The global Computational Fluid Dynamics (CFD) Market provides simulation tools for studying fluid flows by solving the Navier-Stokes equations and other conservation equations coupled with thermodynamics numerically using algorithms and solving techniques. CFD is used in various applications including aerodynamics, ergonomics, acoustics, weather prediction, mixing, combustion, and more. CFD helps engineers and designers visualize how different components of a product will perform under various conditions without having to build physical prototypes.
The global Computational Fluid Dynamics Market is estimated to be valued at US$ 2,477 million in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global CFD market is expected to be driven by growing adoption in the aerospace industry. As highlighted in the market heading, the aerospace sector is increasingly relying on CFD simulation tools to design better aircraft and engines with improved fuel efficiency, reduced emissions and increased lift. CFD simulation enables aerospace engineers to analyze airflow, pressure distribution and stresses on airframes in virtual wind tunnels without building physical prototypes. This helps in eliminating design flaws and optimizing performance at reduced costs and shorter development timelines. Another major driver has been rising demand for advanced simulation tools across industrial sectors like automotive, energy, shipbuilding etc. to improve product efficiency, gain insights from virtual experimentation and reduce physical testing requirements.
Segment Analysis
The computational fluid dynamics market is dominated by the automotive sub-segment contributing over 20% share in the overall market. This is mainly owing to the extensive utilization of CFD technology by automotive OEMs during product design and development. Some key aspects analyzed using CFD technology in the automotive industry include aerodynamic analysis, internal/external flows, ventilation, thermal analysis and structural analysis among others. The CFD software offers advantages like reduction in design and development timelines, lower costs associated with physical testing and improved product performance.
PEST Analysis
Political: There are no significant political risks hindering the growth of the computational fluid dynamics market.
Economic: Growth of end-use industries like automotive, aerospace is driving increased demand for simulation and modeling software like CFD. Developing nations are witnessing rising disposable incomes and infrastructure development spurring opportunities.
Social: Awareness among professionals regarding benefits of digitalization and advanced engineering tools in design optimization is gradually increasing.
Technological: Developments in high performance computing, cloud computing, artificial intelligence are allowing complex simulations to be conducted in shorter durations. User-friendly interface design of software is also improving.
Key Takeaways
The Global Computational Fluid Dynamics Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising complexities in product design and stringent performance requirements. The global Computational Fluid Dynamics Market is estimated to be valued at US$ 2,477 million in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030.
Regional analysis shows that North America currently dominates the market backed by presence of leading players and advanced research & development activities in aerospace and automotive industries in the region.
Key players operating in the computational fluid dynamics market are ANSYS, Altair Engineering, Autodesk, COMSOL, Dassault Systemes, EXA, Numeca International, Convergent Science, Mentor Graphics and Bentley Systems. However, the Asia Pacific region is expected to register fastest growth on account of increasing automotive manufacturing in countries like India, China and expanding government initiatives for development of indigenous aerospace programs.
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