Computational fluid dynamics (CFD) software is used for modeling fluid flow and heat transfer in industrial products and natural processes. These software are used for simulating how air, liquids and gases will flow and help in optimizing performance of various products. CFD finds applications in varied industries including automotive, aerospace, defense and industrial equipment manufacturing for optimizing product design and cutting testing and prototyping costs.
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 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth in the global computational fluid dynamics market is the increasing demand from the aerospace & automotive industries. CFD finds widespread application in simulating new aircraft, automobile and engine designs with the aim of improving fuel efficiency and lowering emissions. It allows manufacturers to analyze various design iterations virtually, reducing physical testing requirements and facilitating quicker product development cycles. With tightening emission regulations and focus on developing more efficient vehicles, the use of CFD software is expected to grow substantially among automotive and aircraft OEMs over the forecast period. Growing industrialization and manufacturing output in emerging economies will further drive the need for optimized product designs, benefiting the overall computational fluid dynamics market.
Segment Analysis
The global computational fluid dynamics market is dominated by the automotive and aerospace segments. These segments account for over 60% of total market share due to the widespread use of CFD software in designing, testing and manufacturing of automotive and aircraft components. Within automotive, the passenger vehicles sub-segment currently dominates due to the high volume production of vehicles. CFD software allows automotive manufacturers to enhance vehicle designs for better fuel efficiency and reduced emissions.
Key Takeaways
The Global Computational Fluid Dynamics Market Share is expected to witness high growth over the forecast period of 2023 to 2030. 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 4.4% over the forecast period 2023 to 2030.
Regional analysis shows that North America currently dominates the market due to presence of major aerospace companies and research institutes utilizing CFD technology. Europe is the second largest regional market driven by adoption of CFD in automotive industry. Asia Pacific is expected to be the fastest growing region owing to rapidly expanding automotive and aerospace industries in China and India.
Key players operating in the computational fluid dynamics market are Yara International, Syngenta, Nutrien, ICL, K+S Aktiengesellschaft, Yara International, CF Industries Holdings, Inc., SQM, Haifa Group, Eurochem Group, and The Mosaic Company.
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https://www.newsstatix.com/computational-fluid-dynamics-market-size-share-growth-outlook-2023/
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