ID: MRFR/ICT/5471-CR | 100 Pages | Published By Aarti Dhapte on February 2020
Global Industrial Design Market is projected to expand at 4.63% CAGR over the forecast period (2020-2030)
Global Industrial Design Market is projected to expand at 4.63% CAGR over the forecast period (2020-2030), according to Market Research Future (MRFR) in its latest report. It can reach a size of USD 63.46 Billion by 2030. Industrial design is the process of designing products or equipment that can be manufactured on a massive scale and be used by customers on daily basis. The huge spending levels of customers and rapid pace of industrialization can influence the industry growth over the forecast period.
The COVID-19 pandemic has disrupted product development with restrictions placed on manufacturing units, uncertain demand, and travel restrictions. Industrial design agencies have adopted work-from-home policies and collaboration software for keeping communication channels open to drive efficiency. Sustainability goals by FMCG companies and emphasis on recyclability remain on the agenda for major industries. This can be beneficial to industrial design companies and provide them with contracts and projects.
Evolution of medical technology as well as the dependence on interconnected devices for gleaning patient information and making informed decisions has led to industrial design agencies focusing on portable designs of devices to assist healthcare workers. Customized procedure trays, for instance, are tailored according to the need of surgeons.
Incorporation of IoT to Mitigate Production Process
The integration of IoT in production methods for expediting output can drive the global industrial design market. Reliance on the new technology in the coming years owing to its benefits and tools for incorporating advanced complicated design procedures can bode well for the market. Shift to a value-based business model by enterprises and rapid production methods adopted by manufacturing units can bode well for the global market. Manufacturers are undertaking new projects in India and China with proper execution strategies in place with compliance to COVID-19 restrictions. This is expected to drive the demand for product design and industrial design services as a whole.
Green engineering and sustainable development is a viable opportunity for the industry to expand its scope over the forecast period. Sustainable schemes introduced by governments worldwide for lowering carbon emissions and encouraging the growth of environmentally viable sources for manufacture of products. The use of solar energy for meeting energy targets of industries is the right start for the global industrial design market. Industrial design can assist builders in adhering to latest environmental standards as well as gain incentives from green schemes.
Adherence to Quality Standards
Green energy codes are minimum code requirement to be adhered for infrastructure developers to maintain energy efficiency. But real estate developers are having a hard time owing to high costs of sustainable materials and increased costs of buildings. Non-compliance of laws which bring in heavy penalties to the offender can restrain the market growth.
Alignment of prices with the end product is a challenge posed to the global industrial design market. The lack of product development team managers with deft experience for matching production quantity and quality can be challenging for designers.
Product Design to Gain the Lead
Product design is likely to gain the lead in the global market owing to the need for conceptual designs in any market by companies. The product design can be used as a differentiator in the industry and used in gaining a large consumer base. Consumer electronics companies, FMCG companies, and F&B companies invest heavily in R&D for developing new designs for products annually to top their sales margins. It can reach a value of USD 23,273.8 million by 2025. Design of surgical instruments is likely to take priority during the COVID-19 pandemic owing to instruments requiring precision. Huge need for healthcare devices such as incontinence pads and mobility aids can drive the segment demand over the forecast period.
Machinery & Equipment Segment to Dominate
The machinery & equipment segment is likely to dominate the global industrial design market owing to rapid industrialization globally. Countries are developing goods and streamlining their production process through automation for gaining leverage in international trade. Investments in machinery and equipment will go a long way in ensuring national growth. The segment can reach a valuation of USD 19,889.4 million by 2025.
APAC to Lead in Global Market
APAC is expected to lead in the global industrial design market owing to investment by leading players in countries of China, South Korea, Japan, and India. Adoption of IoT solutions by leading industrialists and huge potential for IoT applications can facilitate the trend. The expansion of the manufacturing sector and government efforts to capitalize on the large laborforce can bolster the market demand. The regional market can touch a valuation of USD 24,264.3 million by the end of the forecast period.
Europe to Contribute Heavily to Global Industrial Design Market
Europe is likely to contribute heavily to the global industrial design market owing to intellectual property laws being rolled out in the European Union for protecting patented industrial designs of products and components. Regulations for preventing third parties to use the patented design and commercialize on its success can drive players towards investing in the region. But lack of clarity on certain sections of the law can impede the regional market growth.
Global Industrial Design Market is highly competitive with fluctuations in currency, volatile raw material prices, and presence of private and public companies. Economic conditions and industrial development are likely to shape the industry in the coming years. Service upgrades, collaborations, and partnerships will gain traction over the forecast period for keeping services economical. The competition can intensify owing to collaborations and product developments.
RKS Design (U.S.), Busse Design (U.S.), Designworks (BMW AG), Accenture PLC (Ireland), BlueFocus Intelligent Communications Group Co. Ltd. (China), IDEO LLC (U.S.), GK Design Group (U.S.), Altran Technologies SA (France), PDD Group Ltd. (U.K.), Ziba Design (U.S.), R&D Design (U.S.), ARTOP Group (China), Ammunition Group (U.S.), and LUNAR Design (U.S.) are prominent players of the global industrial design market.
Global Industrial Design Market report compiled by MRFR illustrates the trajectory of segments and sub-segments as well as supporting factor driving their growth. The report contains a comprehensive summary and explores all opportunities, trends, and threats to be faced by industry leaders in the coming years. It is segmented in the following manner:
|Market Size||USD 63.46 Billion (2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||RKS Design (U.S.), Busse Design (U.S.), Designworks (BMW AG), Accenture PLC (Ireland), BlueFocus Intelligent Communications Group Co. Ltd. (China), IDEO LLC (U.S.), GK Design Group (U.S.), Altran Technologies SA (France), PDD Group Ltd. (U.K.), Ziba Design (U.S.), R&D Design (U.S.), ARTOP Group (China), Ammunition Group (U.S.), and LUNAR Design (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||Design developments comprising social collaboration, process automation, robotic support, and industry 4.0 are expected to drive the demand for industrial design.|
North-America is leading the global industrial design market in the present.
Type and application are the segments included in the study.
DEO LLC (U.S.), Altran Technologies SA (France), Designworks (BMW AG) are the key players included in the market as capitalizers.
A CAGR of 4.63% is the growth rate for the market to expand in the forecast period.
USD 63.46 Billion is the valuation expected for the market by 2030.