Industrial Gases Market Trends, Size, Analysis, Top Players 2021-2031
The Industrial Gases Market is expected to register a CAGR of 6% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report presents analysis based on product (hydrogen, nitrogen, oxygen, argon, carbon dioxide, and others). The report is segmented by end use industry (automotive, healthcare, electronics, aerospace, construction, energy and power, and others). The global analysis is further broken-down at regional level and major countries. The market size and forecast at global, regional, and country levels for all the key market segments are covered under the scope. The report offers the value in USD for the above analysis and segments. The report provides key statistics on the market status of the key market players and offers market trends and opportunities.
Purpose of the ReportThe report Industrial Gases 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.
Industrial Gases Market Segmentation
Product- Hydrogen
- Nitrogen
- Oxygen
- Argon
- Carbon Dioxide
- Automotive
- Healthcare
- Electronics
- Aerospace
- Construction
- Energy and Power
Strategic Insights
Industrial Gases Market Growth Drivers- Growth of Metal Fabrication Processes Driving Demand for Industrial Gases: The growth of the industrial gases market is also propelled by the increasing metal fabrication processes, as the demand for industrial gases such as oxygen, nitrogen, argon, and others increases with processes such as welding, cutting, and surface treatment, which require such industrial gases.
- Industrial Gases Enhancing Welding Quality and Reducing Defects in Metal Fabrication: Industrial gases enhance processes that involve welding while increasing the quality of the finished product. For instance, gases such as argon and carbon dioxide increase weld penetration and mitigate defects, thus they are very vital in metal fabrication therefore, as industries develop new ways to enhance production, their demand is high.
- Advances in Robotics and Automation Fueling Demand: The other reason why there is a growing demand for industrial gases is due to the changes witnessed in the metal fabrication technology such as, robotics and automation. Automated structures uses very specific gas mixtures in the processes which increases the use of specialized gases hence the trend puts the industrial gas suppliers in position to supply the fabrication industry’s changes.
- Integration of Renewable Energy Sources Driving Growth: The integration of renewable sources of energy is becoming one of the key trends that propel the growth of the industrial gases market. Since industries are already adopting sustainable methods, the consumption of industrial gases, especially those produced by renewable means such as hydrogen, is on the rise. It is one of the transitions that seeks to support global emission reduction and cleaner energy development initiatives.
- Hydrogen as a Key Energy Carrier Boosting Industrial Gases Demand for Environmental Sustainability: Hydrogen, in particular, is the focus as a multifunctional energy carrier and energy source. It is widely used in fuel cells and in many industries, as a reducing agent, which makes it very important in effective environmental sustainability efforts. Therefore, as companies are advocating for hydrogen development and production through renewables, the industrial gases market is bound to increase tremendously.
- Carbon Dioxide Capture and Utilization Technologies Enhancing Industrial Gases Market: In addition, the other aspect of renewable energy integration is the focus on technology development for carbon dioxide capture conversion and utilization. CO2 can either be disposed of through enhanced oil recovery or utilized as a raw material for the synthesis of other chemicals. In addition to that, this offers a win-win scenario for the market in that it lessens the emissions and makes available useful materials on the market.
- Growing Demand for Battery Specialty Gases Driven by Electric Vehicle and Energy Storage Growth: Upwardly surging their requirements, the industrial gases industry is being faced by the battery manufacturing industry. The growing sales of electric vehicles and energy storage, which result in a higher demand for battery specialty gases, which include argon, nitrogen, hydrogen, and others are the major driving forces for the market growth.
- Helium and Nitrogen Essential for Battery Production to Ensure Optimal Quality and Prevent Contamination: In producing batteries, refrain from using active gases like helium or volumes of ‘contained’ gases such as argon. Helium covers the battery cell structure and creates an alkaline electrolyte effect, filling the spacer layer between the electrodes. This reduces the likelihood of battery cell contamination as the controlled environment actually does what it implies. Battery cells are thus able to attain optimal quality with a high level of output achieved. Besides this, nitrogen is also commonly used to purge oxygen which may affect the use of the battery in question. However, the idiosyncratic bleeding of any gases will increase as a385791708 production level shift is activated.
- Energy-Efficient Battery Manufacturing Boosting Industrial Gas Usage in Clean Energy and Electric Transportation: Furthermore, as manufacturing processes become more energy efficient, the production of batteries, especially lithium-ion batteries, is on the rise. With more and more players willing to invest in the energy storage industry, industrial gas usage will escalate. This is particularly the case for countries that are stepping up measures towards clean energy and electric transportation.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Industrial Gases 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 Industrial Gases 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.
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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
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to country scope.
Frequently Asked Questions
Based on geography, North America held the largest share of the industrial gases market due to the presence of well-established industries such as manufacturing, healthcare, and energy.
Based on product, the hydrogen segment is expected to witness the fastest growth during the forecast period
Rising demand from the metal fabrication industry are driving the market growth.
Air Liquide S.A.; Linde plc; Air Products and Chemicals, Inc.; Strandmøllen A/S; TAIYO NIPPON SANSO CORPORATION; Iwatani Corporation; Messer Group GmbH; SOL Group; Bhuruka Gases Limited; and Praxair Technology, Inc. are some of the key players operating in the industrial gases market
The Industrial Gases Market is estimated to witness a CAGR of 6% from 2023 to 2031
Renewable energy integration is expected to be the key market trends.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Industrial Gases Market - By Product
1.3.2 Industrial Gases Market - By Application
1.3.3 Industrial Gases Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. INDUSTRIAL GASES 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. INDUSTRIAL GASES 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. INDUSTRIAL GASES MARKET - GLOBAL MARKET ANALYSIS
6.1. INDUSTRIAL GASES - GLOBAL MARKET OVERVIEW
6.2. INDUSTRIAL GASES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. INDUSTRIAL GASES MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. OXYGEN
7.3.1. Overview
7.3.2. Oxygen Market Forecast and Analysis
7.4. NITROGEN
7.4.1. Overview
7.4.2. Nitrogen Market Forecast and Analysis
7.5. HYDROGEN
7.5.1. Overview
7.5.2. Hydrogen Market Forecast and Analysis
7.6. CARBON DIOXIDE
7.6.1. Overview
7.6.2. Carbon dioxide Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. INDUSTRIAL GASES MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. HEALTHCARE
8.3.1. Overview
8.3.2. Healthcare Market Forecast and Analysis
8.4. MANUFACTURING
8.4.1. Overview
8.4.2. Manufacturing Market Forecast and Analysis
8.5. METALLURGY AND GLASS
8.5.1. Overview
8.5.2. Metallurgy and Glass Market Forecast and Analysis
8.6. FOOD AND BEVERAGES
8.6.1. Overview
8.6.2. Food and Beverages Market Forecast and Analysis
8.7. RETAIL
8.7.1. Overview
8.7.2. Retail Market Forecast and Analysis
8.8. CHEMICALS AND ENERGY
8.8.1. Overview
8.8.2. Chemicals and Energy Market Forecast and Analysis
8.9. OTHERS
8.9.1. Overview
8.9.2. Others Market Forecast and Analysis
9. INDUSTRIAL GASES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Industrial Gases Market Overview
9.1.2 North America Industrial Gases Market Forecasts and Analysis
9.1.3 North America Industrial Gases Market Forecasts and Analysis - By Product
9.1.4 North America Industrial Gases Market Forecasts and Analysis - By Application
9.1.5 North America Industrial Gases Market Forecasts and Analysis - By Countries
9.1.5.1 United States Industrial Gases Market
9.1.5.1.1 United States Industrial Gases Market by Product
9.1.5.1.2 United States Industrial Gases Market by Application
9.1.5.2 Canada Industrial Gases Market
9.1.5.2.1 Canada Industrial Gases Market by Product
9.1.5.2.2 Canada Industrial Gases Market by Application
9.1.5.3 Mexico Industrial Gases Market
9.1.5.3.1 Mexico Industrial Gases Market by Product
9.1.5.3.2 Mexico Industrial Gases Market by Application
9.2. EUROPE
9.2.1 Europe Industrial Gases Market Overview
9.2.2 Europe Industrial Gases Market Forecasts and Analysis
9.2.3 Europe Industrial Gases Market Forecasts and Analysis - By Product
9.2.4 Europe Industrial Gases Market Forecasts and Analysis - By Application
9.2.5 Europe Industrial Gases Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Industrial Gases Market
9.2.5.1.1 Germany Industrial Gases Market by Product
9.2.5.1.2 Germany Industrial Gases Market by Application
9.2.5.2 France Industrial Gases Market
9.2.5.2.1 France Industrial Gases Market by Product
9.2.5.2.2 France Industrial Gases Market by Application
9.2.5.3 Italy Industrial Gases Market
9.2.5.3.1 Italy Industrial Gases Market by Product
9.2.5.3.2 Italy Industrial Gases Market by Application
9.2.5.4 United Kingdom Industrial Gases Market
9.2.5.4.1 United Kingdom Industrial Gases Market by Product
9.2.5.4.2 United Kingdom Industrial Gases Market by Application
9.2.5.5 Russia Industrial Gases Market
9.2.5.5.1 Russia Industrial Gases Market by Product
9.2.5.5.2 Russia Industrial Gases Market by Application
9.2.5.6 Rest of Europe Industrial Gases Market
9.2.5.6.1 Rest of Europe Industrial Gases Market by Product
9.2.5.6.2 Rest of Europe Industrial Gases Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Industrial Gases Market Overview
9.3.2 Asia-Pacific Industrial Gases Market Forecasts and Analysis
9.3.3 Asia-Pacific Industrial Gases Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Industrial Gases Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Industrial Gases Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Industrial Gases Market
9.3.5.1.1 Australia Industrial Gases Market by Product
9.3.5.1.2 Australia Industrial Gases Market by Application
9.3.5.2 China Industrial Gases Market
9.3.5.2.1 China Industrial Gases Market by Product
9.3.5.2.2 China Industrial Gases Market by Application
9.3.5.3 India Industrial Gases Market
9.3.5.3.1 India Industrial Gases Market by Product
9.3.5.3.2 India Industrial Gases Market by Application
9.3.5.4 Japan Industrial Gases Market
9.3.5.4.1 Japan Industrial Gases Market by Product
9.3.5.4.2 Japan Industrial Gases Market by Application
9.3.5.5 South Korea Industrial Gases Market
9.3.5.5.1 South Korea Industrial Gases Market by Product
9.3.5.5.2 South Korea Industrial Gases Market by Application
9.3.5.6 Rest of Asia-Pacific Industrial Gases Market
9.3.5.6.1 Rest of Asia-Pacific Industrial Gases Market by Product
9.3.5.6.2 Rest of Asia-Pacific Industrial Gases Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Industrial Gases Market Overview
9.4.2 Middle East and Africa Industrial Gases Market Forecasts and Analysis
9.4.3 Middle East and Africa Industrial Gases Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Industrial Gases Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Industrial Gases Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Industrial Gases Market
9.4.5.1.1 South Africa Industrial Gases Market by Product
9.4.5.1.2 South Africa Industrial Gases Market by Application
9.4.5.2 Saudi Arabia Industrial Gases Market
9.4.5.2.1 Saudi Arabia Industrial Gases Market by Product
9.4.5.2.2 Saudi Arabia Industrial Gases Market by Application
9.4.5.3 U.A.E Industrial Gases Market
9.4.5.3.1 U.A.E Industrial Gases Market by Product
9.4.5.3.2 U.A.E Industrial Gases Market by Application
9.4.5.4 Rest of Middle East and Africa Industrial Gases Market
9.4.5.4.1 Rest of Middle East and Africa Industrial Gases Market by Product
9.4.5.4.2 Rest of Middle East and Africa Industrial Gases Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Industrial Gases Market Overview
9.5.2 South and Central America Industrial Gases Market Forecasts and Analysis
9.5.3 South and Central America Industrial Gases Market Forecasts and Analysis - By Product
9.5.4 South and Central America Industrial Gases Market Forecasts and Analysis - By Application
9.5.5 South and Central America Industrial Gases Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Industrial Gases Market
9.5.5.1.1 Brazil Industrial Gases Market by Product
9.5.5.1.2 Brazil Industrial Gases Market by Application
9.5.5.2 Argentina Industrial Gases Market
9.5.5.2.1 Argentina Industrial Gases Market by Product
9.5.5.2.2 Argentina Industrial Gases Market by Application
9.5.5.3 Rest of South and Central America Industrial Gases Market
9.5.5.3.1 Rest of South and Central America Industrial Gases Market by Product
9.5.5.3.2 Rest of South and Central America Industrial Gases 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. INDUSTRIAL GASES MARKET, KEY COMPANY PROFILES
11.1. BASF SE
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. AIR LIQUIDE
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. TAIYO NIPPON SANSO CORPORATION
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. MOHSIN HAIDER DARWISH LLC
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. BHURUKA GASES LIMITED
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. ELLENBARRIE INDUSTRIAL GASES.
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. SOUTHERN GAS LIMITED
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. BSG
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. AIR PRODUCTS INC.
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. MESSER GROUP
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
11.11. BUZWAIR INDUSTRIAL GASES FACTORIES.
11.11.1. Key Facts
11.11.2. Business Description
11.11.3. Products and Services
11.11.4. Financial Overview
11.11.5. SWOT Analysis
11.11.6. Key Developments
11.12. LINDE PLC
11.12.1. Key Facts
11.12.2. Business Description
11.12.3. Products and Services
11.12.4. Financial Overview
11.12.5. SWOT Analysis
11.12.6. Key Developments
11.13. TRIPTI GASES PVT. LIMITED
11.13.1. Key Facts
11.13.2. Business Description
11.13.3. Products and Services
11.13.4. Financial Overview
11.13.5. SWOT Analysis
11.13.6. Key Developments
11.14. PUNE AIR PRODUCTS.
11.14.1. Key Facts
11.14.2. Business Description
11.14.3. Products and Services
11.14.4. Financial Overview
11.14.5. SWOT Analysis
11.14.6. Key Developments
11.15. CHENGDU TAIYU INDUSTRIAL GASES CO., LTD.
11.15.1. Key Facts
11.15.2. Business Description
11.15.3. Products and Services
11.15.4. Financial Overview
11.15.5. SWOT Analysis
11.15.6. Key Developments
11.16. QINGDAO BAIGONG INDUSTRIAL AND TRADING CO., LTD
11.16.1. Key Facts
11.16.2. Business Description
11.16.3. Products and Services
11.16.4. Financial Overview
11.16.5. SWOT Analysis
11.16.6. Key Developments
11.17. YINGDE GASES GROUP
11.17.1. Key Facts
11.17.2. Business Description
11.17.3. Products and Services
11.17.4. Financial Overview
11.17.5. SWOT Analysis
11.17.6. Key Developments
11.18. UNIVERSAL BOSCHI
11.18.1. Key Facts
11.18.2. Business Description
11.18.3. Products and Services
11.18.4. Financial Overview
11.18.5. SWOT Analysis
11.18.6. Key Developments
11.19. GULF CRYO
11.19.1. Key Facts
11.19.2. Business Description
11.19.3. Products and Services
11.19.4. Financial Overview
11.19.5. SWOT Analysis
11.19.6. Key Developments
11.20. INMATEC GASETECHNOLOGIE GMBH AND CO. KG
11.20.1. Key Facts
11.20.2. Business Description
11.20.3. Products and Services
11.20.4. Financial Overview
11.20.5. SWOT Analysis
11.20.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1.BASF SE
2.Air Liquide
3.TAIYO NIPPON SANSO CORPORATION
4.Mohsin Haider Darwish LLC
5.Bhuruka Gases Limited
6.Ellenbarrie industrial Gases.
7.Southern Gas Limited
8.BSG
9.Air Products Inc.
10.Messer Group
11.Buzwair Industrial Gases Factories.
12.Linde plc
13.Tripti Gases Pvt. Limited
14.Pune Air Products.
15.Chengdu Taiyu Industrial Gases Co., Ltd.
16.QINGDAO BAIGONG INDUSTRIAL AND TRADING CO., LTD
17.Yingde Gases Group
18.UNIVERSAL BOSCHI
19.Gulf Cryo
20.INMATEC GaseTechnologie GmbH and Co. KG
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.