Computer Aided Design Market is Expected to Attain an Outstanding Valuation of USD 2860.3 Million by 2024

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The global electrical computer-aided design (ECAD) market is expected to reach USD 2860.3 million by 2024 at a CAGR of 9.22% during the forecast period. Market Research Future (MRFR) in its report envelops segmentations and drivers to provide a better glimpse of the market in the coming years.
Cloud computing is a driving force for the designing field, as it enables designers to access tools and collaborate with their teams over a single platform to make informed decisions during the designing stage. According to a Worldwide CAD Trends 2016 survey conducted by Business Advantage, the use of cloud-based CAD is likely to go up to 29% over the next three to five years. However, the piracy of ECAD software is a major factor limiting the growth of the global electrical computer-aided design (ECAD) market. Increasing use of cloud-based ECAD tools and increasing demand for automation in process industries such as oil & gas and manufacturing are contributing to the growth of the global electrical computer-aided design (ECAD) market.
Competitive Analysis
The key players of the global electrical computer-aided design (ECAD) market are Dassault Systèmes SE (France), EPLAN Software & Service (Germany), Siemens AG (Germany), Autodesk, Inc. (US), Trimble, Inc. (US), Bentley Systems, Inc. (US), Nemetschek SE (Germany), IGE+XAO (France), and ALPI International Software (France), among others.
In January 2019, Trimble launched the latest version of its architectural modeling software—SketchUp Pro 2019. The product has layers with dashed lines which allow simplifying drawings with effective communication.
In February 2017, IGE+XAO Group opened a new subsidiary in India—IGE+XAO INDIA Private Limited—to enhance its distribution capabilities. This subsidiary distributes IGE+XAO Electrical CAD, PLM, and simulation software for the rapidly expanding Indian market.
Segmentation
The global electrical computer-aided design (ECAD) market spans across North America, Europe, Asia-Pacific, and the rest of the world.
The increasing use of cloud-based ECAD tools and increasing demand for automation in process industries such as oil & gas and manufacturing are factors expected to drive the electrical computer-aided design (ECAD) market during the forecast period. However, the designing and creation of ECAD models require a high level of skilled expertise, which is expected to limit the market growth during the forecast period. Further, proliferation of smart grids and smart metering is expected to act as an opportunity for players in the global electrical computer-aided design (ECAD) market during the forecast period.
The geographic analysis of the electrical computer-aided design (ECAD) market has been conducted for North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW). North America is expected to dominate the electrical computer-aided design (ECAD) market during the forecast period
owing to the increasing number of process and discrete industries and high investments in industrial manufacturing in the region. Among the major countries in North America, the US exhibited steady growth in the global electrical computer-aided design (ECAD) market over the last decade. The major electronics and semiconductor companies in the US are increasingly adopting 3D printing technologies with the help of computer-aided design for printed circuit board designs. Enterprises in Canada are rapidly adopting visual representation techniques in the manufacturing of distinct parts and equipment; this is directly impacting the growth of electrical computer-aided design (ECAD) market.
Europe was the second-largest market in 2018. The rest of Europe accounted for the largest market share in 2018, with the highest market value. Germany was the second-largest market in 2018, with the highest CAGR during the forecast period. The market growth is mainly attributed to advancements in cloud-based ECAD tools and services. The collaboration of major players with small start-ups for development of computer-aided design tools is boosting the electrical computer-aided design (ECAD) market growth.
In the Asia-Pacific market, China accounted for the largest market share in 2018; the market is also expected to register the highest CAGR during the forecast period. The rest of Asia-Pacific was the second-largest market.
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