Enhanced Oil Recovery Market [2021-2031] - Size and Share
The Enhanced Oil Recovery Market is expected to register a CAGR of 6.4% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
This report on Enhanced Oil Recovery Market provides an in-depth and comprehensive study of the current state and future outlook with respect to growth potential and main drivers of this industry. The market has been divided into the following sub-segments by technology type - Thermal and Chemical. It further explores and analyzes various application areas into which Enhanced Oil Recovery is used, including both Onshore and Offshore oil fields.
Regional segmentation identifies major markets North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The resultant segmentation in this report helps the stakeholders understand regional-level trends, competitive landscape, and regional opportunities. The US$ evaluation in the above segmental analysis throws light on growth trajectories, market size, and forecasts.
The report Enhanced Oil Recovery 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.
Enhanced Oil Recovery Market Segmentation
Technology- Thermal
- Chemical
- Offshore
- Onshore
Strategic Insights
Enhanced Oil Recovery Market Growth Drivers- Escalate Demand Worldwide for Energy: The world's energy demand, which has been intensifying with each passing year, is the main propeller of EOR growth. According to the International Energy Agency, or IEA, estimates, demand for world energy would rise by 30 percent in the year 2040.
- Demand from developing economies: The demand would mainly be triggered by developing economies-Asia-which have had their levels of urbanization and industrialization increase drastically. For example, countries such as India and China are experiencing very high growth rates of the economy that have resulted in a tremendous increase in energy consumption.
- Decreasing yield from naturally occurring oil fields: The U.S. Energy Information Administration, or EIA, has information indicating that the annual drop in mature oil fields might reach 8% to 10%. The employment of EOR techniques is unavoidable in their quest for extended field life and improved recovery rates due to declining conditions. This technology has seen popularity in recent times. Digital oil field technologies, comprising IoT and data analytics, make it possible to have more effective and improved views and management of oil reservoirs that are well-suited for EOR operation.
- Advancement in Carbon Capture and Storage Technologies: The most unique trend in the EOR market is the increasing integration of carbon capture and storage (CCS) technologies. As the world gets into decarbonization, the companies are realizing that combining CCS with EOR will increase oil recovery while decreasing carbon emissions. The International Energy Agency reports that by 2030, CO2-EOR will be able to sequester up to 1.5 billion tonnes per annum. This synergy is not only an increase in oil production but at the same time serves the ideals of global sustainability.
- Trend towards Bio-Based EOR Methods: Bio-based EOR methods are gaining momentum because companies are quickly switching to sustainable alternatives from traditional chemical methods. Bio-based techniques apply microorganisms and bio-surfactants in EOR operations. The market size for bio-based chemicals is projected to be at $21.6 billion in 2027, and therefore, the fascination with eco-friendly EOR solutions is on the rise. Companies have invested significantly in research on effective bio-EOR technologies that are not harmful to the environment.
- Focus on Offshore EOR projects: With the depletion of onshore oil reserves, offshore EOR projects are coming under increasing focus. Many offshore fields have complex reservoir characteristics that are grossly in need of EOR. The U.S. Department of Energy believes there is tremendous EOR potential in offshore fields and estimates that more than 2 billion barrels of oil could be recovered using EOR methods. It is this trend that evidences the overall effort put by the industry in extracting the maximum production out of available offshore assets.
- Intensified Global Energy Demand: World energy demand, growing each subsequent year, is the main impetus for EOR growth. The International Energy Agency, or IEA, estimates that demand in the world's energy would increase by about 30 percent in 2040. The demand would mainly be triggered by developing economies-Asia-that has had their levels of urbanization and industrialization increase drastically. For example, India and China have experienced extremely high growth rates of the economy that have led to an enormous increase in energy consumption
- . The output of naturally occurring mature oil fields is decreasing: The U.S. Energy Information Administration, or EIA, has information indicating that the annual drop in mature oil fields might reach 8% to 10%. Thus, due to decline conditions, there is inevitable use of EOR techniques in the quest for extended field life and better recovery rates. EOR technologies facilitate more oil recovered and eliminate the problem of declining output.
- Trend towards Bio-Based EOR Methods: Bio-based EOR techniques are gaining wide acceptance as the firms are rapidly shifting towards the green alternatives from the traditional chemical EOR approaches. The bio-based techniques expose the operations of EOR to the microorganisms and bio-surfactants. The bio-based chemicals market size is predicted to be $21.6 billion in 2027 and thus, the interest in eco-friendly EOR solutions is rising. Companies have largely invested in research on efficient bio-EOR technologies that are environmentally friendly.
- Focus on Offshore EOR projects: Following the depletion of onshore oil reserves, EOR projects offshore have gathered increasing attention. Due to the complex characteristics of the reservoir, there is an absolute requirement for EOR in many offshore fields. The U.S. Department of Energy is confident of tremendous EOR potential in offshore fields and estimates that more than 2 billion barrels of oil could be recovered by using EOR methods.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Enhanced Oil Recovery 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 Enhanced Oil Recovery 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 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.
the leading players in this market are - ChampionX, Exterran, Halliburton, Premier Energy, Inc., RCS Group of Companies, Schlumberger, Secure Energy, Titan Oil Recovery Inc., Ultimate EOR Services LLC, XYTEL Corporation
Key trends in the Enhanced Oil Recovery (EOR) Market include the growing adoption of carbon capture and storage (CCS) techniques, increasing investment in bio-based EOR methods, advancements in nanotechnology for improved efficiency, and the rising focus on offshore EOR projects to boost oil recovery rates.
The market is expected to register a CAGR of 6.4% during 2023-2031
The Enhanced Oil Recovery (EOR) Market is driven by increasing global energy demand, declining production from mature oil fields, advancements in extraction technologies, and government incentives for maximizing oil recovery. Environmental concerns and a focus on reducing carbon emissions also fuel EOR adoption.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Enhanced Oil Recovery Market - By Tehcnology
1.3.2 Enhanced Oil Recovery Market - By Application
1.3.3 Enhanced Oil Recovery Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ENHANCED OIL RECOVERY 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. ENHANCED OIL RECOVERY 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. ENHANCED OIL RECOVERY MARKET - GLOBAL MARKET ANALYSIS
6.1. ENHANCED OIL RECOVERY - GLOBAL MARKET OVERVIEW
6.2. ENHANCED OIL RECOVERY - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ENHANCED OIL RECOVERY MARKET - REVENUE AND FORECASTS TO 2028 - TEHCNOLOGY
7.1. OVERVIEW
7.2. TEHCNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. THERMAL
7.3.1. Overview
7.3.2. Thermal Market Forecast and Analysis
7.4. CHEMICAL
7.4.1. Overview
7.4.2. Chemical Market Forecast and Analysis
8. ENHANCED OIL RECOVERY MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ONSHORE
8.3.1. Overview
8.3.2. Onshore Market Forecast and Analysis
8.4. OFFSHORE
8.4.1. Overview
8.4.2. Offshore Market Forecast and Analysis
9. ENHANCED OIL RECOVERY MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Enhanced Oil Recovery Market Overview
9.1.2 North America Enhanced Oil Recovery Market Forecasts and Analysis
9.1.3 North America Enhanced Oil Recovery Market Forecasts and Analysis - By Tehcnology
9.1.4 North America Enhanced Oil Recovery Market Forecasts and Analysis - By Application
9.1.5 North America Enhanced Oil Recovery Market Forecasts and Analysis - By Countries
9.1.5.1 United States Enhanced Oil Recovery Market
9.1.5.1.1 United States Enhanced Oil Recovery Market by Tehcnology
9.1.5.1.2 United States Enhanced Oil Recovery Market by Application
9.1.5.2 Canada Enhanced Oil Recovery Market
9.1.5.2.1 Canada Enhanced Oil Recovery Market by Tehcnology
9.1.5.2.2 Canada Enhanced Oil Recovery Market by Application
9.1.5.3 Mexico Enhanced Oil Recovery Market
9.1.5.3.1 Mexico Enhanced Oil Recovery Market by Tehcnology
9.1.5.3.2 Mexico Enhanced Oil Recovery Market by Application
9.2. EUROPE
9.2.1 Europe Enhanced Oil Recovery Market Overview
9.2.2 Europe Enhanced Oil Recovery Market Forecasts and Analysis
9.2.3 Europe Enhanced Oil Recovery Market Forecasts and Analysis - By Tehcnology
9.2.4 Europe Enhanced Oil Recovery Market Forecasts and Analysis - By Application
9.2.5 Europe Enhanced Oil Recovery Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Enhanced Oil Recovery Market
9.2.5.1.1 Germany Enhanced Oil Recovery Market by Tehcnology
9.2.5.1.2 Germany Enhanced Oil Recovery Market by Application
9.2.5.2 France Enhanced Oil Recovery Market
9.2.5.2.1 France Enhanced Oil Recovery Market by Tehcnology
9.2.5.2.2 France Enhanced Oil Recovery Market by Application
9.2.5.3 Italy Enhanced Oil Recovery Market
9.2.5.3.1 Italy Enhanced Oil Recovery Market by Tehcnology
9.2.5.3.2 Italy Enhanced Oil Recovery Market by Application
9.2.5.4 United Kingdom Enhanced Oil Recovery Market
9.2.5.4.1 United Kingdom Enhanced Oil Recovery Market by Tehcnology
9.2.5.4.2 United Kingdom Enhanced Oil Recovery Market by Application
9.2.5.5 Russia Enhanced Oil Recovery Market
9.2.5.5.1 Russia Enhanced Oil Recovery Market by Tehcnology
9.2.5.5.2 Russia Enhanced Oil Recovery Market by Application
9.2.5.6 Rest of Europe Enhanced Oil Recovery Market
9.2.5.6.1 Rest of Europe Enhanced Oil Recovery Market by Tehcnology
9.2.5.6.2 Rest of Europe Enhanced Oil Recovery Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Enhanced Oil Recovery Market Overview
9.3.2 Asia-Pacific Enhanced Oil Recovery Market Forecasts and Analysis
9.3.3 Asia-Pacific Enhanced Oil Recovery Market Forecasts and Analysis - By Tehcnology
9.3.4 Asia-Pacific Enhanced Oil Recovery Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Enhanced Oil Recovery Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Enhanced Oil Recovery Market
9.3.5.1.1 Australia Enhanced Oil Recovery Market by Tehcnology
9.3.5.1.2 Australia Enhanced Oil Recovery Market by Application
9.3.5.2 China Enhanced Oil Recovery Market
9.3.5.2.1 China Enhanced Oil Recovery Market by Tehcnology
9.3.5.2.2 China Enhanced Oil Recovery Market by Application
9.3.5.3 India Enhanced Oil Recovery Market
9.3.5.3.1 India Enhanced Oil Recovery Market by Tehcnology
9.3.5.3.2 India Enhanced Oil Recovery Market by Application
9.3.5.4 Japan Enhanced Oil Recovery Market
9.3.5.4.1 Japan Enhanced Oil Recovery Market by Tehcnology
9.3.5.4.2 Japan Enhanced Oil Recovery Market by Application
9.3.5.5 South Korea Enhanced Oil Recovery Market
9.3.5.5.1 South Korea Enhanced Oil Recovery Market by Tehcnology
9.3.5.5.2 South Korea Enhanced Oil Recovery Market by Application
9.3.5.6 Rest of Asia-Pacific Enhanced Oil Recovery Market
9.3.5.6.1 Rest of Asia-Pacific Enhanced Oil Recovery Market by Tehcnology
9.3.5.6.2 Rest of Asia-Pacific Enhanced Oil Recovery Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Enhanced Oil Recovery Market Overview
9.4.2 Middle East and Africa Enhanced Oil Recovery Market Forecasts and Analysis
9.4.3 Middle East and Africa Enhanced Oil Recovery Market Forecasts and Analysis - By Tehcnology
9.4.4 Middle East and Africa Enhanced Oil Recovery Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Enhanced Oil Recovery Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Enhanced Oil Recovery Market
9.4.5.1.1 South Africa Enhanced Oil Recovery Market by Tehcnology
9.4.5.1.2 South Africa Enhanced Oil Recovery Market by Application
9.4.5.2 Saudi Arabia Enhanced Oil Recovery Market
9.4.5.2.1 Saudi Arabia Enhanced Oil Recovery Market by Tehcnology
9.4.5.2.2 Saudi Arabia Enhanced Oil Recovery Market by Application
9.4.5.3 U.A.E Enhanced Oil Recovery Market
9.4.5.3.1 U.A.E Enhanced Oil Recovery Market by Tehcnology
9.4.5.3.2 U.A.E Enhanced Oil Recovery Market by Application
9.4.5.4 Rest of Middle East and Africa Enhanced Oil Recovery Market
9.4.5.4.1 Rest of Middle East and Africa Enhanced Oil Recovery Market by Tehcnology
9.4.5.4.2 Rest of Middle East and Africa Enhanced Oil Recovery Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Enhanced Oil Recovery Market Overview
9.5.2 South and Central America Enhanced Oil Recovery Market Forecasts and Analysis
9.5.3 South and Central America Enhanced Oil Recovery Market Forecasts and Analysis - By Tehcnology
9.5.4 South and Central America Enhanced Oil Recovery Market Forecasts and Analysis - By Application
9.5.5 South and Central America Enhanced Oil Recovery Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Enhanced Oil Recovery Market
9.5.5.1.1 Brazil Enhanced Oil Recovery Market by Tehcnology
9.5.5.1.2 Brazil Enhanced Oil Recovery Market by Application
9.5.5.2 Argentina Enhanced Oil Recovery Market
9.5.5.2.1 Argentina Enhanced Oil Recovery Market by Tehcnology
9.5.5.2.2 Argentina Enhanced Oil Recovery Market by Application
9.5.5.3 Rest of South and Central America Enhanced Oil Recovery Market
9.5.5.3.1 Rest of South and Central America Enhanced Oil Recovery Market by Tehcnology
9.5.5.3.2 Rest of South and Central America Enhanced Oil Recovery 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. ENHANCED OIL RECOVERY MARKET, KEY COMPANY PROFILES
11.1. CHAMPIONX
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. EXTERRAN
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. HALLIBURTON
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. PREMIER ENERGY, INC.
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. RCS GROUP OF COMPANIES
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. SCHLUMBERGER
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. SECURE ENERGY
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. TITAN OIL RECOVERY 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. ULTIMATE EOR SERVICES LLC
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. XYTEL CORPORATION
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
1.ChampionX
2.Exterran
3.Halliburton
4.Premier Energy, Inc.
5.RCS Group of Companies
6.Schlumberger
7.Secure Energy
8.Titan Oil Recovery Inc.
9.Ultimate EOR Services LLC
10.XYTEL 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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