Microgrid Controller Market - Size and Forecast [2024-2031]
The Microgrid Controller Market is expected to register a CAGR of 16.1% 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 Connectivity (Grid Connected and Off Grid), Components (Hardware, Software, and Services), Application (Government, Industrial, Commercial, Healthcare, Military and Defense, Educational Institutes, and Others). 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 Microgrid Controller 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.
Microgrid Controller Market Segmentation
Connectivity- Grid Connected and Off Grid
- Hardware
- Software
- Services
- Government
- Industrial
- Commercial
- Healthcare
- Military and Defense
- Educational Institutes
- Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Microgrid Controller Market Growth Drivers- Growing Demand for Renewable Energy Integration: The increasing reliance on renewable energy sources, such as solar and wind, is a key driver for the microgrid controller market. Microgrid controllers enable seamless integration of renewable energy into local grids by managing energy generation, storage, and distribution. As the global shift toward renewable energy accelerates, the need for efficient, autonomous energy management systems like microgrid controllers becomes critical to ensure grid stability and reliability.
- Need for Energy Independence and Resilience: The growing need for energy independence and resilience, especially in remote areas or regions with unreliable power grids, is driving the adoption of microgrids. These systems allow localized generation and storage of energy, reducing reliance on the main grid. Microgrid controllers enable real-time optimization and control, ensuring that local grids can operate efficiently during grid outages or emergencies.
- Shift Toward Distributed Energy Systems: A significant trend in the energy sector is the shift toward decentralized or distributed energy systems. Microgrids, supported by advanced controllers, are at the forefront of this movement, enabling local energy generation, consumption, and storage. This decentralization allows for more resilient, efficient, and sustainable energy solutions, driving the demand for microgrid controllers across residential, industrial, and commercial applications.
- Integration with IoT and AI Technologies: The integration of IoT (Internet of Things) and AI (artificial intelligence) technologies into microgrid controllers is gaining traction. These technologies enable advanced features like predictive maintenance, real-time data analytics, and adaptive energy management, which enhance microgrid performance and reliability. As these technologies continue to evolve, they will play a crucial role in optimizing energy usage and improving the efficiency of microgrids.
- Electrification of Remote and Rural Areas: Microgrid controllers present a major opportunity for electrification in remote and rural areas that are off the main grid. These areas can benefit from localized energy generation and storage systems, reducing dependency on traditional energy infrastructure. As governments and organizations focus on improving energy access in underserved regions, the demand for microgrid controllers is expected to rise.
- Adoption in Industrial and Commercial Applications: Industries and commercial establishments are increasingly adopting microgrid systems to improve energy efficiency, reduce costs, and enhance energy security. Microgrid controllers play a critical role in optimizing energy flows, enabling these sectors to harness renewable energy sources while ensuring a stable power supply. This growing trend offers significant market opportunities in industrial and commercial applications for microgrid controllers.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Microgrid Controller 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 Microgrid Controller 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
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
The Microgrid Controller Market is estimated to witness a CAGR of 16.1% from 2023 to 2031
Increasing frequency of natural disasters and grid outages, Rising demand for uninterrupted power supply in industrial applications, Government mandates and incentives for clean energy
Cloud-based microgrid controllers
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 Microgrid Controller Market - By Connectivity
1.3.2 Microgrid Controller Market - By Components
1.3.3 Microgrid Controller Market - By Application
1.3.4 Microgrid Controller Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. MICROGRID CONTROLLER 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. MICROGRID CONTROLLER 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. MICROGRID CONTROLLER MARKET - GLOBAL MARKET ANALYSIS
6.1. MICROGRID CONTROLLER - GLOBAL MARKET OVERVIEW
6.2. MICROGRID CONTROLLER - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. MICROGRID CONTROLLER MARKET - REVENUE AND FORECASTS TO 2028 - CONNECTIVITY
7.1. OVERVIEW
7.2. CONNECTIVITY MARKET FORECASTS AND ANALYSIS
7.3. GRID CONNECTED
7.3.1. Overview
7.3.2. Grid Connected Market Forecast and Analysis
7.4. OFF GRID
7.4.1. Overview
7.4.2. Off Grid Market Forecast and Analysis
8. MICROGRID CONTROLLER MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENTS
8.1. OVERVIEW
8.2. COMPONENTS MARKET FORECASTS AND ANALYSIS
8.3. HARDWARE
8.3.1. Overview
8.3.2. Hardware Market Forecast and Analysis
8.4. SOFTWARE
8.4.1. Overview
8.4.2. Software Market Forecast and Analysis
8.5. SERVICES
8.5.1. Overview
8.5.2. Services Market Forecast and Analysis
9. MICROGRID CONTROLLER MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. GOVERNMENT
9.3.1. Overview
9.3.2. Government Market Forecast and Analysis
9.4. INDUSTRIAL
9.4.1. Overview
9.4.2. Industrial Market Forecast and Analysis
9.5. COMMERCIAL
9.5.1. Overview
9.5.2. Commercial Market Forecast and Analysis
9.6. HEALTHCARE
9.6.1. Overview
9.6.2. Healthcare Market Forecast and Analysis
9.7. MILITARY AND DEFENSE
9.7.1. Overview
9.7.2. Military and Defense Market Forecast and Analysis
9.8. EDUCATIONAL INSTITUTES
9.8.1. Overview
9.8.2. Educational Institutes Market Forecast and Analysis
9.9. OTHERS
9.9.1. Overview
9.9.2. Others Market Forecast and Analysis
10. MICROGRID CONTROLLER MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Microgrid Controller Market Overview
10.1.2 North America Microgrid Controller Market Forecasts and Analysis
10.1.3 North America Microgrid Controller Market Forecasts and Analysis - By Connectivity
10.1.4 North America Microgrid Controller Market Forecasts and Analysis - By Components
10.1.5 North America Microgrid Controller Market Forecasts and Analysis - By Application
10.1.6 North America Microgrid Controller Market Forecasts and Analysis - By Countries
10.1.6.1 United States Microgrid Controller Market
10.1.6.1.1 United States Microgrid Controller Market by Connectivity
10.1.6.1.2 United States Microgrid Controller Market by Components
10.1.6.1.3 United States Microgrid Controller Market by Application
10.1.6.2 Canada Microgrid Controller Market
10.1.6.2.1 Canada Microgrid Controller Market by Connectivity
10.1.6.2.2 Canada Microgrid Controller Market by Components
10.1.6.2.3 Canada Microgrid Controller Market by Application
10.1.6.3 Mexico Microgrid Controller Market
10.1.6.3.1 Mexico Microgrid Controller Market by Connectivity
10.1.6.3.2 Mexico Microgrid Controller Market by Components
10.1.6.3.3 Mexico Microgrid Controller Market by Application
10.2. EUROPE
10.2.1 Europe Microgrid Controller Market Overview
10.2.2 Europe Microgrid Controller Market Forecasts and Analysis
10.2.3 Europe Microgrid Controller Market Forecasts and Analysis - By Connectivity
10.2.4 Europe Microgrid Controller Market Forecasts and Analysis - By Components
10.2.5 Europe Microgrid Controller Market Forecasts and Analysis - By Application
10.2.6 Europe Microgrid Controller Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Microgrid Controller Market
10.2.6.1.1 Germany Microgrid Controller Market by Connectivity
10.2.6.1.2 Germany Microgrid Controller Market by Components
10.2.6.1.3 Germany Microgrid Controller Market by Application
10.2.6.2 France Microgrid Controller Market
10.2.6.2.1 France Microgrid Controller Market by Connectivity
10.2.6.2.2 France Microgrid Controller Market by Components
10.2.6.2.3 France Microgrid Controller Market by Application
10.2.6.3 Italy Microgrid Controller Market
10.2.6.3.1 Italy Microgrid Controller Market by Connectivity
10.2.6.3.2 Italy Microgrid Controller Market by Components
10.2.6.3.3 Italy Microgrid Controller Market by Application
10.2.6.4 United Kingdom Microgrid Controller Market
10.2.6.4.1 United Kingdom Microgrid Controller Market by Connectivity
10.2.6.4.2 United Kingdom Microgrid Controller Market by Components
10.2.6.4.3 United Kingdom Microgrid Controller Market by Application
10.2.6.5 Russia Microgrid Controller Market
10.2.6.5.1 Russia Microgrid Controller Market by Connectivity
10.2.6.5.2 Russia Microgrid Controller Market by Components
10.2.6.5.3 Russia Microgrid Controller Market by Application
10.2.6.6 Rest of Europe Microgrid Controller Market
10.2.6.6.1 Rest of Europe Microgrid Controller Market by Connectivity
10.2.6.6.2 Rest of Europe Microgrid Controller Market by Components
10.2.6.6.3 Rest of Europe Microgrid Controller Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Microgrid Controller Market Overview
10.3.2 Asia-Pacific Microgrid Controller Market Forecasts and Analysis
10.3.3 Asia-Pacific Microgrid Controller Market Forecasts and Analysis - By Connectivity
10.3.4 Asia-Pacific Microgrid Controller Market Forecasts and Analysis - By Components
10.3.5 Asia-Pacific Microgrid Controller Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Microgrid Controller Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Microgrid Controller Market
10.3.6.1.1 Australia Microgrid Controller Market by Connectivity
10.3.6.1.2 Australia Microgrid Controller Market by Components
10.3.6.1.3 Australia Microgrid Controller Market by Application
10.3.6.2 China Microgrid Controller Market
10.3.6.2.1 China Microgrid Controller Market by Connectivity
10.3.6.2.2 China Microgrid Controller Market by Components
10.3.6.2.3 China Microgrid Controller Market by Application
10.3.6.3 India Microgrid Controller Market
10.3.6.3.1 India Microgrid Controller Market by Connectivity
10.3.6.3.2 India Microgrid Controller Market by Components
10.3.6.3.3 India Microgrid Controller Market by Application
10.3.6.4 Japan Microgrid Controller Market
10.3.6.4.1 Japan Microgrid Controller Market by Connectivity
10.3.6.4.2 Japan Microgrid Controller Market by Components
10.3.6.4.3 Japan Microgrid Controller Market by Application
10.3.6.5 South Korea Microgrid Controller Market
10.3.6.5.1 South Korea Microgrid Controller Market by Connectivity
10.3.6.5.2 South Korea Microgrid Controller Market by Components
10.3.6.5.3 South Korea Microgrid Controller Market by Application
10.3.6.6 Rest of Asia-Pacific Microgrid Controller Market
10.3.6.6.1 Rest of Asia-Pacific Microgrid Controller Market by Connectivity
10.3.6.6.2 Rest of Asia-Pacific Microgrid Controller Market by Components
10.3.6.6.3 Rest of Asia-Pacific Microgrid Controller Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Microgrid Controller Market Overview
10.4.2 Middle East and Africa Microgrid Controller Market Forecasts and Analysis
10.4.3 Middle East and Africa Microgrid Controller Market Forecasts and Analysis - By Connectivity
10.4.4 Middle East and Africa Microgrid Controller Market Forecasts and Analysis - By Components
10.4.5 Middle East and Africa Microgrid Controller Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Microgrid Controller Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Microgrid Controller Market
10.4.6.1.1 South Africa Microgrid Controller Market by Connectivity
10.4.6.1.2 South Africa Microgrid Controller Market by Components
10.4.6.1.3 South Africa Microgrid Controller Market by Application
10.4.6.2 Saudi Arabia Microgrid Controller Market
10.4.6.2.1 Saudi Arabia Microgrid Controller Market by Connectivity
10.4.6.2.2 Saudi Arabia Microgrid Controller Market by Components
10.4.6.2.3 Saudi Arabia Microgrid Controller Market by Application
10.4.6.3 U.A.E Microgrid Controller Market
10.4.6.3.1 U.A.E Microgrid Controller Market by Connectivity
10.4.6.3.2 U.A.E Microgrid Controller Market by Components
10.4.6.3.3 U.A.E Microgrid Controller Market by Application
10.4.6.4 Rest of Middle East and Africa Microgrid Controller Market
10.4.6.4.1 Rest of Middle East and Africa Microgrid Controller Market by Connectivity
10.4.6.4.2 Rest of Middle East and Africa Microgrid Controller Market by Components
10.4.6.4.3 Rest of Middle East and Africa Microgrid Controller Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Microgrid Controller Market Overview
10.5.2 South and Central America Microgrid Controller Market Forecasts and Analysis
10.5.3 South and Central America Microgrid Controller Market Forecasts and Analysis - By Connectivity
10.5.4 South and Central America Microgrid Controller Market Forecasts and Analysis - By Components
10.5.5 South and Central America Microgrid Controller Market Forecasts and Analysis - By Application
10.5.6 South and Central America Microgrid Controller Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Microgrid Controller Market
10.5.6.1.1 Brazil Microgrid Controller Market by Connectivity
10.5.6.1.2 Brazil Microgrid Controller Market by Components
10.5.6.1.3 Brazil Microgrid Controller Market by Application
10.5.6.2 Argentina Microgrid Controller Market
10.5.6.2.1 Argentina Microgrid Controller Market by Connectivity
10.5.6.2.2 Argentina Microgrid Controller Market by Components
10.5.6.2.3 Argentina Microgrid Controller Market by Application
10.5.6.3 Rest of South and Central America Microgrid Controller Market
10.5.6.3.1 Rest of South and Central America Microgrid Controller Market by Connectivity
10.5.6.3.2 Rest of South and Central America Microgrid Controller Market by Components
10.5.6.3.3 Rest of South and Central America Microgrid Controller 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. MICROGRID CONTROLLER MARKET, KEY COMPANY PROFILES
12.1. ABB GROUP
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. EATON CORPORATION
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. EMERSON ELECTRIC CO.
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. GENERAL ELECTRIC COMPANY
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. HONEYWELL INTERNATIONAL INC.
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. POWER ANALYTICS CORP (CAUSAM ENTERPRISES)
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. SANDC ELECTRIC COMPANY
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. SCHNEIDER ELECTRIC
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. SCHWEITZER ENGINEERING LABORATORIES, 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
1. ABB Group2. Eaton Corporation3. Emerson Electric Co.4. General Electric Company5. Honeywell International Inc.6. Power Analytics Corp (Causam Enterprises)7. SandC Electric Company8. Schneider Electric9. Schweitzer Engineering Laboratories, 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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