14-May-2019: The global virtual prototype market size is
estimated to reach USD 861.7 million by 2025, according to a new study by Grand
View Research, Inc. It is expected to expand at a CAGR of 19.4% over the
forecast period. Virtual prototyping tools enable faster product development,
cost savings, and reduction in time to market.
These benefits are driving the
development and adoption of VP tools. Enterprises/industrial manufacturers are
switching to VP from conventional physical testing of product models. Physical testing
consumed additional time and incurred high costs in the event of failure.
Virtual prototype solutions enable organizations to significantly improve the
accuracy of product testing and to enhance ergonomics and usability. This
factor is driving growth of the global virtual prototype market.
Furthermore, increasing
adoption of consumer electronic products such as smartphones, tablets,
printers, and home appliances is encouraging manufacturers to deploy virtual
prototyping tools to meet the overall production demand. It is also encouraging
them to introduce innovative products to compete with other market players and
to enhance profitability. All these factors are anticipated to further propel
expansion of the global market over the forecast period.
Virtual prototyping is a
software-based engineering process that helps build, simulate, and test a
prototype virtually by simulating real-world conditions. The integration of
technologies such as Computer-Aided Design (CAD), simulation tools, and Virtual
Reality (VR) into VP tools has enabled manufacturers to increase product
affordability. Moreover, virtual prototype simulation also aids in efficient
planning of production lines and factory layouts.
Virtual prototyping solutions
have a significant demand from the healthcare sector where they are used for
pre-operative planning and surgical simulation. The growth of construction
industry is also anticipated to drive the market for virtual prototype over the
forecast period owing to rising demand for design simulation of buildings and
plants. Asia Pacific has the largest concentration of consumer electronics
manufacturers. Evolving consumer trends encourage manufacturers to innovate and
develop novel products, which is anticipated to spur the market growth. Moreover,
high investments in R&D to develop innovative virtual prototype tools such
as CAD tools for live simulation, error-free production, and cost reduction
during manufacturing are expected to further propel the global virtual
prototype market growth.
In
depth research report on Virtual Prototype (VP) Market
Further
key findings from the study suggest:
· North
America held the largest market share in 2017, owing to high adoption from
automotive, electronics, and telecom industries to enhance overall operational
efficiency and to improve customer satisfaction through iterative product
releases
· Asia
Pacific is expected to witness robust growth in the global virtual prototype
market owing to rapid growth of regional automotive, aviation, and consumer
electronics industries
· Adoption
of cloud-based virtual prototype tools is projected to witness growth over the
forecast period due to high demand from small- and medium-scale companies
aiming to curb implementation and infrastructure costs
· Key
automobile manufacturers such as BMW, Mercedes, and Volkswagen among others
utilize VP tools to design and test new vehicle models. Emergence of advanced
vehicular technologies and growing adoption of Electric Vehicles (EV) are
anticipated to further promote market growth
· Some of
the key market players are Autodesk, Inc.; TWI Ltd.; Synopsys, Inc.; ESI Group;
Carbon Design Systems Inc.; Cadence Design Systems, Inc.; Siemens PLM Software;
and PTC.
Grand View Research has
segmented the global Virtual Prototype (VP) market on the basis of tool,
deployment, vertical, and region:
Virtual
Prototype Tool Outlook (Revenue, USD Million, 2015 - 2025)
· Computer-aided
Design (CAD)
· Computer-aided
Engineering (CAE)
· Computer-aided
Manufacturing (CAM)
· Computational
Fluid Dynamic (CFD)
· Finite
Element Analysis (FEA)
Virtual
Prototype Deployment Outlook (Revenue, USD Million, 2015 - 2025)
· Cloud-based
· On-premise
Virtual
Prototype Vertical Outlook (Revenue, USD Million, 2015 - 2025)
· Aerospace
· Automotive
· Healthcare
· Consumer
Electronics
· Telecom
· Others
Browse
more research reports of this category:
No comments:
Post a Comment