With Market Size Valued at $2.8 Billion by 2026, it`s a Healthy Outlook for the Global Industrial Design Services Market

SAN FRANCISCO, Feb. 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Industrial Design Services - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE

What's New for 2022?

• Global competitiveness and key competitor percentage market shares
• Market presence across multiple geographies - Strong/Active/Niche/Trivial
• Online interactive peer-to-peer collaborative bespoke updates
• Access to our digital archives and MarketGlass Research Platform
• Complimentary updates for one year

Edition: 9; Released: February 2022
Executive Pool: 412
Companies: 85 - Players covered include BUSSE Design+Engineering GmbH; DesignworksUSA, Inc.; Frog Design Inc.; IDEO; PDD Group Ltd.; RKS Design, Inc.; Smart Design and Others.
Coverage: All major geographies and key segments
Segments: Type (Product Design, Model Design & Fabrication, Other Types)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry

ABSTRACT-

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. Several leading design service providers are creating innovative digital product designs drawing inspiration from fields of animation, motion media design, interactive design, themed entertainment design and game development, as well as from traditional arts such as Japanese origami and ikebana. As this form of interdisciplinary designs gain popularity, they would create a new wave of creativity in product development, which would become far more interesting helped by technologies such as 3D printing, virtual reality, augmented reality, artificial intelligence and SMT.

Amid the COVID-19 crisis, the global market for Industrial Design Services estimated at US$2.4 Billion in the year 2022, 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 $639 Million in 2022, While China is Forecast to Reach $404.5 Million by 2026
The Industrial Design Services market in the U.S. is estimated at US$639 Million in the year 2022. 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 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. More

MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.

Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android

About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

LINKS
Join Our Expert Panel
https://www.strategyr.com/Panelist.asp

Connect With Us on LinkedIn
https://www.linkedin.com/company/global-industry-analysts-inc./

Follow Us on Twitter
https://twitter.com/marketbytes

Journalists & Media
[email protected]

SOURCE Global Industry Analysts, Inc.