The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Industrial Design Market. The growth sectors of the Industrial Design Market are identified with precision for a better growth perspective.
The industrial design market has been growing steadily over the last couple of decades. Factors that are predominantly driving the growth in the market include the growing investment in computer-aided designs and engineering. Moreover, factors such as the increasing incorporation of the Internet of Things (IoT) among industrial sectors are escalating the market globally, making production processes easier and smoother.
According to Market Research Future (MRFR), the global industrial design market is expected to accrue a value of USD 61,786.7 MN by 2025, registering a CAGR of 5.85% over the forecast period (2018-2025). In 2013, the market had valued at USD 32,546.5 MN. Increasing environmental awareness among heavy industries influenced by factors such as the Green engineering initiatives is a major driving force behind the market growth.
Global Industrial Design Market – Segments
There are three key dynamics that the market is segmented into;
By Type : Product Design, Model Design & Fabrication, User Interface & Interaction Design, among other industrial designs.
By Application : Transportation, Electronic, Household, Machinery & Equipment, among others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Industrial Design Market – Regional Analysis
The Asia Pacific region would remain its dominance over the global industrial design market, witnessing the growing investment in the industrial sector in rapidly emerging countries such as China, Japan, Korea, and India. Factors such as the increasing adoption of IoT solutions alongside the industrial revolution 4.0 and the rapid industrialization in the region would benefit the growth of the market.
The region represents enormous growth opportunities for market players with the untapped market for the IoT industry, which are likely to emerge as leading consumers of IoT solutions over the coming years.
The burgeoning manufacturing sectors in most of the APAC countries, backed by the growing government efforts to make the most of the human capital available in these countries and increasing investment by foreign players are expected to boost further spectacularly in the coming years, which in turn, would support the growth of the regional market, hugely.
The North American region heading with the huge technological advances accounts for the second-largest market for industrial designs, globally. North America, led by the vast technological advancements, offers a favorable platform for IoT applications to evolve further. Factors such as the augmenting demand for IoT solutions in the growing number of industries substantiate the growth in the regional market.
Industrial Design Market Share, Size, Trends, And Business Opportunity Analysis Report 2019 include …
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