Market Research Report
Industrial Design Services
|Industrial Design Services|
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 251 Pages
Delivery time: 1-2 business days
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Global Industrial Design Services Market to Reach US$2.8 Billion by the Year 2026
Industrial design service refers to the process of designing equipment and products intended for everyday use by customers that would be manufactured on a large scale. Industrial designs have been gaining popularity owing to benefits including better infotainment, improved diagnostics systems and speedy service upgrades. 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.
Amid the COVID-19 crisis, 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. 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.
The U.S. Market is Estimated at $616.8 Million in 2021, While China is Forecast to Reach $404.5 Million by 2026
The Industrial Design Services market in the U.S. is estimated at US$616.8 Million in the year 2021. The country currently accounts for a 26.72% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$404.5 Million in the year 2026 trailing a CAGR of 4.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 3.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4% CAGR while Rest of European market (as defined in the study) will reach US$162.1 Million by the end of the analysis period. Asia-Pacific (including China and Japan) has emerged as the global industrial design services superpower, as indicated by the flurry of investments undertaken by leading companies in China, India, South Korea and Japan. The region stands to benefit from the expanding manufacturing sector, government initiatives to mobilize the huge labor force, and growing adoption of IoT-enabled solutions.
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.
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