Military Fuel Cells Market SWOT Analysis by 2031
The application of advanced power supply system is increasing with a significant rise in advanced military equipment and weapon developments. The growth in the modern military vehicles and weapons market will ultimately drive the growth for fuel cell technologies. A fuel cell is an electrochemical cell which converts the chemical energy of the fuel (often hydrogen) and the oxidizing agent (often oxygen) into electricity through a pair of redox reactions. The major potential application for the fuel cells in military are hybrid electric vehicles and man-portable power. In addition, the rising demand for UAVs in military operations has created significant demand for the fuel cells. Companies such as General Motors (GM) defense, Bloom Energy, and Cummins Inc., among others are strongly developing the technology meeting customers demand.
MARKET SCOPE
The "Global Military Fuel Cells Market Analysis to 2031" is a specialized and in-depth study of the aerospace and defense industry with a special focus on the global market trend analysis. The report aims to provide an overview of the Military fuel cells market with detailed market segmentation by UAV type, battery type, and geography. The report provides key statistics on the market status of the leading Military fuel cells market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of UAV type, the market is segmented as Low-Altitude Long Endurance (LALE), Medium-Altitude Long Endurance (MALE), High-Altitude Long Endurance (HALE).
- On the basis of battery type, the market is segmented as fuel cell, lithium-ion, nickel cadmium, and lithium polymer.
MARKET DYNAMICS
Drivers:
- Recent advancements in technologies and the growing adoption of UAV in military operations drives the market growth.
- The increasing R&D investment for the development of wearable power systems to soldier's have boosted the market growth.
Restraints:
- High initial investment costs and lack of supporting hydrogen delivery infrastructure may restrain the growth of the military fuel cells market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Military fuel cells market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive Porter's Five Forces analysis, highlighting the factors affecting the Military fuel cells market in these regions
IMPACT OF COVID-19 ON MILITARY FUEL CELLS MARKET
The COVID - 19 pandemic has a negative impact on the growth of aerospace, defense, and military industries. Military fuel cell market also witnessed significant loss due to lower production activities and less investment in the new technology development. However, the fuel cell production started to recover with re-opening production facilities, which enhanced the market growth. Also, increasing investment by various governments to strengthen and advance the military vehicles and forces is bolstering the market growth. Thus, the market has minimal impact of COVID - 19 in year 2021, while from year 2021 market can expect promising growth with rising demand for advanced technology from military industry.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Military fuel cells market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive Porter's Five Forces analysis, highlighting the factors affecting the Military fuel cells market in these regions
IMPACT OF COVID-19 ON MILITARY FUEL CELLS MARKET
The COVID - 19 pandemic has a negative impact on the growth of aerospace, defense, and military industries. Military fuel cell market also witnessed significant loss due to lower production activities and less investment in the new technology development. However, the fuel cell production started to recover with re-opening production facilities, which enhanced the market growth. Also, increasing investment by various governments to strengthen and advance the military vehicles and forces is bolstering the market growth. Thus, the market has minimal impact of COVID - 19 in year 2021, while from year 2021 market can expect promising growth with rising demand for advanced technology from military industry.
MARKET PLAYERS
The report covers key developments in the Military fuel cells market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Military fuel cells market are anticipated to lucrative growth opportunities in the future with the rising demand for Military fuel cells in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Military fuel cells market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Advent Technologies
- AFC Energy PLC
- Ballard Power Systems.
- Bloom Energy
- Cummins Inc.,
- Doosan Fuel Cell Co., Ltd.
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- PLUG POWER INC.
- SFC Energy AG
- TW Horizon Fuel Cell Technologies
- 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.
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Military Fuel Cells Market - By Type
1.3.2Military Fuel Cells Market - By System
1.3.3Military Fuel Cells Market - By Platform
1.3.4Military Fuel Cells Market - By Region
1.3.4.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.MILITARY FUEL CELLS MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PORTER'S FIVE FORCES ANALYSIS
4.2.1Bargaining Power of Buyers
4.2.1Bargaining Power of Suppliers
4.2.1Threat of Substitute
4.2.1Threat of New Entrants
4.2.1Competitive Rivalry
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.MILITARY FUEL CELLS 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.MILITARY FUEL CELLS MARKET - GLOBAL MARKET ANALYSIS
6.1.MILITARY FUEL CELLS - GLOBAL MARKET OVERVIEW
6.2.MILITARY FUEL CELLS - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.MILITARY FUEL CELLS MARKET - REVENUE AND FORECASTS TO 2028 â" TYPE
7.1.OVERVIEW
7.2.TYPE MARKET FORECASTS AND ANALYSIS
7.3.PEMFC (PROTON EXCHANGE MEMBRANE)
7.3.1.Overview
7.3.2.PEMFC (Proton Exchange Membrane) Market Forecast and Analysis
7.4.PAFC (PHOSPHORIC ACID FUEL CELL)
7.4.1.Overview
7.4.2.PAFC (Phosphoric acid fuel cell) Market Forecast and Analysis
7.5.SOFC (SOLID OXIDE FUEL CELLS)
7.5.1.Overview
7.5.2.SOFC (Solid Oxide Fuel Cells) Market Forecast and Analysis
7.6.MCFC (MOLTEN CARBONATE FUEL CELLS)
7.6.1.Overview
7.6.2.MCFC (Molten Carbonate Fuel Cells) Market Forecast and Analysis
7.7.OTHERS
7.7.1.Overview
7.7.2.Others Market Forecast and Analysis
8.MILITARY FUEL CELLS MARKET - REVENUE AND FORECASTS TO 2028 â" SYSTEM
8.1.OVERVIEW
8.2.SYSTEM MARKET FORECASTS AND ANALYSIS
8.3.COMPRESSOR
8.3.1.Overview
8.3.2.Compressor Market Forecast and Analysis
8.4.HEAT EXCHANGER
8.4.1.Overview
8.4.2.Heat Exchanger Market Forecast and Analysis
8.5.PUMPS
8.5.1.Overview
8.5.2.Pumps Market Forecast and Analysis
8.6.CONTROLLER
8.6.1.Overview
8.6.2.Controller Market Forecast and Analysis
8.7.OTHERS
8.7.1.Overview
8.7.2.Others Market Forecast and Analysis
9.MILITARY FUEL CELLS MARKET - REVENUE AND FORECASTS TO 2028 â" PLATFORM
9.1.OVERVIEW
9.2.PLATFORM MARKET FORECASTS AND ANALYSIS
9.3.AIRBORNE
9.3.1.Overview
9.3.2.Airborne Market Forecast and Analysis
9.4.GROUND
9.4.1.Overview
9.4.2.Ground Market Forecast and Analysis
10.MILITARY FUEL CELLS MARKET REVENUE AND FORECASTS TO 2028 â" GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Military Fuel Cells Market Overview
10.1.2North America Military Fuel Cells Market Forecasts and Analysis
10.1.3North America Military Fuel Cells Market Forecasts and Analysis - By Type
10.1.4North America Military Fuel Cells Market Forecasts and Analysis - By System
10.1.5North America Military Fuel Cells Market Forecasts and Analysis - By Platform
10.1.6North America Military Fuel Cells Market Forecasts and Analysis - By Countries
10.1.6.1United States Military Fuel Cells Market
10.1.6.1.1United States Military Fuel Cells Market by Type
10.1.6.1.2United States Military Fuel Cells Market by System
10.1.6.1.3United States Military Fuel Cells Market by Platform
10.1.6.2Canada Military Fuel Cells Market
10.1.6.2.1Canada Military Fuel Cells Market by Type
10.1.6.2.2Canada Military Fuel Cells Market by System
10.1.6.2.3Canada Military Fuel Cells Market by Platform
10.1.6.3Mexico Military Fuel Cells Market
10.1.6.3.1Mexico Military Fuel Cells Market by Type
10.1.6.3.2Mexico Military Fuel Cells Market by System
10.1.6.3.3Mexico Military Fuel Cells Market by Platform
10.2.EUROPE
10.2.1Europe Military Fuel Cells Market Overview
10.2.2Europe Military Fuel Cells Market Forecasts and Analysis
10.2.3Europe Military Fuel Cells Market Forecasts and Analysis - By Type
10.2.4Europe Military Fuel Cells Market Forecasts and Analysis - By System
10.2.5Europe Military Fuel Cells Market Forecasts and Analysis - By Platform
10.2.6Europe Military Fuel Cells Market Forecasts and Analysis - By Countries
10.2.6.1Germany Military Fuel Cells Market
10.2.6.1.1Germany Military Fuel Cells Market by Type
10.2.6.1.2Germany Military Fuel Cells Market by System
10.2.6.1.3Germany Military Fuel Cells Market by Platform
10.2.6.2France Military Fuel Cells Market
10.2.6.2.1France Military Fuel Cells Market by Type
10.2.6.2.2France Military Fuel Cells Market by System
10.2.6.2.3France Military Fuel Cells Market by Platform
10.2.6.3Italy Military Fuel Cells Market
10.2.6.3.1Italy Military Fuel Cells Market by Type
10.2.6.3.2Italy Military Fuel Cells Market by System
10.2.6.3.3Italy Military Fuel Cells Market by Platform
10.2.6.4United Kingdom Military Fuel Cells Market
10.2.6.4.1United Kingdom Military Fuel Cells Market by Type
10.2.6.4.2United Kingdom Military Fuel Cells Market by System
10.2.6.4.3United Kingdom Military Fuel Cells Market by Platform
10.2.6.5Russia Military Fuel Cells Market
10.2.6.5.1Russia Military Fuel Cells Market by Type
10.2.6.5.2Russia Military Fuel Cells Market by System
10.2.6.5.3Russia Military Fuel Cells Market by Platform
10.2.6.6Rest of Europe Military Fuel Cells Market
10.2.6.6.1Rest of Europe Military Fuel Cells Market by Type
10.2.6.6.2Rest of Europe Military Fuel Cells Market by System
10.2.6.6.3Rest of Europe Military Fuel Cells Market by Platform
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Military Fuel Cells Market Overview
10.3.2Asia-Pacific Military Fuel Cells Market Forecasts and Analysis
10.3.3Asia-Pacific Military Fuel Cells Market Forecasts and Analysis - By Type
10.3.4Asia-Pacific Military Fuel Cells Market Forecasts and Analysis - By System
10.3.5Asia-Pacific Military Fuel Cells Market Forecasts and Analysis - By Platform
10.3.6Asia-Pacific Military Fuel Cells Market Forecasts and Analysis - By Countries
10.3.6.1Australia Military Fuel Cells Market
10.3.6.1.1Australia Military Fuel Cells Market by Type
10.3.6.1.2Australia Military Fuel Cells Market by System
10.3.6.1.3Australia Military Fuel Cells Market by Platform
10.3.6.2China Military Fuel Cells Market
10.3.6.2.1China Military Fuel Cells Market by Type
10.3.6.2.2China Military Fuel Cells Market by System
10.3.6.2.3China Military Fuel Cells Market by Platform
10.3.6.3India Military Fuel Cells Market
10.3.6.3.1India Military Fuel Cells Market by Type
10.3.6.3.2India Military Fuel Cells Market by System
10.3.6.3.3India Military Fuel Cells Market by Platform
10.3.6.4Japan Military Fuel Cells Market
10.3.6.4.1Japan Military Fuel Cells Market by Type
10.3.6.4.2Japan Military Fuel Cells Market by System
10.3.6.4.3Japan Military Fuel Cells Market by Platform
10.3.6.5South Korea Military Fuel Cells Market
10.3.6.5.1South Korea Military Fuel Cells Market by Type
10.3.6.5.2South Korea Military Fuel Cells Market by System
10.3.6.5.3South Korea Military Fuel Cells Market by Platform
10.3.6.6Rest of Asia-Pacific Military Fuel Cells Market
10.3.6.6.1Rest of Asia-Pacific Military Fuel Cells Market by Type
10.3.6.6.2Rest of Asia-Pacific Military Fuel Cells Market by System
10.3.6.6.3Rest of Asia-Pacific Military Fuel Cells Market by Platform
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Military Fuel Cells Market Overview
10.4.2Middle East and Africa Military Fuel Cells Market Forecasts and Analysis
10.4.3Middle East and Africa Military Fuel Cells Market Forecasts and Analysis - By Type
10.4.4Middle East and Africa Military Fuel Cells Market Forecasts and Analysis - By System
10.4.5Middle East and Africa Military Fuel Cells Market Forecasts and Analysis - By Platform
10.4.6Middle East and Africa Military Fuel Cells Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Military Fuel Cells Market
10.4.6.1.1South Africa Military Fuel Cells Market by Type
10.4.6.1.2South Africa Military Fuel Cells Market by System
10.4.6.1.3South Africa Military Fuel Cells Market by Platform
10.4.6.2Saudi Arabia Military Fuel Cells Market
10.4.6.2.1Saudi Arabia Military Fuel Cells Market by Type
10.4.6.2.2Saudi Arabia Military Fuel Cells Market by System
10.4.6.2.3Saudi Arabia Military Fuel Cells Market by Platform
10.4.6.3U.A.E Military Fuel Cells Market
10.4.6.3.1U.A.E Military Fuel Cells Market by Type
10.4.6.3.2U.A.E Military Fuel Cells Market by System
10.4.6.3.3U.A.E Military Fuel Cells Market by Platform
10.4.6.4Rest of Middle East and Africa Military Fuel Cells Market
10.4.6.4.1Rest of Middle East and Africa Military Fuel Cells Market by Type
10.4.6.4.2Rest of Middle East and Africa Military Fuel Cells Market by System
10.4.6.4.3Rest of Middle East and Africa Military Fuel Cells Market by Platform
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Military Fuel Cells Market Overview
10.5.2South and Central America Military Fuel Cells Market Forecasts and Analysis
10.5.3South and Central America Military Fuel Cells Market Forecasts and Analysis - By Type
10.5.4South and Central America Military Fuel Cells Market Forecasts and Analysis - By System
10.5.5South and Central America Military Fuel Cells Market Forecasts and Analysis - By Platform
10.5.6South and Central America Military Fuel Cells Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Military Fuel Cells Market
10.5.6.1.1Brazil Military Fuel Cells Market by Type
10.5.6.1.2Brazil Military Fuel Cells Market by System
10.5.6.1.3Brazil Military Fuel Cells Market by Platform
10.5.6.2Rest of South and Central America Military Fuel Cells Market
10.5.6.2.1Rest of South and Central America Military Fuel Cells Market by Type
10.5.6.2.2Rest of South and Central America Military Fuel Cells Market by System
10.5.6.2.3Rest of South and Central America Military Fuel Cells Market by Platform
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.MILITARY FUEL CELLS MARKET, KEY COMPANY PROFILES
12.1.ADVENT TECHNOLOGIES
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.AFC ENERGY PLC
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.BALLARD POWER SYSTEMS.
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.BLOOM ENERGY
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.CUMMINS 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.DOOSAN FUEL CELL CO., 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 HEAVY INDUSTRIES, LTD.
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.PLUG POWER INC.
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.SFC ENERGY AG
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.TW HORIZON FUEL CELL TECHNOLOGIES
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.Advent Technologies
2.AFC Energy PLC
3.Ballard Power Systems.
4.Bloom Energy
5.Cummins Inc.,
6.Doosan Fuel Cell Co., Ltd.
7.MITSUBISHI HEAVY INDUSTRIES, LTD.
8.PLUG POWER INC.
9.SFC Energy AG
10.TW Horizon Fuel Cell Technologies
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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