June 18, 2024
Computational Fluid Dynamics Market

The Rising Demand For CFD Analysis Is Driving The Computational Fluid Dynamics Market

Computational fluid dynamics (CFD) analysis has emerged as an indispensable tool for various industries to design products involving fluid flow. CFD simulation involves visualizing the flow of liquids and gases in and around complex structures using specialized software and powerful hardware. This non-invasive analysis technique helps evaluate product designs digitally before any physical prototyping, thereby saving huge costs and development time. Industries such as aerospace, automotive, power generation extensively use CFD to optimize designs related to turbines, engines, aircraft components etc. The technology also finds applications in other domains including electronics cooling, indoor environmental quality, biomedical devices.

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 CFD market is the emergence of cloud computing and software as a service (SaaS) based solutions. Leading CFD software providers are offering their solutions in the cloud to enable easy accessibility and reduce infrastructure costs for end-users. Small and medium enterprises in particular are adopting cloud-based CFD tools due to advantages like pay-per-use pricing models and scalability. Another major trend is the development of autonomous CFD tools using techniques like machine learning and artificial intelligence. These autonomous solutions can automatically generate simulation workflows based on input parameters and design specifications to deliver faster analysis without human intervention. Their integration is helping optimize traditionally complex and time-consuming CFD processes.

Porter’s Analysis

Threat of new entrants: High costs of simulation software, infrastructure and technical expertise pose high entry barriers for new companies in the computational fluid dynamics market.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of simulation software and services from multiple global and regional vendors.

Bargaining power of suppliers: Established software vendors and simulation services providers have moderate-to-high bargaining power due to their technical expertise and domain knowledge.

Threat of new substitutes: Lack of close substitutes for CFD simulation services maintains threat of new substitutes at low levels.

Competitive rivalry: Intense competition among major CFD software vendors and service providers to gain higher market share puts pressure on pricing and profit margins.

Key Takeaways

The Global Computational Fluid Dynamics Market Share 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 4.4% over the forecast period 2023 to 2030.

Regional analysis comprises North America dominates the global computational fluid dynamics market currently, followed by Europe. Growing adoption of CFD technology across engineering industries such as automotive, aerospace, and electronics favors market growth in these regions. Asia Pacific is expected to witness fastest growth over the forecast period supported by rising R&D investments and favorable government policies in countries such as China, India, and Japan.

Key players operating in the computational fluid dynamics market are ANSYS, Altair Engineering, Autodesk, COMSOL, Dassault Systemes, ESI Group, Exa, Mentor Graphics, NUMECA International, PBC CFD. Rising investments by these established CFD software brands to enhance product capabilities and integrate new technologies like artificial intelligence and high-performance computing is expected to strengthen their market position over the coming years.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it