LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global computational fluid dynamics (CFD) market is expected to reach USD 1.82 billion by 2020, growing at a steady CAGR of nearly 9%.
This research report titled ‘Global CFD Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report presents the vendor landscape and the corresponding detailed analysis of the major vendors in the market based on revenue. The report, also, considers the revenue obtained from the sales of software licenses.
The aerospace and defense industry manufacturers are facing high pressure to reduce the product development cycle. CFD is mainly used in the second stage of the product development cycle. In the designing stage, the simulation and optimization processes are carried out using software such as computer-aided engineering (CAE) software. The designing stage is a vital stage in the product development life cycle as it can reduce the time and cost of production of aerospace and defense products. Hence, industries are highly dependent on the software to reduce product development cycle time.
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Technavio’s ICT analysts categorize the global CFD market into four major end-user segments. They are:
- Aerospace and defense industry
- Automotive industry
- Electrical and electronics industry
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Aerospace and defense industry
The aerospace and defense industry accounted for a market share of almost 41% in the global CFD market in 2015. Most of the major players in the market are owned or controlled by the governments of their countries and consider the revenue generation as confidential. In 2015, the high adoption of CFD by companies such as Boeing, Lockheed Martin, United Technologies, General Dynamics, and Bombardier Aerospace for R&D activities contributed to the growth of the global CFD market. The aerospace and defense industry also had high R&D investments in 2014 and 2015.
Before the evolution of CFD, aircraft manufacturing companies used wind tunnel testing and flight testing to check the performance of designed products. With the development of fast and highly efficient computers, the traditional tools and methods of testing were replaced by numerical simulation methods based on the Navier-Stokes equation. The Navier-Stokes equation is used to describe the motion of fluid substances using Newton's second law of motion.
According to Ishmeet Kaur, a lead enterprise application research analyst from Technavio, “CFD is widely used in various design stages of aircraft manufacturing and R&D. It is also used to design external aerodynamics, fuel systems, engine core compartments, missiles, cockpit and cabin ventilation, and submarines.”
The automotive industry accounted for a market share of over 30% in the global CFD market in 2015. The increase in sales of automobiles and commercial vehicles in General Motors, Ford, and Chrysler made 2015 a profitable year for automakers in the US. The demand for more sophisticated technologies from customers has increased resulting in a greater demand for CFD. CFD is mainly used in the design and development of interior and exterior features such as enhanced night vision with pedestrian detection and automatic high beam control.
“Advances in computing and complex code solving programs has helped the CFD market in the automotive industry with more accurate prediction and analysis. CFD is used for all components that interact with fluids such as lubricants, fuel, water, coolants, and exhaust gases,” says Ishmeet.
Electrical and electronics industry
The electrical and electronics industry was one of the fastest growing segments in the market in 2015 with a market share of approximately 13%. This industry is growing at a fast pace in APAC because of the growing demand for semiconductor components, consumer durables, electronics goods, and high-technology products, especially in China, South Korea, India, and Japan. The countries in APAC that played a significant role in the cloud CFD market include China, Japan, and Taiwan. Smartphones were the major areas of R&D in the electrical and electronics industry.
The adoption of CFD in the electronics industry is higher compared to the electrical industry. This is because electronics components are more sensitive to heat and pressure variations and their designing process requires proper CFD analysis. Miniaturization is a trend in the electronics industry, which will drive the need for proper design.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Mentor Graphics
Browse Related Reports:
- Global Cloud CFD Market 2016-2020
- Global CFD Market in Aerospace and Defense Industry 2015-2019
- Global CFD Market in the Industrial Machinery Sector 2015-2019
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