The Marine Navigation System Market is expected to register a CAGR of 5.8% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
Marine Navigation System Market covers analysis By Type (Marine Radar, Fish Finders, AIS (Automatic Identification System) and VHF Transceiver, Chart-plotters, Others); Application (Ship, Remotely Operated Underwater Vehicle, Autonomous Underwater Vehicle, Others); End-use (Defense, Commercial) , and Geography (North America, Europe, Asia Pacific, South America, and South and Central America)
Purpose of the ReportThe report Marine Navigation System 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.
Marine Navigation System Market Segmentation
Type- Marine Radar
- Fish Finders
- AIS and VHF Transceiver
- Chart-plotters
- Others
- Ship
- Remotely Operated Underwater Vehicle
- Autonomous Underwater Vehicle
- Others
- Defense
- Commercial
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Marine Navigation System Market Growth Drivers- Rise in Use of Automated Systems in Marine Navigation: Advances in technology have also influenced how marine navigation systems are designed and deployed. In the past years, complexities surrounding the navigation of vessels have been addressed by the use of automated navigation systems. Such systems have been incorporated in vessels in order to enhance their operational capacity. Similarly, it is expected that in the near future, these systems will be pervasive in the marine operating environment, integrated in most vessels. Marine navigation systems utilizing automation and augmented reality have also been developed for land-based systems. While still in use in many vessels, it has also been adopted and introduced in ships but due to vessels being more susceptible to collisions and more complex environments.
- Growth in Global Maritime Trade and Fleet Expansion: The increasing global demand for goods and services has led to a steady rise in maritime trade, which is a critical driver for the marine navigation system market. With more vessels in operation and expanding shipping lanes, there is a growing need for advanced navigation systems to ensure safe and efficient travel. The demand for navigation technologies will continue to rise as both commercial and military fleets grow, requiring improved accuracy and reliability in navigation systems.
- Switching Towards GCC based Solutions and Adaptation Towards more Stable Payment Systems for the Services Rendered in the Navigation Systems Market: Due to global requirements, a standard has been created through the International Bureau of Standards (IBS) in association with other cross referential bodies within the maritime sector. However, navigation systems have evolved over time to incorporate new trends including advanced information and communication’s technology (ICT). This can be attributed to increasing concerns and criticism from policy makers over the monetary support provided to the company. Although such systems are popular in the US military, they have been banned or their use is severely controlled in Europe. Most countries strictly compiled to avoid wasting public funds by financing poorly performing organizations.
- Growth of Satellite-based Navigation Systems (GNSS): Satellite-based navigation systems like GPS and GLONASS (Global Navigation Satellite System) are increasingly becoming essential for accurate marine navigation. Future trends indicate further developments in these systems, including the integration of multi-constellation GNSS technology, which uses multiple satellite constellations to improve positioning accuracy and reliability. The continuous improvement in satellite communication and tracking systems will make navigation more precise and reliable, especially in remote maritime regions.
- Compliance in Development and Implementation of Marine Navigation Systems: Various stakeholders such as operators, buyers and regulators require marine navigation systems to be developed and implemented with safety considerations in mind owing to the activities that take place in a marine environment. For example, the need to consider the implications of such systems on existing maritime traffic will always be a possibility. In this regard, it would be possible for such systems to be able to forecast complicating factors like the presence of entities such as oil rigs, which may restrict the routes accessible to vessels trying to ply their trade. It is in light of such circumstances that there is a high possibility of congestion which arises as a result of barriers created by geographical and infrastructural features. Hence the need to incorporate advanced features in newly developed navigation systems.
- Rising Demand for Retrofit and Upgradation of Existing Systems: As older vessels continue to operate worldwide, there is a significant opportunity for upgrading or retrofitting existing navigation systems. Shipping companies are increasingly investing in modern navigation solutions to comply with new regulations, improve operational efficiency, and enhance safety. Offering retrofit services to upgrade legacy systems with more advanced technologies, such as AIS, radar, and integrated GPS systems, represents a major opportunity for market players.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Marine Navigation System 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 Marine Navigation System 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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- 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.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The major players in the market includes Elcome International LLC, FLIR Systems, Garmin Ltd., Icom America Inc., Kongsberg Maritime, Navico, Northrop Grumman, Sperry Marine B.V., Raytheon Ansch, Satcom Global
High manufacturing cost of the marine navigation system hinders the market growth.
The Marine Navigation System Market is estimated to witness a CAGR of 5.8% from 2023 to 2031
The major factors driving the marine navigation system market are: Rising demand for improved security in the marine sector drives the market growth.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Marine Navigation System Market - By Type
1.3.2 Marine Navigation System Market - By Application
1.3.3 Marine Navigation System Market - By End-use
1.3.4 Marine Navigation System Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MARINE NAVIGATION SYSTEM MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. MARINE NAVIGATION SYSTEM 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. MARINE NAVIGATION SYSTEM MARKET - GLOBAL MARKET ANALYSIS
6.1. MARINE NAVIGATION SYSTEM - GLOBAL MARKET OVERVIEW
6.2. MARINE NAVIGATION SYSTEM - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. MARINE NAVIGATION SYSTEM MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. MARINE RADAR
7.3.1. Overview
7.3.2. Marine Radar Market Forecast and Analysis
7.4. FISH FINDERS
7.4.1. Overview
7.4.2. Fish Finders Market Forecast and Analysis
7.5. AIS (AUTOMATIC IDENTIFICATION SYSTEM) AND VHF TRANSCEIVER
7.5.1. Overview
7.5.2. AIS (Automatic Identification System) and VHF Transceiver Market Forecast and Analysis
7.6. CHART-PLOTTERS
7.6.1. Overview
7.6.2. Chart-plotters Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. MARINE NAVIGATION SYSTEM MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. SHIP
8.3.1. Overview
8.3.2. Ship Market Forecast and Analysis
8.4. REMOTELY OPERATED UNDERWATER VEHICLE
8.4.1. Overview
8.4.2. Remotely Operated Underwater Vehicle Market Forecast and Analysis
8.5. AUTONOMOUS UNDERWATER VEHICLE
8.5.1. Overview
8.5.2. Autonomous Underwater Vehicle Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. MARINE NAVIGATION SYSTEM MARKET - REVENUE AND FORECASTS TO 2028 - END-USE
9.1. OVERVIEW
9.2. END-USE MARKET FORECASTS AND ANALYSIS
9.3. DEFENSE
9.3.1. Overview
9.3.2. Defense Market Forecast and Analysis
9.4. COMMERCIAL
9.4.1. Overview
9.4.2. Commercial Market Forecast and Analysis
10. MARINE NAVIGATION SYSTEM MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Marine Navigation System Market Overview
10.1.2 North America Marine Navigation System Market Forecasts and Analysis
10.1.3 North America Marine Navigation System Market Forecasts and Analysis - By Type
10.1.4 North America Marine Navigation System Market Forecasts and Analysis - By Application
10.1.5 North America Marine Navigation System Market Forecasts and Analysis - By End-use
10.1.6 North America Marine Navigation System Market Forecasts and Analysis - By Countries
10.1.6.1 United States Marine Navigation System Market
10.1.6.1.1 United States Marine Navigation System Market by Type
10.1.6.1.2 United States Marine Navigation System Market by Application
10.1.6.1.3 United States Marine Navigation System Market by End-use
10.1.6.2 Canada Marine Navigation System Market
10.1.6.2.1 Canada Marine Navigation System Market by Type
10.1.6.2.2 Canada Marine Navigation System Market by Application
10.1.6.2.3 Canada Marine Navigation System Market by End-use
10.1.6.3 Mexico Marine Navigation System Market
10.1.6.3.1 Mexico Marine Navigation System Market by Type
10.1.6.3.2 Mexico Marine Navigation System Market by Application
10.1.6.3.3 Mexico Marine Navigation System Market by End-use
10.2. EUROPE
10.2.1 Europe Marine Navigation System Market Overview
10.2.2 Europe Marine Navigation System Market Forecasts and Analysis
10.2.3 Europe Marine Navigation System Market Forecasts and Analysis - By Type
10.2.4 Europe Marine Navigation System Market Forecasts and Analysis - By Application
10.2.5 Europe Marine Navigation System Market Forecasts and Analysis - By End-use
10.2.6 Europe Marine Navigation System Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Marine Navigation System Market
10.2.6.1.1 Germany Marine Navigation System Market by Type
10.2.6.1.2 Germany Marine Navigation System Market by Application
10.2.6.1.3 Germany Marine Navigation System Market by End-use
10.2.6.2 France Marine Navigation System Market
10.2.6.2.1 France Marine Navigation System Market by Type
10.2.6.2.2 France Marine Navigation System Market by Application
10.2.6.2.3 France Marine Navigation System Market by End-use
10.2.6.3 Italy Marine Navigation System Market
10.2.6.3.1 Italy Marine Navigation System Market by Type
10.2.6.3.2 Italy Marine Navigation System Market by Application
10.2.6.3.3 Italy Marine Navigation System Market by End-use
10.2.6.4 United Kingdom Marine Navigation System Market
10.2.6.4.1 United Kingdom Marine Navigation System Market by Type
10.2.6.4.2 United Kingdom Marine Navigation System Market by Application
10.2.6.4.3 United Kingdom Marine Navigation System Market by End-use
10.2.6.5 Russia Marine Navigation System Market
10.2.6.5.1 Russia Marine Navigation System Market by Type
10.2.6.5.2 Russia Marine Navigation System Market by Application
10.2.6.5.3 Russia Marine Navigation System Market by End-use
10.2.6.6 Rest of Europe Marine Navigation System Market
10.2.6.6.1 Rest of Europe Marine Navigation System Market by Type
10.2.6.6.2 Rest of Europe Marine Navigation System Market by Application
10.2.6.6.3 Rest of Europe Marine Navigation System Market by End-use
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Marine Navigation System Market Overview
10.3.2 Asia-Pacific Marine Navigation System Market Forecasts and Analysis
10.3.3 Asia-Pacific Marine Navigation System Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Marine Navigation System Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Marine Navigation System Market Forecasts and Analysis - By End-use
10.3.6 Asia-Pacific Marine Navigation System Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Marine Navigation System Market
10.3.6.1.1 Australia Marine Navigation System Market by Type
10.3.6.1.2 Australia Marine Navigation System Market by Application
10.3.6.1.3 Australia Marine Navigation System Market by End-use
10.3.6.2 China Marine Navigation System Market
10.3.6.2.1 China Marine Navigation System Market by Type
10.3.6.2.2 China Marine Navigation System Market by Application
10.3.6.2.3 China Marine Navigation System Market by End-use
10.3.6.3 India Marine Navigation System Market
10.3.6.3.1 India Marine Navigation System Market by Type
10.3.6.3.2 India Marine Navigation System Market by Application
10.3.6.3.3 India Marine Navigation System Market by End-use
10.3.6.4 Japan Marine Navigation System Market
10.3.6.4.1 Japan Marine Navigation System Market by Type
10.3.6.4.2 Japan Marine Navigation System Market by Application
10.3.6.4.3 Japan Marine Navigation System Market by End-use
10.3.6.5 South Korea Marine Navigation System Market
10.3.6.5.1 South Korea Marine Navigation System Market by Type
10.3.6.5.2 South Korea Marine Navigation System Market by Application
10.3.6.5.3 South Korea Marine Navigation System Market by End-use
10.3.6.6 Rest of Asia-Pacific Marine Navigation System Market
10.3.6.6.1 Rest of Asia-Pacific Marine Navigation System Market by Type
10.3.6.6.2 Rest of Asia-Pacific Marine Navigation System Market by Application
10.3.6.6.3 Rest of Asia-Pacific Marine Navigation System Market by End-use
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Marine Navigation System Market Overview
10.4.2 Middle East and Africa Marine Navigation System Market Forecasts and Analysis
10.4.3 Middle East and Africa Marine Navigation System Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Marine Navigation System Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Marine Navigation System Market Forecasts and Analysis - By End-use
10.4.6 Middle East and Africa Marine Navigation System Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Marine Navigation System Market
10.4.6.1.1 South Africa Marine Navigation System Market by Type
10.4.6.1.2 South Africa Marine Navigation System Market by Application
10.4.6.1.3 South Africa Marine Navigation System Market by End-use
10.4.6.2 Saudi Arabia Marine Navigation System Market
10.4.6.2.1 Saudi Arabia Marine Navigation System Market by Type
10.4.6.2.2 Saudi Arabia Marine Navigation System Market by Application
10.4.6.2.3 Saudi Arabia Marine Navigation System Market by End-use
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Marine Navigation System Market Overview
10.5.2 South and Central America Marine Navigation System Market Forecasts and Analysis
10.5.3 South and Central America Marine Navigation System Market Forecasts and Analysis - By Type
10.5.4 South and Central America Marine Navigation System Market Forecasts and Analysis - By Application
10.5.5 South and Central America Marine Navigation System Market Forecasts and Analysis - By End-use
10.5.6 South and Central America Marine Navigation System Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Marine Navigation System Market
10.5.6.1.1 Brazil Marine Navigation System Market by Type
10.5.6.1.2 Brazil Marine Navigation System Market by Application
10.5.6.1.3 Brazil Marine Navigation System Market by End-use
10.5.6.2 Argentina Marine Navigation System Market
10.5.6.2.1 Argentina Marine Navigation System Market by Type
10.5.6.2.2 Argentina Marine Navigation System Market by Application
10.5.6.2.3 Argentina Marine Navigation System Market by End-use
10.5.6.3 Rest of South and Central America Marine Navigation System Market
10.5.6.3.1 Rest of South and Central America Marine Navigation System Market by Type
10.5.6.3.2 Rest of South and Central America Marine Navigation System Market by Application
10.5.6.3.3 Rest of South and Central America Marine Navigation System Market by End-use
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. MARINE NAVIGATION SYSTEM MARKET, KEY COMPANY PROFILES
12.1. ELCOME INTERNATIONAL LLC
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. FLIR SYSTEMS
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. GARMIN LTD.
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. ICOM AMERICA INC.
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. KONGSBERG MARITIME
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. NAVICO
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. NORTHROP GRUMMAN SPERRY MARINE B.V.
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. RAYTHEON ANSCH
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. SATCOM GLOBAL
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. WEST MARINE
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.Elcome International LLC
2.FLIR Systems
3.Garmin Ltd.
4.Icom America Inc.
5.Kongsberg Maritime
6.Navico
7.Northrop Grumman Sperry Marine B.V.
8.Raytheon Ansch
9.Satcom Global
10.West Marine
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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