Report ID: SQMIG45A2222
Report ID:
SQMIG45A2222 |
Region:
Global |
Published Date: September, 2024
Pages:
197
|
Tables:
92 |
Figures:
66
North America is dominating the CFD market due to high end user demand and the presence of CFD developing companies. The cost of product development and testing is significantly high due to strict guidelines and the degree of competition among end users is also significantly high. Hence, many end users in the US are opting for CFD software for virtually testing computer generated prototypes. The demand for CFD is significantly high for aerospace and aviation applications. North America hosts the largest aerospace and aviation industry in the world. The US aviation industry was valued at more than 100 billion in 2022. Hence, the demand for CFD market is expected to witness strong growth in North America during the forecast period.
Demand for CFD is expected to grow the fastest in the Asia Pacific region. Improving infrastructure and economic growth coupled with increasing investment in end use industries such as automotive and renewable energy is expected to propel the demand. Increasing production of automotive industry, especially electric vehicle is expected to be the major growth driver in the region. China was the largest producer of automobiles in the world in 2022 by passing Japan. The local demand for automobiles in the region is also on the rise with developing economies such as India, Indonesia and Thailand witnessing very good demand.
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Report ID: SQMIG45A2222