Occupancy Sensor Market Scope and Size by 2031
The Occupancy sensor market is expected to register a CAGR of 13.0% during 2023–2031. Increasing adoption of smart building technology is likely to remain a key trend in the market.
Occupancy Sensor Market Analysis
- The growth of the occupancy sensor market is driven by various factors, which include rising demand for automotive vehicles, incorporation of occupancy detection sensors into passenger vehicles, growing reliance on electronic systems to improve the safety, comfort, and efficiency of the passengers in the automotive sector, and implementation through government regulations.
- Moreover, the market is still eyeing sensor innovation as one of the trendiest landscapes within the automotive industry, with huge investments by stakeholders as an indication of technological advancements and smart sensor adoption. Not only the occupant sensors limited in the automotive sector, but occupancy sensors are also used in building re-entry strategies for the detection of motion, thus indicating that a person is present and providing opportunities for building owners and tenants of various sectors.
Occupancy Sensor Market Overview
- This includes devices such as all-encompassing under-occupant sensors, passive infrared sensors, ultrasonic sensors, microwave sensors, and even smart meters and keycard locks for hotel rooms. These devices are mainly used for energy conservation, automatic control, and compliance with building codes. The pit is sensitive to passengers, comfort, and the efficiency requirements that industries have designed occupant sensors for. For example, the automotive market is booming in innovation and investment for the adoption of smart sensors.
- Occupancy sensors have been designed for use in building re-entry strategies, motion detection, and an indication that an individual is moving in, thereby saving energy and announcing the coming of an occupant, among a variety of conveniences brought to the building owner, tenant, and guest's fingertips.
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Occupancy Sensor Market: Strategic Insights
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Occupancy Sensor Market Drivers and Opportunities
Technological Advancements
- The global occupancy sensor market is mainly driven by significant technological improvements and innovations in the adoption of smart sensors that are more focused on enhancing safety, energy efficiency, and automatic control in both automotive and building applications. Occupancy detection sensor integration into the automotive sector is influenced by the increasing demand for safety and comfort characteristics in vehicles, new energy vehicles, and connected and future autonomous vehicles, which will all benefit from the technological advancements made in sensor design and manufacturing.
- Further, the market will surge as much as automakers invest in innovative technologies for the development of safer and more efficient vehicles, showing an interest in enhancing safety and efficiency through technology. All these point to the fact that the global occupancy sensor market is focused on providing enhanced safety, energy efficiency, and automatic control in automotive and building applications, wherein technological advancements act as the major growth accelerator.
Building Re-entry Strategies
- This is an opportunity that occupancy sensors can offer to building owners and tenants in different parts of the economy the detect people's movement and, in turn, create trigger alerts. This capability results not only in saving energy but also in carrying substantive savings. However, the occupancy sensors do not stop at giving convenience benefits; the sensors improve the user experience and operational efficiency of buildings, make adjustments of the environmental conditions hassle-free and automatic upon detection of the presence of occupants, and thus result in a built environment that is more sustainable and comfortable.
- Therefore, the widespread implementation of occupancy sensors has the potential to revolutionize the operational and environmental performance of wide-ranging sectors critical for building owners concerning several compelling advantages for building owners and occupants.
Occupancy Sensor Market Segmentation
Key segments that contributed to the derivation of the Occupancy Sensor market analysis are type, connectivity type, application, and end user.
- Based on type, the market is segmented into infrared, ultrasonic, and dual technology.
- In terms of connectivity type, the market is segmented into wired and wireless.
- Based on application, the market is divided into lighting, HVAC, and security & surveillance.
- In terms of end users, the market is segmented into residential and commercial.
Occupancy Sensor Market Share Analysis by Geography
- The Occupancy Sensor market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering mechanical keyboards market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the Occupancy Sensor market in these regions.
Occupancy Sensor Market Report Scope
Occupancy Sensor Market News and Recent Developments
The Occupancy Sensor 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 Occupancy Sensor market are listed below:
- NOVELDA, innovator of the world’s most reliable ultra-wideband (UWB) radar sensors, announces it will demonstrate the new multi-target seat occupancy detection function of its NOVELDA X7 UWB In-Cabin Sensor at Embedded World 2024. NOVELDA’s X7 radar chip is already capable of performing the world´s lowest power presence detection, child presence detection (CPD), and vital signs monitoring. X7 now adds seat occupancy detection capability through a software upgrade. A single UWB sensor can detect human presence in each seat within the car cabin, making it the most reliable and cost-effective seat occupancy radar solution on the market.
(Source: Novelda AS, Company Website, April 2024)
Occupancy Sensor Market Report Coverage and Deliverables
The "Occupancy Sensor Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Occupancy Sensor market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Occupancy Sensor market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Occupancy Sensor 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 in the Occupancy Sensor 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
Global Occupancy Sensor market is expected to grow at a CAGR of 13.0% during the forecast period 2023 - 2031.
Technological advancements in occupancy sensors are the major factor driving the market growth.
Increasing adoption of smart building technology is likely to remain a key trend in the market.
The leading players operating in the market are Schneider Electric, Eaton Corporation PLC, Lutron Electronics, Leviton, Johnson Controls, Inc., Honeywell International, Inc., General Electric Company, Acuity Brands, Legrand S.A., and Hubbell Incorporated.
The report can be delivered in PDF/PPT format; we can also share an Excel dataset based on the request.
Some of the customization options available based on request are 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
1.3.1 Occupancy Sensors Market - By Technology
1.3.2 Occupancy Sensors Market - By End User
1.3.3 Occupancy Sensors Market - By Operation
1.3.4 Occupancy Sensors Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. OCCUPANCY SENSORS 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. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. OCCUPANCY SENSORS 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. OCCUPANCY SENSORS MARKET - GLOBAL MARKET ANALYSIS
6.1. OCCUPANCY SENSORS - GLOBAL MARKET OVERVIEW
6.2. OCCUPANCY SENSORS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. OCCUPANCY SENSORS MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. PASSIVE INFRARED
7.3.1. Overview
7.3.2. Passive Infrared Market Forecast and Analysis
7.4. ULTRASONIC TECHNOLOGY
7.4.1. Overview
7.4.2. Ultrasonic Technology Market Forecast and Analysis
7.5. DUAL TECHNOLOGY
7.5.1. Overview
7.5.2. Dual Technology Market Forecast and Analysis
7.6. MICROWAVE
7.6.1. Overview
7.6.2. Microwave Market Forecast and Analysis
7.7. BLUETOOTH
7.7.1. Overview
7.7.2. Bluetooth Market Forecast and Analysis
7.8. ENOCEAN
7.8.1. Overview
7.8.2. EnOcean Market Forecast and Analysis
7.9. ZIGBEE
7.9.1. Overview
7.9.2. Zigbee Market Forecast and Analysis
7.10. OTHERS
7.10.1. Overview
7.10.2. Others Market Forecast and Analysis
8. OCCUPANCY SENSORS MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. RESIDENTIAL
8.3.1. Overview
8.3.2. Residential Market Forecast and Analysis
8.4. COMMERCIAL
8.4.1. Overview
8.4.2. Commercial Market Forecast and Analysis
8.4.3. Office Buildings Market
8.4.3.1. Overview
8.4.3.2. Office Buildings Market Forecast and Analysis
8.4.4. Education Institutions Market
8.4.4.1. Overview
8.4.4.2. Education Institutions Market Forecast and Analysis
8.4.5. Industrial Buildings Market
8.4.5.1. Overview
8.4.5.2. Industrial Buildings Market Forecast and Analysis
8.4.6. Healthcare Facilities Market
8.4.6.1. Overview
8.4.6.2. Healthcare Facilities Market Forecast and Analysis
8.4.7. Others Market
8.4.7.1. Overview
8.4.7.2. Others Market Forecast and Analysis
9. OCCUPANCY SENSORS MARKET - REVENUE AND FORECASTS TO 2028 - OPERATION
9.1. OVERVIEW
9.2. OPERATION MARKET FORECASTS AND ANALYSIS
9.3. INDOOR
9.3.1. Overview
9.3.2. Indoor Market Forecast and Analysis
9.4. OUTDOOR
9.4.1. Overview
9.4.2. Outdoor Market Forecast and Analysis
10. OCCUPANCY SENSORS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Occupancy Sensors Market Overview
10.1.2 North America Occupancy Sensors Market Forecasts and Analysis
10.1.3 North America Occupancy Sensors Market Forecasts and Analysis - By Technology
10.1.4 North America Occupancy Sensors Market Forecasts and Analysis - By End User
10.1.5 North America Occupancy Sensors Market Forecasts and Analysis - By Operation
10.1.6 North America Occupancy Sensors Market Forecasts and Analysis - By Countries
10.1.6.1 United States Occupancy Sensors Market
10.1.6.1.1 United States Occupancy Sensors Market by Technology
10.1.6.1.2 United States Occupancy Sensors Market by End User
10.1.6.1.3 United States Occupancy Sensors Market by Operation
10.1.6.2 Canada Occupancy Sensors Market
10.1.6.2.1 Canada Occupancy Sensors Market by Technology
10.1.6.2.2 Canada Occupancy Sensors Market by End User
10.1.6.2.3 Canada Occupancy Sensors Market by Operation
10.1.6.3 Mexico Occupancy Sensors Market
10.1.6.3.1 Mexico Occupancy Sensors Market by Technology
10.1.6.3.2 Mexico Occupancy Sensors Market by End User
10.1.6.3.3 Mexico Occupancy Sensors Market by Operation
10.2. EUROPE
10.2.1 Europe Occupancy Sensors Market Overview
10.2.2 Europe Occupancy Sensors Market Forecasts and Analysis
10.2.3 Europe Occupancy Sensors Market Forecasts and Analysis - By Technology
10.2.4 Europe Occupancy Sensors Market Forecasts and Analysis - By End User
10.2.5 Europe Occupancy Sensors Market Forecasts and Analysis - By Operation
10.2.6 Europe Occupancy Sensors Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Occupancy Sensors Market
10.2.6.1.1 Germany Occupancy Sensors Market by Technology
10.2.6.1.2 Germany Occupancy Sensors Market by End User
10.2.6.1.3 Germany Occupancy Sensors Market by Operation
10.2.6.2 France Occupancy Sensors Market
10.2.6.2.1 France Occupancy Sensors Market by Technology
10.2.6.2.2 France Occupancy Sensors Market by End User
10.2.6.2.3 France Occupancy Sensors Market by Operation
10.2.6.3 Italy Occupancy Sensors Market
10.2.6.3.1 Italy Occupancy Sensors Market by Technology
10.2.6.3.2 Italy Occupancy Sensors Market by End User
10.2.6.3.3 Italy Occupancy Sensors Market by Operation
10.2.6.4 United Kingdom Occupancy Sensors Market
10.2.6.4.1 United Kingdom Occupancy Sensors Market by Technology
10.2.6.4.2 United Kingdom Occupancy Sensors Market by End User
10.2.6.4.3 United Kingdom Occupancy Sensors Market by Operation
10.2.6.5 Russia Occupancy Sensors Market
10.2.6.5.1 Russia Occupancy Sensors Market by Technology
10.2.6.5.2 Russia Occupancy Sensors Market by End User
10.2.6.5.3 Russia Occupancy Sensors Market by Operation
10.2.6.6 Rest of Europe Occupancy Sensors Market
10.2.6.6.1 Rest of Europe Occupancy Sensors Market by Technology
10.2.6.6.2 Rest of Europe Occupancy Sensors Market by End User
10.2.6.6.3 Rest of Europe Occupancy Sensors Market by Operation
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Occupancy Sensors Market Overview
10.3.2 Asia-Pacific Occupancy Sensors Market Forecasts and Analysis
10.3.3 Asia-Pacific Occupancy Sensors Market Forecasts and Analysis - By Technology
10.3.4 Asia-Pacific Occupancy Sensors Market Forecasts and Analysis - By End User
10.3.5 Asia-Pacific Occupancy Sensors Market Forecasts and Analysis - By Operation
10.3.6 Asia-Pacific Occupancy Sensors Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Occupancy Sensors Market
10.3.6.1.1 Australia Occupancy Sensors Market by Technology
10.3.6.1.2 Australia Occupancy Sensors Market by End User
10.3.6.1.3 Australia Occupancy Sensors Market by Operation
10.3.6.2 China Occupancy Sensors Market
10.3.6.2.1 China Occupancy Sensors Market by Technology
10.3.6.2.2 China Occupancy Sensors Market by End User
10.3.6.2.3 China Occupancy Sensors Market by Operation
10.3.6.3 India Occupancy Sensors Market
10.3.6.3.1 India Occupancy Sensors Market by Technology
10.3.6.3.2 India Occupancy Sensors Market by End User
10.3.6.3.3 India Occupancy Sensors Market by Operation
10.3.6.4 Japan Occupancy Sensors Market
10.3.6.4.1 Japan Occupancy Sensors Market by Technology
10.3.6.4.2 Japan Occupancy Sensors Market by End User
10.3.6.4.3 Japan Occupancy Sensors Market by Operation
10.3.6.5 South Korea Occupancy Sensors Market
10.3.6.5.1 South Korea Occupancy Sensors Market by Technology
10.3.6.5.2 South Korea Occupancy Sensors Market by End User
10.3.6.5.3 South Korea Occupancy Sensors Market by Operation
10.3.6.6 Rest of Asia-Pacific Occupancy Sensors Market
10.3.6.6.1 Rest of Asia-Pacific Occupancy Sensors Market by Technology
10.3.6.6.2 Rest of Asia-Pacific Occupancy Sensors Market by End User
10.3.6.6.3 Rest of Asia-Pacific Occupancy Sensors Market by Operation
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Occupancy Sensors Market Overview
10.4.2 Middle East and Africa Occupancy Sensors Market Forecasts and Analysis
10.4.3 Middle East and Africa Occupancy Sensors Market Forecasts and Analysis - By Technology
10.4.4 Middle East and Africa Occupancy Sensors Market Forecasts and Analysis - By End User
10.4.5 Middle East and Africa Occupancy Sensors Market Forecasts and Analysis - By Operation
10.4.6 Middle East and Africa Occupancy Sensors Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Occupancy Sensors Market
10.4.6.1.1 South Africa Occupancy Sensors Market by Technology
10.4.6.1.2 South Africa Occupancy Sensors Market by End User
10.4.6.1.3 South Africa Occupancy Sensors Market by Operation
10.4.6.2 Saudi Arabia Occupancy Sensors Market
10.4.6.2.1 Saudi Arabia Occupancy Sensors Market by Technology
10.4.6.2.2 Saudi Arabia Occupancy Sensors Market by End User
10.4.6.2.3 Saudi Arabia Occupancy Sensors Market by Operation
10.4.6.3 U.A.E Occupancy Sensors Market
10.4.6.3.1 U.A.E Occupancy Sensors Market by Technology
10.4.6.3.2 U.A.E Occupancy Sensors Market by End User
10.4.6.3.3 U.A.E Occupancy Sensors Market by Operation
10.4.6.4 Rest of Middle East and Africa Occupancy Sensors Market
10.4.6.4.1 Rest of Middle East and Africa Occupancy Sensors Market by Technology
10.4.6.4.2 Rest of Middle East and Africa Occupancy Sensors Market by End User
10.4.6.4.3 Rest of Middle East and Africa Occupancy Sensors Market by Operation
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Occupancy Sensors Market Overview
10.5.2 South and Central America Occupancy Sensors Market Forecasts and Analysis
10.5.3 South and Central America Occupancy Sensors Market Forecasts and Analysis - By Technology
10.5.4 South and Central America Occupancy Sensors Market Forecasts and Analysis - By End User
10.5.5 South and Central America Occupancy Sensors Market Forecasts and Analysis - By Operation
10.5.6 South and Central America Occupancy Sensors Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Occupancy Sensors Market
10.5.6.1.1 Brazil Occupancy Sensors Market by Technology
10.5.6.1.2 Brazil Occupancy Sensors Market by End User
10.5.6.1.3 Brazil Occupancy Sensors Market by Operation
10.5.6.2 Argentina Occupancy Sensors Market
10.5.6.2.1 Argentina Occupancy Sensors Market by Technology
10.5.6.2.2 Argentina Occupancy Sensors Market by End User
10.5.6.2.3 Argentina Occupancy Sensors Market by Operation
10.5.6.3 Rest of South and Central America Occupancy Sensors Market
10.5.6.3.1 Rest of South and Central America Occupancy Sensors Market by Technology
10.5.6.3.2 Rest of South and Central America Occupancy Sensors Market by End User
10.5.6.3.3 Rest of South and Central America Occupancy Sensors Market by Operation
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. OCCUPANCY SENSORS MARKET, KEY COMPANY PROFILES
12.1. ACUITY BRANDS LIGHTING, INC.
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. EATON
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. HONEYWELL INTERNATIONAL INC.
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. HUBBELL INCORPORATED
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. JOHNSON CONTROLS
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. LEGRAND SA
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. LEVITON MANUFACTURING CO., INC.
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. LUTRON ELECTRONICS CO., 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. SCHNEIDER ELECTRIC
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. SIGNIFY HOLDING
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
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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