North America Air Handling Units Market Forecast by 2031
The North America air handling units market size is expected to reach US$ 4.65 billion by 2031 from US$ 3.20 billion in 2023. The market is estimated to record a CAGR of 4.8% from 2023 to 2031. The growing technological advancements are likely to bring in new trends in the market.
North America Air Handling Units Market Analysis
The North America air handling units market is predicted to witness strong growth due to the increasing demand for energy-efficient heating and cooling solutions in the region. As the unit is energy efficient and provides improved air quality, its demand is increasing across industries such as food processing, pharmaceuticals, and chemicals. Furthermore, the region is witnessing an increasing number of construction projects, which is expected to propel the demand for AHUs. For example, the construction of the Tampa Gas Worx Mixed-Use Community project—which involves the construction of a 20 ha mixed-use development in Ybor City, Tampa (Florida, US)—started in Q1 2023 with an aim to enhance residential, office, and retail facilities in the region. The project is expected to be completed by Q3 2026. Thus, the rising number of construction projects in the region is likely to create lucrative opportunities for the market. Moreover, the growing technological advancements in AHUs by integrating IoT, AI, and machine learning will further make the AHUs more cost-effective and energy-efficient, which will continue to propel the market growth.
North America Air Handling Units Market Overview
The air handling unit (AHU) is an essential component of a heating, ventilation, and air conditioning (HVAC) system. The AHU is crucial for conditioning and circulating air across a building or space. An AHU is often made out of a housing or cabinet that includes a blower or fan, heating or cooling elements (such as a coil/heat exchanger), air filters, and airflow dampers. The AHU is connected to ductwork, which distributes conditioned air throughout the building or space. The AHU may additionally include humidifiers, dehumidifiers, or air purification systems, depending on the specific requirements of a building or space.
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North America Air Handling Units Market: Strategic Insights
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North America Air Handling Units Market Drivers and Opportunities
Diversifying Applications Across Various Industries
AHUs efficiently regulate and circulate air within a building or other confined environment, leading to a rise in demand across various industries. AHUs are utilized in a number of industrial operations to control temperature, humidity, and air quality. They are widely used in pharmaceutical manufacturing, food processing, and other industries that demand precise environmental control. In the food and beverage processing industry, AHUs are utilized to provide accurate temperature control, humidity regulation, and air quality management, making the unit a crucial component in maintaining product quality, extending shelf life, reducing spoiling, and assuring consumer safety of the products. Also, clean rooms, which are highly controlled environments used in sectors such as semiconductor production, biotechnology, and pharmaceuticals, rely heavily on AHUs. The AHUs in these plants are required to maintain incredibly low humidity, temperature, and particle matter levels. In addition, laboratories require highly regulated settings to carry out tests and research. AHUs are used to keep temperatures and humidity consistent while also providing ventilation to prevent the accumulation of potentially harmful chemicals or pollutants. Furthermore, hospitals require high air quality to avoid the spread of infection and sickness. AHUs filter and circulate air throughout the facility, ensuring that patients and workers breathe clean, healthy air. Thus, as AHUs regulate the air quality and manage the temperature according to different industrial needs, their demand is increasing in various sectors.
Growing Number of Construction Projects
According to the International Monetary Fund, the US has the largest commercial property market in the world. In addition, the construction industry in Canada and Mexico is witnessing significant growth with the growing industrialization in the countries. Also, surging investments in the development of smart city initiatives are expected to fuel the growth of the construction industry in the country. A few of the mega-construction projects are listed below:
- Los Angeles plans to host the LA 2028 Summer Olympics. With this announcement, new facility construction began in 2023 and is expected to be completed by the first half of 2028. This vast project is focused on building housing for Olympians and facilities for the competition.
- The construction of Prince Edward County Memorial Hospital began in Q3 2024 and is expected to be completed in Q1 2028 in Prince Edward, Ontario. The project is aimed to enhance better healthcare facilities for people in the region.
- The construction of the South Capitol Street and M Street Mixed-Use Development project was initiated in Q2 2024 in Washington, DC, and is expected to be completed by Q4 2024. The project is aimed to provide better residential, retail, and office facilities in the city.
- Owing to the rise in tourism and upcoming Olympic events, several airport construction and terminal expansion activities are being undertaken in the US. The Port Authority of New York and New Jersey invested US$ 19 billion to build a new John F. Kennedy International Airport (JFK), recording a major transformation of one of the busiest airports in the US. The project has entered into the construction phase and is scheduled for completion by 2026.
Thus, the growing number of such high-end construction activities is expected to fuel the demand for AHUs in the region, as these units are used to adjust the temperature and humidity and provide comfortable and refreshing air-conditioned air in these arenas.
North America Air Handling Units Market Report Segmentation Analysis
Key segments that contributed to the derivation of the North America Air Handling Units Market analysis are configuration, capacity, type, and application.
- Based on configuration, the North America air handling units market is segmented into packaged air handling units, modular air handling units, custom air handling units, rooftop mounted air handling units, and others. The packaged air handling units segment dominated the market in 2023.
- Based on capacity, the North America air handling units market is segmented into below 5,000 m3/h, 5,001–30,000 m3/h, 30,001–50,000 m3/h, and above 50,001 m3/h. The below 5,000 m3/h segment dominated the market in 2023.
- Based on type, the North America air handling units market is segmented into AHU with heat recovery and AHU without heat recovery. The AHU with heat recovery segment dominated the market in 2023.
- Based on application, the market is segmented into commercial, industrial, and residential. The commercial segment dominated the market in 2023.
North America Air Handling Units Market Share Analysis by Geography
The North America air handling units market is segmented into the US, Canada, and Mexico. The US dominated the market in 2023. It is a developed country in terms of infrastructure, modern technology, standard of living, and many other factors. Various industries in the region are witnessing tremendous growth. In 2023, North America accounted for 53.3% of global pharmaceutical revenues, compared to 22.7% in Europe. According to IQVIA (MIDAS May 2024), the US market accounted for 67.1% of sales of new medications launched between 2018 and 2023, compared to 15.8% in Europe (top five markets). Thus, the growing pharmaceutical industry in the region will spike the demand for AHUs to protect drugs and medications.
North America Air Handling Units Market Report Scope
North America Air Handling Units Market News and Recent Developments
The North America air handling units market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the North America air handling units market are listed below:
- Carrier expanded its HVAC products made in India with a range of air handling units (AHUs) and fan coil units (FCUs). These units are crafted to meet the diverse needs of India’s commercial buildings, providing custom solutions for healthy indoor environments with high-efficiency air filtering needs.
(Source: Carrier, Press Release, January 2024)
- Daikin plans to upgrade its air handling units (AHU) product portfolio by introducing advanced ventilation solutions tailored to the 'compact' market segment. As part of this strategy, Daikin is pleased to announce the launch of a new AHU range: Compact L.
(Source: Daikin, Press Release, October 2024)
North America Air Handling Units Market Report Coverage and Deliverables
The "North America Air Handling Units Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- North America air handling units market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- North America air handling units market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- North America air handling units market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the North America air handling units market
- Detailed company profiles
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.
Frequently Asked Questions
US is anticipated to grow at the fastest CAGR over the forecast period.
The growing technological advancements are likely to be the future trends of the North America air handling units market.
The packaged air handling units segment segment led the North America air handling units market with the highest share in 2023.
The North America air handling units market is expected to reach US$ 4.65 Billion by 2031.
The key players holding majority shares in the North America air handling units market include Daikin Industries Ltd, Carrier Global Corp, Trane Technologies Plc, Johnson Controls International Plc, and LG Electronics Inc.
The North America air handling units market was estimated to be valued at US$ 3.20 billion in 2023 and is anticipated to grow at a CAGR of 4.8% over the forecast period.
Pressing need for energy-efficient solution and diversifying applications across various industries drive the adoption of North America air handling units solutions.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. North America Air Handling Units Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in Value Chain
5. North America Air Handling Units Market – Key Market Dynamics
5.1 North America Air Handling Units Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Pressing Need for Energy-Efficient Solution
5.2.2 Diversifying Applications Across Various Industries
5.3 Market Restraints
5.3.1 High Initial and Maintenance Costs
5.4 Market Opportunities
5.4.1 Growing Number of Construction Projects
5.5 Market Trends
5.5.1 Growing Technological Advancements
5.6 Impact of Drivers and Restraints:
6. North America Air Handling Units Market Analysis
6.1 North America Air Handling Units Market Revenue (US$ Million), 2021–2031
6.2 North America Air Handling Units Market Forecast and Analysis
7. North America Air Handling Units Market Analysis – by Configuration
7.1 Packaged Air Handling Units
7.1.1 Overview
7.1.2 Packaged Air Handling Units: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Modular Air Handling Units
7.2.1 Overview
7.2.2 Modular Air Handling Units: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Custom Air Handling Units
7.3.1 Overview
7.3.2 Custom Air Handling Units: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Rooftop Mounted Air Handling Units
7.4.1 Overview
7.4.2 Rooftop Mounted Air Handling Units: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
8. North America Air Handling Units Market Analysis – by Capacity
8.1 Below 5000 m3/h
8.1.1 Overview
8.1.2 Below 5000 m3/h: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
8.21-30000 m3/h
8.2.1 Overview
8.2.21-30000 m3/h: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
8.301-50000 m3/h
8.3.1 Overview
8.3.201-50000 m3/h: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Above 50001 m3/h
8.4.1 Overview
8.4.2 Above 50001 m3/h: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
9. North America Air Handling Units Market Analysis – by Type
9.1 AHU With Heat Recovery
9.1.1 Overview
9.1.2 AHU With Heat Recovery: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
9.2 AHU Without Heat Recovery
9.2.1 Overview
9.2.2 AHU Without Heat Recovery: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
10. North America Air Handling Units Market Analysis – by Application
10.1 Commercial
10.1.1 Overview
10.1.2 Commercial: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
10.2 Industrial
10.2.1 Overview
10.2.2 Industrial: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
10.3 Residential
10.3.1 Overview
10.3.2 Residential: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
11. North America Air Handling Units Market – Country Analysis
11.1 North America
11.1.1 North America Air Handling Units Market Breakdown by Countries
11.1.2 North America Air Handling Units Market Revenue and Forecast and Analysis – by Country
11.1.2.1 North America Air Handling Units Market Revenue and Forecast and Analysis – by Country
11.1.2.2 United States: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
11.1.2.2.1 United States: North America Air Handling Units Market Breakdown by Configuration
11.1.2.2.2 United States: North America Air Handling Units Market Breakdown by Capacity
11.1.2.2.3 United States: North America Air Handling Units Market Breakdown by Type
11.1.2.2.4 United States: North America Air Handling Units Market Breakdown by Application
11.1.2.3 Canada: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
11.1.2.3.1 Canada: North America Air Handling Units Market Breakdown by Configuration
11.1.2.3.2 Canada: North America Air Handling Units Market Breakdown by Capacity
11.1.2.3.3 Canada: North America Air Handling Units Market Breakdown by Type
11.1.2.3.4 Canada: North America Air Handling Units Market Breakdown by Application
11.1.2.4 Mexico: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
11.1.2.4.1 Mexico: North America Air Handling Units Market Breakdown by Configuration
11.1.2.4.2 Mexico: North America Air Handling Units Market Breakdown by Capacity
11.1.2.4.3 Mexico: North America Air Handling Units Market Breakdown by Type
11.1.2.4.4 Mexico: North America Air Handling Units Market Breakdown by Application
12. Competitive Landscape
12.1 Company Positioning & Concentration
12.2 Heat Map Analysis By Key Players
13. Industry Landscape
13.1 Overview
13.2 Expansion
13.3 New Product Development
13.4 Merger and Acquisition
13.5 Partnerships
13.6 Other Business Strategies
14. Company Profiles
14.1 Carrier Global Corp
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Air Wise Sales Inc.
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Daikin Industries Ltd
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Johnson Controls International Plc
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Haakon Industries
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 VTS Group
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Trane Technologies Plc
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 TROX GmbH
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 WOLF Anlagen-Technik GmbH & Co. KG
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 Rheem Manufacturing Co
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
14.11 Munters Group AB
14.11.1 Key Facts
14.11.2 Business Description
14.11.3 Products and Services
14.11.4 Financial Overview
14.11.5 SWOT Analysis
14.11.6 Key Developments
14.12 Sabiana SpA
14.12.1 Key Facts
14.12.2 Business Description
14.12.3 Products and Services
14.12.4 Financial Overview
14.12.5 SWOT Analysis
14.12.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Word Index
List of Tables
Table 1. North America Air Handling Units Market Segmentation
Table 2. Ecosystem: North America Air Handling Units Market
Table 3. List of Vendors in Value Chain
Table 4. North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Table 5. North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Configuration
Table 6. North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Capacity
Table 7. North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 8. North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 9. North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 10. United States: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Configuration
Table 11. United States: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Capacity
Table 12. United States: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 13. United States: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 14. Canada: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Configuration
Table 15. Canada: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Capacity
Table 16. Canada: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 17. Canada: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 18. Mexico: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Configuration
Table 19. Mexico: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Capacity
Table 20. Mexico: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 21. Mexico: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 22. Company Positioning & Concentration
Table 23. List of Abbreviation
List of Figures
Figure 1. North America Air Handling Units Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America Air Handling Units Market Revenue (US$ Million), 2021–2031
Figure 5. North America Air Handling Units Market Share (%) – by Configuration, 2023 and 2031
Figure 6. Packaged Air Handling Units: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Modular Air Handling Units: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Custom Air Handling Units: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Rooftop Mounted Air Handling Units: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Others: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. North America Air Handling Units Market Share (%) – by Capacity, 2023 and 2031
Figure 12. Below 5000 m3/h: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13.1-30000 m3/h: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14.01-50000 m3/h: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Above 50001 m3/h: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. North America Air Handling Units Market Share (%) – by Type, 2023 and 2031
Figure 17. AHU With Heat Recovery: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. AHU Without Heat Recovery: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. North America Air Handling Units Market Share (%) – by Application, 2023 and 2031
Figure 20. Commercial: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Industrial: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Residential: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. North America Air Handling Units Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 24. United States: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 25. Canada: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. Mexico: North America Air Handling Units Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. Heat Map Analysis By Key Players
The List of Companies - North America Air Handling Units Market
- Carrier Global Corp
- Air Wise Sales Inc.
- Daikin Industries Ltd
- Johnson Controls International Plc
- Haakon Industries
- VTS Group
- Trane Technologies Plc
- TROX GmbH
- WOLF Anlagen-Technik GmbH & Co. KG
- Rheem Manufacturing Co
- Munters Group AB
- Sabiana SpA
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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