Hazardous Area Equipment Market Report - (Growth by 2031)
The Hazardous Area Equipment Market is expected to register a CAGR of 5.9% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Product (Cable Glands & Accessories, Measurement Devices, Control Products, Alarm Systems, Motors, Lighting Products); Industry (Oil & Gas, Chemical & Pharmaceutical, Food & Beverage). 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 Hazardous Area Equipment 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.
Hazardous Area Equipment Market Segmentation
Product- Cable Glands & Accessories
- Measurement Devices
- Control Products
- Alarm Systems
- Motors
- Lighting Products
- Oil & Gas
- Chemical & Pharmaceutical
- Food & Beverage
Strategic Insights
Hazardous Area Equipment Market Growth Drivers- Strict Safety Regulations and Standards Imposed by Government: One of the primary drivers for the hazardous area equipment market is the growing stringency of safety standards and regulations across various industries. Regulatory bodies such as the Occupational Safety and Health Administration (OSHA) in the U.S., the European Union's ATEX directive, and the IECEx (International Electrotechnical Commission Explosive) standards ensure that companies working in hazardous environments comply with safety protocols to prevent accidents like explosions, fires, and toxic leaks. This regulatory pressure forces industries to invest in certified and safe equipment for hazardous areas, driving demand in the market.
- Increasing Demand for Explosion-Proof Equipment in Industrial Sectors: Industries like oil & gas, chemicals, mining, pharmaceuticals, and food processing frequently operate in hazardous environments where the risk of explosion is high. The demand for explosion-proof equipment, such as motors, sensors, lighting, and junction boxes, is increasing as these sectors expand. Exploration of new oil and gas fields, especially in remote and offshore locations, coupled with growing industrial activity in emerging markets, is expected to fuel the demand for hazardous area equipment. These industries are particularly focused on ensuring operational continuity without compromising worker safety, further driving the need for advanced equipment.
- Manufacturers Focus on Technological Advancements and Product Innovation: Technological advancements in sensors, communication systems, and automation have led to innovations in hazardous area equipment. The development of smart, IoT-enabled equipment for hazardous areas, such as remotely monitored safety devices, wireless sensors, and explosion-proof connectors, is becoming more common. These innovations help industries monitor conditions in real time, predict potential hazards, and enable proactive safety measures. As these advanced technologies gain traction, they further propel the market growth by providing improved safety features and operational efficiency.
- Integration of Internet of Things (IoT) and Smart Technologies: The integration of IoT and smart technologies into hazardous area equipment is an ongoing trend that enhances both safety and operational efficiency. Wireless sensors, real-time data monitoring, predictive maintenance, and remote access are being incorporated into hazardous area equipment to enhance productivity and reduce the risk of accidents. IoT-enabled devices allow operators to monitor the conditions of hazardous areas continuously and detect potential risks before they escalate into safety incidents. The trend of digital transformation in industrial operations is expected to continue, making connected, data-driven solutions an essential part of the hazardous area equipment market.
- Focus on Lightweight, Compact, and Multi-functional Equipment: There is a rising demand for lightweight, compact, and multifunctional hazardous area equipment, especially in industries such as mining, offshore oil and gas, and construction. Equipment that is easy to install, portable, and multifunctional can help reduce operational costs and improve safety in hazardous environments. As the focus shifts toward reducing operational complexities and improving ease of use, manufacturers are innovating to create lighter, more adaptable equipment that offers better performance while maintaining compliance with safety standards. This trend is expected to continue as industries prioritize efficiency and versatility in their operations.
- Focus on Retrofit and Upgradation of Existing Industrial Facilities: Many industrial facilities around the world were built decades ago and were not originally designed with modern safety standards in mind. Retrofitting and upgrading older equipment to meet current safety regulations is an emerging opportunity for the hazardous area equipment market. Companies are increasingly replacing outdated safety equipment with certified, modern solutions to improve worker safety and ensure compliance with updated regulations. This retrofit market offers a growth area for businesses to cater to the needs of existing infrastructure that requires upgrading to handle modern hazardous materials safely.
- Advancements in Renewable Energy Projects: The growth of renewable energy projects, such as offshore wind farms, bioenergy facilities, and solar plants, presents a new market opportunity for hazardous area equipment. For instance, in offshore wind energy projects, the presence of highly volatile and combustible gases or chemicals in certain locations requires explosion-proof and intrinsically safe equipment. As the global energy landscape shifts toward renewable sources, the demand for specialized equipment in hazardous areas associated with these projects will increase. Companies that supply explosion-proof electrical components, control systems, and monitoring devices will find expanding opportunities in this sector.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Hazardous Area Equipment 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 Hazardous Area Equipment 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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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
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
Integration of Internet of Things (IoT) and smart technologies and focus on lightweight, compact, and multi-functional equipment is likely to remain a key trend in the market.
Strict safety regulations and standards imposed by government, increasing demand for explosion-proof equipment in industrial sectors, and manufacturers focus on technological advancements and product innovation are the major factors driving the hazardous area equipment market.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request
Global hazardous area equipment market is expected to grow at a CAGR of 5.9% during the forecast period 2024 - 2031.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Hazardous Area Equipment Market - By Product
1.3.2 Hazardous Area Equipment Market - By Connectivity Service
1.3.3 Hazardous Area Equipment Market - By Industry Vertical
1.3.4 Hazardous Area Equipment Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. HAZARDOUS AREA EQUIPMENT 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. HAZARDOUS AREA EQUIPMENT 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. HAZARDOUS AREA EQUIPMENT MARKET - GLOBAL MARKET ANALYSIS
6.1. HAZARDOUS AREA EQUIPMENT - GLOBAL MARKET OVERVIEW
6.2. HAZARDOUS AREA EQUIPMENT - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. HAZARDOUS AREA EQUIPMENT MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. INDUSTRIAL CONTROLS
7.3.1. Overview
7.3.2. Industrial Controls Market Forecast and Analysis
7.4. PROCESS INSTRUMENTS
7.4.1. Overview
7.4.2. Process Instruments Market Forecast and Analysis
7.5. LIGHTING PRODUCTS
7.5.1. Overview
7.5.2. Lighting Products Market Forecast and Analysis
7.6. SENSORS
7.6.1. Overview
7.6.2. Sensors Market Forecast and Analysis
7.7. CABLE GLANDS AND ACCESSORIES
7.7.1. Overview
7.7.2. Cable Glands and Accessories Market Forecast and Analysis
7.8. MOTORS
7.8.1. Overview
7.8.2. Motors Market Forecast and Analysis
7.9. OTHERS
7.9.1. Overview
7.9.2. Others Market Forecast and Analysis
8. HAZARDOUS AREA EQUIPMENT MARKET - REVENUE AND FORECASTS TO 2028 - CONNECTIVITY SERVICE
8.1. OVERVIEW
8.2. CONNECTIVITY SERVICE MARKET FORECASTS AND ANALYSIS
8.3. WIRELESS
8.3.1. Overview
8.3.2. Wireless Market Forecast and Analysis
8.4. WIRED
8.4.1. Overview
8.4.2. Wired Market Forecast and Analysis
9. HAZARDOUS AREA EQUIPMENT MARKET - REVENUE AND FORECASTS TO 2028 - INDUSTRY VERTICAL
9.1. OVERVIEW
9.2. INDUSTRY VERTICAL MARKET FORECASTS AND ANALYSIS
9.3. OIL AND GAS
9.3.1. Overview
9.3.2. Oil and Gas Market Forecast and Analysis
9.4. CHEMICALS AND PHARMACEUTICALS
9.4.1. Overview
9.4.2. Chemicals and Pharmaceuticals Market Forecast and Analysis
9.5. MINING
9.5.1. Overview
9.5.2. Mining Market Forecast and Analysis
9.6. ENERGY AND POWER
9.6.1. Overview
9.6.2. Energy and Power Market Forecast and Analysis
9.7. FOOD AND BEVERAGES
9.7.1. Overview
9.7.2. Food and Beverages Market Forecast and Analysis
9.8. OTHERS
9.8.1. Overview
9.8.2. Others Market Forecast and Analysis
10. HAZARDOUS AREA EQUIPMENT MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Hazardous Area Equipment Market Overview
10.1.2 North America Hazardous Area Equipment Market Forecasts and Analysis
10.1.3 North America Hazardous Area Equipment Market Forecasts and Analysis - By Product
10.1.4 North America Hazardous Area Equipment Market Forecasts and Analysis - By Connectivity Service
10.1.5 North America Hazardous Area Equipment Market Forecasts and Analysis - By Industry Vertical
10.1.6 North America Hazardous Area Equipment Market Forecasts and Analysis - By Countries
10.1.6.1 United States Hazardous Area Equipment Market
10.1.6.1.1 United States Hazardous Area Equipment Market by Product
10.1.6.1.2 United States Hazardous Area Equipment Market by Connectivity Service
10.1.6.1.3 United States Hazardous Area Equipment Market by Industry Vertical
10.1.6.2 Canada Hazardous Area Equipment Market
10.1.6.2.1 Canada Hazardous Area Equipment Market by Product
10.1.6.2.2 Canada Hazardous Area Equipment Market by Connectivity Service
10.1.6.2.3 Canada Hazardous Area Equipment Market by Industry Vertical
10.1.6.3 Mexico Hazardous Area Equipment Market
10.1.6.3.1 Mexico Hazardous Area Equipment Market by Product
10.1.6.3.2 Mexico Hazardous Area Equipment Market by Connectivity Service
10.1.6.3.3 Mexico Hazardous Area Equipment Market by Industry Vertical
10.2. EUROPE
10.2.1 Europe Hazardous Area Equipment Market Overview
10.2.2 Europe Hazardous Area Equipment Market Forecasts and Analysis
10.2.3 Europe Hazardous Area Equipment Market Forecasts and Analysis - By Product
10.2.4 Europe Hazardous Area Equipment Market Forecasts and Analysis - By Connectivity Service
10.2.5 Europe Hazardous Area Equipment Market Forecasts and Analysis - By Industry Vertical
10.2.6 Europe Hazardous Area Equipment Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Hazardous Area Equipment Market
10.2.6.1.1 Germany Hazardous Area Equipment Market by Product
10.2.6.1.2 Germany Hazardous Area Equipment Market by Connectivity Service
10.2.6.1.3 Germany Hazardous Area Equipment Market by Industry Vertical
10.2.6.2 France Hazardous Area Equipment Market
10.2.6.2.1 France Hazardous Area Equipment Market by Product
10.2.6.2.2 France Hazardous Area Equipment Market by Connectivity Service
10.2.6.2.3 France Hazardous Area Equipment Market by Industry Vertical
10.2.6.3 Italy Hazardous Area Equipment Market
10.2.6.3.1 Italy Hazardous Area Equipment Market by Product
10.2.6.3.2 Italy Hazardous Area Equipment Market by Connectivity Service
10.2.6.3.3 Italy Hazardous Area Equipment Market by Industry Vertical
10.2.6.4 United Kingdom Hazardous Area Equipment Market
10.2.6.4.1 United Kingdom Hazardous Area Equipment Market by Product
10.2.6.4.2 United Kingdom Hazardous Area Equipment Market by Connectivity Service
10.2.6.4.3 United Kingdom Hazardous Area Equipment Market by Industry Vertical
10.2.6.5 Russia Hazardous Area Equipment Market
10.2.6.5.1 Russia Hazardous Area Equipment Market by Product
10.2.6.5.2 Russia Hazardous Area Equipment Market by Connectivity Service
10.2.6.5.3 Russia Hazardous Area Equipment Market by Industry Vertical
10.2.6.6 Rest of Europe Hazardous Area Equipment Market
10.2.6.6.1 Rest of Europe Hazardous Area Equipment Market by Product
10.2.6.6.2 Rest of Europe Hazardous Area Equipment Market by Connectivity Service
10.2.6.6.3 Rest of Europe Hazardous Area Equipment Market by Industry Vertical
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Hazardous Area Equipment Market Overview
10.3.2 Asia-Pacific Hazardous Area Equipment Market Forecasts and Analysis
10.3.3 Asia-Pacific Hazardous Area Equipment Market Forecasts and Analysis - By Product
10.3.4 Asia-Pacific Hazardous Area Equipment Market Forecasts and Analysis - By Connectivity Service
10.3.5 Asia-Pacific Hazardous Area Equipment Market Forecasts and Analysis - By Industry Vertical
10.3.6 Asia-Pacific Hazardous Area Equipment Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Hazardous Area Equipment Market
10.3.6.1.1 Australia Hazardous Area Equipment Market by Product
10.3.6.1.2 Australia Hazardous Area Equipment Market by Connectivity Service
10.3.6.1.3 Australia Hazardous Area Equipment Market by Industry Vertical
10.3.6.2 China Hazardous Area Equipment Market
10.3.6.2.1 China Hazardous Area Equipment Market by Product
10.3.6.2.2 China Hazardous Area Equipment Market by Connectivity Service
10.3.6.2.3 China Hazardous Area Equipment Market by Industry Vertical
10.3.6.3 India Hazardous Area Equipment Market
10.3.6.3.1 India Hazardous Area Equipment Market by Product
10.3.6.3.2 India Hazardous Area Equipment Market by Connectivity Service
10.3.6.3.3 India Hazardous Area Equipment Market by Industry Vertical
10.3.6.4 Japan Hazardous Area Equipment Market
10.3.6.4.1 Japan Hazardous Area Equipment Market by Product
10.3.6.4.2 Japan Hazardous Area Equipment Market by Connectivity Service
10.3.6.4.3 Japan Hazardous Area Equipment Market by Industry Vertical
10.3.6.5 South Korea Hazardous Area Equipment Market
10.3.6.5.1 South Korea Hazardous Area Equipment Market by Product
10.3.6.5.2 South Korea Hazardous Area Equipment Market by Connectivity Service
10.3.6.5.3 South Korea Hazardous Area Equipment Market by Industry Vertical
10.3.6.6 Rest of Asia-Pacific Hazardous Area Equipment Market
10.3.6.6.1 Rest of Asia-Pacific Hazardous Area Equipment Market by Product
10.3.6.6.2 Rest of Asia-Pacific Hazardous Area Equipment Market by Connectivity Service
10.3.6.6.3 Rest of Asia-Pacific Hazardous Area Equipment Market by Industry Vertical
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Hazardous Area Equipment Market Overview
10.4.2 Middle East and Africa Hazardous Area Equipment Market Forecasts and Analysis
10.4.3 Middle East and Africa Hazardous Area Equipment Market Forecasts and Analysis - By Product
10.4.4 Middle East and Africa Hazardous Area Equipment Market Forecasts and Analysis - By Connectivity Service
10.4.5 Middle East and Africa Hazardous Area Equipment Market Forecasts and Analysis - By Industry Vertical
10.4.6 Middle East and Africa Hazardous Area Equipment Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Hazardous Area Equipment Market
10.4.6.1.1 South Africa Hazardous Area Equipment Market by Product
10.4.6.1.2 South Africa Hazardous Area Equipment Market by Connectivity Service
10.4.6.1.3 South Africa Hazardous Area Equipment Market by Industry Vertical
10.4.6.2 Saudi Arabia Hazardous Area Equipment Market
10.4.6.2.1 Saudi Arabia Hazardous Area Equipment Market by Product
10.4.6.2.2 Saudi Arabia Hazardous Area Equipment Market by Connectivity Service
10.4.6.2.3 Saudi Arabia Hazardous Area Equipment Market by Industry Vertical
10.4.6.3 U.A.E Hazardous Area Equipment Market
10.4.6.3.1 U.A.E Hazardous Area Equipment Market by Product
10.4.6.3.2 U.A.E Hazardous Area Equipment Market by Connectivity Service
10.4.6.3.3 U.A.E Hazardous Area Equipment Market by Industry Vertical
10.4.6.4 Rest of Middle East and Africa Hazardous Area Equipment Market
10.4.6.4.1 Rest of Middle East and Africa Hazardous Area Equipment Market by Product
10.4.6.4.2 Rest of Middle East and Africa Hazardous Area Equipment Market by Connectivity Service
10.4.6.4.3 Rest of Middle East and Africa Hazardous Area Equipment Market by Industry Vertical
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Hazardous Area Equipment Market Overview
10.5.2 South and Central America Hazardous Area Equipment Market Forecasts and Analysis
10.5.3 South and Central America Hazardous Area Equipment Market Forecasts and Analysis - By Product
10.5.4 South and Central America Hazardous Area Equipment Market Forecasts and Analysis - By Connectivity Service
10.5.5 South and Central America Hazardous Area Equipment Market Forecasts and Analysis - By Industry Vertical
10.5.6 South and Central America Hazardous Area Equipment Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Hazardous Area Equipment Market
10.5.6.1.1 Brazil Hazardous Area Equipment Market by Product
10.5.6.1.2 Brazil Hazardous Area Equipment Market by Connectivity Service
10.5.6.1.3 Brazil Hazardous Area Equipment Market by Industry Vertical
10.5.6.2 Argentina Hazardous Area Equipment Market
10.5.6.2.1 Argentina Hazardous Area Equipment Market by Product
10.5.6.2.2 Argentina Hazardous Area Equipment Market by Connectivity Service
10.5.6.2.3 Argentina Hazardous Area Equipment Market by Industry Vertical
10.5.6.3 Rest of South and Central America Hazardous Area Equipment Market
10.5.6.3.1 Rest of South and Central America Hazardous Area Equipment Market by Product
10.5.6.3.2 Rest of South and Central America Hazardous Area Equipment Market by Connectivity Service
10.5.6.3.3 Rest of South and Central America Hazardous Area Equipment Market by Industry Vertical
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. HAZARDOUS AREA EQUIPMENT MARKET, KEY COMPANY PROFILES
12.1. ABB GROUP
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. E2S WARNING SIGNALS
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. EATON CORPORATION
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. EMERSON ELECTRIC CO.
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. HONEYWELL INTERNATIONAL INC.
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. PATLITE CORPORATION
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. PEPPERL+FUCHS AG
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. R.STAHL AG
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. ROCKWELL AUTOMATION, INC.
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. SIEMENS AG
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.ABB Group2.E2S Warning Signals3.Eaton Corporation4.Emerson Electric Co.5.Honeywell International Inc.6.Patlite Corporation7.Pepperl+Fuchs AG8.R.STAHL AG9.Rockwell Automation, Inc.10.Siemens AG
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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