(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Electrical Computer-Aided Design (ECAD) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Electrical Computer-Aided Design (ECAD) Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Electrical Computer-Aided Design (ECAD) Market 2025 which provides a complete comprehensive analysis including the data by Segmentations, by Geography and as well as the competitive landscape of the top 10 Vendors in this market.The Global Electrical Computer-Aided Design (ECAD) Market is expected to register a 9.22% CAGR, exhibiting significant growth during the forecast period. The market was valued at USD 1,710.1 million in 2018; it is expected to reach USD 2,860.3 Million by 2024
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Market Snapshot
North America accounted for the largest market value of USD 620.4 million in 2018; the market is expected to register a CAGR of 7.94% during the forecast period.
The Final Report will cover the impact analysis of COVID-19 on this industry:
Electrical computer-aided design (ECAD) is a real-time standalone, easy-to-use, multi-user electrical design tool that helps in efficiently defining the electrical interconnections for complex electrical systems. It helps in designing circuits quickly, accurately, and efficiently by optimizing the overall design process. This software assist engineers in creating electrical schematic designs and systems seamlessly and at a rapid pace as compared to traditional, by-hand methods with higher accuracy and precision. This software is widely used to automate tasks such as updating components lists, connection lists and wire numbering, enabling electrical standards within the drawing, intelligent copying, communication with PLC I/O tools, and filling out bills of materials (BoM), among others.
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Major ECAD software provides extensive symbols & parts libraries, live parts price and its availability data, and 2D cabinet layout facility, among others. ECAD is used for different purposes such as diagram making, 3D assembly, concurrent designing, and generating manufacturing and documentation.
Based on type, the market has been classified as process industry and discrete industry. The discrete industry or discrete manufacturing primarily comprises the industrial manufacturing, automotive, aerospace, and electronics industries. Discrete manufacturing involves the production of distinct products that can be combined or integrated with another product. Discrete manufacturing is used in situations of high-precision, low volume or low-precision, and high-volume manufacturing.
The process industry or process manufacturing, on the other hand, involves continuous or batch processing/manufacturing. The major industries involved in process manufacturing include food & beverages, chemicals, pharmaceuticals, petroleum, coal & mining, rubber, paper & pulp, and wood. Various engineering tools and software are used in the process industry to practice advanced industrial engineering techniques.
The manufacturing and production process within the process industry highly complex that includes large, complex configurations of equipment working simultaneously. Furthermore, increasing challenges such as the growing focus on safety and environmental concerns, the growing viability of new energy sources, and the rising cost of products have combined to create a new set of competitive pressures on designers and engineers who develop equipment and systems for the process industry.
ECAD is an effective 3D product development solution that improves the manufacturing and design processes, accelerates time-to-market, controls development costs, improves product quality, and aids in increasing cash flow and profit margins. However, a lack of technical expertise might hamper market growth.
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Regional Analysis
The global electrical computer-aided design (ECAD) market, by region, has been segmented into Asia-Pacific, North America, Europe, and the rest of the world. North America is expected to dominate the global electrical computer-aided design (ECAD) market during the forecast period due to the increasing number of process and discrete industries and high investments in industrial manufacturing in the region.
Companies Covered
The key players of the global electrical computer-aided design (ECAD) market are Dassault Systèmes SE, EPLAN Software & Service, Siemens PLM, Autodesk, Inc., Trimble, Inc., Bentley Systems, Inc., Nemetschek SE, IGE+XAO, and ALPI International Software, among others.
Key Developments
In June 2019, Siemens AG announced the latest version of its Solid Edge 3D industrial design software—Solid Edge 2020—which added augmented reality in its new features. This will help the company's internal teams to better collaborate on prototype designs, and efficiently facilitate the presentation of work product to suppliers and customers.
In April 2019, Autodesk Inc. released a new version of Revit—Revit 2020, which includes incorporating improvements in Revit 2019.1 and Revit 2019.2. The new version includes a set of new tools and enhancements that help generate consistent, coordinated, and complete model-based building designs and documentation.In June 2019, Schneider Electric SE, a leading company in the Digital Transformation of Energy Management and Automation, acquired ALPI International Software SA. This acquisition helps Schneider Electric in strengthening their capabilities in digital transformation.
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In December 2018, Siemens acquired COMSA, a company which develops software for electrical systems design and wire harness engineering to further extend lead in automotive electrical systems design. COMSA's LDorado software strengthens Siemens' global automotive lead with the addition of key capabilities in wire harness engineering and design data analytics.
Segmentation
By Component: Software and Services
By Industry Type: Discrete Industries and Process Industries
By Application: Industrial Machine Controls, Plant Design, Mining Equipment Control, Rail Signaling, Switchgear Design, Water Treatment and Distribution System Control, and Others
By Vertical: Automotive, Aerospace & Defense, Construction, Railway, Power Generation and Energy, Equipment and Machinery, Oil & Gas, Food & Beverage, and Others.By region: North America, Asia-Pacific, Europe, and Rest of the World
Key questions addressed by the report
What was the historic market size (2018)?
Which segmentation (Component / Solution/ Industry) is driving the market?
What will be the growth rate by 2024?
Who are the key players in this market?
What are the strategies adopted by key players?
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Darlene Dooley
Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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