The global computational fluid dynamics (CFD) market was worth US$ 1.6 Billion in 2018. Computational fluid dynamics (CFD), is a scientific method of numerically analyzing fluid flow, heat transfer and other related phenomena. It utilizes applied mathematics, physics and computational software to visualize the effect of a gas or liquid on the object it flows past. CFD is a cost-effective method of testing product prototypes before their launch. Since its introduction in the 1980s, it has witnessed a range of developments which have enabled it to be used in different fields such as modeling and design, and research and development.
At present, the growth of the market can be attributed to rapid advancements in the aerospace and aeronautics industries. In these sectors, CFD is applied in the maintenance of numerous critical systems and components of an aircraft. For instance, it is used for optimizing engine cooling and fuel delivery systems. CFD can also predict the performance of new processes and designs before their production and implementation. Owing to this, it has become an integral part of the engineering analysis and design environment in several organizations. Looking forward, IMARC Group expects the market to reach a value of US$ 3.1 Billion by 2024, registering a CAGR of around 11% during 2019-2024.
The report has also analysed the competitive landscape of the market along with the profiles of the key players.
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