The global CFD market has been experiencing a recent enormous growth according to the latest CFD market analysis from Technavio. This market growth is mainly driven by the rapid development of industrial design and manufacturing activities around the world. Computational fluid dynamics (CFD) is known as the analytic process of predicting fluid flow (e.g. gases and liquids), mass transfer, chemical reactions, and other related phenomena during the design or manufacturing process. CFD software is currently widely used to build a virtual prototype of the fluid or phenomenon for predesign analysis. This software enables a user to simulate the flow of the fluid over automotive vehicle, airplane, or missile surfaces and to study the flow, turbulence, and pressure distribution of liquids and gases and their interaction with structures over computer model. The rising adoption of CFD software across various of industries will further boost the growth of the global CFD market over the next five years.
Global CFD Market Analysis
Technavio’s recent CFD market analysis estimates that the global CFD market size will grow USD 890.03 million from 2018 to 2022, with growth is projected to accelerate at a CAGR of over 9% during the forecast period. A key factor driving the growth of the computational fluid dynamics market is the growing need to decrease product development time. Industries are implementing CFD software in their product development system due to the need for technological advancements. CFD improves the swiftness of product designing and offers reliable and cost-efficient products. End-user industries are increasingly deploying CFD software solutions to offer advanced digital designs and simulations while enhancing the time-to-market by reducing the product development cycle and testing time.
One of the major CFD market trends which has emerged is the surge in the demand for CFD embedded with CAD (Computer-aided design). Customers prefer to adopt embedded solutions as it reduces the product development cycle time and simultaneously increases its efficiency. It enables engineers and other stakeholders to participate in product development and improve the collective product design. CFD and CAD-embedded software also enable engineers to work on a single geometry, whereby changes made in one application directly get updated in others.
In terms of regional markets, Technavio’s CFD market analysis reports that the Americas region will account for the highest growth of this market throughout the forecast period. The growing demand for digitization of operations, user-friendly user interface and the increasing demand for integration of product lifecycle management are expected to propel the growth of the market in this region over the next five years.
Top 3 Fastest Growing CFD Market Segments in 2019
CFD in Aerospace and Defense Industry
The aerospace and defense industry currently accounts for the largest market share in the global CFD market. The CFD in aerospace and defense segment is also expected to witness some of the highest growth rates over the next few years, registering a CAGR of approximately 12% by 2020. One of the key factors contributing to this market growth is the extensive use of CFD in aerodynamic design. Since there is an increasing demand for fuel-efficient aircraft across the globe, engineers are now using computational fluid dynamics to design carburettors that provide precise air and fuel flows, so that concentration fields can be simulated and predicted during the fuel-saving design process. Additionally, CFD can be used to explore new forms of aerospace fuel from renewable sources such as biomass and agricultural waste. CFD also aids in the development of precise hulls for aircraft carriers which projects a uniform inflow to the propeller. Using CFD simulations, engineers will now be able to remodel the propeller race, increase rudder efficiency, and increase the vessel’s top speed as well.
CFD in Automotive Industry
Technavio’s CFD market analysis predicts the global CFD market in the automotive industry will grow at a CAGR of over 10% by 2021. At present, automotive manufacturers are undergoing high pressure to minimize the product development cycle. CFD is primarily used in the designing stage of the product development cycle, specifically in the simulation and optimization processes. The designing stage is crucial in the product development lifecycle as it reduces the time and cost of production of automotive products and components. Such advanced characteristics have promptly increased the dependence of several industries on the software to reduce product development cycle time. The effective use of product lifecycle management (PLM) software such as CAD, CFD, and CAM helps minimize product recalls by refining the product design, which will subsequently increase the application of CFD software in the automotive industry.
CFD in the Industrial Machinery Sector
Technavio’s market analysis estimates that the CFD in the industrial machinery sector is to grow at a CAGR of 11% by 2020. The growing need to reduce product design time and cost is the main driving factor for the growth of the global CFD in the industrial machinery market. Many of the world’s leading industrial machinery manufacturers, such as DMG Mori Seiki, Schuler, Trumpf, and Georg Fischer are all adopting customized CFD software for their design and manufacturing processes. Meanwhile, many of the major CFD software providers are also focusing more on finding new applications for the customers and providing solutions through new simulation product. The availability of application specific CFD will lead to higher demand for CFD in industrial machinery sector over the next five years.
Check Technavio’s Global CFD Market Analysis Report 2018-2022
Check Technavio’s Global CFD Market Analysis Report 2018-2022 for more market insights related to the CFD market growth. This market research report provides the latest market size and market development for major market segments in terms of product types and regional market landscape. The report contains detailed market trends, market drivers, market challenges and key opportunities. In-depth market analysis such as Porter’s five force model, and comprehensive competitive landscape including detailed profiles of top companies are also included in the report.