Energy Storage Systems Market Forecast (2024-2031), Size, Share
The Energy Storage Systems Market is expected to register a CAGR of 9.1% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Technology (Pumped Hydro Storage, Compressed Air Energy Storage, Battery Energy Storage, Others). The report further presents analysis based on the Application (Stationary Power, Transportation). The report further presents analysis based on the End User (Residential, Commercial, Utilities). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Energy Storage Systems 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.
Energy Storage Systems Market Segmentation
Technology- Pumped Hydro Storage
- Compressed Air Energy Storage
- Battery Energy Storage
- Others
- Stationary Power
- Transportation
- Residential
- Commercial
- Utilities
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Energy Storage Systems Market Growth Drivers- Increasing Focus on Establishing Vigorous Storage Infrastructure: The changing energy circumstances across the US are generating a demand for energy storage infrastructure. The growing energy demand displays the significance of energy storage systems. The storage system allows the storage of energy and its usage as per the requirement. Battery energy storage is also important owing to the required balance of energy supply and at the time of requirement.
- Mounting Energy Demand: Rising population and growing urbanization are a few factors steering the use of energy in the world. As per the US Energy Information Administration (EIA), US energy consumption is anticipated to grow through 2050 owing to economic and population growth. EIA also mentioned that US electricity end-use consumption was about 3.2% higher in 2022 than in 2021. Battery energy storage has the potential application as energy storage to be used in times of crisis or in remote or distant locations where power networks are not available. Furthermore, due to the increasing energy uncertainties worldwide, the US government is boosting the application of battery energy storage.
- Increasing Adoption of Electric Vehicles (EVs): The growth of electric vehicles is an important driver for energy storage systems. EVs by nature require large-scale battery systems to store and manage energy. As the market of EVs grows, the need for advanced battery technologies increases, not only for vehicles but also for charging stations and integration into the grid. Further, new opportunities of ESS have emerged with V2G technologies where EVs can return the stored energy to the grid in stabilizing and optimizing the distribution in the grid.
- Increasing Investments in Renewable Energy Sector: According to the International Energy Agency (IEA), the global energy demand increased by 8% in 2022. The upswing in investments in 2022 is a mixture of a cyclical response to recovery and a structural shift in capital flows toward cleaner technologies. For instance, the Saudi Arabian Ministry in January 2023 announced an investment of US$ 226 billion for development of clean energy across the country. This investment will be utilized for developing wind and solar energy infrastructure for generating power to meet the country-wide demand. Such investment in renewable energy sector is expected to drive the energy storage systems market growth in the coming years.
- Technological Advancements in Battery Technologies: Technological innovation in the field of energy storage is pushing forward the market. The improvement in battery technologies, especially with regard to lithium-ion (Li-ion) batteries used extensively in energy storage, has been remarkable over the past few years. Other emerging technologies include solid-state batteries, sodium-ion batteries, and flow batteries, promising much more efficient, cost-effective, and safer alternatives. These technologies are expected to continue improving with regard to energy storage capacity, decreasing costs, and extending the application range.
- Role of Battery Energy Storage System in Energy Transitions: Battery energy storage (BES) technology is one of the alternatives that can aid the integration of renewable energy in sectors such as power generation, utility-scale, commercial, and residential. BES decreases the requirement for expensive grid reinforcements for PV. It also aids in meeting the periodic demand for power and supports the shift to a primarily renewable-driven energy system. Battery energy storage technology can also ease the process of load shifting, resulting in better deployment of renewables and improved grid congestion. By assisting the transition to renewables and boosting electrification, BES technologies can aid in meeting long-term climate and sustainability goals. The rising deployment of renewable generation technologies is driving the Energy Storage Systems Market.
- Integration with Smart Grid Systems: In connection with smart grid technologies, energy storage systems are starting to generate opportunities for optimising energy distribution and management. Energy storage systems accumulate surplus energy produced during off-peak hours and will then discharge it during times when more energy is demanded, therefore providing means to balance loads and reduce tension on the grid. It can further also add real-time monitoring and control to smart grids with such abilities to enhance efficiency and minimise waste. This trend is expected to grow as more utilities adopt digital infrastructure and automation in grid management.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Energy Storage Systems 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 Energy Storage Systems 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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Frequently Asked Questions
The Energy Storage Systems Market is estimated to witness a CAGR of 9.1% from 2023 to 2031
The major factors driving the Energy Storage Systems Market are: Increasing Focus on Establishing Vigorous Storage Infrastructure and Mounting Energy Demand
Role of battery energy storage system in energy transitions is the key future trend of the Energy Storage Systems Market
The leading players operating in the Energy Storage Systems Market include ABB Ltd., Altairnano, Active Power, BYD Co Ltd, Generac Holdings, LG Energy Solution, Hitachi Ltd., Exide Industries Ltd, Tesla Inc, and General Electric
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 the request are an 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
1.3.1 Energy Storage Systems Market - By Technology
1.3.2 Energy Storage Systems Market - By Application
1.3.3 Energy Storage Systems Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ENERGY STORAGE SYSTEMS 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. ENERGY STORAGE SYSTEMS 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. ENERGY STORAGE SYSTEMS MARKET - GLOBAL MARKET ANALYSIS
6.1. ENERGY STORAGE SYSTEMS - GLOBAL MARKET OVERVIEW
6.2. ENERGY STORAGE SYSTEMS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ENERGY STORAGE SYSTEMS MARKET - REVENUE AND FORECASTS TO 2028 – TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. PUMPED HYDRO STORAGE
7.3.1. Overview
7.3.2. Pumped Hydro Storage Market Forecast and Analysis
7.4. FLYWHEEL
7.4.1. Overview
7.4.2. Flywheel Market Forecast and Analysis
7.5. COMPRESSED AIR
7.5.1. Overview
7.5.2. Compressed Air Market Forecast and Analysis
7.6. NICKEL CADMIUM
7.6.1. Overview
7.6.2. Nickel Cadmium Market Forecast and Analysis
7.7. SODIUM SULPHUR
7.7.1. Overview
7.7.2. Sodium Sulphur Market Forecast and Analysis
7.8. LITHIUM
7.8.1. Overview
7.8.2. Lithium Market Forecast and Analysis
7.9. LEAD ACID
7.9.1. Overview
7.9.2. Lead Acid Market Forecast and Analysis
8. ENERGY STORAGE SYSTEMS MARKET - REVENUE AND FORECASTS TO 2028 – APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ON-GRID
8.3.1. Overview
8.3.2. On-grid Market Forecast and Analysis
8.4. OFF-GRID
8.4.1. Overview
8.4.2. Off-grid Market Forecast and Analysis
9. ENERGY STORAGE SYSTEMS MARKET REVENUE AND FORECASTS TO 2028 – GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
- 9.1.1 North America Energy Storage Systems Market Overview
- 9.1.2 North America Energy Storage Systems Market Forecasts and Analysis
- 9.1.3 North America Energy Storage Systems Market Forecasts and Analysis - By Technology
- 9.1.4 North America Energy Storage Systems Market Forecasts and Analysis - By Application
- 9.1.5 North America Energy Storage Systems Market Forecasts and Analysis - By Countries
9.1.5.1 United States Energy Storage Systems Market
- 9.1.5.1.1 United States Energy Storage Systems Market by Technology
- 9.1.5.1.2 United States Energy Storage Systems Market by Application
9.1.5.2 Canada Energy Storage Systems Market
- 9.1.5.2.1 Canada Energy Storage Systems Market by Technology
- 9.1.5.2.2 Canada Energy Storage Systems Market by Application
9.1.5.3 Mexico Energy Storage Systems Market
- 9.1.5.3.1 Mexico Energy Storage Systems Market by Technology
- 9.1.5.3.2 Mexico Energy Storage Systems Market by Application
9.2. EUROPE
- 9.2.1 Europe Energy Storage Systems Market Overview
- 9.2.2 Europe Energy Storage Systems Market Forecasts and Analysis
- 9.2.3 Europe Energy Storage Systems Market Forecasts and Analysis - By Technology
- 9.2.4 Europe Energy Storage Systems Market Forecasts and Analysis - By Application
- 9.2.5 Europe Energy Storage Systems Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Energy Storage Systems Market
- 9.2.5.1.1 Germany Energy Storage Systems Market by Technology
- 9.2.5.1.2 Germany Energy Storage Systems Market by Application
9.2.5.2 France Energy Storage Systems Market
- 9.2.5.2.1 France Energy Storage Systems Market by Technology
- 9.2.5.2.2 France Energy Storage Systems Market by Application
9.2.5.3 Italy Energy Storage Systems Market
- 9.2.5.3.1 Italy Energy Storage Systems Market by Technology
- 9.2.5.3.2 Italy Energy Storage Systems Market by Application
9.2.5.4 United Kingdom Energy Storage Systems Market
- 9.2.5.4.1 United Kingdom Energy Storage Systems Market by Technology
- 9.2.5.4.2 United Kingdom Energy Storage Systems Market by Application
9.2.5.5 Russia Energy Storage Systems Market
- 9.2.5.5.1 Russia Energy Storage Systems Market by Technology
- 9.2.5.5.2 Russia Energy Storage Systems Market by Application
9.2.5.6 Rest of Europe Energy Storage Systems Market
- 9.2.5.6.1 Rest of Europe Energy Storage Systems Market by Technology
- 9.2.5.6.2 Rest of Europe Energy Storage Systems Market by Application
9.3. ASIA-PACIFIC
- 9.3.1 Asia-Pacific Energy Storage Systems Market Overview
- 9.3.2 Asia-Pacific Energy Storage Systems Market Forecasts and Analysis
- 9.3.3 Asia-Pacific Energy Storage Systems Market Forecasts and Analysis - By Technology
- 9.3.4 Asia-Pacific Energy Storage Systems Market Forecasts and Analysis - By Application
- 9.3.5 Asia-Pacific Energy Storage Systems Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Energy Storage Systems Market
- 9.3.5.1.1 Australia Energy Storage Systems Market by Technology
- 9.3.5.1.2 Australia Energy Storage Systems Market by Application
9.3.5.2 China Energy Storage Systems Market
- 9.3.5.2.1 China Energy Storage Systems Market by Technology
- 9.3.5.2.2 China Energy Storage Systems Market by Application
9.3.5.3 India Energy Storage Systems Market
- 9.3.5.3.1 India Energy Storage Systems Market by Technology
- 9.3.5.3.2 India Energy Storage Systems Market by Application
9.3.5.4 Japan Energy Storage Systems Market
- 9.3.5.4.1 Japan Energy Storage Systems Market by Technology
- 9.3.5.4.2 Japan Energy Storage Systems Market by Application
9.3.5.5 South Korea Energy Storage Systems Market
- 9.3.5.5.1 South Korea Energy Storage Systems Market by Technology
- 9.3.5.5.2 South Korea Energy Storage Systems Market by Application
9.3.5.6 Rest of Asia-Pacific Energy Storage Systems Market
- 9.3.5.6.1 Rest of Asia-Pacific Energy Storage Systems Market by Technology
- 9.3.5.6.2 Rest of Asia-Pacific Energy Storage Systems Market by Application
9.4. MIDDLE EAST AND AFRICA
- 9.4.1 Middle East and Africa Energy Storage Systems Market Overview
- 9.4.2 Middle East and Africa Energy Storage Systems Market Forecasts and Analysis
- 9.4.3 Middle East and Africa Energy Storage Systems Market Forecasts and Analysis - By Technology
- 9.4.4 Middle East and Africa Energy Storage Systems Market Forecasts and Analysis - By Application
- 9.4.5 Middle East and Africa Energy Storage Systems Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Energy Storage Systems Market
- 9.4.5.1.1 South Africa Energy Storage Systems Market by Technology
- 9.4.5.1.2 South Africa Energy Storage Systems Market by Application
9.4.5.2 Saudi Arabia Energy Storage Systems Market
- 9.4.5.2.1 Saudi Arabia Energy Storage Systems Market by Technology
- 9.4.5.2.2 Saudi Arabia Energy Storage Systems Market by Application
9.4.5.3 U.A.E Energy Storage Systems Market
- 9.4.5.3.1 U.A.E Energy Storage Systems Market by Technology
- 9.4.5.3.2 U.A.E Energy Storage Systems Market by Application
9.4.5.4 Rest of Middle East and Africa Energy Storage Systems Market
- 9.4.5.4.1 Rest of Middle East and Africa Energy Storage Systems Market by Technology
- 9.4.5.4.2 Rest of Middle East and Africa Energy Storage Systems Market by Application
9.5. SOUTH AND CENTRAL AMERICA
- 9.5.1 South and Central America Energy Storage Systems Market Overview
- 9.5.2 South and Central America Energy Storage Systems Market Forecasts and Analysis
- 9.5.3 South and Central America Energy Storage Systems Market Forecasts and Analysis - By Technology
- 9.5.4 South and Central America Energy Storage Systems Market Forecasts and Analysis - By Application
- 9.5.5 South and Central America Energy Storage Systems Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Energy Storage Systems Market
- 9.5.5.1.1 Brazil Energy Storage Systems Market by Technology
- 9.5.5.1.2 Brazil Energy Storage Systems Market by Application
9.5.5.2 Argentina Energy Storage Systems Market
- 9.5.5.2.1 Argentina Energy Storage Systems Market by Technology
- 9.5.5.2.2 Argentina Energy Storage Systems Market by Application
9.5.5.3 Rest of South and Central America Energy Storage Systems Market
- 9.5.5.3.1 Rest of South and Central America Energy Storage Systems Market by Technology
- 9.5.5.3.2 Rest of South and Central America Energy Storage Systems Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. ENERGY STORAGE SYSTEMS MARKET, KEY COMPANY PROFILES
11.1. ABB LTD.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ALTAIRNANO
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. ACTIVE POWER(PILLER GROUP GMBH)
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. BYD CO LTD
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. EVAPCO INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. GS YUASA CORPORATION
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. HITACHI LTD.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. MAXWELL TECHNOLOGIES, INC.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SIEMENS AG
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. THE FURUKAWA BATTERY CO.,LTD.(THE FURUKAWA ELECTRIC CO.,LTD.)
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
- ABB Ltd.
- Altairnano
- Active Power (Piller Group GmbH)
- BYD Co Ltd
- Evapco Inc.
- GS Yuasa Corporation
- Hitachi Ltd.
- Maxwell Technologies, Inc.
- Siemens AG
- The Furukawa Battery Co.,Ltd. (The Furukawa Electric Co.,Ltd.)
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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