With a market size valued at $ 2.8 billion by 2026, this is a healthy prospect for the global industrial design services market.
FACTS AT A GLANCE
Editing: 8; Posted: december 2021
Executive pool: 412
Companies: 85 – Actors covered include BUSSE Design + Engineering GmbH; DesignworksUSA, Inc .; Frog design inc. ; IDEO; PDD Group Ltd. ; Design RKS, Inc .; Smart design and others.
Blanket: All major geographies and key segments
Segments: Type (product design, model design and manufacture, other types)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; and rest of Europe); Asia Pacific; Rest of the world.
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Global Industrial Design Services Market to Reach 2.8 billion US dollars by 2026
Industrial design service refers to the process of designing equipment and products for daily use by customers that would be manufactured on a large scale. Industrial designs are growing in popularity for their benefits, including better infotainment, improved diagnostic systems, and rapid service upgrades. The growth of the global market is expected to be fueled by rapid industrialization and increasing customer spending. Rapid industrialization has fueled demand especially for machine 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 to design machinery and equipment. Demand is also benefiting from sustainability and recyclability initiatives undertaken in major industries, as an increasing number of companies award design projects and contracts to industrial design service providers. In addition, advances in medical technology and the need for interconnected devices to collect patient data in order to make informed decisions have created the opportunity for industrial design service providers to develop wearable designs of devices. to facilitate the tasks of healthcare workers.
In the midst of the COVID-19 crisis, the global industrial design services market is estimated to be US $ 2.2 billion in 2020, is expected to reach a revised size of 2.8 billion US dollars by 2026, with a CAGR of 3.9% over the analysis period. 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 and manufacturing segment is readjusted to a revised CAGR of 4.6% for the next 7 year period. This segment currently represents a 31.9% share of the global industrial design services market. Since product design generally functions as a key differentiator in an industry and is often used to attract customers, the need for companies to have conceptual 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 is forcing companies, including those in FMGC, consumer electronics, and food and beverage companies, to allocate enormous funds annually to research and develop new product designs in order to bolster their sales. and their results.
The US market is estimated at $ 616.8 million in 2021, when China is expected to reach $ 404.5 million by 2026
The market for industrial design services in the United States is estimated at US $ 616.8 million in 2021. The country currently represents a 26.72% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 404.5 million during the year 2026, with a CAGR of 4.6% throughout the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 3% and 3.5% respectively over the period of analysis. In Europe, Germany is expected to grow by around 4% CAGR while the rest of the European market (as defined in the study) will reach 162.1 million US dollars at the end of the analysis period. Asia Pacific (including China and Japan) has established itself as the global superpower of industrial design services, as evidenced by the wave of investment undertaken by leading companies in China, India, South Korea and Japan. The region is expected to benefit from the expansion of the manufacturing sector, government initiatives to mobilize the huge workforce, and the growing adoption of IoT-enabled solutions.
Design and manufacture of models Segment to be reached $ 937.3 million by 2026
In the global model design and manufacturing segment, United States, Canada, Japan, China and Europe will lead to the estimated 4.4% CAGR for this segment. These regional markets representing a combined market size of US $ 560.7 million in 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 of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach US $ 121.5 million by 2026. Following
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