January 31, 2022 05:45 ET | Source: Market Research Future Market Research Future
New York, US, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “PCB Design Software Market information by Design Complexity, by Type, by Deployment Type, by Industry and Region – forecast to 2030” market size to reach USD 8.13 billion, growing at a compound annual growth rate of 11.3% by 2030.
Market Scope: The booming consumer electronics industry both in emerging and developed economies will offer robust opportunities for the market over the forecast period. Consumer electronics comprise washing machine, refrigerators, TV, laptops, tablets, smartphones, and more. Over the years, the consumer electronics sector has witnessed rapid growth in the emerging and developed economies which in turn has boosted the adoption of advanced PCB design software all over the world.
Besides, the other factors boosting market growth include its increasing use for manufacturing and designing devices in different fields like buildings and construction equipment, medical and healthcare, communication devices, and automotive, increasing need for smart technologies, increasing need for semiconductor applications, miniaturization of devices, and the emergence of IoT.
Dominant Key Players on PCB Design Software Market Covered are:
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Market USP Exclusively Encompassed: Market Drivers Growing Need to Save Production Costs to Boost Market Growth The growing need to save production costs and time of different equipment, devices, and component will boost the PCB design software market growth in the forecast period. PCB design software is being used rapidly for making circuit board designs in the telecommunication and electronics industry. This is chiefly on account of its high efficiency as well as its ability of minimizing design errors, thus lowering the entire product cost.
Availability of Open-Source PCB Design Software to act as Market Restraint The availability of open-source PCB design software may act as a market restraint over the forecast period. The growing usage of pirated software is indeed a threat to the growth of the market. Strict market implementations as a result are made for restricting the use of such software. Although PCB design software offers benefits which also includes time saving and ease of deployment, security issues appear when cloud-based deployment approaches are used. Besides, implementation of stringent standards for PCB design and shortage of skilled personnel as well as the usage of pirated software may also impede market growth.
Complexity of Software to act as Market Challenge The complexity of software making time-consuming process may act as a market challenge over the forecast period. When engineers design PCB through the help of software, it fails in meeting their expectations. This is because of changing needs related to power integrity and signal.
Segmentation of Market Covered in the Research: The global PCB design software market has been bifurcated based on industry, deployment type, design complexity, and type.
By type, the schematic capture software will lead the market over the forecast period for its increasing use in several end user industries for its design reuse and hierarchical which includes one easy to navigate, cohesive user interface, and provides simplicity in working.
By design complexity, the global PCB design software market is segmented into high-end design, medium-end, and low-end.
By deployment type, the cloud segment will dominate the market over the forecast period and will grow at a 9.5% CAGR.
By industry, consumer electronics will spearhead the market over the forecast period as consumers prefer faster and slimmer electronic devices and industries look for improved functionality that creates profitable opportunities for the market.
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Regional Analysis North America to Steer PCB Design Software Market North America will steer the PCB design software market over the forecast period. Increasing investments from economies into R&D, booming semiconductor industry, increasing investments from automobile companies, increasing adoption in the US, rapid adoption of automation systems that is boosting the need for designing advanced circuit boards, increasing need for PCB design software among engineers for minimizing design errors in circuit boards, better efficiency, reduced process time, and cost savings benefits, companies in countries are engaged in different activities, and increasing need for more technologically advanced solutions in the industrial sector are adding to the global PCB design software market growth in the region.
APAC to Have Admirable Growth in PCB Design Software Market The APAC region will have admirable growth in the PCB design software market over the forecast period. Increasing adoption of automation in different industries, high growth in consumer electronics industry, significant business expenditures in the developing countries, and numerous favorable government schemes are adding to the global PCB design software market growth in the region.
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COVID-19 Impact on the Global PCB Design Software Market Every industry has been severely affected by the COVID-19 pandemic. The PCB design software has been impacted via disruptions in the supply chain of hardware for computer systems. Restrictions in terms of workforce also impacted market growth to a rapid extent. The crisis outbreak has a rapid effect on the work culture of key segments which includes consumer electronics industries, transportation, and education sector, amid others. The shutdown of different factories and plants have impacted the worldwide supply chains and negatively affected the sales of products, delivery schedules, and manufacturing in the global market. Some companies have announced possible delays already in product deliveries and also slump in their products’ future sales. On the brighter side, the crisis also had a positive effect on the market growth due to the increasing use of PCB panels in the healthcare industry due to the abuse of hospital devices in the outbreak. Further, the pandemic offers a chance for key companies with in PCB design software industry in developing software advances for managing the virus.
Competitive Landscape The PCB design software market is both competitive along with being fragmented on account of the presence of several international and also domestic industry players. Such industry players have utilized an assorted innovative strategies for being at the top along with sufficing to the burgeoning requirement of the esteemed clients including geographic expansions, collaborations, joint ventures, new product launches, partnerships, contracts, and much more. Besides, the players are also investing in different research & development activities.
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