Oil Storage Market Report (2021-2031) | The Insight Partners
The Oil Storage Market is expected to register a CAGR of 4.1% 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 (Crude oil, Middle Distillates, Aviation fuel, Others); Material (Steel, Fiber-reinforced plastic (FRP), Carbon Steel); Product Design (Open top, Fixed roof, Floating roof, 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 Oil Storage 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.
Oil Storage Market Segmentation
Type- Crude oil
- Middle Distillates
- Aviation fuel
- Others
- Steel
- Fiber-reinforced plastic
- Carbon Steel
- Open top
- Fixed roof
- Floating roof
- Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Oil Storage Market Growth Drivers- Increasing Global Oil Consumption: The rising demand for oil across industries, transportation, and energy sectors is a major driver for the oil storage market. Despite the growth of renewable energy sources, oil remains a primary fuel for many countries. As global oil consumption increases, the need for efficient storage solutions, including tanks and terminals, becomes more critical to manage supply and ensure uninterrupted access to oil, driving growth in the oil storage market.
- Volatility in Oil Prices and Supply Chains: Fluctuating oil prices and geopolitical events often cause instability in the global oil supply chain. In periods of price volatility or supply disruptions, oil companies and traders increase storage capacity to manage inventory and take advantage of favorable pricing or hedge against future supply shortages. This market dynamic encourages the construction of strategic oil storage facilities, particularly in key locations, ensuring that companies can maintain a steady supply in uncertain times.
- Shift Towards Large-Scale Storage Facilities: As global oil consumption continues to grow, there is a noticeable trend toward the construction of larger and more efficient storage facilities. Larger storage tanks can store greater volumes of oil, improving logistics efficiency and lowering operational costs for oil companies. These larger facilities are often located near key shipping routes or refining hubs to streamline distribution and enhance supply chain flexibility, responding to both market demand and storage capacity optimization needs.
- Technological Advancements in Storage and Monitoring Systems: Innovations in monitoring systems and tank design are transforming the oil storage market. The use of advanced sensors, automated controls, and digital technologies like the Internet of Things (IoT) enables real-time monitoring of storage conditions, such as temperature, pressure, and oil quality. This ensures better inventory management, improved safety, and the prevention of spills or leaks, contributing to the overall efficiency and sustainability of storage operations.
- Expansion of Storage Infrastructure in Emerging Markets: Rapid industrialization and urbanization in emerging economies, particularly in regions like Asia-Pacific, the Middle East, and Africa, are driving a surge in demand for oil storage infrastructure. As these regions increase their oil consumption to support economic growth, there is a significant opportunity for companies to invest in building new storage facilities. These markets offer vast growth potential, especially in countries with expanding refining capacities and growing fuel consumption.
- Integration of Renewable Energy Storage Solutions: As the energy sector transitions towards a cleaner and more diversified fuel mix, there are growing opportunities to integrate oil storage facilities with renewable energy storage solutions. This includes using excess renewable energy to power oil refineries or integrate hybrid storage solutions that combine oil with biofuels or other sustainable alternatives. As the demand for low-carbon fuels rises, oil storage infrastructure could evolve to accommodate a broader range of fuels, diversifying revenue streams for operators.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Oil Storage 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 Oil Storage 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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- 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.
Frequently Asked Questions
The Oil Storage Market is estimated to witness a CAGR of 4.1% from 2023 to 2031
The major factors driving the Oil Storage Market are: Increasing Sales of Automotbile Sector and Flactuating Crude Oil Prices.
Increasing expansion of refineries and petrochemical plants is the key future trend of the Oil Storage Market
The leading players operating in the Oil Storage Market include NOV, CST Industries, Inc., Oiltanking GmbH, Poly Processing, Red Ewald LLC, Royal Vopak N.V., The China National Petroleum Corporation, Eneos Corporation
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.
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 Oil Storage Market - By Type
1.3.2 Oil Storage Market - By Material
1.3.3 Oil Storage Market - By Product Design
1.3.4 Oil Storage Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. OIL STORAGE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. OIL STORAGE 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. OIL STORAGE MARKET - GLOBAL MARKET ANALYSIS
6.1. OIL STORAGE - GLOBAL MARKET OVERVIEW
6.2. OIL STORAGE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. OIL STORAGE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. CRUDE OIL
7.3.1. Overview
7.3.2. Crude oil Market Forecast and Analysis
7.4. MIDDLE DISTILLATES
7.4.1. Overview
7.4.2. Middle Distillates Market Forecast and Analysis
7.5. AVIATION FUEL
7.5.1. Overview
7.5.2. Aviation fuel Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. OIL STORAGE MARKET - REVENUE AND FORECASTS TO 2028 - MATERIAL
8.1. OVERVIEW
8.2. MATERIAL MARKET FORECASTS AND ANALYSIS
8.3. STEEL
8.3.1. Overview
8.3.2. Steel Market Forecast and Analysis
8.4. FIBER-REINFORCED PLASTIC (FRP)
8.4.1. Overview
8.4.2. Fiber-reinforced plastic (FRP) Market Forecast and Analysis
8.5. CARBON STEEL
8.5.1. Overview
8.5.2. Carbon Steel Market Forecast and Analysis
9. OIL STORAGE MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT DESIGN
9.1. OVERVIEW
9.2. PRODUCT DESIGN MARKET FORECASTS AND ANALYSIS
9.3. OPEN TOP
9.3.1. Overview
9.3.2. Open top Market Forecast and Analysis
9.4. FIXED ROOF
9.4.1. Overview
9.4.2. Fixed roof Market Forecast and Analysis
9.5. FLOATING ROOF
9.5.1. Overview
9.5.2. Floating roof Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. OIL STORAGE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Oil Storage Market Overview
10.1.2 North America Oil Storage Market Forecasts and Analysis
10.1.3 North America Oil Storage Market Forecasts and Analysis - By Type
10.1.4 North America Oil Storage Market Forecasts and Analysis - By Material
10.1.5 North America Oil Storage Market Forecasts and Analysis - By Product Design
10.1.6 North America Oil Storage Market Forecasts and Analysis - By Countries
10.1.6.1 United States Oil Storage Market
10.1.6.1.1 United States Oil Storage Market by Type
10.1.6.1.2 United States Oil Storage Market by Material
10.1.6.1.3 United States Oil Storage Market by Product Design
10.1.6.2 Canada Oil Storage Market
10.1.6.2.1 Canada Oil Storage Market by Type
10.1.6.2.2 Canada Oil Storage Market by Material
10.1.6.2.3 Canada Oil Storage Market by Product Design
10.1.6.3 Mexico Oil Storage Market
10.1.6.3.1 Mexico Oil Storage Market by Type
10.1.6.3.2 Mexico Oil Storage Market by Material
10.1.6.3.3 Mexico Oil Storage Market by Product Design
10.2. EUROPE
10.2.1 Europe Oil Storage Market Overview
10.2.2 Europe Oil Storage Market Forecasts and Analysis
10.2.3 Europe Oil Storage Market Forecasts and Analysis - By Type
10.2.4 Europe Oil Storage Market Forecasts and Analysis - By Material
10.2.5 Europe Oil Storage Market Forecasts and Analysis - By Product Design
10.2.6 Europe Oil Storage Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Oil Storage Market
10.2.6.1.1 Germany Oil Storage Market by Type
10.2.6.1.2 Germany Oil Storage Market by Material
10.2.6.1.3 Germany Oil Storage Market by Product Design
10.2.6.2 France Oil Storage Market
10.2.6.2.1 France Oil Storage Market by Type
10.2.6.2.2 France Oil Storage Market by Material
10.2.6.2.3 France Oil Storage Market by Product Design
10.2.6.3 Italy Oil Storage Market
10.2.6.3.1 Italy Oil Storage Market by Type
10.2.6.3.2 Italy Oil Storage Market by Material
10.2.6.3.3 Italy Oil Storage Market by Product Design
10.2.6.4 United Kingdom Oil Storage Market
10.2.6.4.1 United Kingdom Oil Storage Market by Type
10.2.6.4.2 United Kingdom Oil Storage Market by Material
10.2.6.4.3 United Kingdom Oil Storage Market by Product Design
10.2.6.5 Russia Oil Storage Market
10.2.6.5.1 Russia Oil Storage Market by Type
10.2.6.5.2 Russia Oil Storage Market by Material
10.2.6.5.3 Russia Oil Storage Market by Product Design
10.2.6.6 Rest of Europe Oil Storage Market
10.2.6.6.1 Rest of Europe Oil Storage Market by Type
10.2.6.6.2 Rest of Europe Oil Storage Market by Material
10.2.6.6.3 Rest of Europe Oil Storage Market by Product Design
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Oil Storage Market Overview
10.3.2 Asia-Pacific Oil Storage Market Forecasts and Analysis
10.3.3 Asia-Pacific Oil Storage Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Oil Storage Market Forecasts and Analysis - By Material
10.3.5 Asia-Pacific Oil Storage Market Forecasts and Analysis - By Product Design
10.3.6 Asia-Pacific Oil Storage Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Oil Storage Market
10.3.6.1.1 Australia Oil Storage Market by Type
10.3.6.1.2 Australia Oil Storage Market by Material
10.3.6.1.3 Australia Oil Storage Market by Product Design
10.3.6.2 China Oil Storage Market
10.3.6.2.1 China Oil Storage Market by Type
10.3.6.2.2 China Oil Storage Market by Material
10.3.6.2.3 China Oil Storage Market by Product Design
10.3.6.3 India Oil Storage Market
10.3.6.3.1 India Oil Storage Market by Type
10.3.6.3.2 India Oil Storage Market by Material
10.3.6.3.3 India Oil Storage Market by Product Design
10.3.6.4 Japan Oil Storage Market
10.3.6.4.1 Japan Oil Storage Market by Type
10.3.6.4.2 Japan Oil Storage Market by Material
10.3.6.4.3 Japan Oil Storage Market by Product Design
10.3.6.5 South Korea Oil Storage Market
10.3.6.5.1 South Korea Oil Storage Market by Type
10.3.6.5.2 South Korea Oil Storage Market by Material
10.3.6.5.3 South Korea Oil Storage Market by Product Design
10.3.6.6 Rest of Asia-Pacific Oil Storage Market
10.3.6.6.1 Rest of Asia-Pacific Oil Storage Market by Type
10.3.6.6.2 Rest of Asia-Pacific Oil Storage Market by Material
10.3.6.6.3 Rest of Asia-Pacific Oil Storage Market by Product Design
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Oil Storage Market Overview
10.4.2 Middle East and Africa Oil Storage Market Forecasts and Analysis
10.4.3 Middle East and Africa Oil Storage Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Oil Storage Market Forecasts and Analysis - By Material
10.4.5 Middle East and Africa Oil Storage Market Forecasts and Analysis - By Product Design
10.4.6 Middle East and Africa Oil Storage Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Oil Storage Market
10.4.6.1.1 South Africa Oil Storage Market by Type
10.4.6.1.2 South Africa Oil Storage Market by Material
10.4.6.1.3 South Africa Oil Storage Market by Product Design
10.4.6.2 Saudi Arabia Oil Storage Market
10.4.6.2.1 Saudi Arabia Oil Storage Market by Type
10.4.6.2.2 Saudi Arabia Oil Storage Market by Material
10.4.6.2.3 Saudi Arabia Oil Storage Market by Product Design
10.4.6.3 U.A.E Oil Storage Market
10.4.6.3.1 U.A.E Oil Storage Market by Type
10.4.6.3.2 U.A.E Oil Storage Market by Material
10.4.6.3.3 U.A.E Oil Storage Market by Product Design
10.4.6.4 Rest of Middle East and Africa Oil Storage Market
10.4.6.4.1 Rest of Middle East and Africa Oil Storage Market by Type
10.4.6.4.2 Rest of Middle East and Africa Oil Storage Market by Material
10.4.6.4.3 Rest of Middle East and Africa Oil Storage Market by Product Design
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Oil Storage Market Overview
10.5.2 South and Central America Oil Storage Market Forecasts and Analysis
10.5.3 South and Central America Oil Storage Market Forecasts and Analysis - By Type
10.5.4 South and Central America Oil Storage Market Forecasts and Analysis - By Material
10.5.5 South and Central America Oil Storage Market Forecasts and Analysis - By Product Design
10.5.6 South and Central America Oil Storage Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Oil Storage Market
10.5.6.1.1 Brazil Oil Storage Market by Type
10.5.6.1.2 Brazil Oil Storage Market by Material
10.5.6.1.3 Brazil Oil Storage Market by Product Design
10.5.6.2 Argentina Oil Storage Market
10.5.6.2.1 Argentina Oil Storage Market by Type
10.5.6.2.2 Argentina Oil Storage Market by Material
10.5.6.2.3 Argentina Oil Storage Market by Product Design
10.5.6.3 Rest of South and Central America Oil Storage Market
10.5.6.3.1 Rest of South and Central America Oil Storage Market by Type
10.5.6.3.2 Rest of South and Central America Oil Storage Market by Material
10.5.6.3.3 Rest of South and Central America Oil Storage Market by Product Design
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. OIL STORAGE MARKET, KEY COMPANY PROFILES
12.1. BELCO MANUFACTURING CO. 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. CONTAINMENT SOLUTIONS, INC.
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. CST INDUSTRIES, 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. L.F. MANUFACTURING, INC.
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. OILTANKING GMBH
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. POLY PROCESSING
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. RED EWALD
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. SYNALLOY CORPORATION
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. TUFFA TANKS
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. ZCL COMPOSITES (SHAWCOR LTD.)
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
- Belco Manufacturing Co. Inc
- Containment Solutions, Inc.
- CST Industries, Inc.
- L.F. Manufacturing, Inc.
- Oiltanking GmbH
- Poly Processing
- Red Ewald
- Synalloy Corporation
- Tuffa Tanks
- ZCL Composites (Shawcor Ltd.)
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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