Hydrogen Energy Storage Market Report 2031
The Hydrogen Energy Storage Market is expected to register a CAGR of 9.2% 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 Form (Solid, Liquid, Gas). The report further presents analysis based on the Storage Technology (Liquefaction, Compression, Material Based). The report further presents analysis based on the End User (Electric Utilities, Commercial, Industrial). The report further presents analysis based on the Application (Stationary Power, Transportation). 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 Hydrogen Energy Storage 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.
Hydrogen Energy Storage Market Segmentation
Form- Solid
- Liquid
- Gas
- Liquefaction
- Compression
- Material Based
- Electric Utilities
- Commercial
- Industrial
- Stationary Power
- Transportation
- Stationary Power
- Transportation
Strategic Insights
Hydrogen Energy Storage Market Growth Drivers- Rising Global Plans for Net-zero Emission by 2050: Green hydrogen is produced through the process of electrolysis using renewable energy sources. Green hydrogen has versatile applications in transportation, chemical, power, petrochemical, food & beverages, and other sectors. It can be used as a fuel for fuel cell electric vehicles, a feedstock for industrial processes, and a clean energy source for heating and power generation. With the rising need to decarbonize these sectors, the demand for green hydrogen as a clean, sustainable alternative fuel and energy source is growing significantly across the globe. Hence the rise in planning towards net-zero emissions by 2050 by the economies in the world is driving the hydrogen energy storage market growth.
- Increasing Investment in Renewable Energy: According to the International Energy Agency (IEA), in 2022, the global energy demand will increase by 8%. Investments in cleaner technologies are significantly growing due to a structural shift in capital flows toward such technologies. In January 2023, The Saudi Arabian Ministry announced its plan to invest US$ 226 billion in the development of clean energy across the country. This investment will be utilized for the development of wind and solar energy infrastructure and the generation of power to meet the country-wide demand. Such rise in renewable energy infrastructure across the globe is expected to fuel the hydrogen energy storage market growth in the coming years.
- Growing Demand for Renewable Energy Integration: The key drivers in the hydrogen energy storage market will be increasing demand for renewable energy globally and the necessity to store excess energy produced from sources like wind, solar, and hydro. Renewable energy production is intermittent as it is a result of weather conditions and time of day, causing a possible mismatch between supply and demand. Excess renewable energy can be stored in the form of hydrogen gas, generated through a process called electrolysis, which can later be reconverted into electricity through a process known as fuel cells. In this regard, hydrogen storage becomes an important element to ensure energy security and for wide-ranging applications of renewable energy systems.
- Increasing Demand for FCEV: Fuel cell electric vehicles (FCEVs) use hydrogen as a fuel and employ fuel cells to generate electricity, providing a clean and efficient alternative to traditional internal combustion engine vehicles. With countries striving to reduce carbon emissions and transition to low-carbon transportation, the demand for FCEVs is increasing across the globe. As a result, various market players are involved in strategic development, such as partnerships, collaborations, and agreements, to enhance their product offerings and fulfill the growing demand for FCEVs. For instance, in July 2023, Toyota Canada, one of the leading automobile manufacturers, signed a deal with Edmonton International Airport (YEG) for the supply of a fleet of 100 Mirai hydrogen fuel cell electric vehicles. Such rise in demand for FCEV is expected to drive the hydrogen energy storage market growth in the coming years.
- Technological Advancements and Cost Reductions: The ongoing technological advancements are driving the market for the hydrogen energy storage market coupled with a decline in its production cost. Historically, the hydrogen production cost through electrolysis is high primarily because of the equipment cost along with the cost of electricity for electrolysis. However, with advanced electrolyser technology, such as proton exchange membrane-based electrolyzers and alkaline electrolyzers, electrolysis became more efficient as well as economical. Also, technologies on hydrogen storage like high-pressure tanks and liquid hydrogen reduce cost and increase the density of storage. The more that these technologies mature and economies of scale occur, the less it is likely to be that overall costs of hydrogen energy storage decrease in relation to the cost of other options.
- Increasing Investment in Green Hydrogen Projects: Governments of various across the globe are recognizing the potential of green hydrogen as a clean and sustainable energy solution. They are taking proactive measures to support its development and deployment across various sectors. The increasing focus on decarbonization and climate change mitigation is prompting governments to prioritize investments in green hydrogen as a means to reduce carbon emissions. For instance, in January 2023, the Indian government approved an investment of US$ 2.3 billion for the growth of the green hydrogen sector in the country. Increased government investment provides financial support as well as promotes the long-term viability and potential of green hydrogen to investors, businesses, and other market players. Hence, increasing investment in green hydrogen projects is expected to propel the hydrogen energy storage market from 2023 to 2031.
- Advancements in Hydrogen Infrastructure and Distribution: A reliable, cost-efficient hydrogen distribution and refueling infrastructure will be critical in scaling the hydrogen energy storage market. Though hydrogen production and storage technologies are continually improving, transporting and distributing hydrogen faces challenges. Innovations on hydrogen storage materials, pipelines, and storage stations are helping mitigate these challenges. Companies and governments are currently investing in hydrogen refueling stations and pipelines to provide a way of transporting the hydrogen so that it can efficiently and effectively be used by people. The growth of infrastructure will further enhance the adoption and viability of hydrogen energy storage solutions.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Hydrogen Energy Storage 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 Hydrogen Energy Storage 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
Have a question?
Naveen
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- 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
The Hydrogen Energy Storage Market is estimated to witness a CAGR of 9.2% from 2023 to 2031
The major factors driving the Hydrogen Energy Storage Market are: Rising Global Plans for Net-zero Emission by 2050 and Increasing Investment in Renewable Energy.
Increasing investment in green hydrogen projects is the key future trend of the Hydrogen Energy Storage Market
The leading players operating in the Hydrogen Energy Storage Market include Air Products and Chemicals, Inc., Chart Industries, Inc., FuelCell Energy, Inc., Engie, H2GO Power, Linde PLC, McPhy Energy S.A., Nel ASA, Plug Power Inc., and ITM Power
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 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.
Get Free Sample For