Blockchain in Energy Market Size, Share, Growth by 2031
The blockchain in energy market is anticipated to expand at a CAGR of 71.5% from 2023 to 2031. The expanding use of decentralized and renewable energy sources, such as wind turbines, solar panels, and microgrids, is expected to complement the global blockchain in the energy sector.
Blockchain in Energy Market Analysis
Blockchain technology can reduce the risk of illegal activity, improve the efficiency of energy trade and billing systems, and promote a decentralized and sustainable energy ecosystem. Blockchain technology can verify and track the authenticity of renewable energy certificates and carbon credits, boosting the adoption of sustainable energy sources while reducing greenhouse gas emissions.
Blockchain in Energy Industry Overview
- Blockchain is a decentralized network that uses distributed ledger technology to provide secure, transparent, and efficient transaction and data management.
- Blockchain technology can improve the energy sector in a variety of ways, including streamlining smart grid operations, promoting peer-to-peer energy trading, enabling safe transactions for renewable energy, and improving energy supply chain management.
- Blockchain facilitates the flow of information between decentralized energy resources, automates energy transactions using smart contracts, and assures transparency in the tracking of green energy certificates and carbon credits.
Strategic Insights
Blockchain in Energy Market Drivers and Opportunities
Increased Adoption of Decentralized and Renewable Energy Sources to Drive the Blockchain in Energy Market
- The growing use of decentralized and renewable energy sources such as solar panels, wind turbines, and microgrids is a big driver of blockchain adoption in the energy sector.
- These sources can provide surplus energy, which can be traded with other customers or grid operators via blockchain platforms. Blockchain technology enables decentralized energy trade, allowing users to transact directly and without intermediaries. This leads to a more efficient and democratic energy economy.
Blockchain in Energy Market Report Segmentation Analysis
- Based on component, the blockchain in the energy market is segmented into platforms and services. The platform segment is expected to hold a substantial blockchain in energy market share in 2023.
- Blockchain in energy platform automates the creation and trading of renewable energy certificates and credits based on actual energy consumption. It makes use of a peer-to-peer microgrid that employs smart contracts to manage energy flows and ensure payments.
Blockchain in Energy Market Share Analysis By Geography
The scope of the blockchain in energy market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific (APAC) North America is experiencing rapid growth and is anticipated to hold a significant blockchain in energy market share. This is because countries such as the US, Mexico, and Canada are working to raise awareness among their citizens about the benefits of using technology. Even the government is taking steps to promote the benefits and ensure that their citizens use the new technologies. Moreover, government agencies are providing cash to implement blockchain technology to secure energy systems. For example, the US Department of Energy (DOE) has awarded TFA Labs about US $ 200,000 in financing to help safeguard the national power system.
Blockchain in Energy Market Report Scope
The "Blockchain In Energy Market Analysis" was carried out based on component, application, end user, and geography. Based on the component, the blockchain in the energy market is segmented into platforms and services. In terms of application, the market is segmented into energy trading, grid management, supply chain management, payment schemes, and government risk & compliance management. Based on end user, the market is segmented into power and oil & gas. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Blockchain in Energy Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the blockchain energy market. The blockchain in energy market forecast can help stakeholders plan their growth strategies. A few recent key market developments are listed below:
- In January 2022, Indi EV provides a new sort of mobile blockchain that aims to change the EV industry. Independent Electric Vehicle, a Los Angeles-based business developing the next generation of electric vehicles, introduced a new feature for its flagship vehicle, the INDI One, at the Consumer Electronics Show (CES) in Las Vegas.
[Source: Indi EV, Company Website]
- In July 2021, DIC Corporation collaborated with SAPSE on a pilot project that used blockchain technology to build a waste plastics traceability system. The system aimed to promote the recycling of plastic materials
[Source: DIC Corporation, Company Website]
Blockchain in Energy Market Report Coverage & Deliverables
The market report on “Blockchain in Energy Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
- Detailed company profiles.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The key players holding majority shares in the global blockchain in energy market are Accenture plc., Acciona, S.A., BigchainDB GmbH, ConsenSys AG, and Deloitte.
Innovation across international trade and supply chain is anticipated to play a significant role in the global blockchain in energy market in the coming years.
The global blockchain in energy market is expected to grow at a CAGR of 71.5% during the forecast period 2023 - 2031.
Increased adoption of decentralized and renewable energy sources and growing security concerns across the globe are the major factors that propel the global blockchain in energy market.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Blockchain In Energy Market - By Component
1.3.2 Blockchain In Energy Market - By Application
1.3.3 Blockchain In Energy Market - By End User
1.3.4 Blockchain In Energy Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BLOCKCHAIN IN ENERGY MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. BLOCKCHAIN IN ENERGY MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. BLOCKCHAIN IN ENERGY MARKET - GLOBAL MARKET ANALYSIS
6.1. BLOCKCHAIN IN ENERGY - GLOBAL MARKET OVERVIEW
6.2. BLOCKCHAIN IN ENERGY - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. BLOCKCHAIN IN ENERGY MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1. OVERVIEW
7.2. COMPONENT MARKET FORECASTS AND ANALYSIS
7.3. SOLUTION
7.3.1. Overview
7.3.2. Solution Market Forecast and Analysis
7.4. SERVICES
7.4.1. Overview
7.4.2. Services Market Forecast and Analysis
8. BLOCKCHAIN IN ENERGY MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ENERGY TRADING
8.3.1. Overview
8.3.2. Energy Trading Market Forecast and Analysis
8.4. GRID MANAGEMENT
8.4.1. Overview
8.4.2. Grid Management Market Forecast and Analysis
8.5. SUPPLY CHAIN MANAGEMENT
8.5.1. Overview
8.5.2. Supply Chain Management Market Forecast and Analysis
8.6. PAYMENT SCHEMES
8.6.1. Overview
8.6.2. Payment Schemes Market Forecast and Analysis
8.7. GOVERNMENT RISK AND COMPLIANCE MANAGEMENT
8.7.1. Overview
8.7.2. Government Risk and Compliance Management Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. BLOCKCHAIN IN ENERGY MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. POWER SECTOR
9.3.1. Overview
9.3.2. Power Sector Market Forecast and Analysis
9.4. OIL AND GAS SECTOR
9.4.1. Overview
9.4.2. Oil and Gas Sector Market Forecast and Analysis
10. BLOCKCHAIN IN ENERGY MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Blockchain In Energy Market Overview
10.1.2 North America Blockchain In Energy Market Forecasts and Analysis
10.1.3 North America Blockchain In Energy Market Forecasts and Analysis - By Component
10.1.4 North America Blockchain In Energy Market Forecasts and Analysis - By Application
10.1.5 North America Blockchain In Energy Market Forecasts and Analysis - By End User
10.1.6 North America Blockchain In Energy Market Forecasts and Analysis - By Countries
10.1.6.1 United States Blockchain In Energy Market
10.1.6.1.1 United States Blockchain In Energy Market by Component
10.1.6.1.2 United States Blockchain In Energy Market by Application
10.1.6.1.3 United States Blockchain In Energy Market by End User
10.1.6.2 Canada Blockchain In Energy Market
10.1.6.2.1 Canada Blockchain In Energy Market by Component
10.1.6.2.2 Canada Blockchain In Energy Market by Application
10.1.6.2.3 Canada Blockchain In Energy Market by End User
10.1.6.3 Mexico Blockchain In Energy Market
10.1.6.3.1 Mexico Blockchain In Energy Market by Component
10.1.6.3.2 Mexico Blockchain In Energy Market by Application
10.1.6.3.3 Mexico Blockchain In Energy Market by End User
10.2. EUROPE
10.2.1 Europe Blockchain In Energy Market Overview
10.2.2 Europe Blockchain In Energy Market Forecasts and Analysis
10.2.3 Europe Blockchain In Energy Market Forecasts and Analysis - By Component
10.2.4 Europe Blockchain In Energy Market Forecasts and Analysis - By Application
10.2.5 Europe Blockchain In Energy Market Forecasts and Analysis - By End User
10.2.6 Europe Blockchain In Energy Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Blockchain In Energy Market
10.2.6.1.1 Germany Blockchain In Energy Market by Component
10.2.6.1.2 Germany Blockchain In Energy Market by Application
10.2.6.1.3 Germany Blockchain In Energy Market by End User
10.2.6.2 France Blockchain In Energy Market
10.2.6.2.1 France Blockchain In Energy Market by Component
10.2.6.2.2 France Blockchain In Energy Market by Application
10.2.6.2.3 France Blockchain In Energy Market by End User
10.2.6.3 Italy Blockchain In Energy Market
10.2.6.3.1 Italy Blockchain In Energy Market by Component
10.2.6.3.2 Italy Blockchain In Energy Market by Application
10.2.6.3.3 Italy Blockchain In Energy Market by End User
10.2.6.4 United Kingdom Blockchain In Energy Market
10.2.6.4.1 United Kingdom Blockchain In Energy Market by Component
10.2.6.4.2 United Kingdom Blockchain In Energy Market by Application
10.2.6.4.3 United Kingdom Blockchain In Energy Market by End User
10.2.6.5 Russia Blockchain In Energy Market
10.2.6.5.1 Russia Blockchain In Energy Market by Component
10.2.6.5.2 Russia Blockchain In Energy Market by Application
10.2.6.5.3 Russia Blockchain In Energy Market by End User
10.2.6.6 Rest of Europe Blockchain In Energy Market
10.2.6.6.1 Rest of Europe Blockchain In Energy Market by Component
10.2.6.6.2 Rest of Europe Blockchain In Energy Market by Application
10.2.6.6.3 Rest of Europe Blockchain In Energy Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Blockchain In Energy Market Overview
10.3.2 Asia-Pacific Blockchain In Energy Market Forecasts and Analysis
10.3.3 Asia-Pacific Blockchain In Energy Market Forecasts and Analysis - By Component
10.3.4 Asia-Pacific Blockchain In Energy Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Blockchain In Energy Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Blockchain In Energy Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Blockchain In Energy Market
10.3.6.1.1 Australia Blockchain In Energy Market by Component
10.3.6.1.2 Australia Blockchain In Energy Market by Application
10.3.6.1.3 Australia Blockchain In Energy Market by End User
10.3.6.2 China Blockchain In Energy Market
10.3.6.2.1 China Blockchain In Energy Market by Component
10.3.6.2.2 China Blockchain In Energy Market by Application
10.3.6.2.3 China Blockchain In Energy Market by End User
10.3.6.3 India Blockchain In Energy Market
10.3.6.3.1 India Blockchain In Energy Market by Component
10.3.6.3.2 India Blockchain In Energy Market by Application
10.3.6.3.3 India Blockchain In Energy Market by End User
10.3.6.4 Japan Blockchain In Energy Market
10.3.6.4.1 Japan Blockchain In Energy Market by Component
10.3.6.4.2 Japan Blockchain In Energy Market by Application
10.3.6.4.3 Japan Blockchain In Energy Market by End User
10.3.6.5 South Korea Blockchain In Energy Market
10.3.6.5.1 South Korea Blockchain In Energy Market by Component
10.3.6.5.2 South Korea Blockchain In Energy Market by Application
10.3.6.5.3 South Korea Blockchain In Energy Market by End User
10.3.6.6 Rest of Asia-Pacific Blockchain In Energy Market
10.3.6.6.1 Rest of Asia-Pacific Blockchain In Energy Market by Component
10.3.6.6.2 Rest of Asia-Pacific Blockchain In Energy Market by Application
10.3.6.6.3 Rest of Asia-Pacific Blockchain In Energy Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Blockchain In Energy Market Overview
10.4.2 Middle East and Africa Blockchain In Energy Market Forecasts and Analysis
10.4.3 Middle East and Africa Blockchain In Energy Market Forecasts and Analysis - By Component
10.4.4 Middle East and Africa Blockchain In Energy Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Blockchain In Energy Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Blockchain In Energy Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Blockchain In Energy Market
10.4.6.1.1 South Africa Blockchain In Energy Market by Component
10.4.6.1.2 South Africa Blockchain In Energy Market by Application
10.4.6.1.3 South Africa Blockchain In Energy Market by End User
10.4.6.2 Saudi Arabia Blockchain In Energy Market
10.4.6.2.1 Saudi Arabia Blockchain In Energy Market by Component
10.4.6.2.2 Saudi Arabia Blockchain In Energy Market by Application
10.4.6.2.3 Saudi Arabia Blockchain In Energy Market by End User
10.4.6.3 U.A.E Blockchain In Energy Market
10.4.6.3.1 U.A.E Blockchain In Energy Market by Component
10.4.6.3.2 U.A.E Blockchain In Energy Market by Application
10.4.6.3.3 U.A.E Blockchain In Energy Market by End User
10.4.6.4 Rest of Middle East and Africa Blockchain In Energy Market
10.4.6.4.1 Rest of Middle East and Africa Blockchain In Energy Market by Component
10.4.6.4.2 Rest of Middle East and Africa Blockchain In Energy Market by Application
10.4.6.4.3 Rest of Middle East and Africa Blockchain In Energy Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Blockchain In Energy Market Overview
10.5.2 South and Central America Blockchain In Energy Market Forecasts and Analysis
10.5.3 South and Central America Blockchain In Energy Market Forecasts and Analysis - By Component
10.5.4 South and Central America Blockchain In Energy Market Forecasts and Analysis - By Application
10.5.5 South and Central America Blockchain In Energy Market Forecasts and Analysis - By End User
10.5.6 South and Central America Blockchain In Energy Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Blockchain In Energy Market
10.5.6.1.1 Brazil Blockchain In Energy Market by Component
10.5.6.1.2 Brazil Blockchain In Energy Market by Application
10.5.6.1.3 Brazil Blockchain In Energy Market by End User
10.5.6.2 Argentina Blockchain In Energy Market
10.5.6.2.1 Argentina Blockchain In Energy Market by Component
10.5.6.2.2 Argentina Blockchain In Energy Market by Application
10.5.6.2.3 Argentina Blockchain In Energy Market by End User
10.5.6.3 Rest of South and Central America Blockchain In Energy Market
10.5.6.3.1 Rest of South and Central America Blockchain In Energy Market by Component
10.5.6.3.2 Rest of South and Central America Blockchain In Energy Market by Application
10.5.6.3.3 Rest of South and Central America Blockchain In Energy Market by End User
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. BLOCKCHAIN IN ENERGY MARKET, KEY COMPANY PROFILES
12.1. ACCENTURE PLC
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. ACCIONA, S.A.
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. BIGCHAINDB GMBH
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. CONSENSYS AG
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. DELOITTE TOUCHE TOHMATSU LIMITED
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. ENOSI
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. GRIDPLUS INC.
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. LO3 ENERGY
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. POWER LEDGER PTY LTD
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. WEPOWER
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
- Accenture plc.
- Acciona
- S.A.
- BigchainDB GmbH
- ConsenSys AG
- Deloitte
- Enosi
- GridPlus Inc.
- LO3 Energy
- Power Ledger Pty Ltd.
- WePower
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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