Technavio Reveals Key Highlights from Their Global CFD in the Industrial Machinery Sector 2015-2019 Report
By Business Wire News
By Business Wire News
Technavio’s latest report covers the present scenario and growth prospects for theglobal CFD in the Industrial Machinery Sector during the period 2015-2019.
In this report, Technavio research experts announce their key market highlights for the global CFD in the industrial machinery sector. Their findings include:
Global CFD in the Industrial Machinery Sector to reach USD 257.3 million by 2019
The global CFD market in the industrial machinery sector was valued at USD 148.3 million in 2014 and is likely to reach USD 257.3 million by 2019, growing at a CAGR of 11.65%.
Increased demand for metal cutting tools, metal forming tools, and machine tool accessories across sectors like automotive, electronics, transport, and general machinery is driving the growth of the global CFD market in the industrial machinery industry. Several factors, like reduction in product development cost and time, have played a significant role in driving the CFD market over the past few years. The same reason driven by newer benchmarks will drive the need for CFD over the next few years.
“Companies across the industrial machinery industry require speed, agility, and control across their design cycle to achieve faster time-to-market and increase profitability. Simulation and testing are the two important functions in the design cycle. With the adoption of simulation and testing solutions, end-users are able to achieve faster time-to-market and profitability,” said Amrita Choudhury, one of Technavio’s lead product lifecycle management research analysts.
“The simulation and testing solutions require high-performance computing (HPC) systems with capabilities of processing large volume of data. Companies’ lack of IT infrastructure and support staff makes it difficult to manage such HPC systems. This led to companies like IBM providing HPC systems and IBM Platform Computing on premise and cloud, which has accelerated CFD application,” added Amrita.
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EMEA emerging as leading region in the market
The CFD market in EMEA in the industrial machinery industry was valued at USD 52.11 million in 2014 and is likely to reach USD 90.61 million by 2019, growing at a CAGR of 11.7%. The region accounted for over 35.1% of the total revenue in 2014, closely followed by the Americas at 32.9% and APAC with 32%.
The CFD market in Europe generates a large part of its revenue from Western European countries like Germany, the UK, and France and the market is driven by these countries. However, vendors in Europe are also witnessing huge demand from other European countries. For instance, the adoption of CFD tools has significantly risen in the Czech Republic and Russia.
The CFD market in the Middle East is driven by process manufacturing industries, especially oil and gas, energy, petrochemical, and refinery. Most of the process manufacturing industries prefer CFD tools to improve process efficiency and productivity. The CFD market in the Middle East depends highly on Saudi Arabia and the UAE, which together accounted for the majority share of the market in 2014.
Demand for application-specific CFD emerging as a key market trend
Every industry has unique, customized process functions, which gives rise to the demand for special-purpose CFD software. Many core and large vendors are offering and developing CFD software specific to the end-user industries and application requirement. EXA, one of the leading CFD providers, as a part of the growth strategy, is focusing on providing application-specific CFD. The applications management team of the company focuses more on finding new applications for the customers and providing solutions through new simulation products. The availability of application-specific CFD will lead to higher demand for CFD as different applications require different CFD software; for example, the evaluation of vehicles under different operating conditions and configurations requires a different simulation solution.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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