Computational Fluid Dynamics (CFD) Market in APAC Highlights the Impact of COVID-19 2020-2024 | Growth in Smartphone Industry to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–#ComputationalFluidDynamicsCFDMarketinAPAC–The computational fluid dynamics (CFD) market in APAC is expected to grow by USD 361.34 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Globally the adoption of smartphones, smart wearables, and tablets has increased significantly over the years. In 2018, the number of smartphone users across the world was about 2.9 billion. This number is expected to reach 3.6 billion by 2023. Lithium-ion batteries are widely used in smart devices such as smartphones, smart wearables, and tablets. Battery manufacturers use CFD and FEA tools to analyze various parameters such as battery definition, response to load, parametric studies, and form factor study. Therefore, the increasing adoption of smartphones is expected to positively influence the growth of the computational fluid dynamics market during the forecast period.
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As per Technavio, the increase in M&As will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Computational Fluid Dynamics (CFD) Market In APAC: Increasing M&A
The growing competition in the market is compelling vendors to focus on strategic partnerships and acquisitions with software providers, technology providers, and platform providers. This growth strategy is helping vendors to explore new growth opportunities for their products and services and expand their customer base. For instance, in 2018, Altair acquired Germany-based FluiDyna GmbH. The acquisition helped Altair expand its customer base and product offerings related to CFD. Similarly, in March 2020, Red Bull extended its partnership with Ansys for three years. The partnership is helping Red Bull’s team simulate air flows around its car designs under a range of conditions by using Ansys’s CFD suite of software and high-performance computing (HPC) extensions. Such mergers and acquisitions are expected to fuel the growth of the market during the forecast period.
“Reduction in product design time and cost and growth in the R&D in the electrical and electronics and automobile industries will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Computational Fluid Dynamics (CFD) Market In APAC: Segmentation Analysis
This market research report segments the computational fluid dynamics (CFD) market in APAC by End-user (automotive industry, aerospace and defense industry, electrical and electronics industry, and others) and Geography (China, Japan, South Korea (Republic of Korea), Taiwan, and Rest of APAC).
China led the computational fluid dynamics (CFD) market in APAC in 2019, followed by Japan, South Korea (Republic of Korea), Taiwan, and the Rest of APAC respectively. During the forecast period, the Rest of APAC region is expected to register the highest incremental growth due to the rising demand from the aerospace and defense industry in India.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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