Rise in industrialization and benefit of digitization of plants or factories is providing a competitive advantage. This is increasing the demand for digitization and integrated systems driving the global Plant engineering software market.
The size of the global market for Plant Engineering is expected to reach USD 9,398.95 billion by 2030, expanding at a compound annual growth rate (CAGR) of 24.6%.
Covid-19 Impact & Market Status
The covid-19 breakout caused a significant impact om the global plant engineering software industry as regulatory agencies around the globe imposed stringent covid-19 containing measures.
The report study is focused on key sectors, emerging markets, and other majorly contributing aspects that are likely to have positive impact on growth of the Global Plant Engineering Software Market. The report gives a better understanding of the forces behind the Global Plant Engineering Software Market growth and discusses why the forces are influencing the market. The report highlights the concerns that remain a significant barrier to the Global Plant Engineering Software Market growth and for its foreseeable future. The report discusses the supply and demand side of the Global Plant Engineering Software Market for raising awareness for both the enterprises and consumers. The report learns more about the Global Plant Engineering Software Market segments, including market drivers, inhibitors, leading scenarios, and more.
Large Enterprises Will Propel The Global Plant Engineering Software Market Growth
Large Enterprises are the most frequent users of the plant engineering software since management of workforce and deploying new units or factories is always a major task and through this software it is very easy & hassel free, there are even third party collaborators who will help you through turn key projects which utilise the softwares to design the layout plan of the factory or unit which will cover the blue print of the buildings, mechanical, electric fittings , piping & instrumentation layout.
To get a presence in this tremendously competitive industry, most firms seek to distinguish their provided items. The surge in mobility and shift in tendency toward bringing your own device (BYOD) across a variety of industries is also driving the price for engineering software. Due to a user-friendly design, such software also allows for easier access, which is likely to drive engineering software market expansion throughout the forecast period.
Electronics Followed By Automotive Gains The Highest Revenue In The Global Plant Engineering Software Market.
The electronics industry is the leading segment since it was the first industry which adopted digitization initially which has helped them to supply the demand caused by the consumer, it has brought in effeciences in operations, second in line would be automotive sector since it is the most labour intensive sector and plant engineering software has helped automotive sector to gain operational excellence & achieved best resource allocation practices.
North America Followed By Europe Region Are Dominating The Global Plant Engineering Software Market Growth.
In 2021, North America dominated the global plant engineering software market, accounting for over 38% of global market revenue, and this dominance is likely to continue during the forecast period. This is because cloud-based engineering software has become available. Small businesses choose cloud-based software because of its inexpensive operating and maintenance costs. Furthermore, the launch of new plant engineering software apps for various smartphones and tablets is expected to boost plant engineering software demand in this area. The accessibility and availability open source plant engineering software, on the other hand, is now impeding the market for plant engineering software.
The global plant engineering software market expansion in Europe is mostly due to the widespread use of digitalization combined with cloud-based software packages, as a result of a rise in the number of small & medium enterprises requesting plant engineering software as part of their building projects across various end-user sectors. Because of its rising construction sector and developing automation industry, Asia Pacific is predicted to be one of the fastest growing markets for plant engineering software. Companies of all sizes in MEA are increasingly implementing an enterprise-wide PLM approach, which has aided collaboration and innovation while driving profitability.
The rising acceptability of 4.0 industry revolution is fuelling the global plant engineering software market.
Product creation, re-architecting or modifying Plant Engineering products, designing components for P&ID/3D pipework, electrical measurement and control technologies are all part of Plant Engineering Software. plant engineering software can be easily integrated with structural design/CAD/CAE software, file format compatibility, and tailoring Plant Engineering products to fit unique customer requirements. Moreover, the availability of cloud-connected goods or tools that promote digitalization has made open source plant engineering software a repeating trend in the market environment.
The Global Plant Engineering Software Market is anticipated to register a growth of USD 90 Billion by 2029 with a CAGR of 10% percent from 2022 to 2029.
The factors such as the growing use of CAD (Computer Aided Design) customisation and intelligent manufacturing tools is propelling the market growth. CAD customisation is well-known for automating repetitive activities inside the software. Design automation, on the other side, enables users to convert technical engineering knowledge into a platform and applied in real throughout product innovation.
Because engineers may capture concepts and theories and prove how to and when they are relevant in the programme, companies in the plant engineering software industry are boosting the accessibility of design automation software. This aids in the incorporation of engineering skills into the design process.
Engineering software companies provide intelligent and customised software platforms. At every step in the value chain, such platforms are generating new insights, possibilities, and levels of automation. Lifecycle analytics, and manufacturing, Mechanical and electronic design, system simulation are among the software and services that organizations are developing.
The expansion of the engineering software industry is fueled by increasing Internet availability in developed markets. Global Plant engineering software market is projected to benefit from rising demand for 3D modelling. The main advantage of 3D modelling would be that it enhances product design and boosts an organization's operational efficiency. Engineers save considerable time on product design and can give more time on the actual accomplishment of each work thanks to 3D modeling's precision and versatility. As a result, the expansion of the plant engineering software market is influenced by the increased need for efficient product design.
To improve workflow and boost design flexibility, several end-use sectors are moving to cloud-based design. Some companies, such as General Motors Company, have moved their workloads to the cloud because cloud-based solutions enable real-time work and reduce total IT costs. During the forecast period, the increasing demand for complex and large prototypes, exact design, and automation in the industrial, automotive, and aerospace & military industries is expected to boost cloud-based engineering software implementation.
Key players operating in the global plant engineering software market include Siemens, Boom Software, CEA Systems, Bentley Systems, Neilsoft, Akquinet AG, Honeywell, Aucotec, Aveva Plant, Dlubal, Hexagon PPM, CAD Schroer, Autodesk, Dassault Systèmes, Elomatic CADMATIC and others.
Dassault Systemes, S.A. and Autodesk, Inc., two major engineering software suppliers, are concentrating on the creation of engineering software solutions that would help them obtain a competitive position in the industry. In addition, firms are focused on inorganic development methods such as strategic alliances and mergers and acquisitions with technology providers, which allows them to extend their solutions and maintain a competitive edge.
Many smaller enterprises in the sector may lack the financial resources required to spend extensively in R&D on their own. They're making up for it by purchasing and merging with other successful firms in the field. They expand their whole resource pool, particularly in terms of financial and human capital. These businesses now have the resources, expertise, and research to do the extensive research and development that will be required.
Latest Innovation in the Global Plant Engineering Software Market: A Snapshot
- Dassault System SA announced two new apps on its 3DExperience Platform in February 2021. This new programme allows students to access to a subset of Dassault's digital design and engineering environments. This product platform contains a full set of engineering-specific 3D modelling apps. The company's recently announced product expands its product range, and it is likely to boost sales of engineering technology solutions in the near future.
- SimScale and Siemens PLM Software have created a cooperation. The collaboration's goal is to create a cloud-based engineering simulation system. This cloud solution will provide access to all forms of simulation projects to all types of users, from novices to experts. The company's market position is likely to increase as a result of this relationship.
Plant Engineering Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 90 Billion|
|Growth Rate||CAGR of 10 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Siemens, Boom Software, CEA Systems, Bentley Systems, Neilsoft, Akquinet AG, Honeywell, Aucotec, Aveva Plant, Dlubal, Hexagon PPM, CAD Schroer, Autodesk, Dassault Systèmes, Elomatic CADMATIC and others.|
Key Segments of the Global Plant Engineering Software Market
Type Overview, 2019-2029 (USD Billion)
- Large Enterprises
- Medium Enterprises
- Small Enterprises
Application, 2019-2029 (USD Billion)
- Energy Sectors
- Food and Beverages
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa