DUBLIN–(BUSINESS WIRE)–The “Industrial Design Services – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Industrial Design Services Market to Reach US$2.8 Billion by the Year 2026
The global market for Industrial Design Services estimated at US$2.2 Billion in the year 2020, is projected to reach a revised size of US$2.8 Billion by 2026, growing at a CAGR of 3.9% over the analysis period.
Growth in the global market is set to be fueled by fast-paced industrialization and growing spending pattern of customers. The rapid industrialization has been fueling demand particularly for machinery and equipment design services. As an increasing number of companies develop goods and adopt automation to streamline their production processes for bolstering their global presence, they are likely to invest heavily in machinery and equipment, and as a result would require industrial design services for designing machinery and equipment.
The demand is also benefitting from sustainability and recyclability initiatives undertaken in major industries, as an increasing number of companies award designing projects and contracts to industrial design service providers. Further, the advancements in medical technology and need for interconnected devices for gathering patient data to make informed decisions has created opportunity for industrial design service providers to develop portable designs for devices to ease the tasks of healthcare workers.
Product Design, one of the segments analyzed in the report, is projected to grow at a 4% CAGR to reach US$1.2 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Model Design & Fabrication segment is readjusted to a revised 4.6% CAGR 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 works as a key differentiating factor in an industry, and often is used for attracting customers, the need for companies to have conceptual product designs for the each of the markets they operate in is expected to play a major role in shaping the global industrial design services market.
This need compels companies, including those in FMGC, consumer electronics, and food and beverage businesses among others, to allot huge funds annually for the research and development of new product designs to bolster their sales and bottom-line.
Model Design & Fabrication Segment to Reach $937.3 Million by 2026
In the global Model Design & Fabrication segment, USA, Canada, Japan, China and Europe will drive the 4.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$560.7 Million in the year 2020 will reach a projected size of US$764.9 Million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$121.5 Million by the year 2026.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
- Progress on Vaccinations: Why Should Businesses Care?
- With IMF’s Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish about an Economic Comeback Despite a Continuing Pandemic
- Design Industry in the Post-Pandemic Era
- Industrial Design: A Prelude
- An Introduction to Industrial Design Services
- Product Design Service
- Global Market Prospects & Outlook
- Recent Market Activity
- Analysis by Type: Product Design Services to Flourish as Companies Seek Competitive Edge
- Regional Analysis
2. FOCUS ON SELECT PLAYERS (Total 85 Featured)
- BUSSE Design+Engineering GmbH
- DesignworksUSA, Inc.
- Frog Design Inc.
- PDD Group Ltd.
- RKS Design, Inc.
- Smart Design
3. MARKET TRENDS & DRIVERS
- Various Components of Critical Importance in Industrial Engineering and Designing Services
- Key Industrial Design Trends in Brief
- Generative Design Takes Industrial Design Market by Storm
- Growing Significance of Evoking Emotion in Customers to Create Product Sensation
- Advanced Tools Expected to Revolutionize Design
- Digital Engineering Push in the Post COVID-19 Period to Revive 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 Gets Prominence
- Role of Industrial Designers in Manufacturing Process
- Manufacturing Supply Chain Affected by the Pandemic
- Big Data Provides Real-Time Data for Faster Decision Making, thus Transforming Industrial Design Services
- Computer-Aided Design (CAD) and Computer-Aided Engineering Gaining Prominence
- Relevance in Automotive Industry
- Established Use in Aerospace & Defense Sector
- Rising Adoption of 3D Printing Augurs Well
- Key Challenges faced by the Industrial Design Industry
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
- Total Companies Profiled: 85
For more information about this report visit https://www.researchandmarkets.com/r/av08h2
Laura Wood, Senior Press Manager
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