East Africa Sandwich Panel Market Report and Scope by 2031
The East Africa sandwich panel market size is projected to reach US$ 306.69 million by 2031 from US$ 223.74 million in 2023. The market is expected to register a CAGR of 4.0% during 2023–2031. The development of fire-resistant sandwich panels is likely to bring new key trends in the market in the coming years.
East Africa Sandwich Panel Market Analysis
The need for better food security and the growing export markets in East Africa is boosting the demand for cold storage facilities. Sandwich panels have excellent insulation properties and are becoming the material of choice for constructing cold storage facilities that include large refrigeration areas. They are also used in the construction of warehouses that store sensitive items at a steady temperature. These panels help maintain precise temperature control, crucial for the preservation of perishable goods such as food and pharmaceuticals, thereby reducing spoilage and ensuring product quality. Further, the proliferating construction industry is expected to provide substantial growth opportunities for the East Africa sandwich panel market growth during the forecast period. Rapid urbanization across the region increases the need for efficient, cost-effective, and durable construction materials. To meet these demands, sandwich panels with superior thermal insulation, fire resistance, and lightweight properties are used. Their use in building modern infrastructure, including commercial buildings, residential complexes, and industrial facilities, is expected to rise significantly. For instance, according to Kenya's Economic Survey 2023, released on May 2023, the number of building plans approved in Nairobi increased by 58%. Nigeria-based W Hospitality Group's annual report stated that Kenya expects to open 25 new international hotel brands FY 2023-2024, along with ongoing developments regarding the addition of more than 3,700 hotel rooms to existing hotels.
East Africa Sandwich Panel Market Overview
A growing number of construction activities and government investment in infrastructure development projects are contributing to the market growth. For instance, according to African Leadership Magazine data, the East African Community (EAC) needs US$ 78 billion by 2028 to fund over 200 infrastructure development projects in five member states, including Uganda, Tanzania, Kenya, Rwanda, and Burundi. These states require US$ 62.2 billion for hydropower, standard gauge railway, and oil and gas projects across the region. These states are raising their revenue from borrowings and private-public partnerships (PPP), which support regions to meet their ongoing infrastructure project need.
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East Africa Sandwich Panel Market: Strategic Insights
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East Africa Sandwich Panel Market: Strategic Insights
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East Africa Sandwich Panel Market Drivers and Opportunities
Increasing Demand for Polyurethane-Based Sandwich Panels
East Africa is undergoing rapid urbanization and infrastructure development, leading to an increased need for advanced building materials that offer efficiency and durability. Polyurethane (PU)-based panels have emerged as a preferred choice among builders and contractors owing to their superior thermal insulation, lightweight properties, and versatility in various construction applications. In addition, the versatility of PU panels in various construction applications, including roofing, wall cladding, and cold storage facilities, is further driving their demand in the region. These panels are easy to install and offer long-term performance with minimal maintenance. The growing emphasis on modernizing the construction sector in East Africa, coupled with the rising awareness of the benefits of energy-efficient materials, is accelerating the adoption of PU-based composite panels. Therefore, the increasing demand for polyurethane-based sandwich panels fuels the growth of the market.
Proliferating Construction Industry
The proliferating construction industry is expected to provide substantial growth opportunities for the East Africa sandwich panel market growth during the forecast period. Rapid urbanization across the region increases the need for efficient, cost-effective, and durable construction materials. To meet these demands, sandwich panels with superior thermal insulation, fire resistance, and lightweight properties are used. The use of sandwich panels in building modern infrastructure, including commercial buildings, residential complexes, and industrial facilities, is expected to rise significantly in the coming years.
East Africa Sandwich Panel Market Report Segmentation Analysis
Key segments that contributed to the derivation of the East Africa sandwich panel market analysis are material, application, and end use.
- Based on material, the market is segmented into polyurethane, polyisocyanurate, mineral wool, and others. The mineral wool segment held the largest share of the market in 2023.
- By application, the market is segmented into wall panels, roof panels, and others. The wall panels segment dominated the market in 2023.
- Based on end use, the market is segmented into residential and nonresidential. The nonresidential segment held a larger share of the market in 2023.
East Africa Sandwich Panel Market Share Analysis by Geography
The geographic scope of the East Africa sandwich panel market report focuses on the market scenario in terms of historical market revenues and forecasts.
Kenya, Zimbabwe, Tanzania, and Zambia are the key contributors to the East Africa sandwich panel market. The market has been witnessing significant growth, driven by the rising demand from the infrastructure sector. Infrastructure development activities involve sandwich panels to control temperature and meet energy efficiency requirements of facilities across the region. The railway industry highly demands sandwich panels owing to their durability, lightweight, fire-resistance, and waterproofing characteristics, which improve the overall style and performance of train interiors and structures. Moreover, the climate in East Africa is extremely hot and humid, making it difficult for people to work long hours. This increases the demand for sandwich panels for cold storage in East Africa. Thus, the growing number of construction activities, government investment, and hot climate conditions of East Africa have surged the demand for sandwich panels to enhance safety and help maintain energy efficiency in buildings and structures.
East Africa Sandwich Panel Market Report Scope
East Africa Sandwich Panel Market News and Recent Developments
The East Africa sandwich panel market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the market are listed below:
- Assan Panel A.S. won the Special Jury Award at the Golden Çekül Awards. The company received the award for its New Generation Insulation Technology Smartcre. (Source: TOHO Assan Panel A.S., Company News, April 2023)
- Knauf Group division Knauf Insulation produces a wide range of noncombustible (A1-A2) and high-performance solutions for all building applications, including rock mineral wool, glass mineral wool, and wood wool rolls and slabs. Knauf Insulation’s DRS Board is a high-density rock mineral wool board specifically designed and used as an insulation core in doors, whose main purpose is to provide fire and thermal protection in compliance with EN 16034 (the harmonized standard for fire-rated door sets). (Source: Knauf Group, Company News, February 2022)
East Africa Sandwich Panel Market Report Coverage and Deliverables
The "East Africa Sandwich Panel Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- East Africa sandwich panel market size and forecast at regional and country levels for all the key market segments covered under the scope
- East Africa sandwich panel market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter's Five Forces and SWOT analysis
- East Africa sandwich panel market analysis covering key market trends, country framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the market
- Detailed company profiles
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.
Frequently Asked Questions
The mineral wool segment dominated the market in 2023.
The growing application of sandwich panels in cold storage facilities is among a few factors driving the market.
The development of fire-resistant sandwich panels acts as a future trend for the market.
Insulation Materials Kenya Ltd, Gypsum Ceiling Supplies Ltd, DTH Prefab, ArcelorMittal SA, Knauf Group, Tata Steel Ltd, Assan Panel A.Ş., Harwal Group of Companies, Kaylite Zambia Ltd, and Ghosh Group are a few of the key players operating in the East Africa sandwich panel market.
The wall panels segment dominated the market in 2023.
Kenya dominated the market in 2023.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Market Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
3.3 Limitations and Assumptions
4. East Africa Sandwich Panel Market Landscape
4.1 Overview
4.2 Porters Five Forces Analysis
4.2.1 Threat of New Entrants:
4.2.2 Bargaining Power of Suppliers:
4.2.3 Bargaining Power of Buyers:
4.2.4 Competitive Rivalry:
4.2.5 Threat of Substitutes:
4.3 Ecosystem Analysis
4.3.1 Raw Material:
4.3.2 Sandwich Panel Manufacturers:
4.3.3 Distributors or Suppliers:
4.3.4 Buyers:
4.3.5 End Use:
4.3.6 List of Vendors in the Value Chain
5. East Africa Sandwich Panel Market – Key Market Dynamics
5.1 East Africa Sandwich Panel Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Growing Applications of Sandwich Panels in Cold Storage Facilities
5.2.2 Increasing Demand for Polyurethane-Based Sandwich Panels
5.3 Market Restraints
5.3.1 Limited Number of Domestic Production Facilities
5.4 Market Opportunities
5.4.1 Proliferating Construction Industry
5.5 Future Trends
5.5.1 Development of Fire-Resistant Sandwich Panel
5.6 Impact of Drivers and Restraints:
6. East Africa Sandwich Panel Market Analysis
6.1 East Africa Sandwich Panel Market Volume (Million Sq. Meter), 2021–2031
6.2 East Africa Sandwich Panel Market Volume Forecast and Analysis (Million Sq. Meter)
6.3 East Africa Sandwich Panel Market Revenue (US$ Million), 2021–2031
6.4 East Africa Sandwich Panel Market Forecast and Analysis (US$ Million)
7. East Africa Sandwich Panel Market Volume and Revenue Analysis – by Material
7.1 Polyurethane
7.1.1 Overview
7.1.2 Polyurethane: East Africa Sandwich Panel Market – Volume and Forecast to 2031 (Million Sq. Meter)
7.1.3 Polyurethane: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Polyisocyanurate
7.2.1 Overview
7.2.2 Polyisocyanurate: East Africa Sandwich Panel Market – Volume and Forecast to 2031 (Million Sq. Meter)
7.2.3 Polyisocyanurate: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Mineral Wool
7.3.1 Overview
7.3.2 Mineral Wool: East Africa Sandwich Panel Market – Volume and Forecast to 2031 (Million Sq. Meter)
7.3.3 Mineral Wool: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Others
7.4.1 Overview
7.4.2 Others: East Africa Sandwich Panel Market – Volume and Forecast to 2031 (Million Sq. Meter)
7.4.3 Others: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
8. East Africa Sandwich Panel Market Revenue Analysis – by Application
8.1 Wall Panels
8.1.1 Overview
8.1.2 Wall Panels: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Roof Panels
8.2.1 Overview
8.2.2 Roof Panels: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Others
8.3.1 Overview
8.3.2 Others: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
9. East Africa Sandwich Panel Market Revenue Analysis – by End Use
9.1 Residential
9.1.1 Overview
9.1.2 Residential: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Non-residential
9.2.1 Overview
9.2.2 Non-residential: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
10. East Africa Sandwich Panel Market – Country Analysis
10.1 East Africa
10.1.1 East Africa Sandwich Panel Market Breakdown by Countries
10.1.2 East Africa Sandwich Panel Market Revenue and Forecast and Analysis – by Country
10.1.2.1 East Africa Sandwich Panel Market Volume and Forecast and Analysis – by Country
10.1.2.2 East Africa Sandwich Panel Market Revenue and Forecast and Analysis –by Country
10.1.2.3 Kenya: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.3.1 Kenya: East Africa Sandwich Panel Market Breakdown by Material
10.1.2.3.2 Kenya: East Africa Sandwich Panel Market Breakdown by Application
10.1.2.3.3 Kenya: East Africa Sandwich Panel Market Breakdown by End Use
10.1.2.4 Zimbabwe: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.4.1 Zimbabwe: East Africa Sandwich Panel Market Breakdown by Material
10.1.2.4.2 Zimbabwe: East Africa Sandwich Panel Market Breakdown by Application
10.1.2.4.3 Zimbabwe: East Africa Sandwich Panel Market Breakdown by End Use
10.1.2.5 Tanzania: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.5.1 Tanzania: East Africa Sandwich Panel Market Breakdown by Material
10.1.2.5.2 Tanzania: East Africa Sandwich Panel Market Breakdown by Application
10.1.2.5.3 Tanzania: East Africa Sandwich Panel Market Breakdown by End Use
10.1.2.6 Zambia: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.6.1 Zambia: East Africa Sandwich Panel Market Breakdown by Material
10.1.2.6.2 Zambia: East Africa Sandwich Panel Market Breakdown by Application
10.1.2.6.3 Zambia: East Africa Sandwich Panel Market Breakdown by End Use
10.1.2.7 Rest of East Africa: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.7.1 Rest of East Africa: East Africa Sandwich Panel Market Breakdown by Material
10.1.2.7.2 Rest of East Africa: East Africa Sandwich Panel Market Breakdown by Application
10.1.2.7.3 Rest of East Africa: East Africa Sandwich Panel Market Breakdown by End Use
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product News & Company News
13. Company Profiles
13.1 Insulation Materials Kenya Ltd
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Gypsum Ceiling Supplies Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 DTH Prefab
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 ArcelorMittal SA
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Knauf Group
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Tata Steel Ltd
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Assan Panel A.?.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Harwal Group of Companies
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Kaylite Zambia Ltd
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Ghosh Group
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
List of Tables
Table 1. East Africa Sandwich Panel Market Segmentation
Table 2. List of Vendors
Table 3. East Africa Sandwich Panel Market – Volume and Forecast to 2031 (Million Sq. Meter)
Table 4. East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
Table 5. East Africa Sandwich Panel Market – Volume and Forecast to 2031 (Million Sq. Meter) – by Material
Table 6. East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Material
Table 7. East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 8. East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 9. East Africa Sandwich Panel Market – Volume and Forecast to 2031 (Million Sq. Meter) – by Country
Table 10. East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 11. Kenya: East Africa Sandwich Panel Market –Volume and Forecast to 2031 (Million Sq. Meter) – by Material
Table 12. Kenya: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Material
Table 13. Kenya: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 14. Kenya: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 15. Zimbabwe: East Africa Sandwich Panel Market –Volume and Forecast to 2031 (Million Sq. Meter) – by Material
Table 16. Zimbabwe: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Material
Table 17. Zimbabwe: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 18. Zimbabwe: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 19. Tanzania: East Africa Sandwich Panel Market –Volume and Forecast to 2031 (Million Sq. Meter) – by Material
Table 20. Tanzania: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Material
Table 21. Tanzania: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 22. Tanzania: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 23. Zambia: East Africa Sandwich Panel Market –Volume and Forecast to 2031 (Million Sq. Meter) – by Material
Table 24. Zambia: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Material
Table 25. Zambia: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 26. Zambia: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 27. Rest of East Africa: East Africa Sandwich Panel Market –Volume and Forecast to 2031 (Million Sq. Meter) – by Material
Table 28. Rest of East Africa: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Material
Table 29. Rest of East Africa: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 30. Rest of East Africa: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
List of Figures
Figure 1. East Africa Sandwich Panel Market Segmentation, by Geography
Figure 2. Sandwich Panel Market—Porter's Analysis
Figure 3. Ecosystem: Sandwich Panel Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. East Africa Sandwich Panel Market Volume (Million Sq. Meter), 2021–2031
Figure 6. East Africa Sandwich Panel Market Revenue (US$ Million), 2021–2031
Figure 7. East Africa Sandwich Panel Market Share (%) – Material, 2023 and 2031
Figure 8. Polyurethane: East Africa Sandwich Panel Market – Volume and Forecast to 2031(Million Sq. Meter)
Figure 9. Polyurethane: East Africa Sandwich Panel Market – Revenue and Forecast to2031 (US$ Million)
Figure 10. Polyisocyanurate: East Africa Sandwich Panel Market – Volume and Forecast to 2031(Million Sq. Meter)
Figure 11. Polyisocyanurate: East Africa Sandwich Panel Market – Revenue and Forecast to2031 (US$ Million)
Figure 12. Mineral Wool: East Africa Sandwich Panel Market – Volume and Forecast to 2031(Million Sq. Meter)
Figure 13. Mineral Wool: East Africa Sandwich Panel Market – Revenue and Forecast to2031 (US$ Million)
Figure 14. Others: East Africa Sandwich Panel Market – Volume and Forecast to 2031(Million Sq. Meter)
Figure 15. Others: East Africa Sandwich Panel Market – Revenue and Forecast to2031 (US$ Million)
Figure 16. East Africa Sandwich Panel Market Share (%) – Application, 2023 and 2031
Figure 17. Wall Panels: East Africa Sandwich Panel Market – Revenue and Forecast to2031 (US$ Million)
Figure 18. Roof Panels: East Africa Sandwich Panel Market – Revenue and Forecast to2031 (US$ Million)
Figure 19. Others: East Africa Sandwich Panel Market – Revenue and Forecast to2031 (US$ Million)
Figure 20. East Africa Sandwich Panel Market Share (%) – End Use, 2023 and 2031
Figure 21. Residential: East Africa Sandwich Panel Market – Revenue and Forecast to2031 (US$ Million)
Figure 22. Non-residential: East Africa Sandwich Panel Market – Revenue and Forecast to2031 (US$ Million)
Figure 23. East Africa Sandwich Panel Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 24. Kenya: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
Figure 25. Zimbabwe: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. Tanzania: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. Zambia: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
Figure 28. Rest of East Africa: East Africa Sandwich Panel Market – Revenue and Forecast to 2031 (US$ Million)
Figure 29. Heat Map Analysis by Key Players
Figure 30. Company Positioning & Concentration
The List of Companies - East Africa Sandwich Panel Market
- Insulation Materials Kenya Ltd
- Gypsum Ceiling Supplies Ltd
- DTH Prefab
- ArcelorMittal SA
- Knauf Group
- Tata Steel Ltd
- Assan Panel A.?.
- Harwal Group of Companies
- Kaylite Zambia Ltd
- Ghosh Group
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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