Computational Fluid Dynamics Market Forecast Anticipates Great Growth
This CFD market research report provides insights on the post-COVID-19 impact on the market, Technavio says.
February 10, 2023
The computational fluid dynamics (CFD) market share is expected to increase by USD$977.95 million from 2021 to 2026, and the market’s growth momentum will accelerate at a compound annual growth rate of 8.8%, according to a new report from Technavio.
This CFD market research report provides insights on the post-COVID-19 impact on the market, which will help companies evaluate business approaches. This report covers CFD market segmentation by end user (aerospace and defense, automotive, electrical and electronics) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
The computational fluid dynamics market report also offers information on several market vendors, including Altair Engineering, Ansys, Autodesk, Bentley Systems, COMSOL AB, Convergent Science, CPFD Software, Flow Science, Fluidyn Group, Hexagon AB, Hi Tech iSolutions, NUMECA International, PTC, Siemens AG, SimScale, Stymer Technologies, Synopsys, MathWorks, Dassault Systemes, and ESI Group.
CFD Market: Key Drivers
For this report, historical data was studied for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the CFD market. During the COVID-19 pandemic, the demand for the CFD market was impacted greatly.
Reduction in product design time and cost is one of the key drivers supporting CFD market growth. CFD software helps improve the time to market by reducing the product development cycle and testing time and increasing the speed of the product design cycle, according to Technavio. The use of CFD tools yields products that take less analysis time and eliminate the need to develop multiple physical prototypes.
Key CFD Market Trend
The increasing shift toward cloud-based CFD is a key CFD market trend contributing to market growth. Cloud-based services create guided workflows to allow new adopters to be familiarized with basic features. Cloud-based CFD can be tricky for new users, but with help of a step-by-step approach, customers can correctly complete an advanced CFD simulation for simple cases.
Sources: Press materials received from the company and additional information gleaned from the company’s website.