The widespread application of generative design software across a range of global end-use sectors is predicted to fuel the market's expansion. It is used in the automotive sector to produce lightweight components and to assemble pieces. This is providing profitable potential in the development of the generative design industry, along with the increasing sales of passenger and commercial vehicles due to growing urbanisation and rising income levels.
The automotive and aerospace & defense segments are expected to hold the largest market share in the application segment during the forecast period. The rising demand for lightweight, fuel-efficient, and sustainable vehicles and aircraft is driving the adoption of generative design technology in these industries. The architecture, engineering, and construction segment is expected to witness significant growth during the forecast period due to the increasing demand for sustainable and energy-efficient buildings and infrastructure.
Several aerospace industries rely on Generative Design Market tools to reduce aircraft weight, reduce environmental impact, and increase passenger safety. In addition, as drones become more and more popular, generative design software is being used to increase their aerodynamic effectiveness and durability, which in turn lengthens their lifespan and improves flying performance.
The automotive and aerospace & defense segments are expected to hold the largest market share in the application segment during the forecast period. The rising demand for lightweight, fuel-efficient, and sustainable vehicles and aircraft is driving the adoption of generative design technology in these industries. The architecture, engineering, and construction segment is expected to witness significant growth during the forecast period due to the increasing demand for sustainable and energy-efficient buildings and infrastructure.
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The report "Generative Design Market by Application (Product Design & Development and Cost Optimization), Component, Deployment Model, Industry Vertical (Automotive, Aerospace & Defense, Industrial Manufacturing), and Region - Global Forecast to 2023", The generative design market size is expected to grow from USD 111 million in 2018 to USD 275 million by 2023, at a CAGR of 19.9% during the forecast period.
The key factors driving the generative design market include the rising need for advanced design software to drive product innovation, the growing demand for environment-friendly architecture, and enhanced production efficiency.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=257517868The cost optimization segment is expected to grow at the highest CAGR during the forecast period.By application, the cost optimization segment is expected to grow at the highest CAGR during the forecast period.
Generative design is one such approach that enables designers to optimize fairly large and complex product designs, based on parameters such as material, energy, and time wastage.
Hence, developing robust and efficient optimization algorithms to deal with resource wastage has been one of the major focus areas of industries.The services segment is expected to grow at a higher CAGR during the forecast periodBy component, the generative design market is segmented into software and services.
The use of generative design software for designing of building plans and large construction projects layouts is expected to fuel demand for services (design & consulting services and support & maintenance services) from the building, architecture, and construction industries.Automotive vertical is expected to maintain the leading position in terms of revenue generation during the forecast periodThe automotive industry has always been at the forefront of adopting technologies for their product design and development.
With rapid manufacturing advancements in the industry, the generative design has gained a prominent place in achieving cost and production efficiency.
