PUNE, India, May 23, 2018 /PRNewswire/ --

According to the new market research report "Wind Tunnel Market by Solution (Products, Services), Alignment (Horizontal, Vertical), Application (Aerospace & Defense, Transportation, Racing Championship, Construction, Adventure Skydiving, Simulation, Air Speed), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated at USD 2.61 Billion in 2018 and is projected to reach USD 2.88 Billion by 2022, at a CAGR of 2.01% from 2018 to 2023. The growth of the wind tunnel market can be attributed to the increased demand for UAVs from the commercial and military sectors, development of new generation high-speed aircraft, railways, and missiles, and increased investments for the development of autonomous electric vehicles across the globe. The increasing use of wind tunnels in the construction sector and wind energy installations is also leading to the growth of the wind tunnel market across the globe.

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Browse 139 market data Tables and 39 Figures spread through 170 Pages and in-depth TOC on "Wind Tunnel Market - Global Forecast to 2023"

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The aerospace & defense segment is projected to be the largest application segment of the wind tunnel market during the forecast period

Based on application, the wind tunnel market is segmented into aerospace & defense, transportation, racing championship, building construction & wind energy, adventure sports skydiving, and training & simulation. The aerospace & defense segment is projected to be the largest application segment of the wind tunnel market during the forecast period. This segment is further segmented into aircraft and rockets & missiles. Wind tunnel testing services are majorly used in aerospace & defense application. Wind tunnels play a critical role in the aerodynamic design of various aircraft and missiles by their testing in supersonic and hypersonic wind tunnels.

The vertical alignment segment of the wind tunnel market is projected to grow at a higher CAGR as compared to the horizontal alignment segment during the forecast period

Based on alignment, the vertical segment is projected to grow at a higher CAGR during the forecast period. The growth of this segment can be attributed to the increased use of horizontally aligned wind tunnels for testing aerodynamic design and performance of aircraft and automobiles.

Europe is estimated to be the largest wind tunnel market in 2018

Europe is estimated to account for the largest share of the wind tunnel market in 2018. The presence of various aircraft manufacturers in the region such as Airbus, Dassault Aviation, MiG, Sukhoi, and SAAB is fueling to the growth of the wind tunnel market. These companies are developing new generation commercial and military aircraft.

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Germany is projected to be the leading market for wind tunnel market during the forecast period. Germany is leading country for aerospace & defense, and automobile wind tunnel testing services. Various companies in the country such as Mercedes Benz, Audi are major players in the development of next-generation electric vehicles. These factors propel Europe to be the largest wind tunnel market.

Key companies profiled in the wind tunnel market include Boeing (US), Lockheed Martin (US), ETW (Europe), CSTB (France), FKFS (Germany), DNW (Netherlands), RTA (Austria), Mitsubishi Heavy Industries (Japan), Horiba (Japan), BMT (UK), FORCE Technology (Denmark), and Aerodyn Wind Tunnel (US) among others. Some major manufacturers include Aerolab (US), Aiolos (Canada), Foran (Brazil), Aerodium Technologies (Latvia), and Skyventure (Canada) among others.

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