MARKET INTRODUCTION
Bunker fuel is used in ship's bunkers to power its engines. This fuel is divided into A, B or C grades. The C grade is the thickest and often requiring heating or blending in order to make it flow. There are two types of bunker fuels such as distillate and residual. Distillate fuel is composed of petroleum fractions of crude oil that are separated in a refinery by the distillation process. Residual fuel is also called as residuum or petroleum pitch.
MARKET DYNAMICS
The bunker fuel market has witnessed a significant growth owing to factors such as increasing oil and gas exploration activities in major oil-producing regions and high growth in marine trade globally. Moreover, increasing hydrogen resource development activities in offshore areas coupled with rapidly increasing bunker requirements in crude oil and product tankers boost the growth of the bunker fuel market. However, growing concerns regarding marine pollution have resulted in the imposition of several stringent regulations on the bunker industry. These factors are anticipated to hamper the bunker fuel market over the projected period. The major trend followed in the bunker fuel market is the significant shift towards cleaner and environment-friendly fuels.
MARKET SCOPE
The "Global Bunker Fuel Market Analysis to 2031" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the bunker fuel market with detailed market segmentation by fuel grade, end user, commercial distributor and geography. The global bunker fuel market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading bunker fuel market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global bunker fuel market is segmented on the basis of fuel grade, end user and commercial distributor. On the basis of fuel grade, the bunker fuel market is segmented into IFO 380, IFO 180, IFO Others and MGO/MDO. The bunker fuel market on the basis of the end user is classified into container, bulk carrier & general cargo, tankers and others. Similarly, on the basis of commercial distributor the bunker fuel market is bifurcated into major oil companies, leading independent distributors and small independent distributors.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global bunker fuel market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The bunker fuel market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the bunker fuel market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors affecting the bunker fuel market in these regions.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global bunker fuel market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The bunker fuel market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the bunker fuel market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors affecting the bunker fuel market in these regions.
MARKET PLAYERS
The reports cover key developments in the bunker fuel market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from bunker fuel market are anticipated to lucrative growth opportunities in the future with the rising demand for Bunker fuel in the global market. Below mentioned is the list of few companies engaged in the Bunker fuel market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the bunker fuel market. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last 3 years, the key development in the past five years.
- Chemoil Energy Limited
- Exxon Mobil Corporation
- Gazpromneft Marine Bunker Ltd
- LUKOIL
- Marathon Petroleum Corporation
- Neste Oyj
- Royal Dutch Shell plc,
- Total S.A.
- Valero Energy Corporation
- World Fuel Services Corporation
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
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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
This text is related
to country scope.
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 Bunker Fuel Market - By Fuel Grade
1.3.2 Bunker Fuel Market - By End User
1.3.3 Bunker Fuel Market - By Commercial Distributor
1.3.4 Bunker Fuel Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. BUNKER FUEL 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. EXPERT OPINIONS
5. BUNKER FUEL 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. BUNKER FUEL MARKET - GLOBAL MARKET ANALYSIS
6.1. BUNKER FUEL - GLOBAL MARKET OVERVIEW
6.2. BUNKER FUEL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. BUNKER FUEL MARKET - REVENUE AND FORECASTS TO 2028 - FUEL GRADE
7.1. OVERVIEW
7.2. FUEL GRADE MARKET FORECASTS AND ANALYSIS
7.3. IFO 380
7.3.1. Overview
7.3.2. IFO 380 Market Forecast and Analysis
7.4. IFO 180
7.4.1. Overview
7.4.2. IFO 180 Market Forecast and Analysis
7.5. IFO OTHERS
7.5.1. Overview
7.5.2. IFO Others Market Forecast and Analysis
7.6. MGO/MDO
7.6.1. Overview
7.6.2. MGO/MDO Market Forecast and Analysis
8. BUNKER FUEL MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. CONTAINER
8.3.1. Overview
8.3.2. Container Market Forecast and Analysis
8.4. BULK CARRIER AND GENERAL CARGO
8.4.1. Overview
8.4.2. Bulk Carrier and General Cargo Market Forecast and Analysis
8.5. TANKERS
8.5.1. Overview
8.5.2. Tankers Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. BUNKER FUEL MARKET - REVENUE AND FORECASTS TO 2028 - COMMERCIAL DISTRIBUTOR
9.1. OVERVIEW
9.2. COMMERCIAL DISTRIBUTOR MARKET FORECASTS AND ANALYSIS
9.3. MAJOR OIL COMPANIES
9.3.1. Overview
9.3.2. Major Oil Companies Market Forecast and Analysis
9.4. LEADING INDEPENDENT DISTRIBUTORS
9.4.1. Overview
9.4.2. Leading Independent Distributors Market Forecast and Analysis
9.5. SMALL INDEPENDENT DISTRIBUTORS
9.5.1. Overview
9.5.2. Small Independent Distributors Market Forecast and Analysis
10. BUNKER FUEL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Bunker Fuel Market Overview
10.1.2 North America Bunker Fuel Market Forecasts and Analysis
10.1.3 North America Bunker Fuel Market Forecasts and Analysis - By Fuel Grade
10.1.4 North America Bunker Fuel Market Forecasts and Analysis - By End User
10.1.5 North America Bunker Fuel Market Forecasts and Analysis - By Commercial Distributor
10.1.6 North America Bunker Fuel Market Forecasts and Analysis - By Countries
10.1.6.1 United States Bunker Fuel Market
10.1.6.1.1 United States Bunker Fuel Market by Fuel Grade
10.1.6.1.2 United States Bunker Fuel Market by End User
10.1.6.1.3 United States Bunker Fuel Market by Commercial Distributor
10.1.6.2 Canada Bunker Fuel Market
10.1.6.2.1 Canada Bunker Fuel Market by Fuel Grade
10.1.6.2.2 Canada Bunker Fuel Market by End User
10.1.6.2.3 Canada Bunker Fuel Market by Commercial Distributor
10.1.6.3 Mexico Bunker Fuel Market
10.1.6.3.1 Mexico Bunker Fuel Market by Fuel Grade
10.1.6.3.2 Mexico Bunker Fuel Market by End User
10.1.6.3.3 Mexico Bunker Fuel Market by Commercial Distributor
10.2. EUROPE
10.2.1 Europe Bunker Fuel Market Overview
10.2.2 Europe Bunker Fuel Market Forecasts and Analysis
10.2.3 Europe Bunker Fuel Market Forecasts and Analysis - By Fuel Grade
10.2.4 Europe Bunker Fuel Market Forecasts and Analysis - By End User
10.2.5 Europe Bunker Fuel Market Forecasts and Analysis - By Commercial Distributor
10.2.6 Europe Bunker Fuel Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Bunker Fuel Market
10.2.6.1.1 Germany Bunker Fuel Market by Fuel Grade
10.2.6.1.2 Germany Bunker Fuel Market by End User
10.2.6.1.3 Germany Bunker Fuel Market by Commercial Distributor
10.2.6.2 France Bunker Fuel Market
10.2.6.2.1 France Bunker Fuel Market by Fuel Grade
10.2.6.2.2 France Bunker Fuel Market by End User
10.2.6.2.3 France Bunker Fuel Market by Commercial Distributor
10.2.6.3 Italy Bunker Fuel Market
10.2.6.3.1 Italy Bunker Fuel Market by Fuel Grade
10.2.6.3.2 Italy Bunker Fuel Market by End User
10.2.6.3.3 Italy Bunker Fuel Market by Commercial Distributor
10.2.6.4 United Kingdom Bunker Fuel Market
10.2.6.4.1 United Kingdom Bunker Fuel Market by Fuel Grade
10.2.6.4.2 United Kingdom Bunker Fuel Market by End User
10.2.6.4.3 United Kingdom Bunker Fuel Market by Commercial Distributor
10.2.6.5 Russia Bunker Fuel Market
10.2.6.5.1 Russia Bunker Fuel Market by Fuel Grade
10.2.6.5.2 Russia Bunker Fuel Market by End User
10.2.6.5.3 Russia Bunker Fuel Market by Commercial Distributor
10.2.6.6 Rest of Europe Bunker Fuel Market
10.2.6.6.1 Rest of Europe Bunker Fuel Market by Fuel Grade
10.2.6.6.2 Rest of Europe Bunker Fuel Market by End User
10.2.6.6.3 Rest of Europe Bunker Fuel Market by Commercial Distributor
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Bunker Fuel Market Overview
10.3.2 Asia-Pacific Bunker Fuel Market Forecasts and Analysis
10.3.3 Asia-Pacific Bunker Fuel Market Forecasts and Analysis - By Fuel Grade
10.3.4 Asia-Pacific Bunker Fuel Market Forecasts and Analysis - By End User
10.3.5 Asia-Pacific Bunker Fuel Market Forecasts and Analysis - By Commercial Distributor
10.3.6 Asia-Pacific Bunker Fuel Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Bunker Fuel Market
10.3.6.1.1 Australia Bunker Fuel Market by Fuel Grade
10.3.6.1.2 Australia Bunker Fuel Market by End User
10.3.6.1.3 Australia Bunker Fuel Market by Commercial Distributor
10.3.6.2 China Bunker Fuel Market
10.3.6.2.1 China Bunker Fuel Market by Fuel Grade
10.3.6.2.2 China Bunker Fuel Market by End User
10.3.6.2.3 China Bunker Fuel Market by Commercial Distributor
10.3.6.3 India Bunker Fuel Market
10.3.6.3.1 India Bunker Fuel Market by Fuel Grade
10.3.6.3.2 India Bunker Fuel Market by End User
10.3.6.3.3 India Bunker Fuel Market by Commercial Distributor
10.3.6.4 Japan Bunker Fuel Market
10.3.6.4.1 Japan Bunker Fuel Market by Fuel Grade
10.3.6.4.2 Japan Bunker Fuel Market by End User
10.3.6.4.3 Japan Bunker Fuel Market by Commercial Distributor
10.3.6.5 South Korea Bunker Fuel Market
10.3.6.5.1 South Korea Bunker Fuel Market by Fuel Grade
10.3.6.5.2 South Korea Bunker Fuel Market by End User
10.3.6.5.3 South Korea Bunker Fuel Market by Commercial Distributor
10.3.6.6 Rest of Asia-Pacific Bunker Fuel Market
10.3.6.6.1 Rest of Asia-Pacific Bunker Fuel Market by Fuel Grade
10.3.6.6.2 Rest of Asia-Pacific Bunker Fuel Market by End User
10.3.6.6.3 Rest of Asia-Pacific Bunker Fuel Market by Commercial Distributor
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Bunker Fuel Market Overview
10.4.2 Middle East and Africa Bunker Fuel Market Forecasts and Analysis
10.4.3 Middle East and Africa Bunker Fuel Market Forecasts and Analysis - By Fuel Grade
10.4.4 Middle East and Africa Bunker Fuel Market Forecasts and Analysis - By End User
10.4.5 Middle East and Africa Bunker Fuel Market Forecasts and Analysis - By Commercial Distributor
10.4.6 Middle East and Africa Bunker Fuel Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Bunker Fuel Market
10.4.6.1.1 South Africa Bunker Fuel Market by Fuel Grade
10.4.6.1.2 South Africa Bunker Fuel Market by End User
10.4.6.1.3 South Africa Bunker Fuel Market by Commercial Distributor
10.4.6.2 Saudi Arabia Bunker Fuel Market
10.4.6.2.1 Saudi Arabia Bunker Fuel Market by Fuel Grade
10.4.6.2.2 Saudi Arabia Bunker Fuel Market by End User
10.4.6.2.3 Saudi Arabia Bunker Fuel Market by Commercial Distributor
10.4.6.3 U.A.E Bunker Fuel Market
10.4.6.3.1 U.A.E Bunker Fuel Market by Fuel Grade
10.4.6.3.2 U.A.E Bunker Fuel Market by End User
10.4.6.3.3 U.A.E Bunker Fuel Market by Commercial Distributor
10.4.6.4 Rest of Middle East and Africa Bunker Fuel Market
10.4.6.4.1 Rest of Middle East and Africa Bunker Fuel Market by Fuel Grade
10.4.6.4.2 Rest of Middle East and Africa Bunker Fuel Market by End User
10.4.6.4.3 Rest of Middle East and Africa Bunker Fuel Market by Commercial Distributor
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Bunker Fuel Market Overview
10.5.2 South and Central America Bunker Fuel Market Forecasts and Analysis
10.5.3 South and Central America Bunker Fuel Market Forecasts and Analysis - By Fuel Grade
10.5.4 South and Central America Bunker Fuel Market Forecasts and Analysis - By End User
10.5.5 South and Central America Bunker Fuel Market Forecasts and Analysis - By Commercial Distributor
10.5.6 South and Central America Bunker Fuel Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Bunker Fuel Market
10.5.6.1.1 Brazil Bunker Fuel Market by Fuel Grade
10.5.6.1.2 Brazil Bunker Fuel Market by End User
10.5.6.1.3 Brazil Bunker Fuel Market by Commercial Distributor
10.5.6.2 Argentina Bunker Fuel Market
10.5.6.2.1 Argentina Bunker Fuel Market by Fuel Grade
10.5.6.2.2 Argentina Bunker Fuel Market by End User
10.5.6.2.3 Argentina Bunker Fuel Market by Commercial Distributor
10.5.6.3 Rest of South and Central America Bunker Fuel Market
10.5.6.3.1 Rest of South and Central America Bunker Fuel Market by Fuel Grade
10.5.6.3.2 Rest of South and Central America Bunker Fuel Market by End User
10.5.6.3.3 Rest of South and Central America Bunker Fuel Market by Commercial Distributor
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. BUNKER FUEL MARKET, KEY COMPANY PROFILES
12.1. CHEMOIL ENERGY LIMITED
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. EXXON MOBIL CORPORATION
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. GAZPROMNEFT MARINE BUNKER LTD
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. LUKOIL
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. MARATHON PETROLEUM CORPORATION
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. NESTE OYJ
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. ROYAL DUTCH SHELL PLC,
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. TOTAL S.A.
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. VALERO ENERGY CORPORATION
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. WORLD FUEL SERVICES CORPORATION
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
The List of Companies
1. Chemoil Energy Limited
2. Exxon Mobil Corporation
3. Gazpromneft Marine Bunker Ltd
4. LUKOIL
5. Marathon Petroleum Corporation
6. Neste Oyj
7. Royal Dutch Shell plc,
8. Total S.A.
9. Valero Energy Corporation
10. World Fuel Services Corporation
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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