Offshore Wind Power Market Key Findings by 2031
Offshore wind energy, also called as offshore wind power, is the utilization of wind farms constructed off the shore or on the continental shelf to harvest wind energy for electricity generation. Offshore wind power includes inshore water areas such as fjords, lakes, and sheltered coastal areas, which utilize conventional fixed bottom wind turbine technologies and deep water areas utilize floating wind turbines.
MARKET DYNAMICS
Fixed offshore structure and increasing focus toward deeper installation are driving the growth of the offshore wind power market. However, high capital costs and logistic issues and low cost of conventional electricity generation may restrain the growth of the offshore wind power market. Furthermore, the Initiatives by governments and companies to reduce carbon emissions and Floating foundation wind farms are permitting access to better wind resources are anticipated to create a market opportunity for the offshore wind power market during the forecast period.
MARKET SCOPE
The "Global Offshore Wind Power Market Analysis To 2031" is a specialized and in-depth study of the energy and power industry with a special focus on the global market trend analysis. The offshore wind power market report aims to provide an overview of the offshore wind power market with detailed market segmentation by installation, water depth, capacity, and geography. The global offshore wind power market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading offshore wind power market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global offshore wind power market is segmented on the basis of installation, water depth, and capacity. Based on installation, the offshore wind power market is segmented into: fixed structure and floating structure. On the basis of water depth, the offshore wind power market is segmented into: up to 30m and above 30m. Based on capacity, the offshore wind power market is segmented into: up to 3MW, 3MW to 5MW, and above 5MW.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global offshore wind power market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The offshore wind power market by each region is later sub-segmented by respective countries and segments. The offshore wind power market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the offshore wind power market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the offshore wind power market in these regions.
IMPACT OF COVID-19 ON OFFSHORE WIND POWER MARKET
The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic had a negative impact on the offshore wind power market. COVID-19 has slowed the growth of the offshore wind power market, as countries were forced to implement lockdowns during the first half of 2021. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This adversely affected the offshore wind power market owing to less focus on development of offshore wind power market. In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the offshore wind power market.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global offshore wind power market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The offshore wind power market by each region is later sub-segmented by respective countries and segments. The offshore wind power market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the offshore wind power market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the offshore wind power market in these regions.
IMPACT OF COVID-19 ON OFFSHORE WIND POWER MARKET
The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic had a negative impact on the offshore wind power market. COVID-19 has slowed the growth of the offshore wind power market, as countries were forced to implement lockdowns during the first half of 2021. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This adversely affected the offshore wind power market owing to less focus on development of offshore wind power market. In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the offshore wind power market.
MARKET PLAYERS
The reports cover key developments in the offshore wind power market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from offshore wind power market are anticipated to lucrative growth opportunities in the future with the rising demand for filter products in the global market. Below mentioned is the list of few companies engaged in the offshore wind power market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the offshore wind power market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- ABB Ltd
- Dong Energy A/S
- Gamesa Corporacion Technologica SA
- GE Wind Energy
- Goldwind Science and Technology Co. Ltd.
- Nordex SE
- Siemens Wind Power
- Sinovel Wind Group Co. Ltd.
- Suzlon Group
- Vestas Wind Systems A/S
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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.
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 Offshore Wind Power Market - By Installation
1.3.2 Offshore Wind Power Market - By Water Depth
1.3.3 Offshore Wind Power Market - By Capacity
1.3.4 Offshore Wind Power Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. OFFSHORE WIND POWER 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 WIND POWER 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 WIND POWER MARKET - GLOBAL MARKET ANALYSIS
6.1. OFFSHORE WIND POWER - GLOBAL MARKET OVERVIEW
6.2. OFFSHORE WIND POWER - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. OFFSHORE WIND POWER MARKET - REVENUE AND FORECASTS TO 2028 - INSTALLATION
7.1. OVERVIEW
7.2. INSTALLATION MARKET FORECASTS AND ANALYSIS
7.3. FIXED STRUCTURE
7.3.1. Overview
7.3.2. Fixed Structure Market Forecast and Analysis
7.4. FLOATING STRUCTURE
7.4.1. Overview
7.4.2. Floating Structure Market Forecast and Analysis
8. OFFSHORE WIND POWER MARKET - REVENUE AND FORECASTS TO 2028 - WATER DEPTH
8.1. OVERVIEW
8.2. WATER DEPTH MARKET FORECASTS AND ANALYSIS
8.3. UP TO 30M
8.3.1. Overview
8.3.2. Up to 30m Market Forecast and Analysis
8.4. ABOVE 30M
8.4.1. Overview
8.4.2. Above 30m Market Forecast and Analysis
9. OFFSHORE WIND POWER MARKET - REVENUE AND FORECASTS TO 2028 - CAPACITY
9.1. OVERVIEW
9.2. CAPACITY MARKET FORECASTS AND ANALYSIS
9.3. UP TO 3MW
9.3.1. Overview
9.3.2. Up to 3MW Market Forecast and Analysis
9.4. 3MW TO 5MW
9.4.1. Overview
9.4.2. 3MW to 5MW Market Forecast and Analysis
9.5. ABOVE 5MW
9.5.1. Overview
9.5.2. Above 5MW Market Forecast and Analysis
10. OFFSHORE WIND POWER MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Offshore Wind Power Market Overview
10.1.2 North America Offshore Wind Power Market Forecasts and Analysis
10.1.3 North America Offshore Wind Power Market Forecasts and Analysis - By Installation
10.1.4 North America Offshore Wind Power Market Forecasts and Analysis - By Water Depth
10.1.5 North America Offshore Wind Power Market Forecasts and Analysis - By Capacity
10.1.6 North America Offshore Wind Power Market Forecasts and Analysis - By Countries
10.1.6.1 United States Offshore Wind Power Market
10.1.6.1.1 United States Offshore Wind Power Market by Installation
10.1.6.1.2 United States Offshore Wind Power Market by Water Depth
10.1.6.1.3 United States Offshore Wind Power Market by Capacity
10.1.6.2 Canada Offshore Wind Power Market
10.1.6.2.1 Canada Offshore Wind Power Market by Installation
10.1.6.2.2 Canada Offshore Wind Power Market by Water Depth
10.1.6.2.3 Canada Offshore Wind Power Market by Capacity
10.1.6.3 Mexico Offshore Wind Power Market
10.1.6.3.1 Mexico Offshore Wind Power Market by Installation
10.1.6.3.2 Mexico Offshore Wind Power Market by Water Depth
10.1.6.3.3 Mexico Offshore Wind Power Market by Capacity
10.2. EUROPE
10.2.1 Europe Offshore Wind Power Market Overview
10.2.2 Europe Offshore Wind Power Market Forecasts and Analysis
10.2.3 Europe Offshore Wind Power Market Forecasts and Analysis - By Installation
10.2.4 Europe Offshore Wind Power Market Forecasts and Analysis - By Water Depth
10.2.5 Europe Offshore Wind Power Market Forecasts and Analysis - By Capacity
10.2.6 Europe Offshore Wind Power Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Offshore Wind Power Market
10.2.6.1.1 Germany Offshore Wind Power Market by Installation
10.2.6.1.2 Germany Offshore Wind Power Market by Water Depth
10.2.6.1.3 Germany Offshore Wind Power Market by Capacity
10.2.6.2 France Offshore Wind Power Market
10.2.6.2.1 France Offshore Wind Power Market by Installation
10.2.6.2.2 France Offshore Wind Power Market by Water Depth
10.2.6.2.3 France Offshore Wind Power Market by Capacity
10.2.6.3 Italy Offshore Wind Power Market
10.2.6.3.1 Italy Offshore Wind Power Market by Installation
10.2.6.3.2 Italy Offshore Wind Power Market by Water Depth
10.2.6.3.3 Italy Offshore Wind Power Market by Capacity
10.2.6.4 United Kingdom Offshore Wind Power Market
10.2.6.4.1 United Kingdom Offshore Wind Power Market by Installation
10.2.6.4.2 United Kingdom Offshore Wind Power Market by Water Depth
10.2.6.4.3 United Kingdom Offshore Wind Power Market by Capacity
10.2.6.5 Russia Offshore Wind Power Market
10.2.6.5.1 Russia Offshore Wind Power Market by Installation
10.2.6.5.2 Russia Offshore Wind Power Market by Water Depth
10.2.6.5.3 Russia Offshore Wind Power Market by Capacity
10.2.6.6 Rest of Europe Offshore Wind Power Market
10.2.6.6.1 Rest of Europe Offshore Wind Power Market by Installation
10.2.6.6.2 Rest of Europe Offshore Wind Power Market by Water Depth
10.2.6.6.3 Rest of Europe Offshore Wind Power Market by Capacity
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Offshore Wind Power Market Overview
10.3.2 Asia-Pacific Offshore Wind Power Market Forecasts and Analysis
10.3.3 Asia-Pacific Offshore Wind Power Market Forecasts and Analysis - By Installation
10.3.4 Asia-Pacific Offshore Wind Power Market Forecasts and Analysis - By Water Depth
10.3.5 Asia-Pacific Offshore Wind Power Market Forecasts and Analysis - By Capacity
10.3.6 Asia-Pacific Offshore Wind Power Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Offshore Wind Power Market
10.3.6.1.1 Australia Offshore Wind Power Market by Installation
10.3.6.1.2 Australia Offshore Wind Power Market by Water Depth
10.3.6.1.3 Australia Offshore Wind Power Market by Capacity
10.3.6.2 China Offshore Wind Power Market
10.3.6.2.1 China Offshore Wind Power Market by Installation
10.3.6.2.2 China Offshore Wind Power Market by Water Depth
10.3.6.2.3 China Offshore Wind Power Market by Capacity
10.3.6.3 India Offshore Wind Power Market
10.3.6.3.1 India Offshore Wind Power Market by Installation
10.3.6.3.2 India Offshore Wind Power Market by Water Depth
10.3.6.3.3 India Offshore Wind Power Market by Capacity
10.3.6.4 Japan Offshore Wind Power Market
10.3.6.4.1 Japan Offshore Wind Power Market by Installation
10.3.6.4.2 Japan Offshore Wind Power Market by Water Depth
10.3.6.4.3 Japan Offshore Wind Power Market by Capacity
10.3.6.5 South Korea Offshore Wind Power Market
10.3.6.5.1 South Korea Offshore Wind Power Market by Installation
10.3.6.5.2 South Korea Offshore Wind Power Market by Water Depth
10.3.6.5.3 South Korea Offshore Wind Power Market by Capacity
10.3.6.6 Rest of Asia-Pacific Offshore Wind Power Market
10.3.6.6.1 Rest of Asia-Pacific Offshore Wind Power Market by Installation
10.3.6.6.2 Rest of Asia-Pacific Offshore Wind Power Market by Water Depth
10.3.6.6.3 Rest of Asia-Pacific Offshore Wind Power Market by Capacity
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Offshore Wind Power Market Overview
10.4.2 Middle East and Africa Offshore Wind Power Market Forecasts and Analysis
10.4.3 Middle East and Africa Offshore Wind Power Market Forecasts and Analysis - By Installation
10.4.4 Middle East and Africa Offshore Wind Power Market Forecasts and Analysis - By Water Depth
10.4.5 Middle East and Africa Offshore Wind Power Market Forecasts and Analysis - By Capacity
10.4.6 Middle East and Africa Offshore Wind Power Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Offshore Wind Power Market
10.4.6.1.1 South Africa Offshore Wind Power Market by Installation
10.4.6.1.2 South Africa Offshore Wind Power Market by Water Depth
10.4.6.1.3 South Africa Offshore Wind Power Market by Capacity
10.4.6.2 Saudi Arabia Offshore Wind Power Market
10.4.6.2.1 Saudi Arabia Offshore Wind Power Market by Installation
10.4.6.2.2 Saudi Arabia Offshore Wind Power Market by Water Depth
10.4.6.2.3 Saudi Arabia Offshore Wind Power Market by Capacity
10.4.6.3 U.A.E Offshore Wind Power Market
10.4.6.3.1 U.A.E Offshore Wind Power Market by Installation
10.4.6.3.2 U.A.E Offshore Wind Power Market by Water Depth
10.4.6.3.3 U.A.E Offshore Wind Power Market by Capacity
10.4.6.4 Rest of Middle East and Africa Offshore Wind Power Market
10.4.6.4.1 Rest of Middle East and Africa Offshore Wind Power Market by Installation
10.4.6.4.2 Rest of Middle East and Africa Offshore Wind Power Market by Water Depth
10.4.6.4.3 Rest of Middle East and Africa Offshore Wind Power Market by Capacity
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Offshore Wind Power Market Overview
10.5.2 South and Central America Offshore Wind Power Market Forecasts and Analysis
10.5.3 South and Central America Offshore Wind Power Market Forecasts and Analysis - By Installation
10.5.4 South and Central America Offshore Wind Power Market Forecasts and Analysis - By Water Depth
10.5.5 South and Central America Offshore Wind Power Market Forecasts and Analysis - By Capacity
10.5.6 South and Central America Offshore Wind Power Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Offshore Wind Power Market
10.5.6.1.1 Brazil Offshore Wind Power Market by Installation
10.5.6.1.2 Brazil Offshore Wind Power Market by Water Depth
10.5.6.1.3 Brazil Offshore Wind Power Market by Capacity
10.5.6.2 Argentina Offshore Wind Power Market
10.5.6.2.1 Argentina Offshore Wind Power Market by Installation
10.5.6.2.2 Argentina Offshore Wind Power Market by Water Depth
10.5.6.2.3 Argentina Offshore Wind Power Market by Capacity
10.5.6.3 Rest of South and Central America Offshore Wind Power Market
10.5.6.3.1 Rest of South and Central America Offshore Wind Power Market by Installation
10.5.6.3.2 Rest of South and Central America Offshore Wind Power Market by Water Depth
10.5.6.3.3 Rest of South and Central America Offshore Wind Power Market by Capacity
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 WIND POWER MARKET, KEY COMPANY PROFILES
12.1. ABB LTD
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. DONG ENERGY A/S
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. GAMESA CORPORACION TECHNOLOGICA SA
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. GE WIND ENERGY
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. GOLDWIND SCIENCE AND TECHNOLOGY CO. LTD.
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. NORDEX SE
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. SIEMENS WIND POWER
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. SINOVEL WIND GROUP CO. LTD.
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. SUZLON GROUP
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. VESTAS WIND SYSTEMS A/S
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
- ABB Ltd
- Dong Energy A/S
- Gamesa Corporacion Technologica SA
- GE Wind Energy
- Goldwind Science and Technology Co. Ltd.
- Nordex SE
- Siemens Wind Power
- Sinovel Wind Group Co. Ltd.
- Suzlon Group
- Vestas Wind Systems A/S
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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