Dublin, May 09, 2023 (GLOBE NEWSWIRE) -- The "Industrial Design Services: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Industrial Design Services Market to Reach $3.4 Billion by 2030
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$3.4 Billion by 2030, growing at a CAGR of 4.4% over the analysis period 2022-2030.
Product Design, one of the segments analyzed in the report, is projected to record a 4.5% CAGR and reach US$1.4 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Model Design & Fabrication segment is readjusted to a revised 5.1% CAGR for the next 8-year period.
The U.S. Market is Estimated at $639 Million, While China is Forecast to Grow at 5.1% CAGR
The Industrial Design Services market in the U.S. is estimated at US$639 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$498.3 Million by the year 2030 trailing a CAGR of 5.1% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.4% and 3.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR.
Looking Ahead to 2023
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand.
With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.
Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.
Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
What`s New for 2023?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- 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 digital archives and Research Platform
- Complimentary updates for one year
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 251 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $2.4 Billion |
| Forecasted Market Value (USD) by 2030 | $3.4 Billion |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
MARKET OVERVIEW
- A Strong Yet Exceedingly Patchy & Uncertain Recovery Shaped by New Variants Comes Into Play
- Easing Unemployment Levels in 2021 Although Moderate Will Infuse Hope for Industries Reliant on Consumer Discretionary Incomes
- 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
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
- COVID-19 Has Created an Environment Where Digital Transformation Equals Survival
- 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
- Explosion of IoT Big Data Catalyzes the Need for Big Data Analytics for Insight Generation Needed for Informed Decision-Making & Value Creation
- Computer-Aided Design (CAD) and Computer-Aided Engineering Gaining Prominence
- World Engineering Software Market by Application (2020): Percentage Breakdown of Revenues for Product Design & Testing, Design Automation, Drafting & 3D Modeling, Plant Design, and Other Applications
- 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
FOCUS ON SELECT PLAYERS (Total 85 Featured)
- Accenture plc
- Ammunition Group
- ARTOP GROUP's
- DesignworksUSA
- Frog Design Inc.
- GK Design International Inc.
- IDEO LLC
- Lunar Design
- PDD Group Ltd.
- R&D Design Group
- RKS Design Inc.
- Smart Design
- Ziba Design
For more information about this report visit https://www.researchandmarkets.com/r/tsuvlc
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