Generative design offers construction of an optimal and previously unrealized design solution through the assisted exploration of complex design spaces. It utilizes design algorithms and computational techniques to automate the generation of multiple design variants based on the specified parameters and constraints. Generative design simplifies complex engineering problems, generates unexpected and innovative design solutions, and reduces prototyping iterations. The increasing adoption of artificial intelligence (AI) and machine learning in product design and development is enabling engineers and designers to tackle more complex design challenges.
The Global Generative Design Market is estimated to be valued at US$ 3.25 Bn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2024 To 2031.
Key Takeaways
Key players - Key players operating in the generative design are Altair Engineering Inc., Dassault Systèmes SE, Bentley Systems Inc., Caracol AM, Autodesk Inc., MSC Software Corporation (Hexagon AB), Diabatix, ANSYS Inc., Paramatters, Desktop Metal Inc. and nTopology Inc.
Growing demand - The rising adoption of generative design solutions across industries such as automotive, aerospace, industrial machinery and others is fueling market growth. Generative design helps reduce costs and development time.
Global expansion - Major players are expanding their footprint globally to tap the growth opportunities in developing economies. They are also focusing on collaborations and acquisitions to strengthen their product portfolio and technology capabilities.
Market key trends
One of the key trends in the Generative Design Market Growth is the growing adoption of AI and machine learning. AI and machine learning technologies are improving the generative design process by automating repetitive tasks, evaluating thousands of design variations in less time, and generating valuable insights from generative design simulations. These technologies are expected to make generative design more accessible to designers and engineers by automating complex design optimization tasks. Its usage will further accelerate with advancements in deep learning, computer vision and natural language processing.
Porter’s Analysis
Threat of new entrants: Generative design softwares require heavy R&D investments which act as a barrier for new companies.
Bargaining power of buyers: Large industrial customers have significant bargaining power due to their scale and purchasing power.
Bargaining power of suppliers: Few generative design software providers operate in the market, giving them strong bargaining power against customers.
Threat of new substitutes: Alternate technologies like AI have potential to disrupt generative design software market in future.
Competitive rivalry: Established players compete aggressively on technology and pricing leading to consolidation in the market.
Geographical Regions
North America accounts for largest share of the generative design market currently due to presence of major software vendors and customers from industries like automotive and aerospace. The Asia Pacific region is expected to witness fastest growth during forecast period driven by increasing adoption of advanced design tools and expansion of manufacturing sector in China, India and other developing countries.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)