Commercial Boilers Market Developments by 2031
The Commercial Boilers Market is expected to register a CAGR of 5.4% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Commercial Boilers Market report covers analysis By Fuel Type, Capacity, and Application. The global analysis is further broken-down at the regional level and major countries. The Report Offers the Value in US$ for the above analysis and segments.
Purpose of the ReportThe report Commercial Boilers Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Commercial Boilers Market Segmentation
Fuel Type- Gas
- Oil
- And Coal
- 0.3â"2.5 MMBtu/hr
- 2.5â"10 MMBtu/hr
- 50â"100 MMBtu/hr
- 100â"250 MMBtu/hr
- Hospitals
- Schools
- Offices
- Others
- North America
- Europe
- Asia Pacific
- South and Central America
- North America
- Europe
- Asia Pacific
- South and Central America
Strategic Insights
Commercial Boilers Market Growth Drivers- Energy efficiency regulations drive boiler demand: Stricter regulations set for energy efficiency are the reasons behind the growing global demand for advanced commercial boilers. The government is setting regulations on the commercial building sector to reduce carbon emissions, thus forcing the demand for energy-efficient boilers. The Ecodesign Directive of the European Union mandates boilers to achieve up to 90% efficiency. With such regulations, market growth is considerably affected as firms look for boilers with advanced technology to meet environmental targets, thus influencing the trend in the market in the various key regions.
- Construction growth boosts the commercial boiler market: A rise in construction activities worldwide increases the market demand for commercial boilers. New infrastructure projects, such as those in new emerging economies, would require efficient heating systems in large buildings and industrial facilities. Growth in the construction industry is likely to increase by 85%, therefore contributing to improving the market share of commercial boilers. As a result of growth in the construction sector, market trends and demand for efficient heating solutions will foster a better market overview.
- Advanced technology fuels boiler market growth: Advanced technology in boilers is the major growth driver in the market. Smart boilers with IoT controls and remote monitoring are high in demand as they provide better efficiency with lower operational costs. According to a recent study, more than 60% of commercial boiler companies have already invested in this technology, thereby pushing the growth rate in the industry. The best part of the advanced technology is that it becomes the growth driver in the future market analysis too, especially when smart infrastructure is placed at the forefront in other regions.
- Energy-efficient boilers reduce operational costs: There is a greater need for commercial boilers energy-efficient systems based on increasing environmental regulations coupled with the reduction of the overall cost of running the organizations. A sufficient number of key players are aligning their market-related strategies to this end; for instance, harnessing smart technology for the highest possible optimized use of energy. For instance, the most highly efficient condensing units have thermal efficiencies of up to 98% compared to the conventional units. SWOT analysis highlights that this has been one of the higher growth opportunities for the industry; however, it's still a higher initial cost that hinders it.
- Retrofitting aging infrastructure creates market opportunities: Retrofitting aging infrastructure is an emerging trend in nearly every developed economy, and 45% of commercial buildings in Europe alone use aging systems for heating, making it a huge replacement market for boilers. The enablers are part and parcel of PEST analysis-government incentives and growing energy prices. Companies that offer retrofitting and innovative solutions are securing their edge over their counterparts through strategic market dynamics, primarily in mature economies of the UK and Germany.
- Demand for sustainable energy sources: Sustainable energy sources are becoming a significant driver in the higher adoption rate of biomass and hybrid boilers. Biomass boilers are expected to experience a 7% growth rate in the short term as government grants and supportive environmental policies boost demand. Renewable energy-based solutions are now being expanded to include in the portfolios of leading players targeted specifically towards environmentally conscious clients. Going green is also being executed through market strategies in the form of collaboration with green technology firms. PEST analysis shows that the policy shift towards carbon neutrality is driving this trend and the carbon neutrality policy, thus, gives a boost to the long-term market outlook.
- North America's aging infrastructure: North America is a region where there is a growing strain on aging infrastructure, and retrofitting older systems with the latest commercial boilers presents significant opportunities for growth. Forty percent of the region's commercial buildings are older than 50 years, meaning that great opportunities exist to create efficient, low-maintenance heating systems. Companies that provide customized retrofitting solutions will be best positioned to succeed in this highly competitive industry.
- Rising Demand from Healthcare and Education Sector: The healthcare and education industries primary markets for commercial boiler manufacturers facing a replacement cycle impacting over 50% of North American hospitals and schools, all of which have to replace these heating systems. This increases the demand for efficient and reliable solutions. Manufacturers targeting these sectors will find a competitive position in major geographies by offering advanced boilers that can cut operational costs and meet stringent environmental standards.
- Demand from construction sector: Commercial construction across North America is occurring rapidly. The same agents of commercial construction are thus directly resulting in the burgeoning demand for commercial boilers. More than 35 percent of newly constructed commercial buildings still require a high level of heating. This would be an area of growth for manufacturers who continue to be competitive, while there will be a marked shift in commercial spaces towards meeting the newer needs while complying with the market's focus on sustainability.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Commercial Boilers Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Commercial Boilers Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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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 Commercial Boilers Market is expected to register a CAGR of 5.4% from 2023-2031.
The major factors impacting the Commercial Boilers Market are: Technological Advancements, Rising Construction Activities, and Energy Efficiency Standards
Key future trends in this market are - Energy-efficient heating solutions, Adoption of smart control systems, Regulatory compliance demands
Key companies in this market are: Acme Engineering Prod Ltd, Bosch Industriekessel GmbH, BURNHAM COMMERCIAL BOILERS, Hamworthy Heating, Ideal Boilers, Indtex Boiler Pvt Ltd, PARKER BOILER, Superior Boiler Works Inc, Viessmann Werke GmbH and Co KG
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Commercial Boilers Market - By Fuel Type
1.3.2Commercial Boilers Market - By Capacity
1.3.3Commercial Boilers Market - By Application
1.3.4Commercial Boilers Market - By Region
1.3.4.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.COMMERCIAL BOILERS MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PORTER'S FIVE FORCES ANALYSIS
4.2.1Bargaining Power of Buyers
4.2.1Bargaining Power of Suppliers
4.2.1Threat of Substitute
4.2.1Threat of New Entrants
4.2.1Competitive Rivalry
4.3.EXPERT OPINIONS
5.COMMERCIAL BOILERS 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 AND RESTRAINTS
6.COMMERCIAL BOILERS MARKET - GLOBAL MARKET ANALYSIS
6.1.COMMERCIAL BOILERS - GLOBAL MARKET OVERVIEW
6.2.COMMERCIAL BOILERS - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.COMMERCIAL BOILERS MARKET - REVENUE AND FORECASTS TO 2028 â" FUEL TYPE
7.1.OVERVIEW
7.2.FUEL TYPE MARKET FORECASTS AND ANALYSIS
7.3.GAS
7.3.1.Overview
7.3.2.Gas Market Forecast and Analysis
7.4.OIL
7.4.1.Overview
7.4.2.Oil Market Forecast and Analysis
7.5.AND COAL
7.5.1.Overview
7.5.2.and Coal Market Forecast and Analysis
8.COMMERCIAL BOILERS MARKET - REVENUE AND FORECASTS TO 2028 â" CAPACITY
8.1.OVERVIEW
8.2.CAPACITY MARKET FORECASTS AND ANALYSIS
8.3.0.3â"2.5 MMBTU/HR
8.3.1.Overview
8.3.2.0.3â"2.5 MMBtu/hr Market Forecast and Analysis
8.4.2.5â"10 MMBTU/HR
8.4.1.Overview
8.4.2.2.5â"10 MMBtu/hr Market Forecast and Analysis
8.5.50â"100 MMBTU/HR
8.5.1.Overview
8.5.2.50â"100 MMBtu/hr Market Forecast and Analysis
8.6.100â"250 MMBTU/HR
8.6.1.Overview
8.6.2.100â"250 MMBtu/hr Market Forecast and Analysis
9.COMMERCIAL BOILERS MARKET - REVENUE AND FORECASTS TO 2028 â" APPLICATION
9.1.OVERVIEW
9.2.APPLICATION MARKET FORECASTS AND ANALYSIS
9.3.HOSPITALS
9.3.1.Overview
9.3.2.Hospitals Market Forecast and Analysis
9.4.SCHOOLS
9.4.1.Overview
9.4.2.Schools Market Forecast and Analysis
9.5.OFFICES
9.5.1.Overview
9.5.2.Offices Market Forecast and Analysis
9.6.OTHERS
9.6.1.Overview
9.6.2.Others Market Forecast and Analysis
10.COMMERCIAL BOILERS MARKET REVENUE AND FORECASTS TO 2028 â" GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Commercial Boilers Market Overview
10.1.2North America Commercial Boilers Market Forecasts and Analysis
10.1.3North America Commercial Boilers Market Forecasts and Analysis - By Fuel Type
10.1.4North America Commercial Boilers Market Forecasts and Analysis - By Capacity
10.1.5North America Commercial Boilers Market Forecasts and Analysis - By Application
10.1.6North America Commercial Boilers Market Forecasts and Analysis - By Countries
10.1.6.1United States Commercial Boilers Market
10.1.6.1.1United States Commercial Boilers Market by Fuel Type
10.1.6.1.2United States Commercial Boilers Market by Capacity
10.1.6.1.3United States Commercial Boilers Market by Application
10.1.6.2Canada Commercial Boilers Market
10.1.6.2.1Canada Commercial Boilers Market by Fuel Type
10.1.6.2.2Canada Commercial Boilers Market by Capacity
10.1.6.2.3Canada Commercial Boilers Market by Application
10.1.6.3Mexico Commercial Boilers Market
10.1.6.3.1Mexico Commercial Boilers Market by Fuel Type
10.1.6.3.2Mexico Commercial Boilers Market by Capacity
10.1.6.3.3Mexico Commercial Boilers Market by Application
10.2.EUROPE
10.2.1Europe Commercial Boilers Market Overview
10.2.2Europe Commercial Boilers Market Forecasts and Analysis
10.2.3Europe Commercial Boilers Market Forecasts and Analysis - By Fuel Type
10.2.4Europe Commercial Boilers Market Forecasts and Analysis - By Capacity
10.2.5Europe Commercial Boilers Market Forecasts and Analysis - By Application
10.2.6Europe Commercial Boilers Market Forecasts and Analysis - By Countries
10.2.6.1Germany Commercial Boilers Market
10.2.6.1.1Germany Commercial Boilers Market by Fuel Type
10.2.6.1.2Germany Commercial Boilers Market by Capacity
10.2.6.1.3Germany Commercial Boilers Market by Application
10.2.6.2France Commercial Boilers Market
10.2.6.2.1France Commercial Boilers Market by Fuel Type
10.2.6.2.2France Commercial Boilers Market by Capacity
10.2.6.2.3France Commercial Boilers Market by Application
10.2.6.3Italy Commercial Boilers Market
10.2.6.3.1Italy Commercial Boilers Market by Fuel Type
10.2.6.3.2Italy Commercial Boilers Market by Capacity
10.2.6.3.3Italy Commercial Boilers Market by Application
10.2.6.4United Kingdom Commercial Boilers Market
10.2.6.4.1United Kingdom Commercial Boilers Market by Fuel Type
10.2.6.4.2United Kingdom Commercial Boilers Market by Capacity
10.2.6.4.3United Kingdom Commercial Boilers Market by Application
10.2.6.5Russia Commercial Boilers Market
10.2.6.5.1Russia Commercial Boilers Market by Fuel Type
10.2.6.5.2Russia Commercial Boilers Market by Capacity
10.2.6.5.3Russia Commercial Boilers Market by Application
10.2.6.6Rest of Europe Commercial Boilers Market
10.2.6.6.1Rest of Europe Commercial Boilers Market by Fuel Type
10.2.6.6.2Rest of Europe Commercial Boilers Market by Capacity
10.2.6.6.3Rest of Europe Commercial Boilers Market by Application
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Commercial Boilers Market Overview
10.3.2Asia-Pacific Commercial Boilers Market Forecasts and Analysis
10.3.3Asia-Pacific Commercial Boilers Market Forecasts and Analysis - By Fuel Type
10.3.4Asia-Pacific Commercial Boilers Market Forecasts and Analysis - By Capacity
10.3.5Asia-Pacific Commercial Boilers Market Forecasts and Analysis - By Application
10.3.6Asia-Pacific Commercial Boilers Market Forecasts and Analysis - By Countries
10.3.6.1Australia Commercial Boilers Market
10.3.6.1.1Australia Commercial Boilers Market by Fuel Type
10.3.6.1.2Australia Commercial Boilers Market by Capacity
10.3.6.1.3Australia Commercial Boilers Market by Application
10.3.6.2China Commercial Boilers Market
10.3.6.2.1China Commercial Boilers Market by Fuel Type
10.3.6.2.2China Commercial Boilers Market by Capacity
10.3.6.2.3China Commercial Boilers Market by Application
10.3.6.3India Commercial Boilers Market
10.3.6.3.1India Commercial Boilers Market by Fuel Type
10.3.6.3.2India Commercial Boilers Market by Capacity
10.3.6.3.3India Commercial Boilers Market by Application
10.3.6.4Japan Commercial Boilers Market
10.3.6.4.1Japan Commercial Boilers Market by Fuel Type
10.3.6.4.2Japan Commercial Boilers Market by Capacity
10.3.6.4.3Japan Commercial Boilers Market by Application
10.3.6.5South Korea Commercial Boilers Market
10.3.6.5.1South Korea Commercial Boilers Market by Fuel Type
10.3.6.5.2South Korea Commercial Boilers Market by Capacity
10.3.6.5.3South Korea Commercial Boilers Market by Application
10.3.6.6Rest of Asia-Pacific Commercial Boilers Market
10.3.6.6.1Rest of Asia-Pacific Commercial Boilers Market by Fuel Type
10.3.6.6.2Rest of Asia-Pacific Commercial Boilers Market by Capacity
10.3.6.6.3Rest of Asia-Pacific Commercial Boilers Market by Application
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Commercial Boilers Market Overview
10.4.2Middle East and Africa Commercial Boilers Market Forecasts and Analysis
10.4.3Middle East and Africa Commercial Boilers Market Forecasts and Analysis - By Fuel Type
10.4.4Middle East and Africa Commercial Boilers Market Forecasts and Analysis - By Capacity
10.4.5Middle East and Africa Commercial Boilers Market Forecasts and Analysis - By Application
10.4.6Middle East and Africa Commercial Boilers Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Commercial Boilers Market
10.4.6.1.1South Africa Commercial Boilers Market by Fuel Type
10.4.6.1.2South Africa Commercial Boilers Market by Capacity
10.4.6.1.3South Africa Commercial Boilers Market by Application
10.4.6.2Saudi Arabia Commercial Boilers Market
10.4.6.2.1Saudi Arabia Commercial Boilers Market by Fuel Type
10.4.6.2.2Saudi Arabia Commercial Boilers Market by Capacity
10.4.6.2.3Saudi Arabia Commercial Boilers Market by Application
10.4.6.3U.A.E Commercial Boilers Market
10.4.6.3.1U.A.E Commercial Boilers Market by Fuel Type
10.4.6.3.2U.A.E Commercial Boilers Market by Capacity
10.4.6.3.3U.A.E Commercial Boilers Market by Application
10.4.6.4Rest of Middle East and Africa Commercial Boilers Market
10.4.6.4.1Rest of Middle East and Africa Commercial Boilers Market by Fuel Type
10.4.6.4.2Rest of Middle East and Africa Commercial Boilers Market by Capacity
10.4.6.4.3Rest of Middle East and Africa Commercial Boilers Market by Application
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Commercial Boilers Market Overview
10.5.2South and Central America Commercial Boilers Market Forecasts and Analysis
10.5.3South and Central America Commercial Boilers Market Forecasts and Analysis - By Fuel Type
10.5.4South and Central America Commercial Boilers Market Forecasts and Analysis - By Capacity
10.5.5South and Central America Commercial Boilers Market Forecasts and Analysis - By Application
10.5.6South and Central America Commercial Boilers Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Commercial Boilers Market
10.5.6.1.1Brazil Commercial Boilers Market by Fuel Type
10.5.6.1.2Brazil Commercial Boilers Market by Capacity
10.5.6.1.3Brazil Commercial Boilers Market by Application
10.5.6.2Argentina Commercial Boilers Market
10.5.6.2.1Argentina Commercial Boilers Market by Fuel Type
10.5.6.2.2Argentina Commercial Boilers Market by Capacity
10.5.6.2.3Argentina Commercial Boilers Market by Application
10.5.6.3Rest of South and Central America Commercial Boilers Market
10.5.6.3.1Rest of South and Central America Commercial Boilers Market by Fuel Type
10.5.6.3.2Rest of South and Central America Commercial Boilers Market by Capacity
10.5.6.3.3Rest of South and Central America Commercial Boilers Market by Application
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.COMMERCIAL BOILERS MARKET, KEY COMPANY PROFILES
12.1.ACME ENGINEERING PROD. LTD
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.BOSCH INDUSTRIEKESSEL GMBH
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.BURNHAM COMMERCIAL BOILERS
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.HAMWORTHY HEATING
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.IDEAL BOILERS
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.INDTEX BOILER PVT. LTD.
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.PARKER BOILER
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.SUPERIOR BOILER WORKS, INC.
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.VIESSMANN WERKE GMBH AND CO. KG
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.WM TECHNOLOGIES LLC
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
1. Acme Engineering Prod. Ltd
2. Bosch Industriekessel GmbH
3. BURNHAM COMMERCIAL BOILERS
4. Hamworthy Heating
5. Ideal Boilers
6. Indtex Boiler Pvt. Ltd.
7. PARKER BOILER
8. Superior Boiler Works, Inc.
9. Viessmann Werke GmbH and Co. KG
10. WM Technologies LLC
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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