That looks normal to me. For me, my industrial piercing had a similar story - it had little swelling for the first few days, and then during the whole second week I had it the swelling was at its worst. Industrial piercings tend to be a little temperamental, so experiencing swelling and redness during a good chunk of the healing process is not uncommon. Just make sure you're still cleaning it, doing a saline/salt soak a couple times a day, and leaving it alone as much as possible.
I have 28 piercings, including an industrial piercing!