The market will reach $2.8 billion by 2026
DUBLIN, February 4, 2022 /PRNewswire/ — The “Industrial Design Services – Global Market Trajectory and Analysis” report has been added to from ResearchAndMarkets.com offer.
Global industrial design services market to reach US$2.8 billion by 2026
The global industrial design services market estimated at US$2.2 billion in 2020, is expected to reach a revised size of US$2.8 billion by 2026, growing at a CAGR of 3.9% over the analysis period.
The growth of the global market is expected to be fueled by rapid industrialization and growing customer spending habits. Rapid industrialization has fueled demand, especially for machinery and equipment design services. As an increasing number of companies develop goods and adopt automation to streamline their production processes to strengthen their global presence, they are likely to invest heavily in machinery and equipment and, therefore, would need industrial design services for the design of machinery and equipment.
Demand is also benefiting from sustainability and recyclability initiatives undertaken across major industries, as an increasing number of companies award design projects and contracts to industrial design service providers. Additionally, advances in medical technology and the need for interconnected devices to collect patient data to make informed decisions has created the opportunity for industrial design service providers to develop wearable designs for devices to facilitate the tasks of health workers.
Product Design, one of the segments analyzed in the report, is expected to grow at a CAGR of 4% to reach US$1.2 billion at the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Model Design & Manufacturing segment is readjusted to a revised CAGR of 4.6% for the next 7-year period.
This segment currently accounts for a 31.9% share of the global industrial design services market. Since product design typically functions as a key differentiator in an industry and is often used to attract customers, the need for companies to have concept product designs for each of the markets in which they operate should play a role. a major role in shaping the global market for industrial design services.
This need compels companies, including those of FMGC, consumer electronics, and food and beverage among others, to allocate huge funds every year for research and development of new product designs to boost their sales. and their results.
Model design and manufacturing segment to reach $937.3 million by 2026
In the global pattern design and manufacturing segment, United States, Canada, Japan, China and Europe will drive the CAGR of 4.4% estimated for this segment. These regional markets representing a combined market size of US$560.7 million in the year 2020 will reach a projected size of US$764.9 million at the end of the analysis period.
China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$121.5 million by 2026.
Main topics covered:
1. MARKET OVERVIEW
The race between the virus and vaccines is heating up. Amid this chaotic battle, where is the global economy headed in 2021?
Progress in vaccination: why should companies care?
With the IMF’s upward revision to global GDP forecasts for 2021, most businesses are optimistic about an economic recovery despite the ongoing pandemic
The design industry in the post-pandemic era
Industrial design: a prelude
An Introduction to Industrial Design Services
Product design service
Global Market Outlook and Prospects
Recent market activity
Breakdown by Type: Product Design Services Will Flourish as Companies Seek Competitive Advantage
2. FOCUS ON CERTAIN PLAYERS (Total 85 Featured)
3. MARKET TRENDS AND DRIVERS
Various critically important components in industrial engineering and design services
Key industrial design trends in brief
Generative design is taking the industrial design market by storm
Growing importance of evoking emotion in customers to create product feel
Advanced tools meant to revolutionize design
Digital Engineering Push in the Post-COVID-19 Era to Rekindle Opportunities for Industrial Design Services
IoT integration to fuel demand for industrial design services
Green engineering, environmental sustainability to create demand for design services
Energy efficient design is gaining importance
Role of industrial designers in the manufacturing process
Manufacturing supply chain affected by the pandemic
Big Data delivers real-time data for faster decision-making, transforming industrial design services
Computer-aided design (CAD) and computer-aided engineering are gaining importance
Relevance in the automotive industry
Established use in the aerospace and defense sector
Growing adoption of 3D printing bodes well
Main Challenges Facing the Industrial Design Industry
4. GLOBAL MARKET OUTLOOK
III. REGIONAL MARKET ANALYSIS
For more information on this report, visit https://www.researchandmarkets.com/r/cgcmd9
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SOURCE Research and Markets