Dublin, Jan. 04, 2024 (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 4.5% CAGR and reach US$1.4 Billion by the end of the analysis period. Growth in the Model Design & Fabrication segment is estimated at 5.1% CAGR for the next 8-year period.
In the post-pandemic era, the design industry underwent significant changes, particularly in the field of industrial design services. In 2021, global key competitors in this industry competed for market share, with their competitive presence ranging from strong to niche. Industrial design services played a crucial role in helping companies gain a competitive edge by focusing on product design. The global market for industrial design services showed promising prospects and outlook, with recent market activity reflecting the industry's dynamism.
Product design services emerged as a prominent area of focus as companies sought to enhance their offerings and meet evolving customer demands. The world industrial design services market in 2021 saw a breakdown of revenues with a significant portion attributed to product design, alongside model design and fabrication, among other types of services.
The U.S. Market is Estimated at $639 Million, While China is Forecast to Grow at 5.1% CAGR
Regionally, both developed and developing regions played essential roles in the industrial design services market. China, Asia-Pacific, the USA, and Europe were among the leading geographic regions, with varying value CAGR rankings for the period 2020-2027. Overall, the industrial design industry adapted to the changing landscape of the post-pandemic world, emphasizing innovation and competitive advantage to drive growth and market share.
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.
What`s New?
- Special discussions on the global economic climate and market sentiment
- Coverage on global competitiveness and key competitor percentage market shares
- Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and trademarked research platform
- Complimentary updates for one year
- Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
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 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
- Global Greenhouse Emissions by Sector: 2020
- Energy-Efficient Design Gets Prominence
- Role of Industrial Designers in Manufacturing Process
- Manufacturing Supply Chain Affected by the Pandemic
- % Share of Companies Impacted by Supply Chain Delays Due to COVID-19 Worldwide as of May 2020
- 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: IoT Big Data Generated by Connected Devices Worldwide (In Zettabytes) for the Years 2020 & 2025
- Computer-Aided Design (CAD) and Computer-Aided Engineering Gaining Prominence
- World Engineering Software Market by Software Type (2020): Percentage Breakdown of Revenues for Computer-Aided Engineering (CAE), Electronic Design Automation (EDA), Architecture, Engineering & Construction (AEC), Computer-Aided Designing (CAD), and Computer-Aided Manufacturing (CAM)
- 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
- Global 3D Printing Market Size (in US$ Billion) for the Years 2019, 2022 and 2025
- Key Challenges faced by the Industrial Design Industry
FOCUS ON SELECT PLAYERS(Total 85 Featured)
- Accenture PLC
- Bayerische Motoren Werke AG (BMW GROUP)
- Invetech Pty., Ltd.
- McKinsey & Company
- Frog Design Inc.
- IDEO
- Cad Crowd
- Peterman Design Firm
- D&K Engineering
- Prime Studio
- Mediasphere
- Sentio Design
- Capgemini Engineering (France)
- Ammunition Group
- Progetto Design Pty Ltd
For more information about this report visit https://www.researchandmarkets.com/r/shll6e
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
