The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Electrical Computer-Aided Design (ECAD) Market. The growth sectors of the Electrical Computer-Aided Design (ECAD) Market are identified with precision for a better growth perspective.
In the uncertain time of COVID-19, Market Research Future has come with the latest study on the global Computer-Aided Design (CAD) Market 2020. The survey enclosed the impact of COVID-19 on the economy. On this, MRFR reveals the global market earlier achieved a valuation of USD 7.47 Billion in 2018 and would scale up to USD 14.18 Billion by 2025. This valuation could achieve while at a pace of 10.0% growth rate. The evaluation of the escalation would take place during the years (2019 to 2025)—the forecasted period.
Top Impacting Factors
The acceptance of CAD design platform in assorted manufacturing industries and disciplines to generate models and drawings is the foremost driver for the development of the global CAD market. The mounting adoption of virtual platforms for product development in manufacturing industries is likely to motivate the consumption of CAD software.
The CAD-based designs are used throughout the life cycle of a product and at different stages such as concept verification, design verification, and failure verification. The manufacturers adopt the execution of CAD software in the product development phase as it aids in improving the quality of the product. The CAD-based designs are extensively used in the automotive industry, and the OEMs are consistently focusing on advancing the design parameters. The rapid growth in the automotive industry is what expected to propel the growth of the global CAD market for future timeframe.
On a similar note, the emerging era of digitalization of the manufacturing process has led to the surged efficiency of the product development process. Before the era of digitalization, the designs of the prototype were drafted manually that led to the delay in the production time and were manually calculated. However, with the introduction of computer-aided design software packages, not only the efficiency of the designing and production process has enhanced, but it also led to more creativity in the designs by various engineers and designers. The digitalization of designs has now allowed the designers to explore and innovate products in multiple end-user industries such as healthcare, automotive, electronics and electrical, and among others.
The absolute rise in aerospace and defence industry, building and construction industry, industrial machinery industry and more have influenced the growth of global computer-aided design market. On the contrary, the factor of rising security concerns over cloud-based CAD solution and the emergence of building information modelling (BIM) might create hindrance to the growth of the computer-aided design market in the forecast period.
The global computer-aided design market has been segmented among technology type, component, deployment mode, application, and industry.
In terms of the technology segment, the market has included 3D technology and 2D technology.
In terms of component, the market has included software and services. Among these, the services have been sub-divided into system integration services, training and implementation services, installation services, and other support services.
In terms of deployment model, the market has included cloud and on-premise.
Furthermore, the application segment has included 3D printing, surface modelling, part assembly, reverse engineering, and others.
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