Natural Gas Fired Electricity Generation Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
The increased environmental concerns regarding the high carbon emissions from coal-based power generation plants have made natural gas-fired power plants a cleaner option for baseload power generation. Furthermore, supporting regulations and policies for power generation using natural gas is the main factor driving the market in some of the major countries around the world. The rise in the adoption of natural gas for electricity generation is considered a cleaner option for coal-based power generation, which will boost the market growth. Dropping costs of natural gas owing to the cost-effective production from some of the unconventional gas resources in a large quantity are assessed to strengthen the market growth in the forecast period.
MARKET SCOPE
The "Global Natural gas Fired Electricity Generation Market Analysis to 2031" is a specialized and in-depth study of the manufacturing and construction industry with a special focus on global market trend analysis. The report aims to provide an overview of the natural gas fired electricity generation market with detailed market segmentation by technology, end user, and geography. The global natural gas fired electricity generation market is expected to witness rapid growth during the forecast period. The report provides key statistics on the market status of the leading natural gas fired electricity generation market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global natural gas fired electricity generation market is segmented by technology, and end user.
MARKET DYNAMICS
Drivers-
Restrains
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 automotive connector's 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 trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive connector's market in these regions.
IMPACT OF COVID-19
The market has been severely affected owing to the COVID-19 outbreak. Electric power plants require a workforce and a continuous supply of natural gases. However, the Covid-19 pandemic has resulted in a lack of human resources. Additionally, service providers operating in the market, providing equipment, construction, and commissioning, were hit badly due to the proper shutdown of manufacturing hubs. Furthermore, due to end-use industries' closure, electricity demand has significantly dropped. Moreover, market players have reduced their expenditure on research and development amid the economic crisis. Nonetheless, the market is estimated to witness considerable growth over the next few years as the pandemic has increased energy consumption from residential sectors. However, in 2021, natural gas production in the United States was 9.8 billion cubic feet per day, a 10% increase from last year. The easy availability of a large amount of natural gas has increased its use in electricity generation. Natural gas is one of the major power-generating sources, occupying approximately 38% of total electricity production as of 2021. Furthermore, the government has taken necessary steps concerning regulations and policies to support the growth of natural gas as a power generation source in the country. Moreover, natural gas is currently the major power-generating fuel utilized in the country, accounting for around 38% in 2021. These factors will boost the growth of the market and also helps to recover from the covid-19 disruptions to some extent in the forecast period.
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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 automotive connector's 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 trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive connector's market in these regions.
IMPACT OF COVID-19
The market has been severely affected owing to the COVID-19 outbreak. Electric power plants require a workforce and a continuous supply of natural gases. However, the Covid-19 pandemic has resulted in a lack of human resources. Additionally, service providers operating in the market, providing equipment, construction, and commissioning, were hit badly due to the proper shutdown of manufacturing hubs. Furthermore, due to end-use industries' closure, electricity demand has significantly dropped. Moreover, market players have reduced their expenditure on research and development amid the economic crisis. Nonetheless, the market is estimated to witness considerable growth over the next few years as the pandemic has increased energy consumption from residential sectors. However, in 2021, natural gas production in the United States was 9.8 billion cubic feet per day, a 10% increase from last year. The easy availability of a large amount of natural gas has increased its use in electricity generation. Natural gas is one of the major power-generating sources, occupying approximately 38% of total electricity production as of 2021. Furthermore, the government has taken necessary steps concerning regulations and policies to support the growth of natural gas as a power generation source in the country. Moreover, natural gas is currently the major power-generating fuel utilized in the country, accounting for around 38% in 2021. These factors will boost the growth of the market and also helps to recover from the covid-19 disruptions to some extent in the forecast period.
MARKET PLAYERS
The reports cover key developments in the natural gas fired electricity generation 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 the way for the expansion of business and customer base of market players. The market players from natural gas fired electricity generation market are anticipated to lucrative growth opportunities in the future with the rising demand for natural gas fired electricity generation in the global market. Below mentioned is the list of few companies engaged in the natural gas fired electricity generation market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the natural gas fired electricity generation 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 three years, the key development in the past five years.
- General Electric
- Siemens AG
- Mitsubishi Hitachi Power Systems, Ltd.
- Kawasaki Heavy Industries, Ltd
- Bharat Heavy Electricals Limited
- Ansaldo Energia S.P.A
- Solar Turbines Incorporated
- Opra Turbines B.V
- Man Energy Solutions
- entrax Gas Turbines
- 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
1.3.1 Natural Gas Fired Electricity Generation Market - By Technology
1.3.2 Natural Gas Fired Electricity Generation Market - By End User
1.3.3 Natural Gas Fired Electricity Generation Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. NATURAL GAS FIRED ELECTRICITY GENERATION MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. NATURAL GAS FIRED ELECTRICITY GENERATION 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. NATURAL GAS FIRED ELECTRICITY GENERATION MARKET - GLOBAL MARKET ANALYSIS
6.1. NATURAL GAS FIRED ELECTRICITY GENERATION - GLOBAL MARKET OVERVIEW
6.2. NATURAL GAS FIRED ELECTRICITY GENERATION - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. NATURAL GAS FIRED ELECTRICITY GENERATION MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. OPEN CYCLE
7.3.1. Overview
7.3.2. Open Cycle Market Forecast and Analysis
7.4. COMBINED CYCLE
7.4.1. Overview
7.4.2. Combined Cycle Market Forecast and Analysis
8. NATURAL GAS FIRED ELECTRICITY GENERATION MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. POWER AND UTILITY
8.3.1. Overview
8.3.2. Power and Utility Market Forecast and Analysis
8.4. INDUSTRIAL
8.4.1. Overview
8.4.2. Industrial Market Forecast and Analysis
9. NATURAL GAS FIRED ELECTRICITY GENERATION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Natural Gas Fired Electricity Generation Market Overview
9.1.2 North America Natural Gas Fired Electricity Generation Market Forecasts and Analysis
9.1.3 North America Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By Technology
9.1.4 North America Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By End User
9.1.5 North America Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By Countries
9.1.5.1 United States Natural Gas Fired Electricity Generation Market
9.1.5.1.1 United States Natural Gas Fired Electricity Generation Market by Technology
9.1.5.1.2 United States Natural Gas Fired Electricity Generation Market by End User
9.1.5.2 Canada Natural Gas Fired Electricity Generation Market
9.1.5.2.1 Canada Natural Gas Fired Electricity Generation Market by Technology
9.1.5.2.2 Canada Natural Gas Fired Electricity Generation Market by End User
9.1.5.3 Mexico Natural Gas Fired Electricity Generation Market
9.1.5.3.1 Mexico Natural Gas Fired Electricity Generation Market by Technology
9.1.5.3.2 Mexico Natural Gas Fired Electricity Generation Market by End User
9.2. EUROPE
9.2.1 Europe Natural Gas Fired Electricity Generation Market Overview
9.2.2 Europe Natural Gas Fired Electricity Generation Market Forecasts and Analysis
9.2.3 Europe Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By Technology
9.2.4 Europe Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By End User
9.2.5 Europe Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Natural Gas Fired Electricity Generation Market
9.2.5.1.1 Germany Natural Gas Fired Electricity Generation Market by Technology
9.2.5.1.2 Germany Natural Gas Fired Electricity Generation Market by End User
9.2.5.2 France Natural Gas Fired Electricity Generation Market
9.2.5.2.1 France Natural Gas Fired Electricity Generation Market by Technology
9.2.5.2.2 France Natural Gas Fired Electricity Generation Market by End User
9.2.5.3 Italy Natural Gas Fired Electricity Generation Market
9.2.5.3.1 Italy Natural Gas Fired Electricity Generation Market by Technology
9.2.5.3.2 Italy Natural Gas Fired Electricity Generation Market by End User
9.2.5.4 United Kingdom Natural Gas Fired Electricity Generation Market
9.2.5.4.1 United Kingdom Natural Gas Fired Electricity Generation Market by Technology
9.2.5.4.2 United Kingdom Natural Gas Fired Electricity Generation Market by End User
9.2.5.5 Russia Natural Gas Fired Electricity Generation Market
9.2.5.5.1 Russia Natural Gas Fired Electricity Generation Market by Technology
9.2.5.5.2 Russia Natural Gas Fired Electricity Generation Market by End User
9.2.5.6 Rest of Europe Natural Gas Fired Electricity Generation Market
9.2.5.6.1 Rest of Europe Natural Gas Fired Electricity Generation Market by Technology
9.2.5.6.2 Rest of Europe Natural Gas Fired Electricity Generation Market by End User
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Natural Gas Fired Electricity Generation Market Overview
9.3.2 Asia-Pacific Natural Gas Fired Electricity Generation Market Forecasts and Analysis
9.3.3 Asia-Pacific Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By Technology
9.3.4 Asia-Pacific Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By End User
9.3.5 Asia-Pacific Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Natural Gas Fired Electricity Generation Market
9.3.5.1.1 Australia Natural Gas Fired Electricity Generation Market by Technology
9.3.5.1.2 Australia Natural Gas Fired Electricity Generation Market by End User
9.3.5.2 China Natural Gas Fired Electricity Generation Market
9.3.5.2.1 China Natural Gas Fired Electricity Generation Market by Technology
9.3.5.2.2 China Natural Gas Fired Electricity Generation Market by End User
9.3.5.3 India Natural Gas Fired Electricity Generation Market
9.3.5.3.1 India Natural Gas Fired Electricity Generation Market by Technology
9.3.5.3.2 India Natural Gas Fired Electricity Generation Market by End User
9.3.5.4 Japan Natural Gas Fired Electricity Generation Market
9.3.5.4.1 Japan Natural Gas Fired Electricity Generation Market by Technology
9.3.5.4.2 Japan Natural Gas Fired Electricity Generation Market by End User
9.3.5.5 South Korea Natural Gas Fired Electricity Generation Market
9.3.5.5.1 South Korea Natural Gas Fired Electricity Generation Market by Technology
9.3.5.5.2 South Korea Natural Gas Fired Electricity Generation Market by End User
9.3.5.6 Rest of Asia-Pacific Natural Gas Fired Electricity Generation Market
9.3.5.6.1 Rest of Asia-Pacific Natural Gas Fired Electricity Generation Market by Technology
9.3.5.6.2 Rest of Asia-Pacific Natural Gas Fired Electricity Generation Market by End User
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Natural Gas Fired Electricity Generation Market Overview
9.4.2 Middle East and Africa Natural Gas Fired Electricity Generation Market Forecasts and Analysis
9.4.3 Middle East and Africa Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By Technology
9.4.4 Middle East and Africa Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By End User
9.4.5 Middle East and Africa Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Natural Gas Fired Electricity Generation Market
9.4.5.1.1 South Africa Natural Gas Fired Electricity Generation Market by Technology
9.4.5.1.2 South Africa Natural Gas Fired Electricity Generation Market by End User
9.4.5.2 Saudi Arabia Natural Gas Fired Electricity Generation Market
9.4.5.2.1 Saudi Arabia Natural Gas Fired Electricity Generation Market by Technology
9.4.5.2.2 Saudi Arabia Natural Gas Fired Electricity Generation Market by End User
9.4.5.3 U.A.E Natural Gas Fired Electricity Generation Market
9.4.5.3.1 U.A.E Natural Gas Fired Electricity Generation Market by Technology
9.4.5.3.2 U.A.E Natural Gas Fired Electricity Generation Market by End User
9.4.5.4 Rest of Middle East and Africa Natural Gas Fired Electricity Generation Market
9.4.5.4.1 Rest of Middle East and Africa Natural Gas Fired Electricity Generation Market by Technology
9.4.5.4.2 Rest of Middle East and Africa Natural Gas Fired Electricity Generation Market by End User
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Natural Gas Fired Electricity Generation Market Overview
9.5.2 South and Central America Natural Gas Fired Electricity Generation Market Forecasts and Analysis
9.5.3 South and Central America Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By Technology
9.5.4 South and Central America Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By End User
9.5.5 South and Central America Natural Gas Fired Electricity Generation Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Natural Gas Fired Electricity Generation Market
9.5.5.1.1 Brazil Natural Gas Fired Electricity Generation Market by Technology
9.5.5.1.2 Brazil Natural Gas Fired Electricity Generation Market by End User
9.5.5.2 Argentina Natural Gas Fired Electricity Generation Market
9.5.5.2.1 Argentina Natural Gas Fired Electricity Generation Market by Technology
9.5.5.2.2 Argentina Natural Gas Fired Electricity Generation Market by End User
9.5.5.3 Rest of South and Central America Natural Gas Fired Electricity Generation Market
9.5.5.3.1 Rest of South and Central America Natural Gas Fired Electricity Generation Market by Technology
9.5.5.3.2 Rest of South and Central America Natural Gas Fired Electricity Generation Market by End User
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. NATURAL GAS FIRED ELECTRICITY GENERATION MARKET, KEY COMPANY PROFILES
11.1. GENERAL ELECTRIC
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. SIEMENS AG
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. MITSUBISHI HITACHI POWER SYSTEMS, LTD
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. KAWASAKI HEAVY INDUSTRIES, LTD
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. BHARAT HEAVY ELECTRICALS LIMITED
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. ANSALDO ENERGIA S.P.A
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SOLAR TURBINES INCORPORATED
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. OPRA TURBINES B.V
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. MAN ENERGY SOLUTIONS
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. CENTRAX GAS TURBINES
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. General Electric
2. Siemens AG
3. Mitsubishi Hitachi Power Systems, Ltd
4. Kawasaki Heavy Industries, Ltd
5. Bharat Heavy Electricals Limited
6. Ansaldo Energia S.P.A
7. Solar Turbines Incorporated
8. Opra Turbines B.V
9. Man Energy Solutions
10. Centrax Gas Turbines
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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