Computational Fluid Dynamics (CFD) is a widely used software application for simulating and analyzing fluid flow problems. CFD helps engineers evaluate fluid dynamics, heat transfer, and other related physical phenomena numerically through computers. It is extensively used by various industries including automotive, aerospace & defense, electrical & electronics, and industrial machinery among others for design testing and optimization without physical experimentation.
The global Computational Fluid Dynamics Market is estimated to be valued at US$ 2477 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
In the automotive industry, simulations help automakers predict aerodynamic performance and cooling effects during vehicle design phase itself. With the increasing stringency of emission norms and fuel economy standards, automakers are extensively relying on CFD simulations for automotive design optimization. Automotive manufacturers are increasingly using CFD simulations for airflow analysis of vehicles, brake designs, cooling systems, intake/exhaust systems and other components to cut down physical testing iterations and development time. Advancements in automotive simulation software are allowing automakers to thoroughly analyze vehicular performance parameters virtually before any physical prototyping. This trend of widespread adoption of CFD simulations in automotive design is expected to drive significant growth in the computational fluid dynamics market over the forecast period.
SWOT Analysis
Strength:
– Computational fluid dynamics (CFD) provides cost-effective analysis and virtual testing capabilities that reduce the need for expensive physical testing.
– CFD allows studying fluid flows that would be difficult or impossible to inspect experimentally.
Weakness:
– CFD simulations require substantial computing power and time for complex applications.
– Accurate CFD modeling requires extensive validation with experimental data.
Opportunity:
– Rising demand for simulating and optimizing flows in new energy technologies like wind turbines, fuel cells, etc.
– Growing need to simulate air flows in crowded urban areas and inside buildings to control the spread of airborne diseases.
Threats:
– Availability of open-source CFD software poses pricing pressure challenges for commercial vendors.
– Constant innovations in simulating turbulence and multi-phase flows increase validation needs.
Key Takeaways
The Global Computational Fluid Dynamics Market Size is expected to witness high growth. The global Computational Fluid Dynamics Market is estimated to be valued at US$ 2477 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030.
North America dominates the global market currently due to presence of major players and strong government support for R&D. Europe and Asia Pacific regions are fastest growing markets.
Key players operating in the Computational Fluid Dynamics market are AVL, Cummins, Inc, Johnson Matthey Battery Systems, L&T Technology Services, Merlin Equipment Ltd., Navitas System, LLC, Nuvation Engineering, The Ventec Company, Toshiba Corporation, TWS (Technology with Spirit), Vecture Inc. Increased investments in renewable energy and aerospace sectors are driving these players to develop advanced CFD simulation capabilities. Partnerships with engineering design firms are helping broaden the application scope.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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