Global Industrial Design Services Strategic Market Report 2023: Generative Design Takes Industrial Design Market by Storm
Global Market for Industrial Design Services
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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