Electronic Design Automation Market size is set to surpass USD 20 billion by 2027, according to a new research report by Global Market Insights Inc.
The developing manufacturing industry globally will offer growth opportunities to the market. Manufacturers are using EDA tools to design and develop miniaturized electronic components. For instance, automotive manufacturers use CAE software for thermal and fluid flow analysis, stress analysis, kinematics, and mechanical event simulation. Adoption of CAE tools has enabled the manufacturers to reduce product development time and cost while improving the durability, comfort and safety of the vehicles produced. Manual electronic designing techniques are being replaced with EDA tools to ensure maximum precision in IC and PCB manufacturing.
The ongoing coronavirus (COVID-19) pandemic negatively impacted the electronic design automation market in 2020 due to the temporary closure of industrial facilities, resulting in the declining industry conditions globally. The lockdown measures in different countries affected the global supply chains resulting in delays in production and shipments. The market conditions improved slightly in the second half of 2020 following the relaxations in lockdowns and are anticipated to improve further by the end of 2021. The resumption of industrial activity in 2021 will support the market growth. The market will gain traction with the improving economic conditions by the end of 2021.
Increasing demand for EDA tools for precise validation of designs to support the market expansion
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The increasing complexities of ICs attributed to the high demand from compute-intensive technologies, such as AI, IoT, and machine learning, have boosted the demand for advanced EDA tools that enable to validate the IC layout accurately. These tools enable to precisely validate densely populated ICs to verify the designs with the expected requirements. In nano technology, physical verification has become a crucial stage for the validation of extremely complicated and compact designs. The growing trend of miniaturized electronic devices will propel the market value.
Browse key industry insights spread across 280 pages with 167 market data tables and 40 figures & charts from the report, “Electronic Design Automation Market Size By Product (Computer Aided Engineering (CAE), IC Physical Design & Verification, Printed Circuit Board (PCB) & Multi-Chip Module (MCM), Semiconductor Intellectual Property (SIP), Services), By Application (Aerospace & Defense, Automotive, Consumer Electronics, Industrial, Medical, Telecommunications), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The modernizing industrial sector adopting advanced EDA tools to ensure design accuracy will drive the market demand
The growing penetration of automation across the industrial sector supporting the use of high-end EDA techniques will fuel the market revenue. Government organizations are supporting the incorporation of automation across the industrial sector to enhance productivity for overall economic development. They are encouraging the advent of technologies, such as IoT and AI, across the industrial sector. For instance, the government organizations in Saudi Arabia aim to progress in applications such as AI, IoT, virtual reality, 3D printing, and blockchain technology. EDA software is enabling the precise simulation and validation of circuits, ensuring accurate throughput. As advanced digital technologies, such as cloud computing and machine learning, incorporate high-performance chips, the EDA market will gain impetus during the forecast timeframe.
The advanced aerospace & defense sector in Europe incorporating the latest design technologies in manufacturing facilities to spur the market progression
The Europe electronic design automation market will observe substantial growth during the forecast timeframe led by the developed aerospace & defense market adopting automated tools for the designing of electronic components integrated into aircraft parts. Manufacturers in aerospace and defense sectors must comply with stringent regulations pertaining to the design of the parts incorporated in the aircraft. This encourages them to employ EDA tools to ensure precise design, validation, and simulation of circuits. Design validation forms a crucial aspect of aircraft manufacturers to ensure that there are no faults in the system. Increasing complexity of electronic devices integrated into aerial vehicles will impel the acceptance of EDA tools, augmenting the industry growth. Market players are offering high-quality EDA solutions developed specifically for the aerospace sector.
Strategic collaborations with technology providers to foster product offerings and launch new solutions form a key strategy amongst market leaders
Key companies operating in the market include Ansys Inc., Autodesk Inc., Agnisys Inc., Aldec Inc., Altera Corporation, Altium LLC, EasyEDA, Cadence Design Systems Inc., Ferrochip, Intercept Technology Inc., Electromagenticworks Inc., Keysight Technologies, National Instruments Corporation, Invionics Software Inc., Synopsys Inc, and Xilinx Inc. These industry participants are focusing on partnering with other technology leaders to innovate their offerings.