The computational fluid dynamics (CFD) market is poised to grow by USD 1.07 billion during 2020-2024, progressing at a CAGR of over 9% during the forecast period says the report of Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Altair Engineering Inc., ANSYS Inc., Autodesk Inc., COMSOL Inc., Convergent Science, Dassault Systemes SE, ESI Group, Hexagon AB, PTC Inc., and Siemens AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
High adoption of electric vehicles has been instrumental in driving the growth of the market.
