The global PCB design software market will reach approximately USD 9 billion by 2031 and grow at a CAGR of ~11% during 2022-2031; Expansion of Consumer Electronics Industry Worldwide to Drive Market Growth – Kenneth Research
Key companies listed in Kenneth Research’s “Global PCB-Design-Software Market” research report include Siemens AG, Cadence Design Systems, Inc., Altium Limited, Cadsoft Corporation, Shanghai TsingYue Software Co., Ltd., Novram Limited (DipTtace ), Zuken USA, Inc., Autodesk Inc., ANSYS, Inc., and others.
NEW YORK, Oct. 19, 2022 (GLOBE NEWSWIRE) — Kenneth Research released a detailed market report on “Global PCB Design Software Market” for the forecast period, i.e. 2022-2031, which includes the following factors:
Market growth in the forecast period
Detailed regional synopsis
Key market players and their detailed profiling
Global PCB Design Software Market Size:
The global PCB design software market is projected to generate around USD 9 billion by 2031 and grow at a CAGR of ~11% during the forecast period. In 2021, the market generated revenue of about 2 billion USD. Expansion in the global consumer electronics industry is a major driver of market growth. Global consumers are expected to spend $505 billion on gadgets by 2022. Every consumer electronic gadget must have a PCB because it enables communication through many of the device’s components. It is predicted that there will be around 3 billion consumer electronics users by 2025, with user penetration increasing by 37% from 2022 to 2025. As a result, the need for PCB is growing along with the production and use of consumer electronic devices, and Software for PCB design helps to quickly produce these boards to meet the demand. Consumer electronics are increasingly used which indicates a growing market trend for PCB design software.
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Global PCB Design Software Market: Key Details
The North American market earns a significant share of revenue.
Consumer electronics segment to influence the revenue chart
The software segment maintains a significant presence in the market
Growing production and use of automobiles as well as explosive growth in communication devices to drive market growth
In the automotive sector, PCB is often used in engine, LED lighting, GPS, audio/visual systems and other components. According to statistics from the International Organization of Motor Vehicle Manufacturers (OICA), more than 77 million cars were produced worldwide in 2020, rising to 80,145,988 vehicles in 2021 with an annual growth rate of 3% during 2020-2021. This growing production volume in the automotive sector suggests a growing market trend for the PCB design software market.
In the field of communications, PCBs are used in PBX systems, VoIP devices, telephone switching systems, video conferencing and other applications. Data transmission, wireless systems and transmission networks require communication PCBs. Almost 60% of people worldwide were active internet users as of January 2019, indicating the potential for the market. In addition, there are 6.65 billion smartphone owners worldwide in 2022, which equates to 83.50% of the total global population. The growing rate of internet and smartphone users is increasing the demand for PCBs in the communication sector which is further enhancing the market development.
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Global PCB Design Software Market: Regional Synopsis
The global PCB design software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Prominence in the technical development and adoption of high-speed analog circuits to strengthen the market in the North American region.
By the end of 2031, North America is expected to hold the largest market share owing to the region’s prominence in technical advancement. For example, the United States scored 61 out of 100 on the innovation index in 2021. For the 132 countries in the same time period, the average innovation index was just above 34 points. The expansion of various industries such as education, healthcare, automation systems, and others that require the use of high-speed analog circuits, is another factor contributing to the growth of the market in the region. The Centers for Medicare and Medicaid Services (CMS) reports that national health spending grew by 9.7% in 2020 and accounted for 19.7% of gross domestic product (GDP). Furthermore, the United States ranks first, with almost half (49.5%) of citizens having access to 5G networks in 2021.
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On the other hand, the market of the Asia-Pacific region has a significant share in the forecast period. The expansion of the market is due to China, the country with the largest population and the second largest economy in the world. Largest consumer electronics market, better lifestyle and increasing number of global industry players who prefer to outsource manufacturing are other factors that lead to market expansion in the region. By 2025, it is predicted that there will be 849 million users in the consumer electronics sector in China. In addition, the annual growth rate of the total profit of the electronics business in China was 17.5% in 2020 which increased to 39% in 2021. Furthermore, the user penetration is predicted to reach 44.5% in 2022 and 58 % in 2025. Significant growth in consumer electronics production and increasing user penetration are predicted to accelerate market expansion in the region.
The study further includes growth, demand and supply on an annual basis and predicts future opportunities in:
North America (USA, Canada)
Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, rest of Europe)
Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, the rest of the Middle East and Africa).
Global PCB Design Software Market, Segmentation by Industry Vertical
Air Force and Defense
Mobile devices, IT and telecommunications
Health care and life sciences
Automotive industry, transport and logistics
Research and education
Automation of industrial controls
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The consumer electronics sector is expected to have the largest market size by the end of 2031. The global consumer electronics market is expected to sell around 9 billion units in 2022. In 2021, the total number of televisions sold worldwide will reach almost 550 million receivers. Around 2026, it is predicted that this will increase to 600 million pieces. Similarly, 170 million smart speakers were shipped worldwide in 2020. Therefore, the PCB design software market is also driven by the growing production and demand for consumer electronics.
Global PCB Design Software Market, Segmentation by Components
The software segment holds a significant market share during the forecast period. Engineers can effectively design a printed circuit board using PCB design software, helping to solve any problems that may arise during product manufacturing. Creating 2D and 3D multi-boards and various electrical components for use in electric vehicles are other common applications of the software. Both common household items and complex industrial tools are IoT-enabled things. It is estimated that by 2021 there will be around 11 billion active IoT devices. Moreover, it is predicted that by 2030 it will exceed 25 billion. By 2025, it is predicted that 0.15 million IoT devices will be connected to the Internet every minute. A successful IoT product requires a well-designed PCB, which is a key component. Therefore, the rise of the segment is reflected in the emergence of IoT.
Few well-known market leaders in the global PCB-Design-Software market profiled by Kenneth Research are Siemens AG, Cadence Design Systems, Inc., Altium Limited, Cadsoft Corporation, Shanghai Tsing Yue Software Co., Ltd., Novarm Limited (Dip Trace) , Zuken USA, Inc., Synopsys, Inc., Autodesk Inc., ANSYS, Inc., and others.
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Latest developments in the global PCB design software market
On April 20th, In 2021, a cloud-based platform called Nexar will be made available by US-based software company Altium Limited to integrate PCB design software and component manufacturers.
On June 30th,2020, Zuken Inc, a global organization based in Japan, will release the CR-8000 3D multi board PCB design environment.
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