Hydrogen Energy Storage Market SWOT Analysis by 2031
Hydrogen energy storage is the process in which the surplus of energy created by renewables during low energy demand periods is used to power electrolysis. The process helps in increasing the efficiency of sustainable energy supply systems in the electric grid, transportation fuels, and gas pipeline systems. North America is likely to witness high demand for hydrogen energy storage on account of the increasing use of hydrogen gas in oil refineries and chemical industries in the region. Additionally, stringent regulations and a rise in fuel cell applications are likely to promote the growth of the hydrogen energy storage market.
MARKET DYNAMICS
The global hydrogen energy storage market is anticipated to grow rapidly in the forecast period owing to driving factors such as rising demand for hydrogen in the chemical industry coupled with demand in portable and stationary power applications. However, High capital costs may hamper the growth of the hydrogen energy storage market during the forecast period. On the other hand, hydrogen as a fuel for vehicles is expected to showcase significant growth opportunities for the hydrogen energy storage market in the coming years.
MARKET SCOPE
The "Global Hydrogen Energy Storage Market Analysis to 2031" is a specialized and in-depth study of the energy and power industry with a special focus on the global market trend analysis. The report aims to provide an overview of hydrogen energy storage market with detailed market segmentation by form, storage technology, end user and geography. The global hydrogen energy storage market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading hydrogen energy storage market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global hydrogen energy storage market is segmented on the basis of form, storage technology, and end user. Based on form, the market is segmented as solid, liquid, and gas. On the basis of the storage technology, the market is segmented as liquefaction, compression, and material based. The market on the basis of the end user is classified as utilities, commercial, and industrial.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global hydrogen energy storage market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The hydrogen energy storage market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting hydrogen energy storage market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South & Central America after evaluating political, economic, social and technological factors affecting the hydrogen energy storage market in these regions.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global hydrogen energy storage market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The hydrogen energy storage market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting hydrogen energy storage market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South & Central America after evaluating political, economic, social and technological factors affecting the hydrogen energy storage market in these regions.
MARKET PLAYERS
The reports cover key developments in the hydrogen energy storage market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from hydrogen energy storage market are anticipated to lucrative growth opportunities in the future with the rising demand for hydrogen energy storage in the global market. Below mentioned is the list of few companies engaged in the hydrogen energy storage market.
The report also includes the profiles of key hydrogen energy storage companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, key developments in the past five years.
- Air Products and Chemicals, Inc.
- Chart Industries, Inc.
- FuelCell Energy, Inc.
- GRZ Technologies Ltd.
- H2GO Power
- Linde PLC
- McPhy Energy S.A.
- Nel ASA
- Plug Power Inc.
- Pragma Industries
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- 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.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Hydrogen Energy Storage Market - By Form
1.3.2 Hydrogen Energy Storage Market - By Storage Technology
1.3.3 Hydrogen Energy Storage Market - By End User
1.3.4 Hydrogen Energy Storage Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. HYDROGEN ENERGY STORAGE 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. HYDROGEN ENERGY STORAGE 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. HYDROGEN ENERGY STORAGE MARKET - GLOBAL MARKET ANALYSIS
6.1. HYDROGEN ENERGY STORAGE - GLOBAL MARKET OVERVIEW
6.2. HYDROGEN ENERGY STORAGE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. HYDROGEN ENERGY STORAGE MARKET - REVENUE AND FORECASTS TO 2028 - FORM
7.1. OVERVIEW
7.2. FORM MARKET FORECASTS AND ANALYSIS
7.3. SOLID
7.3.1. Overview
7.3.2. Solid Market Forecast and Analysis
7.4. LIQUID
7.4.1. Overview
7.4.2. Liquid Market Forecast and Analysis
7.5. GAS
7.5.1. Overview
7.5.2. Gas Market Forecast and Analysis
8. HYDROGEN ENERGY STORAGE MARKET - REVENUE AND FORECASTS TO 2028 - STORAGE TECHNOLOGY
8.1. OVERVIEW
8.2. STORAGE TECHNOLOGY MARKET FORECASTS AND ANALYSIS
8.3. LIQUEFACTION
8.3.1. Overview
8.3.2. Liquefaction Market Forecast and Analysis
8.4. COMPRESSION
8.4.1. Overview
8.4.2. Compression Market Forecast and Analysis
8.5. MATERIAL BASED
8.5.1. Overview
8.5.2. Material Based Market Forecast and Analysis
9. HYDROGEN ENERGY STORAGE MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. UTILITIES
9.3.1. Overview
9.3.2. Utilities Market Forecast and Analysis
9.4. COMMERCIAL
9.4.1. Overview
9.4.2. Commercial Market Forecast and Analysis
9.5. INDUSTRIAL
9.5.1. Overview
9.5.2. Industrial Market Forecast and Analysis
10. HYDROGEN ENERGY STORAGE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Hydrogen Energy Storage Market Overview
10.1.2 North America Hydrogen Energy Storage Market Forecasts and Analysis
10.1.3 North America Hydrogen Energy Storage Market Forecasts and Analysis - By Form
10.1.4 North America Hydrogen Energy Storage Market Forecasts and Analysis - By Storage Technology
10.1.5 North America Hydrogen Energy Storage Market Forecasts and Analysis - By End User
10.1.6 North America Hydrogen Energy Storage Market Forecasts and Analysis - By Countries
10.1.6.1 United States Hydrogen Energy Storage Market
10.1.6.1.1 United States Hydrogen Energy Storage Market by Form
10.1.6.1.2 United States Hydrogen Energy Storage Market by Storage Technology
10.1.6.1.3 United States Hydrogen Energy Storage Market by End User
10.1.6.2 Canada Hydrogen Energy Storage Market
10.1.6.2.1 Canada Hydrogen Energy Storage Market by Form
10.1.6.2.2 Canada Hydrogen Energy Storage Market by Storage Technology
10.1.6.2.3 Canada Hydrogen Energy Storage Market by End User
10.1.6.3 Mexico Hydrogen Energy Storage Market
10.1.6.3.1 Mexico Hydrogen Energy Storage Market by Form
10.1.6.3.2 Mexico Hydrogen Energy Storage Market by Storage Technology
10.1.6.3.3 Mexico Hydrogen Energy Storage Market by End User
10.2. EUROPE
10.2.1 Europe Hydrogen Energy Storage Market Overview
10.2.2 Europe Hydrogen Energy Storage Market Forecasts and Analysis
10.2.3 Europe Hydrogen Energy Storage Market Forecasts and Analysis - By Form
10.2.4 Europe Hydrogen Energy Storage Market Forecasts and Analysis - By Storage Technology
10.2.5 Europe Hydrogen Energy Storage Market Forecasts and Analysis - By End User
10.2.6 Europe Hydrogen Energy Storage Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Hydrogen Energy Storage Market
10.2.6.1.1 Germany Hydrogen Energy Storage Market by Form
10.2.6.1.2 Germany Hydrogen Energy Storage Market by Storage Technology
10.2.6.1.3 Germany Hydrogen Energy Storage Market by End User
10.2.6.2 France Hydrogen Energy Storage Market
10.2.6.2.1 France Hydrogen Energy Storage Market by Form
10.2.6.2.2 France Hydrogen Energy Storage Market by Storage Technology
10.2.6.2.3 France Hydrogen Energy Storage Market by End User
10.2.6.3 Italy Hydrogen Energy Storage Market
10.2.6.3.1 Italy Hydrogen Energy Storage Market by Form
10.2.6.3.2 Italy Hydrogen Energy Storage Market by Storage Technology
10.2.6.3.3 Italy Hydrogen Energy Storage Market by End User
10.2.6.4 United Kingdom Hydrogen Energy Storage Market
10.2.6.4.1 United Kingdom Hydrogen Energy Storage Market by Form
10.2.6.4.2 United Kingdom Hydrogen Energy Storage Market by Storage Technology
10.2.6.4.3 United Kingdom Hydrogen Energy Storage Market by End User
10.2.6.5 Russia Hydrogen Energy Storage Market
10.2.6.5.1 Russia Hydrogen Energy Storage Market by Form
10.2.6.5.2 Russia Hydrogen Energy Storage Market by Storage Technology
10.2.6.5.3 Russia Hydrogen Energy Storage Market by End User
10.2.6.6 Rest of Europe Hydrogen Energy Storage Market
10.2.6.6.1 Rest of Europe Hydrogen Energy Storage Market by Form
10.2.6.6.2 Rest of Europe Hydrogen Energy Storage Market by Storage Technology
10.2.6.6.3 Rest of Europe Hydrogen Energy Storage Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Hydrogen Energy Storage Market Overview
10.3.2 Asia-Pacific Hydrogen Energy Storage Market Forecasts and Analysis
10.3.3 Asia-Pacific Hydrogen Energy Storage Market Forecasts and Analysis - By Form
10.3.4 Asia-Pacific Hydrogen Energy Storage Market Forecasts and Analysis - By Storage Technology
10.3.5 Asia-Pacific Hydrogen Energy Storage Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Hydrogen Energy Storage Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Hydrogen Energy Storage Market
10.3.6.1.1 Australia Hydrogen Energy Storage Market by Form
10.3.6.1.2 Australia Hydrogen Energy Storage Market by Storage Technology
10.3.6.1.3 Australia Hydrogen Energy Storage Market by End User
10.3.6.2 China Hydrogen Energy Storage Market
10.3.6.2.1 China Hydrogen Energy Storage Market by Form
10.3.6.2.2 China Hydrogen Energy Storage Market by Storage Technology
10.3.6.2.3 China Hydrogen Energy Storage Market by End User
10.3.6.3 India Hydrogen Energy Storage Market
10.3.6.3.1 India Hydrogen Energy Storage Market by Form
10.3.6.3.2 India Hydrogen Energy Storage Market by Storage Technology
10.3.6.3.3 India Hydrogen Energy Storage Market by End User
10.3.6.4 Japan Hydrogen Energy Storage Market
10.3.6.4.1 Japan Hydrogen Energy Storage Market by Form
10.3.6.4.2 Japan Hydrogen Energy Storage Market by Storage Technology
10.3.6.4.3 Japan Hydrogen Energy Storage Market by End User
10.3.6.5 South Korea Hydrogen Energy Storage Market
10.3.6.5.1 South Korea Hydrogen Energy Storage Market by Form
10.3.6.5.2 South Korea Hydrogen Energy Storage Market by Storage Technology
10.3.6.5.3 South Korea Hydrogen Energy Storage Market by End User
10.3.6.6 Rest of Asia-Pacific Hydrogen Energy Storage Market
10.3.6.6.1 Rest of Asia-Pacific Hydrogen Energy Storage Market by Form
10.3.6.6.2 Rest of Asia-Pacific Hydrogen Energy Storage Market by Storage Technology
10.3.6.6.3 Rest of Asia-Pacific Hydrogen Energy Storage Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Hydrogen Energy Storage Market Overview
10.4.2 Middle East and Africa Hydrogen Energy Storage Market Forecasts and Analysis
10.4.3 Middle East and Africa Hydrogen Energy Storage Market Forecasts and Analysis - By Form
10.4.4 Middle East and Africa Hydrogen Energy Storage Market Forecasts and Analysis - By Storage Technology
10.4.5 Middle East and Africa Hydrogen Energy Storage Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Hydrogen Energy Storage Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Hydrogen Energy Storage Market
10.4.6.1.1 South Africa Hydrogen Energy Storage Market by Form
10.4.6.1.2 South Africa Hydrogen Energy Storage Market by Storage Technology
10.4.6.1.3 South Africa Hydrogen Energy Storage Market by End User
10.4.6.2 Saudi Arabia Hydrogen Energy Storage Market
10.4.6.2.1 Saudi Arabia Hydrogen Energy Storage Market by Form
10.4.6.2.2 Saudi Arabia Hydrogen Energy Storage Market by Storage Technology
10.4.6.2.3 Saudi Arabia Hydrogen Energy Storage Market by End User
10.4.6.3 U.A.E Hydrogen Energy Storage Market
10.4.6.3.1 U.A.E Hydrogen Energy Storage Market by Form
10.4.6.3.2 U.A.E Hydrogen Energy Storage Market by Storage Technology
10.4.6.3.3 U.A.E Hydrogen Energy Storage Market by End User
10.4.6.4 Rest of Middle East and Africa Hydrogen Energy Storage Market
10.4.6.4.1 Rest of Middle East and Africa Hydrogen Energy Storage Market by Form
10.4.6.4.2 Rest of Middle East and Africa Hydrogen Energy Storage Market by Storage Technology
10.4.6.4.3 Rest of Middle East and Africa Hydrogen Energy Storage Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Hydrogen Energy Storage Market Overview
10.5.2 South and Central America Hydrogen Energy Storage Market Forecasts and Analysis
10.5.3 South and Central America Hydrogen Energy Storage Market Forecasts and Analysis - By Form
10.5.4 South and Central America Hydrogen Energy Storage Market Forecasts and Analysis - By Storage Technology
10.5.5 South and Central America Hydrogen Energy Storage Market Forecasts and Analysis - By End User
10.5.6 South and Central America Hydrogen Energy Storage Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Hydrogen Energy Storage Market
10.5.6.1.1 Brazil Hydrogen Energy Storage Market by Form
10.5.6.1.2 Brazil Hydrogen Energy Storage Market by Storage Technology
10.5.6.1.3 Brazil Hydrogen Energy Storage Market by End User
10.5.6.2 Argentina Hydrogen Energy Storage Market
10.5.6.2.1 Argentina Hydrogen Energy Storage Market by Form
10.5.6.2.2 Argentina Hydrogen Energy Storage Market by Storage Technology
10.5.6.2.3 Argentina Hydrogen Energy Storage Market by End User
10.5.6.3 Rest of South and Central America Hydrogen Energy Storage Market
10.5.6.3.1 Rest of South and Central America Hydrogen Energy Storage Market by Form
10.5.6.3.2 Rest of South and Central America Hydrogen Energy Storage Market by Storage Technology
10.5.6.3.3 Rest of South and Central America Hydrogen Energy Storage Market by End User
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. HYDROGEN ENERGY STORAGE MARKET, KEY COMPANY PROFILES
12.1. AIR PRODUCTS AND CHEMICALS, INC.
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. CHART INDUSTRIES, INC.
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. FUELCELL ENERGY, INC.
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. GRZ TECHNOLOGIES LTD.
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. H2GO POWER
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. LINDE PLC
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. MCPHY ENERGY S.A.
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. NEL ASA
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. PLUG POWER 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. PRAGMA INDUSTRIES
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. Air Products and Chemicals, Inc.
2. Chart Industries, Inc.
3. FuelCell Energy, Inc.
4. GRZ Technologies Ltd.
5. H2GO Power
6. Linde PLC
7. McPhy Energy S.A.
8. Nel ASA
9. Plug Power Inc.
10. Pragma Industries
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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