Naval Shipbuilding Market Updates by 2031
The ongoing advancement in technology to build greater defense capability has created a significant demand for more complex naval vessels with a better and smarter technology. Particularly, major defense manufacturers are focusing on developing sophisticated systems, such as weapons, sensors and communication systems in modern warships. The technologies that are driving the global naval shipbuilding market include 3D printing, shipbuilding robotics, ballast free ship design, LNG fueled engines, solar and wind powered ships, and Bucky paper (thin sheet made up of carbon nanotubes). The market is marked by the ongoing naval conflict between various geographical powers. For instance, the US Navy has proposed FY2022 budget requests $18.1 billion for construction of new ships within its shipbuilding budget.
MARKET SCOPE
The "Global Naval Shipbuilding 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 Naval Shipbuilding market with detailed market segmentation by ship type and geography. The global Naval Shipbuilding market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Naval Shipbuilding market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on Ship Type, the market can be segmented into Surface Ships (aircraft carriers, cruisers, destroyers, frigates, corvettes, large patrol vessels) and Submarines.
- On the basis of Engine Type, the market can be segmented into Internal Combustion Engine, and Electric Engine.
MARKET DYNAMICS
Drivers:
- Advancement in shipbuilding technologies such as 3D printing, shipbuilding robotics, and ballast free ship design.
- Increasing geo-political conflicts and requirement to strengthen the naval forces
Restraints:
- High cost of research and development for developing countries
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 Naval Shipbuilding 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 Porter's Five Forces analysis, highlighting the factors affecting the Naval Shipbuilding market in these regions.
IMPACT OF COVID-19 ON NAVAL SHIPBUILDING MARKET
The outbreak of the COVID-19 has severely impacted defense-related industries. The disruption in the global supply chain created a significant shortage in supply for the production of naval vessels during the pandemic's peak in 2021. Various key market players started adopting stringent measures to reduce supply chain disruption. For instance, BAE Systems focused on minimizing the impact on their supply ecosystem by meeting their payment obligations and working together in close harmony with the suppliers. However, during 2021, the advent of geopolitical conflicts and the rising need to upgrade naval warfare systems to ensure coastal and maritime security have created sufficient demand for Naval Shipbuilding. For instance, in the US, A September 2021 Congressional Budget Office (CBO) report estimated that the fleet envisaged on June 17, 2021, long-range Navy shipbuilding document would cost an average of $25.3 billion to $32.7 billion per year after FY2021. These figures are 10% to 43% higher than the $22.9 billion in FY2021 that Congress appropriated, on average, for the complete Navy shipbuilding activities over the past three years. Therefore, the plummeting global military Naval Shipbuilding market faces a short-term impact due to COVID-19 and is regaining momentum by the end of 2021.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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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 Naval Shipbuilding 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 Porter's Five Forces analysis, highlighting the factors affecting the Naval Shipbuilding market in these regions.
IMPACT OF COVID-19 ON NAVAL SHIPBUILDING MARKET
The outbreak of the COVID-19 has severely impacted defense-related industries. The disruption in the global supply chain created a significant shortage in supply for the production of naval vessels during the pandemic's peak in 2021. Various key market players started adopting stringent measures to reduce supply chain disruption. For instance, BAE Systems focused on minimizing the impact on their supply ecosystem by meeting their payment obligations and working together in close harmony with the suppliers. However, during 2021, the advent of geopolitical conflicts and the rising need to upgrade naval warfare systems to ensure coastal and maritime security have created sufficient demand for Naval Shipbuilding. For instance, in the US, A September 2021 Congressional Budget Office (CBO) report estimated that the fleet envisaged on June 17, 2021, long-range Navy shipbuilding document would cost an average of $25.3 billion to $32.7 billion per year after FY2021. These figures are 10% to 43% higher than the $22.9 billion in FY2021 that Congress appropriated, on average, for the complete Navy shipbuilding activities over the past three years. Therefore, the plummeting global military Naval Shipbuilding market faces a short-term impact due to COVID-19 and is regaining momentum by the end of 2021.
MARKET PLAYERS
The report covers key developments in the Naval Shipbuilding 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 and collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Naval Shipbuilding market are anticipated to lucrative growth opportunities in the future with the rising demand for Naval Shipbuilding in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Naval Shipbuilding 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.
- BAE Systems
- Cochin Shipyard Limited
- Daewoo Shipbuilding & Marine Engineering Co., Ltd
- Huntington Ingalls Industries, Inc.
- Hyundai Heavy Industries Co., Ltd.
- HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Saab AB
- Samsung Heavy Industries
- Shanghai Waigaoqiao Shipbuilding Co., Ltd.
- 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 Naval Shipbuilding Market - By Ship Type
1.3.2 Naval Shipbuilding Market - By Engine Type
1.3.3 Naval Shipbuilding Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. NAVAL SHIPBUILDING MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. NAVAL SHIPBUILDING 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. NAVAL SHIPBUILDING MARKET - GLOBAL MARKET ANALYSIS
6.1. NAVAL SHIPBUILDING - GLOBAL MARKET OVERVIEW
6.2. NAVAL SHIPBUILDING - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. NAVAL SHIPBUILDING MARKET - REVENUE AND FORECASTS TO 2028 - SHIP TYPE
7.1. OVERVIEW
7.2. SHIP TYPE MARKET FORECASTS AND ANALYSIS
7.3. SURFACE SHIPS
7.3.1. Overview
7.3.2. Surface Ships Market Forecast and Analysis
7.3.3. Aircraft Carriers Market
7.3.3.1. Overview
7.3.3.2. Aircraft Carriers Market Forecast and Analysis
7.3.4. Cruisers Market
7.3.4.1. Overview
7.3.4.2. Cruisers Market Forecast and Analysis
7.3.5. Destroyers Market
7.3.5.1. Overview
7.3.5.2. Destroyers Market Forecast and Analysis
7.3.6. Frigates Market
7.3.6.1. Overview
7.3.6.2. Frigates Market Forecast and Analysis
7.3.7. Corvettes Market
7.3.7.1. Overview
7.3.7.2. Corvettes Market Forecast and Analysis
7.3.8. Large Patrol Vessels Market
7.3.8.1. Overview
7.3.8.2. Large Patrol Vessels Market Forecast and Analysis
7.4. SUBMARINES
7.4.1. Overview
7.4.2. Submarines Market Forecast and Analysis
8. NAVAL SHIPBUILDING MARKET - REVENUE AND FORECASTS TO 2028 - ENGINE TYPE
8.1. OVERVIEW
8.2. ENGINE TYPE MARKET FORECASTS AND ANALYSIS
8.3. INTERNAL COMBUSTION ENGINE
8.3.1. Overview
8.3.2. Internal Combustion Engine Market Forecast and Analysis
8.4. ELECTRIC ENGINE
8.4.1. Overview
8.4.2. Electric Engine Market Forecast and Analysis
9. NAVAL SHIPBUILDING MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Naval Shipbuilding Market Overview
9.1.2 North America Naval Shipbuilding Market Forecasts and Analysis
9.1.3 North America Naval Shipbuilding Market Forecasts and Analysis - By Ship Type
9.1.4 North America Naval Shipbuilding Market Forecasts and Analysis - By Engine Type
9.1.5 North America Naval Shipbuilding Market Forecasts and Analysis - By Countries
9.1.5.1 United States Naval Shipbuilding Market
9.1.5.1.1 United States Naval Shipbuilding Market by Ship Type
9.1.5.1.2 United States Naval Shipbuilding Market by Engine Type
9.1.5.2 Canada Naval Shipbuilding Market
9.1.5.2.1 Canada Naval Shipbuilding Market by Ship Type
9.1.5.2.2 Canada Naval Shipbuilding Market by Engine Type
9.1.5.3 Mexico Naval Shipbuilding Market
9.1.5.3.1 Mexico Naval Shipbuilding Market by Ship Type
9.1.5.3.2 Mexico Naval Shipbuilding Market by Engine Type
9.2. EUROPE
9.2.1 Europe Naval Shipbuilding Market Overview
9.2.2 Europe Naval Shipbuilding Market Forecasts and Analysis
9.2.3 Europe Naval Shipbuilding Market Forecasts and Analysis - By Ship Type
9.2.4 Europe Naval Shipbuilding Market Forecasts and Analysis - By Engine Type
9.2.5 Europe Naval Shipbuilding Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Naval Shipbuilding Market
9.2.5.1.1 Germany Naval Shipbuilding Market by Ship Type
9.2.5.1.2 Germany Naval Shipbuilding Market by Engine Type
9.2.5.2 France Naval Shipbuilding Market
9.2.5.2.1 France Naval Shipbuilding Market by Ship Type
9.2.5.2.2 France Naval Shipbuilding Market by Engine Type
9.2.5.3 Italy Naval Shipbuilding Market
9.2.5.3.1 Italy Naval Shipbuilding Market by Ship Type
9.2.5.3.2 Italy Naval Shipbuilding Market by Engine Type
9.2.5.4 United Kingdom Naval Shipbuilding Market
9.2.5.4.1 United Kingdom Naval Shipbuilding Market by Ship Type
9.2.5.4.2 United Kingdom Naval Shipbuilding Market by Engine Type
9.2.5.5 Russia Naval Shipbuilding Market
9.2.5.5.1 Russia Naval Shipbuilding Market by Ship Type
9.2.5.5.2 Russia Naval Shipbuilding Market by Engine Type
9.2.5.6 Rest of Europe Naval Shipbuilding Market
9.2.5.6.1 Rest of Europe Naval Shipbuilding Market by Ship Type
9.2.5.6.2 Rest of Europe Naval Shipbuilding Market by Engine Type
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Naval Shipbuilding Market Overview
9.3.2 Asia-Pacific Naval Shipbuilding Market Forecasts and Analysis
9.3.3 Asia-Pacific Naval Shipbuilding Market Forecasts and Analysis - By Ship Type
9.3.4 Asia-Pacific Naval Shipbuilding Market Forecasts and Analysis - By Engine Type
9.3.5 Asia-Pacific Naval Shipbuilding Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Naval Shipbuilding Market
9.3.5.1.1 Australia Naval Shipbuilding Market by Ship Type
9.3.5.1.2 Australia Naval Shipbuilding Market by Engine Type
9.3.5.2 China Naval Shipbuilding Market
9.3.5.2.1 China Naval Shipbuilding Market by Ship Type
9.3.5.2.2 China Naval Shipbuilding Market by Engine Type
9.3.5.3 India Naval Shipbuilding Market
9.3.5.3.1 India Naval Shipbuilding Market by Ship Type
9.3.5.3.2 India Naval Shipbuilding Market by Engine Type
9.3.5.4 Japan Naval Shipbuilding Market
9.3.5.4.1 Japan Naval Shipbuilding Market by Ship Type
9.3.5.4.2 Japan Naval Shipbuilding Market by Engine Type
9.3.5.5 South Korea Naval Shipbuilding Market
9.3.5.5.1 South Korea Naval Shipbuilding Market by Ship Type
9.3.5.5.2 South Korea Naval Shipbuilding Market by Engine Type
9.3.5.6 Rest of Asia-Pacific Naval Shipbuilding Market
9.3.5.6.1 Rest of Asia-Pacific Naval Shipbuilding Market by Ship Type
9.3.5.6.2 Rest of Asia-Pacific Naval Shipbuilding Market by Engine Type
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Naval Shipbuilding Market Overview
9.4.2 Middle East and Africa Naval Shipbuilding Market Forecasts and Analysis
9.4.3 Middle East and Africa Naval Shipbuilding Market Forecasts and Analysis - By Ship Type
9.4.4 Middle East and Africa Naval Shipbuilding Market Forecasts and Analysis - By Engine Type
9.4.5 Middle East and Africa Naval Shipbuilding Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Naval Shipbuilding Market
9.4.5.1.1 South Africa Naval Shipbuilding Market by Ship Type
9.4.5.1.2 South Africa Naval Shipbuilding Market by Engine Type
9.4.5.2 Saudi Arabia Naval Shipbuilding Market
9.4.5.2.1 Saudi Arabia Naval Shipbuilding Market by Ship Type
9.4.5.2.2 Saudi Arabia Naval Shipbuilding Market by Engine Type
9.4.5.3 U.A.E Naval Shipbuilding Market
9.4.5.3.1 U.A.E Naval Shipbuilding Market by Ship Type
9.4.5.3.2 U.A.E Naval Shipbuilding Market by Engine Type
9.4.5.4 Rest of Middle East and Africa Naval Shipbuilding Market
9.4.5.4.1 Rest of Middle East and Africa Naval Shipbuilding Market by Ship Type
9.4.5.4.2 Rest of Middle East and Africa Naval Shipbuilding Market by Engine Type
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Naval Shipbuilding Market Overview
9.5.2 South and Central America Naval Shipbuilding Market Forecasts and Analysis
9.5.3 South and Central America Naval Shipbuilding Market Forecasts and Analysis - By Ship Type
9.5.4 South and Central America Naval Shipbuilding Market Forecasts and Analysis - By Engine Type
9.5.5 South and Central America Naval Shipbuilding Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Naval Shipbuilding Market
9.5.5.1.1 Brazil Naval Shipbuilding Market by Ship Type
9.5.5.1.2 Brazil Naval Shipbuilding Market by Engine Type
9.5.5.2 Argentina Naval Shipbuilding Market
9.5.5.2.1 Argentina Naval Shipbuilding Market by Ship Type
9.5.5.2.2 Argentina Naval Shipbuilding Market by Engine Type
9.5.5.3 Rest of South and Central America Naval Shipbuilding Market
9.5.5.3.1 Rest of South and Central America Naval Shipbuilding Market by Ship Type
9.5.5.3.2 Rest of South and Central America Naval Shipbuilding Market by Engine Type
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. NAVAL SHIPBUILDING MARKET, KEY COMPANY PROFILES
11.1. BAE SYSTEMS
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. COCHIN SHIPYARD LIMITED
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. DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., 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. HUNTINGTON INGALLS INDUSTRIES, INC.
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. HYUNDAI HEAVY INDUSTRIES CO., LTD.
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. HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.
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. MITSUBISHI HEAVY INDUSTRIES, LTD.
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. SAAB AB
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. SAMSUNG HEAVY INDUSTRIES
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. SHANGHAI WAIGAOQIAO SHIPBUILDING CO., LTD.
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.BAE Systems
2.Cochin Shipyard Limited
3.Daewoo Shipbuilding & Marine Engineering Co., Ltd
4.Huntington Ingalls Industries, Inc.
5.Hyundai Heavy Industries Co., Ltd.
6.HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.
7.MITSUBISHI HEAVY INDUSTRIES, LTD.
8.Saab AB
9.Samsung Heavy Industries
10.Shanghai Waigaoqiao Shipbuilding Co., Ltd.
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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