According to the latest report by IMARC Group, titled “Computational Fluid Dynamics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global computational fluid dynamics market size reached US$ 1.8 Billion in 2019. Computational fluid dynamics (CFD) is a branch of fluid mechanics that utilizes numerical methods and high-speed computers for analyzing fluid flow, heat transfer and other phenomena. It relies on applied physics, mathematics and computational software for visualizing the effect of a gas or liquid on an object. Besides this, it enables users to simulate the real-world performance of a product by digitally prototyping it and rectifying design problems before the start of the manufacturing process. As a result, CFD is extensively utilized in the aerospace, automotive, electronics and electrical, defense, and energy sectors across the globe.
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Global Computational Fluid Dynamics Market Trends:
The market is currently witnessing strong growth on account of the increasing application of CFD in the aerospace and defense sectors. This can be accredited to the escalating demand for cost reduction, operational efficiency, compliance standards and resource management in the manufacturing value chain of the aerospace and defense industries. Apart from this, owing to the growing environmental concerns, governing agencies in numerous countries are implementing stringent policies on carbon emissions. They are also encouraging the adoption of electric vehicles (EVs) by offering subsidies since these vehicles can be operated by using electricity from renewable sources. In line with this, EV manufacturers are investing in research and development (R&D) activities to create and introduce new designs and multi-versed vehicles that require advanced and efficient CFD software. Furthermore, market players are introducing advanced software that can represent a more accurate and realistic phenomenon in simulations. These advancements allow users to make more practical assessments regarding the design performance. On account of these factors, the market value is projected to reach US$ 3.2 Billion by 2025, expanding at a CAGR of 9.9% during the forecast period (2020-2025).
- Based on the deployment model, the market has been bifurcated into a cloud-based and on-premises CFD models.
- On the basis of the end user, the market has been segregated into automotive, aerospace and defense, electrical and electronics, industrial machinery, energy, material and chemical processing, and others.
- Region-wise, the market has been classified into Europe, Asia Pacific, North America, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry.
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