The Marine VFD Market is expected to register a CAGR of 4.4% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Type (AC Drive, DC Drive); Voltage (Low Voltage Drive(Upto 1000 V), Medium Voltage Drive (Above 1000 V)); Application (Compressor, Crane and Hoist, Pump, Fan, Propulsion). 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 Marine VFD 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 VFD Market Segmentation
Type- AC Drive
- DC Drive
- Low Voltage Drive
- Medium Voltage Drive
- Compressor
- Crane and Hoist
- Pump
- Fan
- Propulsion
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Marine VFD Market Growth Drivers- Demand for Energy Efficiency and Cost Savings: Marine ships are heavily energy reliant with most of this energy consumed in the form of fuel. The maritime industry has been on the lookout for ways to cut down the operational cost and improve energy efficiency hence the necessity to use VFDs has increased tremendously. VFDs allow for accurate motor control thereby lowering the energy used while driving auxiliary systems like pumps, fans, and air conditioning units. The increase of attention towards reducing fuel consumption practices is stimulating the demand for VFDs which reduce the engine load and consequently reduction of the fuel burn rate particularly during non steady operational modes.
- Growing Demand for Cruise Ships and Luxury Yachts: The increasing need for cruise ships, for luxury yachts as well as passenger boats, has led to the enhancement of sophisticated propulsion and auxiliary systems, one of them being Variable Frequency Drives. VFDs help improve comfort levels by accurately controlling ventilation and air conditioning and also water pumps which improves energy consumption, the experience of passengers and airline operational performance as a whole.
- Increasing Adoption of Automation in the Maritime Industry: As the sector for autonomous ships and remote-controlled vessels is gaining ground, the need for advanced marine VFDs is further pushed. These vessels are designed in such a way that the control of the propulsion and energy systems as well as the auxiliary equipment is very precise in order to achieve the best results while consuming the least amount of fuel possible during usage. VFDs are important industrial equipment used in the automation systems of ships designed to regulate and control the operations of various onboard systems including ballast, cargo operations, air conditioning, and others.
- Focus on Compact and Robust Designs: Another key trend in the marine VFD market is the development of more compact and robust VFD designs. Marine environments are harsh, with high humidity, saltwater exposure, and temperature variations, making the durability and reliability of VFDs crucial. Manufacturers are focusing on creating smaller, more durable VFDs that can withstand these challenging conditions while also providing enhanced energy efficiency. These compact VFDs are being increasingly used in space-constrained vessels like luxury yachts, small ferries, and offshore service vessels, where both size and performance are critical.
- Growth of Hybrid and Electric Marine Vessels: The rise of hybrid and fully electric marine vessels presents a significant opportunity for the marine VFD market. Hybrid propulsion systems, which combine traditional fuel engines with electric motors powered by batteries, rely heavily on VFDs to manage and control the power distribution between different sources. With the marine industry increasingly adopting hybrid and electric technologies to reduce carbon footprints and improve fuel efficiency, VFDs are crucial for ensuring the optimal performance of these systems. Manufacturers of marine VFDs can seize the opportunity to supply advanced solutions for this growing market.
- Expansion of Offshore Renewable Energy Projects: The growth of offshore renewable energy projects, such as wind farms and floating solar platforms, creates a new opportunity for marine VFDs. These renewable energy installations often require complex motor systems to handle operations like positioning, turbines, and power transmission. VFDs play a critical role in managing motor speed and optimizing energy consumption for these systems, especially in offshore applications where environmental conditions can be challenging. The expanding offshore renewable energy sector offers a significant growth area for marine VFD suppliers.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Marine VFD 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 VFD 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
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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
Increasing Adoption of Automation in the Maritime Industry is anticipated to play a significant role in the global Marine VFD market in the coming years
The major factors driving the Marine VFD market are Demand for Energy Efficiency and Growing Demand for Cruise Ships and Luxury Yachts.
The Marine VFD Market is estimated to witness a CAGR of 4.4% from 2023 to 2031
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TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Marine VFD Market - By Type
1.3.2 Marine VFD Market - By Voltage
1.3.3 Marine VFD Market - By Application
1.3.4 Marine VFD Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MARINE VFD MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. MARINE VFD 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. MARINE VFD MARKET - GLOBAL MARKET ANALYSIS
6.1. MARINE VFD - GLOBAL MARKET OVERVIEW
6.2. MARINE VFD - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. MARINE VFD MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. AC DRIVE
7.3.1. Overview
7.3.2. AC Drive Market Forecast and Analysis
7.4. DC DRIVE
7.4.1. Overview
7.4.2. DC Drive Market Forecast and Analysis
8. MARINE VFD MARKET - REVENUE AND FORECASTS TO 2028 - VOLTAGE
8.1. OVERVIEW
8.2. VOLTAGE MARKET FORECASTS AND ANALYSIS
8.3. LOW VOLTAGE DRIVE(UPTO 1000 V)
8.3.1. Overview
8.3.2. Low Voltage Drive(Upto 1000 V) Market Forecast and Analysis
8.4. MEDIUM VOLTAGE DRIVE (ABOVE 1000 V)
8.4.1. Overview
8.4.2. Medium Voltage Drive (Above 1000 V) Market Forecast and Analysis
9. MARINE VFD MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. COMPRESSOR
9.3.1. Overview
9.3.2. Compressor Market Forecast and Analysis
9.4. CRANE AND HOIST
9.4.1. Overview
9.4.2. Crane and Hoist Market Forecast and Analysis
9.5. PUMP
9.5.1. Overview
9.5.2. Pump Market Forecast and Analysis
9.6. FAN
9.6.1. Overview
9.6.2. Fan Market Forecast and Analysis
9.7. PROPULSION
9.7.1. Overview
9.7.2. Propulsion Market Forecast and Analysis
10. MARINE VFD MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Marine VFD Market Overview
10.1.2 North America Marine VFD Market Forecasts and Analysis
10.1.3 North America Marine VFD Market Forecasts and Analysis - By Type
10.1.4 North America Marine VFD Market Forecasts and Analysis - By Voltage
10.1.5 North America Marine VFD Market Forecasts and Analysis - By Application
10.1.6 North America Marine VFD Market Forecasts and Analysis - By Countries
10.1.6.1 United States Marine VFD Market
10.1.6.1.1 United States Marine VFD Market by Type
10.1.6.1.2 United States Marine VFD Market by Voltage
10.1.6.1.3 United States Marine VFD Market by Application
10.1.6.2 Canada Marine VFD Market
10.1.6.2.1 Canada Marine VFD Market by Type
10.1.6.2.2 Canada Marine VFD Market by Voltage
10.1.6.2.3 Canada Marine VFD Market by Application
10.1.6.3 Mexico Marine VFD Market
10.1.6.3.1 Mexico Marine VFD Market by Type
10.1.6.3.2 Mexico Marine VFD Market by Voltage
10.1.6.3.3 Mexico Marine VFD Market by Application
10.2. EUROPE
10.2.1 Europe Marine VFD Market Overview
10.2.2 Europe Marine VFD Market Forecasts and Analysis
10.2.3 Europe Marine VFD Market Forecasts and Analysis - By Type
10.2.4 Europe Marine VFD Market Forecasts and Analysis - By Voltage
10.2.5 Europe Marine VFD Market Forecasts and Analysis - By Application
10.2.6 Europe Marine VFD Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Marine VFD Market
10.2.6.1.1 Germany Marine VFD Market by Type
10.2.6.1.2 Germany Marine VFD Market by Voltage
10.2.6.1.3 Germany Marine VFD Market by Application
10.2.6.2 France Marine VFD Market
10.2.6.2.1 France Marine VFD Market by Type
10.2.6.2.2 France Marine VFD Market by Voltage
10.2.6.2.3 France Marine VFD Market by Application
10.2.6.3 Italy Marine VFD Market
10.2.6.3.1 Italy Marine VFD Market by Type
10.2.6.3.2 Italy Marine VFD Market by Voltage
10.2.6.3.3 Italy Marine VFD Market by Application
10.2.6.4 United Kingdom Marine VFD Market
10.2.6.4.1 United Kingdom Marine VFD Market by Type
10.2.6.4.2 United Kingdom Marine VFD Market by Voltage
10.2.6.4.3 United Kingdom Marine VFD Market by Application
10.2.6.5 Russia Marine VFD Market
10.2.6.5.1 Russia Marine VFD Market by Type
10.2.6.5.2 Russia Marine VFD Market by Voltage
10.2.6.5.3 Russia Marine VFD Market by Application
10.2.6.6 Rest of Europe Marine VFD Market
10.2.6.6.1 Rest of Europe Marine VFD Market by Type
10.2.6.6.2 Rest of Europe Marine VFD Market by Voltage
10.2.6.6.3 Rest of Europe Marine VFD Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Marine VFD Market Overview
10.3.2 Asia-Pacific Marine VFD Market Forecasts and Analysis
10.3.3 Asia-Pacific Marine VFD Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Marine VFD Market Forecasts and Analysis - By Voltage
10.3.5 Asia-Pacific Marine VFD Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Marine VFD Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Marine VFD Market
10.3.6.1.1 Australia Marine VFD Market by Type
10.3.6.1.2 Australia Marine VFD Market by Voltage
10.3.6.1.3 Australia Marine VFD Market by Application
10.3.6.2 China Marine VFD Market
10.3.6.2.1 China Marine VFD Market by Type
10.3.6.2.2 China Marine VFD Market by Voltage
10.3.6.2.3 China Marine VFD Market by Application
10.3.6.3 India Marine VFD Market
10.3.6.3.1 India Marine VFD Market by Type
10.3.6.3.2 India Marine VFD Market by Voltage
10.3.6.3.3 India Marine VFD Market by Application
10.3.6.4 Japan Marine VFD Market
10.3.6.4.1 Japan Marine VFD Market by Type
10.3.6.4.2 Japan Marine VFD Market by Voltage
10.3.6.4.3 Japan Marine VFD Market by Application
10.3.6.5 South Korea Marine VFD Market
10.3.6.5.1 South Korea Marine VFD Market by Type
10.3.6.5.2 South Korea Marine VFD Market by Voltage
10.3.6.5.3 South Korea Marine VFD Market by Application
10.3.6.6 Rest of Asia-Pacific Marine VFD Market
10.3.6.6.1 Rest of Asia-Pacific Marine VFD Market by Type
10.3.6.6.2 Rest of Asia-Pacific Marine VFD Market by Voltage
10.3.6.6.3 Rest of Asia-Pacific Marine VFD Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Marine VFD Market Overview
10.4.2 Middle East and Africa Marine VFD Market Forecasts and Analysis
10.4.3 Middle East and Africa Marine VFD Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Marine VFD Market Forecasts and Analysis - By Voltage
10.4.5 Middle East and Africa Marine VFD Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Marine VFD Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Marine VFD Market
10.4.6.1.1 South Africa Marine VFD Market by Type
10.4.6.1.2 South Africa Marine VFD Market by Voltage
10.4.6.1.3 South Africa Marine VFD Market by Application
10.4.6.2 Saudi Arabia Marine VFD Market
10.4.6.2.1 Saudi Arabia Marine VFD Market by Type
10.4.6.2.2 Saudi Arabia Marine VFD Market by Voltage
10.4.6.2.3 Saudi Arabia Marine VFD Market by Application
10.4.6.3 U.A.E Marine VFD Market
10.4.6.3.1 U.A.E Marine VFD Market by Type
10.4.6.3.2 U.A.E Marine VFD Market by Voltage
10.4.6.3.3 U.A.E Marine VFD Market by Application
10.4.6.4 Rest of Middle East and Africa Marine VFD Market
10.4.6.4.1 Rest of Middle East and Africa Marine VFD Market by Type
10.4.6.4.2 Rest of Middle East and Africa Marine VFD Market by Voltage
10.4.6.4.3 Rest of Middle East and Africa Marine VFD Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Marine VFD Market Overview
10.5.2 South and Central America Marine VFD Market Forecasts and Analysis
10.5.3 South and Central America Marine VFD Market Forecasts and Analysis - By Type
10.5.4 South and Central America Marine VFD Market Forecasts and Analysis - By Voltage
10.5.5 South and Central America Marine VFD Market Forecasts and Analysis - By Application
10.5.6 South and Central America Marine VFD Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Marine VFD Market
10.5.6.1.1 Brazil Marine VFD Market by Type
10.5.6.1.2 Brazil Marine VFD Market by Voltage
10.5.6.1.3 Brazil Marine VFD Market by Application
10.5.6.2 Argentina Marine VFD Market
10.5.6.2.1 Argentina Marine VFD Market by Type
10.5.6.2.2 Argentina Marine VFD Market by Voltage
10.5.6.2.3 Argentina Marine VFD Market by Application
10.5.6.3 Rest of South and Central America Marine VFD Market
10.5.6.3.1 Rest of South and Central America Marine VFD Market by Type
10.5.6.3.2 Rest of South and Central America Marine VFD Market by Voltage
10.5.6.3.3 Rest of South and Central America Marine VFD Market by Application
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 VFD MARKET, KEY COMPANY PROFILES
12.1. ABB LTD.
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. CG POWER AND INDUSTRIAL SOLUTIONS LIMITED
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. DANFOSS A/S
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. EATON CORPORATION
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. GE POWER CONVERSION
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. INVERTEK DRIVES LTD.
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. MITSUBISHI ELECTRIC CORPORATION
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. PARKER HANNIFIN CORP
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. ROCKWELL AUTOMATION, INC.
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. SIEMENS AG
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. ABB Ltd.
2. CG Power and Industrial Solutions Limited
3. Danfoss A/S
4. Eaton Corporation
5. GE Power Conversion
6. Invertek Drives Ltd.
7. Mitsubishi Electric Corporation
8. Parker Hannifin Corp
9. Rockwell Automation, Inc.
10. Siemens AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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