Press release
Wind Tunnel Market Outlook Through 2024-2033
Wind Tunnel Market Outlook
According to The Business Research Company's, The wind tunnel market size has grown steadily in recent years. It will grow from $2.78 billion in 2023 to $2.88 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to innovation in fluid dynamics, academic and research institutions, historical government initiatives, renewable energy development, meteorology and climate studies..
The wind tunnel market size is expected to see steady growth in the next few years. It will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to rising demand in renewable energy, aerospace innovation, urban infrastructure development, automotive industry evolution, advancements in materials science.. Major trends in the forecast period include increased energy efficiency testing, adoption of advanced computational fluid dynamics (cfd), multi-use wind tunnels, urban wind studies, renewable energy testing..
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Market Drivers and Trends:
The increase in demand for UAVs is driving the wind tunnel market. Unmanned aerial vehicles are airplanes without a human pilot, flight crew, or passengers (UAV). The increase in automation in various industries has led to an increase in demand for UAVs. The engineers use the wind tunnel to improve UAV's design and pinpoint places where the lift: drag ratio can be increased. For instance, in July 2023, according to a report by the Federal Aviation Administration (FAA), a US-based transportation agency, the number of active commercial unmanned aerial systems registrations in the USA were 412,342 in 2023. Further, there were around 607,177 active fleet of recreational drones in 2021. As a result, the rise in demand for UAVs will propel the wind tunnel market.
Technological advancement is a key trend in the wind tunnel market. Major companies in the wind tunnel market are developing technologically advanced solutions to sustain in the market. For instance, in April 2023, SimScale, a Germnay-based provider of computer-aided engineering software, launched Nuada.CFD app, a digital wind tunnel app. It is a microclimate modeling app that enables architects and engineers to perform comprehensive microclimate and wind comfort analyses directly within the Rhino CAD environment. It leverages the power of SimScale's lattice Boltzmann method (LBM) solver Pacefish to deliver fast and accurate transient wind simulations, enabling users to assess the impact of wind flow around buildings and urban structures.
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Major Key Players of the Market:
Boeing Company; Lockheed Martin Corporation; DNW Aero; Mitsubishi Heavy Industries; HORIBA Ltd.; Aerolab LLC.; PCB Piezotronics Inc.; Aiolos Engineering Corporation; Altair Engineering Inc.; Atlas Obscura; BMT Group Ltd.; Calspan Corporation; Dallara Group S.r.l.; Deutsche WindGuard GmbH; Martin Corporation; Pininfarina S.p.A.; A2 Wind Tunnel Limited; AeroDyn Wind Tunnel; Airbus S.A.S.; Auto Research Centre (ARC) Limited; Northrop Grumman Corporation; Raytheon Technologies Corporation; Rolls-Royce Holdings plc; RUAG Group; Siemens AG; Turkish Aerospace Industries Inc.; Wärtsilä Corporation; Saab Group; Embraer S.A.; General Dynamics Corporation; Safran SA; Thales Group; Honeywell International Inc.; Moog Inc.
Wind Tunnel Market 2024 Key Insights:
• The wind tunnel market will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%.
• Surge In Uav Demand Drives Growth In The Wind Tunnel Market
• Revolutionizing Microclimate Modeling In Wind Tunnel Analysis
• North America was the largest region in the wind tunnel market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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