The Offshore Crane Market is expected to register a CAGR of 8.9% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Design Type (Knuckle Boom Crane, Lattice Boom Crane, Telescopic Boom Crane, Others); Lifting Capacity (0-100 Tons, 100-500 Tons, 500-1000 Tons, Above 1000 Tons); Application (Oil and Gas, Marine, Renewable Energy, 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 Offshore Crane 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.
Offshore Crane Market Segmentation
Design Type- Knuckle Boom Crane
- Lattice Boom Crane
- Telescopic Boom Crane
- Others
- 0-100 Tons
- 100-500 Tons
- 500-1000 Tons
- Above 1000 Tons
- Oil and Gas
- Marine
- Renewable Energy
- Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Offshore Crane Market Growth Drivers- Increasing Offshore Exploration and Production Activities: The need for offshore cranes is considerably driven by increased exploration and production activities in the offshore. This, however is on a significant increase in the oil and gas industry. So with more new oil rigs coming to existence and older ones upgrading, there would be an increased demand for offshore cranes that can carry heavy loads to perform critical operations in offshore locations.
- Rising demand for renewable energy: The global shift towards renewable energy sources, particularly offshore wind farms, is a significant driver for the offshore cranes market. As countries invest heavily in renewable energy infrastructure, there is an increasing need for specialized cranes to install and maintain wind turbines and associated structures at sea. The installation of offshore wind farms requires heavy lifting capabilities, and cranes are essential for transporting and positioning large turbine components. This trend is anticipated to continue as nations strive to meet their carbon reduction targets, creating sustained demand for offshore cranes.
- Growth in Oil and Gas Exploration: Despite fluctuations in oil prices, the ongoing exploration and production activities in offshore oil and gas fields remain a strong driver for the offshore cranes market. As companies seek to tap into new reserves, particularly in deepwater and ultra-deepwater environments, the demand for advanced cranes capable of handling heavy loads and operating in challenging sea conditions is expected to rise. Offshore cranes are critical for drilling, installation of subsea equipment, and maintenance operations, positioning them as essential assets in the oil and gas sector.
- Shift Towards Electrification and Hybrid Systems: There is a growing trend towards the electrification of offshore cranes, with many manufacturers developing hybrid systems that combine traditional hydraulic power with electric drive technologies. This shift is driven by the need for greater energy efficiency and reduced emissions. Electric and hybrid cranes offer significant advantages, including lower operational costs, reduced noise levels, and a smaller environmental footprint. As industries increasingly prioritize sustainability, the adoption of electrified crane systems is expected to rise.
- Integration of Smart Technologies: The integration of smart technologies is transforming the offshore cranes market. Advanced systems incorporating IoT (Internet of Things) capabilities allow for real-time monitoring, predictive maintenance, and enhanced operational efficiency. These smart cranes can collect and analyze data on performance metrics, enabling operators to optimize usage and reduce downtime. Additionally, features such as remote monitoring and control provide greater flexibility and safety, aligning with the industry's push for automation and enhanced operational oversight.
- Expansion of Renewable Energy Projects: The global shift towards renewable energy, particularly offshore wind farms, represents a major opportunity for the offshore cranes market. As countries invest heavily in clean energy infrastructure, the demand for specialized cranes to install and maintain wind turbines and related structures will continue to grow. This sector not only requires cranes for initial setup but also for ongoing maintenance and upgrades, creating a sustained demand for durable and efficient lifting solutions.
- Deepwater and Ultra-Deepwater Exploration: The search for new oil and gas reserves is increasingly pushing exploration activities into deepwater and ultra-deepwater regions. This trend creates a need for advanced offshore cranes capable of handling the complex requirements of deep-sea operations. Companies that develop cranes specifically designed for these challenging environments, equipped with advanced technology and safety features, stand to gain a competitive edge in this growing segment.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Offshore Crane 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 Offshore Crane 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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- Request discounts available for Start-Ups & Universities
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
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.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The leading players operating in the Offshore Crane Market include Liebherr Group, PALFINGER MARINE, DMW Marine Group, Konecranes, MacGregor, HS.MARINE S.r.l., National Oilwell Varco, Huisman Equipment B.V., Jiangsu OUCO Heavy Industry and Technology Co.,Ltd
Growing Sustainability and Market Consolidation is the key future trend of the Offshore Crane Market
The Offshore Crane Market is estimated to witness a CAGR of 8.9% from 2023 to 2031
The major factors driving the Offshore Crane Market: Increasing Offshore Exploration and Production Activities and Growing Number of Offshore Wind Farms
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1Offshore Crane Market - By Design Type
1.3.2Offshore Crane Market - By Lifting Capacity
1.3.3Offshore Crane Market - By Application
1.3.4Offshore Crane Market - By Region
1.3.4.1By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4.OFFSHORE CRANE 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.OFFSHORE CRANE 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.OFFSHORE CRANE MARKET - GLOBAL MARKET ANALYSIS
6.1.OFFSHORE CRANE - GLOBAL MARKET OVERVIEW
6.2.OFFSHORE CRANE - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.OFFSHORE CRANE MARKET - REVENUE AND FORECASTS TO 2028- DESIGN TYPE
7.1.OVERVIEW
7.2.DESIGN TYPE MARKET FORECASTS AND ANALYSIS
7.3.KNUCKLE BOOM
7.3.1.Overview
7.3.2.Knuckle Boom Market Forecast and Analysis
7.4.TELESCOPIC LATTICE
7.4.1.Overview
7.4.2.Telescopic Lattice Market Forecast and Analysis
7.5.OTHERS
7.5.1.Overview
7.5.2.Others Market Forecast and Analysis
8.OFFSHORE CRANE MARKET - REVENUE AND FORECASTS TO 2028- LIFTING CAPACITY
8.1.OVERVIEW
8.2.LIFTING CAPACITY MARKET FORECASTS AND ANALYSIS
8.3.0-500MT
8.3.1.Overview
8.3.2.0-500mt Market Forecast and Analysis
8.4.500-3000MT
8.4.1.Overview
8.4.2.500-3000mt Market Forecast and Analysis
8.5.ABOVE 3000MT
8.5.1.Overview
8.5.2.Above 3000mt Market Forecast and Analysis
9.OFFSHORE CRANE MARKET - REVENUE AND FORECASTS TO 2028- APPLICATION
9.1.OVERVIEW
9.2.APPLICATION 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.MARINE
9.4.1.Overview
9.4.2.Marine Market Forecast and Analysis
9.5.RENEWABLE ENERGY
9.5.1.Overview
9.5.2.Renewable Energy Market Forecast and Analysis
9.6.OTHERS
9.6.1.Overview
9.6.2.Others Market Forecast and Analysis
10.OFFSHORE CRANE MARKET REVENUE AND FORECASTS TO 2028- GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Offshore Crane Market Overview
10.1.2North America Offshore Crane Market Forecasts and Analysis
10.1.3North America Offshore Crane Market Forecasts and Analysis - By Design Type
10.1.4North America Offshore Crane Market Forecasts and Analysis - By Lifting Capacity
10.1.5North America Offshore Crane Market Forecasts and Analysis - By Application
10.1.6North America Offshore Crane Market Forecasts and Analysis - By Countries
10.1.6.1United States Offshore Crane Market
10.1.6.1.1United States Offshore Crane Market by Design Type
10.1.6.1.2United States Offshore Crane Market by Lifting Capacity
10.1.6.1.3United States Offshore Crane Market by Application
10.1.6.2Canada Offshore Crane Market
10.1.6.2.1Canada Offshore Crane Market by Design Type
10.1.6.2.2Canada Offshore Crane Market by Lifting Capacity
10.1.6.2.3Canada Offshore Crane Market by Application
10.1.6.3Mexico Offshore Crane Market
10.1.6.3.1Mexico Offshore Crane Market by Design Type
10.1.6.3.2Mexico Offshore Crane Market by Lifting Capacity
10.1.6.3.3Mexico Offshore Crane Market by Application
10.2.EUROPE
10.2.1Europe Offshore Crane Market Overview
10.2.2Europe Offshore Crane Market Forecasts and Analysis
10.2.3Europe Offshore Crane Market Forecasts and Analysis - By Design Type
10.2.4Europe Offshore Crane Market Forecasts and Analysis - By Lifting Capacity
10.2.5Europe Offshore Crane Market Forecasts and Analysis - By Application
10.2.6Europe Offshore Crane Market Forecasts and Analysis - By Countries
10.2.6.1Germany Offshore Crane Market
10.2.6.1.1Germany Offshore Crane Market by Design Type
10.2.6.1.2Germany Offshore Crane Market by Lifting Capacity
10.2.6.1.3Germany Offshore Crane Market by Application
10.2.6.2France Offshore Crane Market
10.2.6.2.1France Offshore Crane Market by Design Type
10.2.6.2.2France Offshore Crane Market by Lifting Capacity
10.2.6.2.3France Offshore Crane Market by Application
10.2.6.3Italy Offshore Crane Market
10.2.6.3.1Italy Offshore Crane Market by Design Type
10.2.6.3.2Italy Offshore Crane Market by Lifting Capacity
10.2.6.3.3Italy Offshore Crane Market by Application
10.2.6.4United Kingdom Offshore Crane Market
10.2.6.4.1United Kingdom Offshore Crane Market by Design Type
10.2.6.4.2United Kingdom Offshore Crane Market by Lifting Capacity
10.2.6.4.3United Kingdom Offshore Crane Market by Application
10.2.6.5Russia Offshore Crane Market
10.2.6.5.1Russia Offshore Crane Market by Design Type
10.2.6.5.2Russia Offshore Crane Market by Lifting Capacity
10.2.6.5.3Russia Offshore Crane Market by Application
10.2.6.6Rest of Europe Offshore Crane Market
10.2.6.6.1Rest of Europe Offshore Crane Market by Design Type
10.2.6.6.2Rest of Europe Offshore Crane Market by Lifting Capacity
10.2.6.6.3Rest of Europe Offshore Crane Market by Application
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Offshore Crane Market Overview
10.3.2Asia-Pacific Offshore Crane Market Forecasts and Analysis
10.3.3Asia-Pacific Offshore Crane Market Forecasts and Analysis - By Design Type
10.3.4Asia-Pacific Offshore Crane Market Forecasts and Analysis - By Lifting Capacity
10.3.5Asia-Pacific Offshore Crane Market Forecasts and Analysis - By Application
10.3.6Asia-Pacific Offshore Crane Market Forecasts and Analysis - By Countries
10.3.6.1Australia Offshore Crane Market
10.3.6.1.1Australia Offshore Crane Market by Design Type
10.3.6.1.2Australia Offshore Crane Market by Lifting Capacity
10.3.6.1.3Australia Offshore Crane Market by Application
10.3.6.2China Offshore Crane Market
10.3.6.2.1China Offshore Crane Market by Design Type
10.3.6.2.2China Offshore Crane Market by Lifting Capacity
10.3.6.2.3China Offshore Crane Market by Application
10.3.6.3India Offshore Crane Market
10.3.6.3.1India Offshore Crane Market by Design Type
10.3.6.3.2India Offshore Crane Market by Lifting Capacity
10.3.6.3.3India Offshore Crane Market by Application
10.3.6.4Japan Offshore Crane Market
10.3.6.4.1Japan Offshore Crane Market by Design Type
10.3.6.4.2Japan Offshore Crane Market by Lifting Capacity
10.3.6.4.3Japan Offshore Crane Market by Application
10.3.6.5South Korea Offshore Crane Market
10.3.6.5.1South Korea Offshore Crane Market by Design Type
10.3.6.5.2South Korea Offshore Crane Market by Lifting Capacity
10.3.6.5.3South Korea Offshore Crane Market by Application
10.3.6.6Rest of Asia-Pacific Offshore Crane Market
10.3.6.6.1Rest of Asia-Pacific Offshore Crane Market by Design Type
10.3.6.6.2Rest of Asia-Pacific Offshore Crane Market by Lifting Capacity
10.3.6.6.3Rest of Asia-Pacific Offshore Crane Market by Application
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Offshore Crane Market Overview
10.4.2Middle East and Africa Offshore Crane Market Forecasts and Analysis
10.4.3Middle East and Africa Offshore Crane Market Forecasts and Analysis - By Design Type
10.4.4Middle East and Africa Offshore Crane Market Forecasts and Analysis - By Lifting Capacity
10.4.5Middle East and Africa Offshore Crane Market Forecasts and Analysis - By Application
10.4.6Middle East and Africa Offshore Crane Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Offshore Crane Market
10.4.6.1.1South Africa Offshore Crane Market by Design Type
10.4.6.1.2South Africa Offshore Crane Market by Lifting Capacity
10.4.6.1.3South Africa Offshore Crane Market by Application
10.4.6.2Saudi Arabia Offshore Crane Market
10.4.6.2.1Saudi Arabia Offshore Crane Market by Design Type
10.4.6.2.2Saudi Arabia Offshore Crane Market by Lifting Capacity
10.4.6.2.3Saudi Arabia Offshore Crane Market by Application
10.4.6.3U.A.E Offshore Crane Market
10.4.6.3.1U.A.E Offshore Crane Market by Design Type
10.4.6.3.2U.A.E Offshore Crane Market by Lifting Capacity
10.4.6.3.3U.A.E Offshore Crane Market by Application
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Offshore Crane Market Overview
10.5.2South and Central America Offshore Crane Market Forecasts and Analysis
10.5.3South and Central America Offshore Crane Market Forecasts and Analysis - By Design Type
10.5.4South and Central America Offshore Crane Market Forecasts and Analysis - By Lifting Capacity
10.5.5South and Central America Offshore Crane Market Forecasts and Analysis - By Application
10.5.6South and Central America Offshore Crane Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Offshore Crane Market
10.5.6.1.1Brazil Offshore Crane Market by Design Type
10.5.6.1.2Brazil Offshore Crane Market by Lifting Capacity
10.5.6.1.3Brazil Offshore Crane Market by Application
10.5.6.2Argentina Offshore Crane Market
10.5.6.2.1Argentina Offshore Crane Market by Design Type
10.5.6.2.2Argentina Offshore Crane Market by Lifting Capacity
10.5.6.2.3Argentina Offshore Crane Market by Application
10.5.6.3Rest of South and Central America Offshore Crane Market
10.5.6.3.1Rest of South and Central America Offshore Crane Market by Design Type
10.5.6.3.2Rest of South and Central America Offshore Crane Market by Lifting Capacity
10.5.6.3.3Rest of South and Central America Offshore Crane Market by Application
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.OFFSHORE CRANE MARKET, KEY COMPANY PROFILES
12.1.HEILA CRANES S.P.A.
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.HUISMAN EQUIPMENT B.V.
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.KENZ FIGEE GROUP
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.KONECRANES
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.LIEBHERR GROUP
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.MANITOWOC CRANES
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.NATIONAL OILWELL VARCO
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.PLM CRANES B.V.
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.SEATRAX, INC.
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.SORMEC
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
1. HEILA Cranes S.p.a.
2. Huisman Equipment B.V.
3. Kenz Figee Group
4. Konecranes
5. Liebherr Group
6. Manitowoc Cranes
7. National Oilwell Varco
8. PLM Cranes B.V.
9. Seatrax, Inc.
10. Sormec
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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