IMARC Group, a leading market research company, has recently releases report titled, “Cloud CFD Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global cloud CFD market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
The global cloud CFD market size reached US$ 1.62 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.99 Billion by 2028, exhibiting a growth rate (CAGR) of 10.67% during 2023-2028.
Cloud computational fluid dynamic or cloud (CFD) is an advanced approach to performing computational fluid dynamics (CFD) simulations using cloud computing resources. It is a branch of fluid mechanics that utilizes numerical methods and algorithms to analyze and solve difficult fluid flow and heat transfer problems in engineering and scientific applications. It has the capabilities of cloud computing platforms, where vast networks of remote servers are utilized to process and store data that enables users to access scalable and high-performance computing resources on demand. It allows them to conduct simulations of a significantly larger scale and complexity, and users can choose the computing resources they need, ranging from a few virtual machines to thousands, depending on their specific requirements. It also minimizes the need for expensive on-premises hardware investments, as users can pay for the computing resources they use on a pay-as-you-go basis, and offer flexibility in managing computational resources, allowing users to scale up or down based on their simulation demands. Additionally, it encourages collaboration and data sharing, as researchers from different locations can access and work on the same simulation simultaneously. Moreover, it promotes innovation by democratizing access to high-performance computing, empowering smaller organizations and researchers with limited resources to undertake complex simulations.
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The market is primarily driven by the increasing demand for cost-effective and scalable simulation solutions. In addition, cloud CFD offers a pay-as-you-go model, allowing businesses to access high-performance simulation capabilities without significant capital expenditures, which is influencing market growth. This cost-effectiveness makes cloud CFD an attractive option for small and medium-sized enterprises (SMEs) that require sophisticated engineering simulations to enhance product performance and innovation. Moreover, several advancements in cloud computing technology have led to the widespread adoption of cloud CFD, which represents another major growth-inducing factor. Along with this, cloud service providers are heavily investing in data centers with powerful computing capabilities, allowing seamless and efficient execution of complex simulations in the cloud resulting in improved performance, reduced simulation turnaround times, and increased productivity for engineering teams, thereby propelling the market growth. Besides this, the shift toward remote and distributed work environments, with businesses and engineering teams increasingly working from various locations, and the cloud-based nature of cloud CFD allows for easy collaboration and real-time access to simulation results, thus providing a positive thrust to the market growth. Also, engineers can now run simulations, share data, and collaborate on projects simultaneously, regardless of their geographical locations, which is escalating the demand for flexible solutions, especially in the engineering and product development domain, propelling the market growth. Apart from this, businesses must optimize their product designs quickly and efficiently to meet consumer demands, augmenting market growth. Furthermore, cloud CFD’s ability to perform parallel simulations and cloud scalability enables engineers to explore multiple design iterations simultaneously, accelerating the product development cycle and promoting innovation across the globe.
The report has segmented the market into the following categories:
Application Insights:
Automotive
Aerospace and Defense
Electrical and Electronics
Others
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
The report covers the major market players including:
Altair Engineering Inc.
ANSYS Inc.
Ceetron AS (Tech Soft 3D Inc.)
ESI Group
Siemens AG, etc.
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