The global computational fluid dynamics (CFD) market is expected to be valued at $2,447 million by 2023. According to Future Market Insights, the market is estimated to increase at an 8.78% CAGR between 2023 and 2033, reaching $5,679.2 million by the end of 2033.
Rapid improvements in the automotive, aerospace, and aeronautical industries have contributed to the market’s growth. CFD is utilized to maintain important aircraft systems and components in these industries. Several approaches have lately been used in the design of internal combustion engines, gas turbines, combustion chambers, and furnaces.
Rising concerns regarding security and privacy concerns related to deployment models will pose a major challenge to the growth of the computational fluid dynamics market. Lack of awareness about computational fluid dynamics in underdeveloped economies will derail the market growth rate.
Increase in the need for competitive and superior products in the automotive industry and the requirement to develop finer quality products are considered to be the major drivers of the global computational fluid dynamics (CFD) market.
Lack of adoption of cloud-based solutions in defense and aerospace industries is one of the key challenges facing the global computational fluid dynamics (CFD) market.
North America is said to dominate the market region of the computational fluid dynamics (CFD) market followed by the Asia Pacific.
Key Takeaways:
- Sales of the global computational fluid dynamics (CFD) market expanded at a CAGR of 7.69% from 2018 to 2022.
- Asia Pacific market for global computational fluid dynamics (CFD) market is likely to grow at a CAGR of 5.2%.
- North American market for global computational fluid dynamics (CFD) market is likely to expand at a 33.15% share.
- Automotive in the computational fluid dynamics (CFD) market is expected to generate maximum demand for the global computational fluid dynamics (CFD) market.
- Cloud-based model in the computational fluid dynamics (CFD) market are expected to register maximum sales of the global computational fluid dynamics (CFD) market.
Competitive Landscape:
Some of the prominent players in the global market are:
- ESI Group
- COMSOL
- Numeca International
- Ansys
- EXA Corp.
- Aspen Tech.
Some of the important developments of the key players in the market are:
- In May 2023, ESI Group a leading simulation and virtual prototyping software provider for industries worldwide, has announced the launch of IC.IDO Weave. This innovative offering enables businesses to review complex product design virtually from a human-centric manufacturing perspective, eliminating the need for prototypes and physical try-out. IC.IDO Weave builds on the full potential of ESI Group’s existing IC.IDO offers to create a novel approach in the industrial metaverse.
- In November 2022 – Aspen Technology, Inc. a global leader in industrial software, today announced the availability of its latest aspenONE® software release, V14. The new release delivers advanced intelligence and guidance capabilities that improve decision-making abilities and further boost operational excellence. In addition, V14 enables customers to accelerate sustainability projects with more than 100 sample models and to manage Scope 1 and 2 emissions for reducing carbon footprints
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global computational fluid dynamics (CFD) market providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the computational fluid dynamics (CFD) market is segmented based on major By Deployment (On- precise model, Cloud-based model), By End-user (Automotive, Aerospace, Defense, Electronics, Energy), and by Regions (North America, Europe, Latin America, Asia Pacific, and Middle East & Africa)
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