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PCB Design Software Market to Reach $2.53 Billion in 2032
October 17, 2023 | Globe NewswireEstimated reading time: 1 minute
The global printed circuit board (PCB) design software market size reached $1.15 billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Rise in demand for PCB design software in the consumer electronics industry is a key factor expected to drive market revenue growth over the forecast period.
Drivers:
Increasing need to save time and production costs of various electronics component and devices and equipment etc. are expected to drive demand for PCB design software over the forecast period. PCB design software is rapidly being used making circuit board designs in the electronics and telecommunication industry. This is primarily because it has high efficiency and the ability to minimise design errors, thereby, lowering entire production costs.
Restraints:
Availability of open-source PCB design software is a primary factor expected to restrain market growth. Increasing use of pirated software is a threat to market growth. As a result, strict market implementations are made to restrict the usage of such software. Though PCB design software provide benefits, including ease of deployment and time saving, security problems appear if cloud-based deployment approaches are utilized.
Growth Projections:
Global PCB design software market revenue is expected to register a CAGR of 6.9% and increase from $1.15 billion in 2020 to $1.94 billion in 2028. Increasing need to reduce PCB production costs is a major factor driving market revenue growth.
COVID-19 Impact Analysis:
The COVID-19 pandemic severely impacted every industry globally. The PCB design software market was also affected by disruptions in the supply chain of hardware for computer systems. Limitation in terms of workforce also affected market growth to a significant extent. COVID-19 pandemic has a significant impact on the work culture of major segments including education sector, and transportation and consumer electronics industries among others.
Current Trends and Innovations:
On-premise deployment of PCB design software preferred across majority of industries and sectors nowadays rather than On-cloud deployment. On-cloud deployment is more productive and cost-effective. Need for accessing data from remote locations is driving demand for cloud-based PCB design software, which are used by end users.
Geographical Outlook:
Europe market is expected to register major revenue growth over the forecast period. Presence of major players such as Siemens AG, Altium Limited, and Novarm Limited (DipTrace) in countries in the region is expected to contribute to revenue growth of the Europe market.
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