ECAD Market is expected to register a CAGR of 8.5% % by 2027
ECAD Market Overview
The global ECAD Market is estimated to grow at a CAGR of 8.5% during the forecast period (2020-2026).
Electrical computer-aided design (ECAD) is big business, and the market is driven by the increasing use of cloud-based ECAD solutions and increasing demand for electronic design automation. According to the MRFR analysis, Cadence Design System Inc. occupied the first position in the ECAD Market. The company has a strong hold over nearly all the major markets, including North America and Europe. The company concentrates on continuous research & development, which helps the company to have a competitive edge over other key players operating in the market. The company has a comprehensive product portfolio and a strong customer base
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/10306
Regional Analysis
The geographic analysis of the global ECAD Market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to be the largest market for ECAD solutions during the forecast period. North America has been segmented into three countries, namely the US, Canada, and Mexico.
The US is the leading market in North America, accounting for a significant market share. The electrical computer-aided design (ECAD) market in the US is expected to grow significantly, owing to the presence of major players. The market growth in the country can be attributed to the increasing urbanization, advances in digital technology, higher disposable incomes, and the high demand for advanced manufacturing robotic technologies. In addition to it, favorable government policies to help factory automation are contributing to the growth of the global market. Adding to it, the market growth is driven by the increased demand for intelligent and automated manufacturing systems and the rising focus on digitization of oil fields to adopt industry 4.0.
Europe is projected to hold the second spot (in terms of market share) in the overall market during the forecast period. Europe is segmented into the UK, Germany, France, and the rest of Europe. The market growth is attributed mainly to advancements in cloud-based ECAD tools and services. The main factors contributing to the growth of the electronic computer-aided design (ECAD) market in Europe are the low cost of adoption and greater storage capabilities of cloud-based solutions and services. The collaboration of major players with small start-ups for the development of computer-aided design tools is boosting the market growth.
The market in the Asia-Pacific region is expected to register the highest CAGR during the forecast period. The market growth is attributable to the need for on-the-go graphic designing via mobile apps for smart factories and industrial manufacturing. Moreover, the automotive markets in South Korea, Japan, and China are growing rapidly and contribute nearly 30% of the overall market. The rising development of electric vehicles and their testing has also resulted in the growth of the electrical computer-aided design (ECAD) market.
In the Middle East & Africa, the country of Saudi Arabia holds the major oil fields, and the industry is increasingly adopting industrial automation equipment. The country offers opportunities for the metal, mining, and material industries to increase their production and efficiency. The demand for ECAD software is also driven by the high cost of labor, encouraging the companies to adopt industrial automation.
The South American region is witnessing an increase in investments and government initiatives to support advances in technology. In this regard, the developments in the manufacturing and industrial sectors in the region are anticipated to be the key driver for the ECAD Market during the forecast period. Brazil is an emerging economy in South America. The growth of the ECAD Market in Brazil is attributed to the developments in machine learning and computer vision technologies for manufacturing processes. Brazil exhibits a strong demand for software for mining, drilling automation, and oil extraction applications.
Competitive Analysis
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/electrical-electronic-computer-aided-design-market-10306
Segmental Analysis
The global ECAD Market has been segmented based on component, industry type, application, vertical, and region.
Based on component, the global computer-aided design (ECAD) market has been segmented into software and services. The software segment accounted for the larger market share in 2019, and it is expected to register a CAGR of 7.8% during the forecast period. The services segment was the second-largest market in 2019.
The global electrical computer-aided design (ECAD) market, by industry type, has been divided into the process industry and discrete industry. The discrete industry segment accounted for the largest market share, and it is expected to register the highest CAGR during the forecast period.
The verticals studied for the market research report are automotive, aerospace & defense, construction, equipment and machinery, railway, power generation and energy, oil & gas, food & beverage, and others. The automotive segment is anticipated to lead the global electrical computer-aided design (ECAD) market over the forecast period.
Read more:
About Market Research Future:
Market Research Future (MRFR) has created a niche in the world of market research. It is counted among the top market research companies that offer well-researched and updated market research reports and insights to businesses of all sizes. What sets us apart is our super-responsive team that offers quality work keeping clients abridged of the prospective challenges and opportunities in various markets. Our team is adept in their space as well as patiently listens to every client.
The best part is they know their work inside out and possess the expertise to guide the client in the right direction and achieve results on a tight deadline. We are a one-stop solution for all your data research needs. Our team does not believe in the “one size fits all” approach to creating a report that is detailed and concise. We handle 13 industry verticals including Healthcare, Chemicals and Materials, Information and Communications Technology, Semiconductor and Electronics, Energy and Power, Food, Beverages & Nutrition, Automobile, Consumer and Retail, Aerospace and Defense, Industrial Automation and Equipment, Packaging & Transport, Construction, and Agriculture. With our unique approach for every market report, we aim to reach the zenith in qualitative business intelligence and syndicated market research.
Contact:
Market Research Future
Office No. 524/528, Amanora Chambers
Magarpatta Road, Hadapsar
Pune - 411028
Maharashtra, India
+1 646 845 9312