Offshore Drilling Rigs Market Insights and Growth by 2031
The Offshore Drilling Rigs Market is expected to register a CAGR of 7.5% 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 Type (Jackups, Semi-Submersibles, Drill Ships, Others). The report further presents analysis based on the Water Depth (Shallow Water, Deepwater, Ultra-Deepwater). 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 Drilling Rigs 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 Drilling Rigs Market Segmentation
Type- Jackups
- Semi-Submersibles
- Drill Ships
- Others
- Shallow Water
- Deepwater
- Ultra-Deepwater
Strategic Insights
Offshore Drilling Rigs Market Growth Drivers- Rising Global Demand for Oil and Natural Gas: As global energy consumption continues to rise, especially in emerging economies, the demand for oil and natural gas remains strong. Offshore drilling rigs are essential for tapping into deepwater and ultra-deepwater reserves, which are critical to meeting the growing energy needs. As oil prices stabilize or increase, energy companies are incentivized to invest in exploration and production, driving the demand for offshore drilling rigs to access untapped reserves in offshore locations.
- Technological Advancements in Drilling Efficiency: Technological advancements in offshore drilling rigs, such as automated drilling systems, enhanced subsea technologies, and real-time data analytics, are improving efficiency, safety, and the overall performance of offshore rigs. These innovations allow energy companies to access deeper and more challenging reserves with greater precision and reduced operational risks. As technologies continue to evolve, offshore rigs are becoming more capable and cost-efficient, driving their demand for complex and high-value offshore projects.
- Increased Investments in Offshore Exploration and Development: The recovery of global oil prices and the renewed focus on offshore exploration have led to an uptick in investments in offshore drilling projects. Many energy companies are renewing their focus on offshore reserves, including those in remote or difficult-to-access regions such as the Arctic, West Africa, and the South China Sea. The surge in offshore exploration and development activities is driving the demand for drilling rigs capable of operating in harsh environmental conditions and deepwater settings.
- Shift Toward More Efficient and Sustainable Offshore Rigs: There is a growing trend toward more energy-efficient and environmentally sustainable offshore drilling rigs. Companies are increasingly focused on reducing the carbon footprint of offshore operations, including by utilizing cleaner energy sources for rig operations, improving waste management systems, and reducing emissions. Additionally, the adoption of hybrid power solutions, such as wind and solar-powered rigs, is becoming more common, driven by both environmental concerns and regulatory pressures to minimize offshore drilling's impact on ecosystems and surrounding communities.
- Focus on Deepwater and Ultra-Deepwater Drilling: As onshore oil reserves are increasingly exhausted, the trend toward deepwater and ultra-deepwater drilling is gaining momentum. These types of drilling operations require specialized, high-capacity rigs designed for challenging conditions such as extreme depths, high pressures, and harsh weather environments. Offshore drilling rigs are being developed to cater to this demand, with advancements in drilling technologies and equipment that enable more efficient extraction from deeper and more difficult-to-reach oil and gas fields. This trend is particularly strong in areas such as the Gulf of Mexico, Brazil’s pre-salt fields, and offshore Africa.
- Expansion into Emerging Offshore Markets: Emerging offshore oil and gas markets, particularly in Africa, Southeast Asia, and South America, present significant opportunities for offshore drilling rig operators. These regions, which are rich in untapped reserves, are seeing increasing exploration and production activities as global energy companies seek to diversify their portfolios and secure long-term production. Offshore drilling companies that can offer flexible, cost-effective, and technologically advanced rigs are well-positioned to capitalize on the growth of these emerging markets.
- Retrofitting and Upgrading Existing Rigs for New Applications: With the rise of offshore wind energy and the increasing focus on sustainable energy solutions, there is a significant opportunity to retrofit and repurpose existing offshore drilling rigs for new applications, such as offshore wind turbine installations. Many of the technological capabilities required for offshore drilling, such as stability, heavy lifting, and high-tech navigation systems, are also applicable for wind energy infrastructure. Repurposing existing rigs can provide a more cost-effective and environmentally friendly alternative to building new platforms for the offshore wind sector, opening up a new revenue stream for drilling companies while contributing to the global shift toward renewable energy.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Offshore Drilling Rigs 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 Drilling Rigs 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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Frequently Asked Questions
The Offshore Drilling Rigs Market is estimated to witness a CAGR of 7.5% from 2023 to 2031
The major factors driving the Offshore Drilling Rigs Market are: High Crude Oil Prices Generating Demand for Efficient Offshore Rig Operations and Growing Developments in Offshore Oil & Gas Industry
Adoption of Efficient Oil Recovery Techniques is the key future trend of the Offshore Drilling Market
The leading players operating in the Offshore Drilling Rigs Market include Baker Hughes Company, Haliburton Company, Schlumberger Limited, Transocean Limited, Seadrill Limited, Saipem SpA, Weatherford International plc, China Oilfield Services Limited, Atwood Oceanics, Inc., and Diamond Offshore Drilling Inc.
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.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Offshore Drilling Rigs Market - By Type
1.3.2 Offshore Drilling Rigs Market - By Water Depth
1.3.3 Offshore Drilling Rigs Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. OFFSHORE DRILLING RIGS 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. EXPERT OPINIONS
5. OFFSHORE DRILLING RIGS 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. OFFSHORE DRILLING RIGS MARKET - GLOBAL MARKET ANALYSIS
6.1. OFFSHORE DRILLING RIGS - GLOBAL MARKET OVERVIEW
6.2. OFFSHORE DRILLING RIGS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. OFFSHORE DRILLING RIGS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. JACKUPS
7.3.1. Overview
7.3.2. Jackups Market Forecast and Analysis
7.4. SEMI-SUBMERSIBLES
7.4.1. Overview
7.4.2. Semi-Submersibles Market Forecast and Analysis
7.5. DRILL SHIPS
7.5.1. Overview
7.5.2. Drill Ships Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. OFFSHORE DRILLING RIGS MARKET - REVENUE AND FORECASTS TO 2028 - WATER DEPTH
8.1. OVERVIEW
8.2. WATER DEPTH MARKET FORECASTS AND ANALYSIS
8.3. SHALLOW WATER
8.3.1. Overview
8.3.2. Shallow Water Market Forecast and Analysis
8.4. DEEPWATER
8.4.1. Overview
8.4.2. Deepwater Market Forecast and Analysis
8.5. ULTRA-DEEPWATER
8.5.1. Overview
8.5.2. Ultra-Deepwater Market Forecast and Analysis
9. OFFSHORE DRILLING RIGS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Offshore Drilling Rigs Market Overview
9.1.2 North America Offshore Drilling Rigs Market Forecasts and Analysis
9.1.3 North America Offshore Drilling Rigs Market Forecasts and Analysis - By Type
9.1.4 North America Offshore Drilling Rigs Market Forecasts and Analysis - By Water Depth
9.1.5 North America Offshore Drilling Rigs Market Forecasts and Analysis - By Countries
9.1.5.1 United States Offshore Drilling Rigs Market
9.1.5.1.1 United States Offshore Drilling Rigs Market by Type
9.1.5.1.2 United States Offshore Drilling Rigs Market by Water Depth
9.1.5.2 Canada Offshore Drilling Rigs Market
9.1.5.2.1 Canada Offshore Drilling Rigs Market by Type
9.1.5.2.2 Canada Offshore Drilling Rigs Market by Water Depth
9.1.5.3 Mexico Offshore Drilling Rigs Market
9.1.5.3.1 Mexico Offshore Drilling Rigs Market by Type
9.1.5.3.2 Mexico Offshore Drilling Rigs Market by Water Depth
9.2. EUROPE
9.2.1 Europe Offshore Drilling Rigs Market Overview
9.2.2 Europe Offshore Drilling Rigs Market Forecasts and Analysis
9.2.3 Europe Offshore Drilling Rigs Market Forecasts and Analysis - By Type
9.2.4 Europe Offshore Drilling Rigs Market Forecasts and Analysis - By Water Depth
9.2.5 Europe Offshore Drilling Rigs Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Offshore Drilling Rigs Market
9.2.5.1.1 Germany Offshore Drilling Rigs Market by Type
9.2.5.1.2 Germany Offshore Drilling Rigs Market by Water Depth
9.2.5.2 France Offshore Drilling Rigs Market
9.2.5.2.1 France Offshore Drilling Rigs Market by Type
9.2.5.2.2 France Offshore Drilling Rigs Market by Water Depth
9.2.5.3 Italy Offshore Drilling Rigs Market
9.2.5.3.1 Italy Offshore Drilling Rigs Market by Type
9.2.5.3.2 Italy Offshore Drilling Rigs Market by Water Depth
9.2.5.4 United Kingdom Offshore Drilling Rigs Market
9.2.5.4.1 United Kingdom Offshore Drilling Rigs Market by Type
9.2.5.4.2 United Kingdom Offshore Drilling Rigs Market by Water Depth
9.2.5.5 Russia Offshore Drilling Rigs Market
9.2.5.5.1 Russia Offshore Drilling Rigs Market by Type
9.2.5.5.2 Russia Offshore Drilling Rigs Market by Water Depth
9.2.5.6 Rest of Europe Offshore Drilling Rigs Market
9.2.5.6.1 Rest of Europe Offshore Drilling Rigs Market by Type
9.2.5.6.2 Rest of Europe Offshore Drilling Rigs Market by Water Depth
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Offshore Drilling Rigs Market Overview
9.3.2 Asia-Pacific Offshore Drilling Rigs Market Forecasts and Analysis
9.3.3 Asia-Pacific Offshore Drilling Rigs Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Offshore Drilling Rigs Market Forecasts and Analysis - By Water Depth
9.3.5 Asia-Pacific Offshore Drilling Rigs Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Offshore Drilling Rigs Market
9.3.5.1.1 Australia Offshore Drilling Rigs Market by Type
9.3.5.1.2 Australia Offshore Drilling Rigs Market by Water Depth
9.3.5.2 China Offshore Drilling Rigs Market
9.3.5.2.1 China Offshore Drilling Rigs Market by Type
9.3.5.2.2 China Offshore Drilling Rigs Market by Water Depth
9.3.5.3 India Offshore Drilling Rigs Market
9.3.5.3.1 India Offshore Drilling Rigs Market by Type
9.3.5.3.2 India Offshore Drilling Rigs Market by Water Depth
9.3.5.4 Japan Offshore Drilling Rigs Market
9.3.5.4.1 Japan Offshore Drilling Rigs Market by Type
9.3.5.4.2 Japan Offshore Drilling Rigs Market by Water Depth
9.3.5.5 South Korea Offshore Drilling Rigs Market
9.3.5.5.1 South Korea Offshore Drilling Rigs Market by Type
9.3.5.5.2 South Korea Offshore Drilling Rigs Market by Water Depth
9.3.5.6 Rest of Asia-Pacific Offshore Drilling Rigs Market
9.3.5.6.1 Rest of Asia-Pacific Offshore Drilling Rigs Market by Type
9.3.5.6.2 Rest of Asia-Pacific Offshore Drilling Rigs Market by Water Depth
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Offshore Drilling Rigs Market Overview
9.4.2 Middle East and Africa Offshore Drilling Rigs Market Forecasts and Analysis
9.4.3 Middle East and Africa Offshore Drilling Rigs Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Offshore Drilling Rigs Market Forecasts and Analysis - By Water Depth
9.4.5 Middle East and Africa Offshore Drilling Rigs Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Offshore Drilling Rigs Market
9.4.5.1.1 South Africa Offshore Drilling Rigs Market by Type
9.4.5.1.2 South Africa Offshore Drilling Rigs Market by Water Depth
9.4.5.2 Saudi Arabia Offshore Drilling Rigs Market
9.4.5.2.1 Saudi Arabia Offshore Drilling Rigs Market by Type
9.4.5.2.2 Saudi Arabia Offshore Drilling Rigs Market by Water Depth
9.4.5.3 U.A.E Offshore Drilling Rigs Market
9.4.5.3.1 U.A.E Offshore Drilling Rigs Market by Type
9.4.5.3.2 U.A.E Offshore Drilling Rigs Market by Water Depth
9.4.5.4 Rest of Middle East and Africa Offshore Drilling Rigs Market
9.4.5.4.1 Rest of Middle East and Africa Offshore Drilling Rigs Market by Type
9.4.5.4.2 Rest of Middle East and Africa Offshore Drilling Rigs Market by Water Depth
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Offshore Drilling Rigs Market Overview
9.5.2 South and Central America Offshore Drilling Rigs Market Forecasts and Analysis
9.5.3 South and Central America Offshore Drilling Rigs Market Forecasts and Analysis - By Type
9.5.4 South and Central America Offshore Drilling Rigs Market Forecasts and Analysis - By Water Depth
9.5.5 South and Central America Offshore Drilling Rigs Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Offshore Drilling Rigs Market
9.5.5.1.1 Brazil Offshore Drilling Rigs Market by Type
9.5.5.1.2 Brazil Offshore Drilling Rigs Market by Water Depth
9.5.5.2 Argentina Offshore Drilling Rigs Market
9.5.5.2.1 Argentina Offshore Drilling Rigs Market by Type
9.5.5.2.2 Argentina Offshore Drilling Rigs Market by Water Depth
9.5.5.3 Rest of South and Central America Offshore Drilling Rigs Market
9.5.5.3.1 Rest of South and Central America Offshore Drilling Rigs Market by Type
9.5.5.3.2 Rest of South and Central America Offshore Drilling Rigs Market by Water Depth
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. OFFSHORE DRILLING RIGS MARKET, KEY COMPANY PROFILES
11.1. CHINA OILFIELD SERVICES LIMITED
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. DIAMOND OFFSHORE DRILLING, INC.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. KCA DEUTAG
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. NABORS INDUSTRIES LTD.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. NOBLE CORPORATION
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. PACIFIC DRILLING
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SEADRILL LIMITED
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SEMBCORP MARINE LTD.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. TRANSOCEAN LTD.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. VALARIS PLC
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. China Oilfield Services Limited
2. Diamond Offshore Drilling, Inc.
3. KCA Deutag
4. Nabors Industries Ltd.
5. Noble Corporation
6. Pacific Drilling
7. Seadrill Limited
8. Sembcorp Marine Ltd.
9. Transocean Ltd.
10. Valaris plc
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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