Pcb Design Software Market Is Estimated To Witness High Growth
PCB design software is used for schematic capture, PCB layout, and related documentation functions for printed circuit boards (PCBs). It allows engineers to design circuit boards and electronically connect components in various ways using graphic software. Major advantages of PCB design software include advanced circuit design and layouts, improved productivity through automated processes, reduction of design errors, better collaboration and documentation.
The Pcb Design Software Market is estimated to be valued at US$ 4 Mn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of PCB design software market is the rising demand for advanced circuit design and layouts from various industries. PCB design software offers several advanced features like multi-layer, high density, and 3D designs which assists engineers in designing complex PCB circuits. It allows users to conduct simulation at the design stage to check for errors and validate circuit performance. This significantly saves time and resources otherwise spent on manufacturing and rework of faulty designs. The software further aids prototype testing through virtual modeling before entering production.
Porter's Analysis
Threat of new entrants: New entrants face high costs to develop software and need strong R&D capabilities to enter the mature Pcb Design Software Market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but switching costs are high in this market.
Bargaining power of suppliers: Software developers have moderate bargaining power due to differentiation in features and innovative offerings in the market.
Threat of new substitutes: threat is moderate as substitute products also require high investment and technical know-how.
Competitive rivalry: Intense due to large number of major players offering diverse solutions.
SWOT Analysis
Strengths: Established global presence, strong R&D capabilities, feature-rich solutions.
Weaknesses: High investment needs, pressure to innovate constantly and upgrade software.
Opportunities: Growth in electronics industry, adoption in developing nations, integration of AI/ML capabilities.
Threats: Subscription model saturation, economic slowdowns, open-source alternatives.
Key Takeaways
The Global Pcb Design Software Market Growth is expected to witness high, exhibiting CAGR of 12% over the forecast period, due to increasing demand for electronics devices globally. The growing consumer electronics and automotive industries will drive further adoption of professional PCB design software during the forecast years.
Regionally, North America dominated the global market in 2023 with over 35% revenue share owing to established electronics industry in U.S and Canada. However, Asia Pacific is expected to witness fastest growth during 2023-2030 with CAGR of 15% due to rapid expansion of electronics manufacturing hub in China and presence of key players. Countries like India will also provide significant growth opportunities in the coming years.
Key players operating in the Pcb Design Software market are Cadence Design Systems, Inc., Altium LLC, WestDev Ltd., Zuken Inc., AutoDesk Inc. ANSYS, Inc., Synopsys, Inc., and Novarm Limited. Major players are focused on R&D investments to integrate advanced technologies like AI/ML into their solutions portfolio and strengthen global footprint through partnerships.
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