digital Manufacturing Market 2016-2020
- CAD Market in APAC 2016-2020
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