Non-Destructive Testing and Inspection Market Size by 2031
The Non-Destructive Testing and Inspection Market is expected to register a CAGR of 10.3% 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 Method (Surface Inspection, Volumetric Inspection, Visual Inspection), Service (Training Services, Calibration Services, Inspection Services, Equipment Rental Services), Technique (Radiographic Testing, Liquid Penetrant Testing, Eddy Current Testing, Testing Visual Testing, Magnetic Particle Testing, Ultrasonic Testing), Vertical (Automotive, Oil and Gas, Aerospace, Power Generation, Manufacturing, Public Infrastructure, 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 Non-Destructive Testing and Inspection 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.
Non-Destructive Testing and Inspection Market Segmentation
Method- Surface Inspection
- Volumetric Inspection
- Visual Inspection
- Training Services
- Calibration Services
- Inspection Services
- Equipment Rental Services
- Radiographic Testing
- Liquid Penetrant Testing
- Eddy Current Testing
- Testing Visual Testing
- Magnetic Particle Testing
- Ultrasonic Testing
- Automotive
- Oil and Gas
- Aerospace
- Power Generation
- Manufacturing
- Public Infrastructure
- Others
- Automotive
- Oil and Gas
- Aerospace
- Power Generation
- Manufacturing
- Public Infrastructure
- Others
Strategic Insights
Non-Destructive Testing and Inspection Market Growth Drivers- Aging Infrastructure Concerns:Regular NDT inspections are necessary to prevent catastrophic failures in the increasing number of aging industrial facilities, bridges, pipelines, and power plants around the world. There is a pressing need for thorough testing services since many buildings constructed during the infrastructure boom of the 1950s to 1970s are now approaching or surpassing their intended lifespans.
- Stringent Safety Regulations:Regular NDT inspections are required by increasingly stringent regulatory frameworks throughout industries, especially in nuclear power, oil and gas, and aerospace. Safety standards are constantly being improved by agencies such as the FAA, API, and ASME, which call for more regular and complex testing procedures to guarantee structural integrity and avert mishaps.
- Shift Towards Industry 4.0:The use of Industry 4.0 principles is causing a digital revolution in the NDT sector. This involves integrating digital twin technology, real-time monitoring systems, and Internet of Things sensors to enable ongoing asset health assessments and the transition from reactive to predictive maintenance methodologies.
- Expanding Application in Additive Manufacturing (3D Printing): As additive manufacturing (3D printing) gains momentum across industries, there is a growing need for NDT solutions to inspect and verify the quality of 3D printed materials and components. Non-destructive techniques like X-ray imaging and ultrasonic testing are used to detect internal defects, voids, or inconsistencies in 3D printed objects. As this technology advances and becomes more mainstream, the demand for reliable inspection methods to ensure product quality in additive manufacturing is expected to increase.
- Integration of AI and Machine Learning:Automated defect detection, predictive maintenance, and more precise test result interpretation are all made possible by the integration of AI and machine learning into NDT procedures. This technology can provide more accurate data analysis, speed up inspections, and decrease human mistake.
- Emerging Markets Growth:Rapid industrialization in developing economies, particularly in Asia-Pacific and Middle East regions, creates substantial opportunities for NDT services. Major infrastructure projects, manufacturing expansion, and growing awareness of safety standards in these markets drive demand for advanced inspection technologies.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Non-Destructive Testing and Inspection 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 Non-Destructive Testing and Inspection 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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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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to country scope.
Frequently Asked Questions
The Non-Destructive Testing and Inspection Market is estimated to witness a CAGR of 10.3% from 2023 to 2031
Aging infrastructure concerns and stringent safety regulations are the major factors driving the non-destructive testing and inspection market
Shift towards industry 4.0 to play a significant role in the global non-destructive testing and inspection market in the coming years
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
TABLE OF CONTENTS
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Non-destructive Testing And Inspection Market - By Type
1.3.2Non-destructive Testing And Inspection Market - By Testing Technology
1.3.3Non-destructive Testing And Inspection Market - By End user
1.3.4Non-destructive Testing And Inspection Market - By Region
1.3.4.1By Country
2.KEY TAKEWAYS
3.RESEARCH METHODOLOGY
4.NON-DESTRUCTIVE TESTING AND INSPECTION MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.NON-DESTRUCTIVE TESTING AND INSPECTION 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.NON-DESTRUCTIVE TESTING AND INSPECTION MARKET - GLOBAL MARKET ANALYSIS
6.1.NON-DESTRUCTIVE TESTING AND INSPECTION - GLOBAL MARKET OVERVIEW
6.2.NON-DESTRUCTIVE TESTING AND INSPECTION - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.NON-DESTRUCTIVE TESTING AND INSPECTION MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1.OVERVIEW
7.2.TYPE MARKET FORECASTS AND ANALYSIS
7.3.EQUIPMENT
7.3.1.Overview
7.3.2.Equipment Market Forecast and Analysis
7.4.SERVICES
7.4.1.Overview
7.4.2.Services Market Forecast and Analysis
8.NON-DESTRUCTIVE TESTING AND INSPECTION MARKET - REVENUE AND FORECASTS TO 2028 - TESTING TECHNOLOGY
8.1.OVERVIEW
8.2.TESTING TECHNOLOGY MARKET FORECASTS AND ANALYSIS
8.3.RADIOGRAPHY
8.3.1.Overview
8.3.2.Radiography Market Forecast and Analysis
8.4.ULTRASONIC
8.4.1.Overview
8.4.2.Ultrasonic Market Forecast and Analysis
8.5.MAGNETIC PARTICLE
8.5.1.Overview
8.5.2.Magnetic particle Market Forecast and Analysis
8.6.LIQUID PENETRANT
8.6.1.Overview
8.6.2.Liquid penetrant Market Forecast and Analysis
8.7.VISUAL INSPECTION
8.7.1.Overview
8.7.2.Visual Inspection Market Forecast and Analysis
8.8.EDDY CURRENT
8.8.1.Overview
8.8.2.Eddy Current Market Forecast and Analysis
9.NON-DESTRUCTIVE TESTING AND INSPECTION MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1.OVERVIEW
9.2.END USER MARKET FORECASTS AND ANALYSIS
9.3.OIL AND GAS
9.3.1.Overview
9.3.2.Oil and Gas Market Forecast and Analysis
9.4.AEROSPACE AND DEFENCE
9.4.1.Overview
9.4.2.Aerospace and Defence Market Forecast and Analysis
9.5.AUTOMOTIVE AND TRANSPORTATION
9.5.1.Overview
9.5.2.Automotive and Transportation Market Forecast and Analysis
9.6.POWER AND ENERGY
9.6.1.Overview
9.6.2.Power and Energy Market Forecast and Analysis
9.7.CONSTRUCTION
9.7.1.Overview
9.7.2.Construction Market Forecast and Analysis
10.NON-DESTRUCTIVE TESTING AND INSPECTION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Non-destructive Testing And Inspection Market Overview
10.1.2North America Non-destructive Testing And Inspection Market Forecasts and Analysis
10.1.3North America Non-destructive Testing And Inspection Market Forecasts and Analysis - By Type
10.1.4North America Non-destructive Testing And Inspection Market Forecasts and Analysis - By Testing Technology
10.1.5North America Non-destructive Testing And Inspection Market Forecasts and Analysis - By End user
10.1.6North America Non-destructive Testing And Inspection Market Forecasts and Analysis - By Countries
10.1.6.1United States Non-destructive Testing And Inspection Market
10.1.6.1.1United States Non-destructive Testing And Inspection Market by Type
10.1.6.1.2United States Non-destructive Testing And Inspection Market by Testing Technology
10.1.6.1.3United States Non-destructive Testing And Inspection Market by End user
10.1.6.2Canada Non-destructive Testing And Inspection Market
10.1.6.2.1Canada Non-destructive Testing And Inspection Market by Type
10.1.6.2.2Canada Non-destructive Testing And Inspection Market by Testing Technology
10.1.6.2.3Canada Non-destructive Testing And Inspection Market by End user
10.1.6.3Mexico Non-destructive Testing And Inspection Market
10.1.6.3.1Mexico Non-destructive Testing And Inspection Market by Type
10.1.6.3.2Mexico Non-destructive Testing And Inspection Market by Testing Technology
10.1.6.3.3Mexico Non-destructive Testing And Inspection Market by End user
10.2.EUROPE
10.2.1Europe Non-destructive Testing And Inspection Market Overview
10.2.2Europe Non-destructive Testing And Inspection Market Forecasts and Analysis
10.2.3Europe Non-destructive Testing And Inspection Market Forecasts and Analysis - By Type
10.2.4Europe Non-destructive Testing And Inspection Market Forecasts and Analysis - By Testing Technology
10.2.5Europe Non-destructive Testing And Inspection Market Forecasts and Analysis - By End user
10.2.6Europe Non-destructive Testing And Inspection Market Forecasts and Analysis - By Countries
10.2.6.1Germany Non-destructive Testing And Inspection Market
10.2.6.1.1Germany Non-destructive Testing And Inspection Market by Type
10.2.6.1.2Germany Non-destructive Testing And Inspection Market by Testing Technology
10.2.6.1.3Germany Non-destructive Testing And Inspection Market by End user
10.2.6.2France Non-destructive Testing And Inspection Market
10.2.6.2.1France Non-destructive Testing And Inspection Market by Type
10.2.6.2.2France Non-destructive Testing And Inspection Market by Testing Technology
10.2.6.2.3France Non-destructive Testing And Inspection Market by End user
10.2.6.3Italy Non-destructive Testing And Inspection Market
10.2.6.3.1Italy Non-destructive Testing And Inspection Market by Type
10.2.6.3.2Italy Non-destructive Testing And Inspection Market by Testing Technology
10.2.6.3.3Italy Non-destructive Testing And Inspection Market by End user
10.2.6.4United Kingdom Non-destructive Testing And Inspection Market
10.2.6.4.1United Kingdom Non-destructive Testing And Inspection Market by Type
10.2.6.4.2United Kingdom Non-destructive Testing And Inspection Market by Testing Technology
10.2.6.4.3United Kingdom Non-destructive Testing And Inspection Market by End user
10.2.6.5Russia Non-destructive Testing And Inspection Market
10.2.6.5.1Russia Non-destructive Testing And Inspection Market by Type
10.2.6.5.2Russia Non-destructive Testing And Inspection Market by Testing Technology
10.2.6.5.3Russia Non-destructive Testing And Inspection Market by End user
10.2.6.6Rest of Europe Non-destructive Testing And Inspection Market
10.2.6.6.1Rest of Europe Non-destructive Testing And Inspection Market by Type
10.2.6.6.2Rest of Europe Non-destructive Testing And Inspection Market by Testing Technology
10.2.6.6.3Rest of Europe Non-destructive Testing And Inspection Market by End user
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Non-destructive Testing And Inspection Market Overview
10.3.2Asia-Pacific Non-destructive Testing And Inspection Market Forecasts and Analysis
10.3.3Asia-Pacific Non-destructive Testing And Inspection Market Forecasts and Analysis - By Type
10.3.4Asia-Pacific Non-destructive Testing And Inspection Market Forecasts and Analysis - By Testing Technology
10.3.5Asia-Pacific Non-destructive Testing And Inspection Market Forecasts and Analysis - By End user
10.3.6Asia-Pacific Non-destructive Testing And Inspection Market Forecasts and Analysis - By Countries
10.3.6.1Australia Non-destructive Testing And Inspection Market
10.3.6.1.1Australia Non-destructive Testing And Inspection Market by Type
10.3.6.1.2Australia Non-destructive Testing And Inspection Market by Testing Technology
10.3.6.1.3Australia Non-destructive Testing And Inspection Market by End user
10.3.6.2China Non-destructive Testing And Inspection Market
10.3.6.2.1China Non-destructive Testing And Inspection Market by Type
10.3.6.2.2China Non-destructive Testing And Inspection Market by Testing Technology
10.3.6.2.3China Non-destructive Testing And Inspection Market by End user
10.3.6.3India Non-destructive Testing And Inspection Market
10.3.6.3.1India Non-destructive Testing And Inspection Market by Type
10.3.6.3.2India Non-destructive Testing And Inspection Market by Testing Technology
10.3.6.3.3India Non-destructive Testing And Inspection Market by End user
10.3.6.4Japan Non-destructive Testing And Inspection Market
10.3.6.4.1Japan Non-destructive Testing And Inspection Market by Type
10.3.6.4.2Japan Non-destructive Testing And Inspection Market by Testing Technology
10.3.6.4.3Japan Non-destructive Testing And Inspection Market by End user
10.3.6.5South Korea Non-destructive Testing And Inspection Market
10.3.6.5.1South Korea Non-destructive Testing And Inspection Market by Type
10.3.6.5.2South Korea Non-destructive Testing And Inspection Market by Testing Technology
10.3.6.5.3South Korea Non-destructive Testing And Inspection Market by End user
10.3.6.6Rest of Asia-Pacific Non-destructive Testing And Inspection Market
10.3.6.6.1Rest of Asia-Pacific Non-destructive Testing And Inspection Market by Type
10.3.6.6.2Rest of Asia-Pacific Non-destructive Testing And Inspection Market by Testing Technology
10.3.6.6.3Rest of Asia-Pacific Non-destructive Testing And Inspection Market by End user
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Non-destructive Testing And Inspection Market Overview
10.4.2Middle East and Africa Non-destructive Testing And Inspection Market Forecasts and Analysis
10.4.3Middle East and Africa Non-destructive Testing And Inspection Market Forecasts and Analysis - By Type
10.4.4Middle East and Africa Non-destructive Testing And Inspection Market Forecasts and Analysis - By Testing Technology
10.4.5Middle East and Africa Non-destructive Testing And Inspection Market Forecasts and Analysis - By End user
10.4.6Middle East and Africa Non-destructive Testing And Inspection Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Non-destructive Testing And Inspection Market
10.4.6.1.1South Africa Non-destructive Testing And Inspection Market by Type
10.4.6.1.2South Africa Non-destructive Testing And Inspection Market by Testing Technology
10.4.6.1.3South Africa Non-destructive Testing And Inspection Market by End user
10.4.6.2Saudi Arabia Non-destructive Testing And Inspection Market
10.4.6.2.1Saudi Arabia Non-destructive Testing And Inspection Market by Type
10.4.6.2.2Saudi Arabia Non-destructive Testing And Inspection Market by Testing Technology
10.4.6.2.3Saudi Arabia Non-destructive Testing And Inspection Market by End user
10.4.6.3U.A.E Non-destructive Testing And Inspection Market
10.4.6.3.1U.A.E Non-destructive Testing And Inspection Market by Type
10.4.6.3.2U.A.E Non-destructive Testing And Inspection Market by Testing Technology
10.4.6.3.3U.A.E Non-destructive Testing And Inspection Market by End user
10.4.6.4Rest of Middle East and Africa Non-destructive Testing And Inspection Market
10.4.6.4.1Rest of Middle East and Africa Non-destructive Testing And Inspection Market by Type
10.4.6.4.2Rest of Middle East and Africa Non-destructive Testing And Inspection Market by Testing Technology
10.4.6.4.3Rest of Middle East and Africa Non-destructive Testing And Inspection Market by End user
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Non-destructive Testing And Inspection Market Overview
10.5.2South and Central America Non-destructive Testing And Inspection Market Forecasts and Analysis
10.5.3South and Central America Non-destructive Testing And Inspection Market Forecasts and Analysis - By Type
10.5.4South and Central America Non-destructive Testing And Inspection Market Forecasts and Analysis - By Testing Technology
10.5.5South and Central America Non-destructive Testing And Inspection Market Forecasts and Analysis - By End user
10.5.6South and Central America Non-destructive Testing And Inspection Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Non-destructive Testing And Inspection Market
10.5.6.1.1Brazil Non-destructive Testing And Inspection Market by Type
10.5.6.1.2Brazil Non-destructive Testing And Inspection Market by Testing Technology
10.5.6.1.3Brazil Non-destructive Testing And Inspection Market by End user
10.5.6.2Argentina Non-destructive Testing And Inspection Market
10.5.6.2.1Argentina Non-destructive Testing And Inspection Market by Type
10.5.6.2.2Argentina Non-destructive Testing And Inspection Market by Testing Technology
10.5.6.2.3Argentina Non-destructive Testing And Inspection Market by End user
10.5.6.3Rest of South and Central America Non-destructive Testing And Inspection Market
10.5.6.3.1Rest of South and Central America Non-destructive Testing And Inspection Market by Type
10.5.6.3.2Rest of South and Central America Non-destructive Testing And Inspection Market by Testing Technology
10.5.6.3.3Rest of South and Central America Non-destructive Testing And Inspection Market by End user
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.NON-DESTRUCTIVE TESTING AND INSPECTION MARKET, KEY COMPANY PROFILES
12.1.APPLUS+
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.FUJIFILM 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.INTERTEK GROUP PLC
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.MISTRAS GROUP, INC.
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.NIKON METROLOGY NV
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.OLYMPUS CORPORATION
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.SONATEST
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.TEAM 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.YXLON INTERNATIONAL
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.ZETEC, INC.
12.10.1.Key Facts
12.10.2.Business Description
12.10.3.Products and Services
12.10.4.Financial Overview
12.10.5.SWOT Analysis
12.10.6.Key Developments
13.APPENDIX
13.1.ABOUT THE INSIGHT PARTNERS
13.2.GLOSSARY OF TERMS
The List of Companies
1.Applus+
2.FUJIFILM Corporation
3.Intertek Group plc
4.MISTRAS Group, Inc.
5.Nikon Metrology NV
6.Olympus Corporation
7.Sonatest
8.TEAM Inc.
9.YXLON International
10.Zetec, Inc.
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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