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
- Regional analysis
2. FOCUS ON CERTAIN PLAYERS (Total 85 Featured)
- BUSSE Design+Engineering GmbH
- Designworks USA, Inc.
- Frog Design Inc.
- PDD Group Ltd.
- RKSDesign, Inc.
- Smart design
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
- Total number of companies profiled: 85
For more information on this report, visit https://www.researchandmarkets.com/r/cgcmd9
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SOURCE Research and Markets