Oil Storage Tank Service Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
Oil storage refers to tanks or terminals (a group of tanks) used to store produced oil above or below ground. Also, oil storage is a part of the midstream sector of the oil industry. Increasing demand for high storage capacities, rising oil production, and decreasing crude oil prices are the major factors that are expected to drive the market during the forecast period. Furthermore, increasing government initiatives towards the emission of greenhouse gases and for the storage of oil to protect the national economy during energy crises are some of the factors expected to drive the growth of the market. However, high investment and maintenance cost is a key factor restraining the growth of global oil storage market.
MARKET DYNAMICS
The market is driven by the low crude oil prices, growth in need for mega refining hub, import or distribution type facilities, and high degree of product containment. Initiatives, such as strategic petroleum reserve for stockpiling large volumes of oil have enabled the government of the developed and the developing countries to protect the supply from price hike and stock out incident. However, decline on production and exploration activities, and rising inventory cost are expected to impede the market growth.
MARKET SCOPE
The ˜Global Oil Storage Tank Service Market Analysis to 2031" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the oil storage tank service market with detailed market segmentation by fuel type, tank design and material. The global oil storage tank service market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading oil storage tank service market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
1. By Fuel Type: The market is segmented into aviation fuel, gasoline, crude oil, middle distillates.
2. By Tank Design: The market is segmented into open top, fixed roof, and floating roof.
3. By Material: The market is segmented into steel, carbon steel, and fiberglass reinforced plastic.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The oil storage tank service market by each region is later sub-segmented by respective countries and segments. The 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 oil storage tank service market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the oil storage tank service market in these regions.
IMPACT OF COVID 19
Countries that are net exporters of oil are experiencing an unprecedented double blow; a global economic contraction driven by the COVID-19 pandemic and an oil market collapse with the benchmark price for United States crude oil, the West Texas Intermediate, briefly going negative for the first time in history (in April 2021). The present crisis is happening in the wider context of a structural decline in the market for fossil fuels, driven by a commitment towards decarbonisation by a number of countries as well as the wider technological changes that are gradually making renewable energies the preferred energy option
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The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The oil storage tank service market by each region is later sub-segmented by respective countries and segments. The 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 oil storage tank service market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the oil storage tank service market in these regions.
IMPACT OF COVID 19
Countries that are net exporters of oil are experiencing an unprecedented double blow; a global economic contraction driven by the COVID-19 pandemic and an oil market collapse with the benchmark price for United States crude oil, the West Texas Intermediate, briefly going negative for the first time in history (in April 2021). The present crisis is happening in the wider context of a structural decline in the market for fossil fuels, driven by a commitment towards decarbonisation by a number of countries as well as the wider technological changes that are gradually making renewable energies the preferred energy option
MARKET PLAYERS
The report covers vital developments in the oil storage tank service 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 partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the oil storage tank service market are anticipated to have lucrative growth opportunities in the future with the rising demand for oil storage tank service in the global market. Below mentioned is the list of a few companies engaged in the oil storage tank service market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the oil storage tank service market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.
- China Oil HBP Group
- John Wood Group PLC
- MISTRAS Group, Inc
- NCH Corporation
- Oil Field Warehouse & Services Limited
- Petroleum Sarawak Berhad
- SP Nanibame
- SUEZ Group
- System Kikou Co., Ltd
- Veolia Environnement S.A.
- 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.
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Oil Storage Tank Service Market - By Fuel Type
1.3.2Oil Storage Tank Service Market - By Tank Design
1.3.3Oil Storage Tank Service Market - By Material
1.3.4Oil Storage Tank Service Market - By Region
1.3.4.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.OIL STORAGE TANK SERVICE MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PORTER'S FIVE FORCES ANALYSIS
4.2.1Bargaining Power of Buyers
4.2.1Bargaining Power of Suppliers
4.2.1Threat of Substitute
4.2.1Threat of New Entrants
4.2.1Competitive Rivalry
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.OIL STORAGE TANK SERVICE 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 TANK SERVICE MARKET - GLOBAL MARKET ANALYSIS
6.1.OIL STORAGE TANK SERVICE - GLOBAL MARKET OVERVIEW
6.2.OIL STORAGE TANK SERVICE - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.OIL STORAGE TANK SERVICE MARKET - REVENUE AND FORECASTS TO 2028 " FUEL TYPE
7.1.OVERVIEW
7.2.FUEL TYPE MARKET FORECASTS AND ANALYSIS
7.3.AVIATION FUEL
7.3.1.Overview
7.3.2.Aviation Fuel Market Forecast and Analysis
7.4.GASOLINE
7.4.1.Overview
7.4.2.Gasoline Market Forecast and Analysis
7.5.CRUDE OIL
7.5.1.Overview
7.5.2.Crude oil Market Forecast and Analysis
7.6.MIDDLE DISTILLATES.
7.6.1.Overview
7.6.2.Middle Distillates. Market Forecast and Analysis
8.OIL STORAGE TANK SERVICE MARKET - REVENUE AND FORECASTS TO 2028 " TANK DESIGN
8.1.OVERVIEW
8.2.TANK DESIGN MARKET FORECASTS AND ANALYSIS
8.3.OPEN TOP
8.3.1.Overview
8.3.2.Open Top Market Forecast and Analysis
8.4.FIXED ROOF
8.4.1.Overview
8.4.2.Fixed Roof Market Forecast and Analysis
8.5.FLOATING ROOF.
8.5.1.Overview
8.5.2.Floating Roof. Market Forecast and Analysis
9.OIL STORAGE TANK SERVICE MARKET - REVENUE AND FORECASTS TO 2028 " MATERIAL
9.1.OVERVIEW
9.2.MATERIAL MARKET FORECASTS AND ANALYSIS
9.3.STEEL
9.3.1.Overview
9.3.2.Steel Market Forecast and Analysis
9.4.CARBON STEEL
9.4.1.Overview
9.4.2.Carbon Steel Market Forecast and Analysis
9.5.FIBERGLASS REINFORCED PLASTIC.
9.5.1.Overview
9.5.2.Fiberglass Reinforced Plastic. Market Forecast and Analysis
10.OIL STORAGE TANK SERVICE MARKET REVENUE AND FORECASTS TO 2028 " GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Oil Storage Tank Service Market Overview
10.1.2North America Oil Storage Tank Service Market Forecasts and Analysis
10.1.3North America Oil Storage Tank Service Market Forecasts and Analysis - By Fuel Type
10.1.4North America Oil Storage Tank Service Market Forecasts and Analysis - By Tank Design
10.1.5North America Oil Storage Tank Service Market Forecasts and Analysis - By Material
10.1.6North America Oil Storage Tank Service Market Forecasts and Analysis - By Countries
10.1.6.1United States Oil Storage Tank Service Market
10.1.6.1.1United States Oil Storage Tank Service Market by Fuel Type
10.1.6.1.2United States Oil Storage Tank Service Market by Tank Design
10.1.6.1.3United States Oil Storage Tank Service Market by Material
10.1.6.2Canada Oil Storage Tank Service Market
10.1.6.2.1Canada Oil Storage Tank Service Market by Fuel Type
10.1.6.2.2Canada Oil Storage Tank Service Market by Tank Design
10.1.6.2.3Canada Oil Storage Tank Service Market by Material
10.1.6.3Mexico Oil Storage Tank Service Market
10.1.6.3.1Mexico Oil Storage Tank Service Market by Fuel Type
10.1.6.3.2Mexico Oil Storage Tank Service Market by Tank Design
10.1.6.3.3Mexico Oil Storage Tank Service Market by Material
10.2.EUROPE
10.2.1Europe Oil Storage Tank Service Market Overview
10.2.2Europe Oil Storage Tank Service Market Forecasts and Analysis
10.2.3Europe Oil Storage Tank Service Market Forecasts and Analysis - By Fuel Type
10.2.4Europe Oil Storage Tank Service Market Forecasts and Analysis - By Tank Design
10.2.5Europe Oil Storage Tank Service Market Forecasts and Analysis - By Material
10.2.6Europe Oil Storage Tank Service Market Forecasts and Analysis - By Countries
10.2.6.1Germany Oil Storage Tank Service Market
10.2.6.1.1Germany Oil Storage Tank Service Market by Fuel Type
10.2.6.1.2Germany Oil Storage Tank Service Market by Tank Design
10.2.6.1.3Germany Oil Storage Tank Service Market by Material
10.2.6.2France Oil Storage Tank Service Market
10.2.6.2.1France Oil Storage Tank Service Market by Fuel Type
10.2.6.2.2France Oil Storage Tank Service Market by Tank Design
10.2.6.2.3France Oil Storage Tank Service Market by Material
10.2.6.3Italy Oil Storage Tank Service Market
10.2.6.3.1Italy Oil Storage Tank Service Market by Fuel Type
10.2.6.3.2Italy Oil Storage Tank Service Market by Tank Design
10.2.6.3.3Italy Oil Storage Tank Service Market by Material
10.2.6.4United Kingdom Oil Storage Tank Service Market
10.2.6.4.1United Kingdom Oil Storage Tank Service Market by Fuel Type
10.2.6.4.2United Kingdom Oil Storage Tank Service Market by Tank Design
10.2.6.4.3United Kingdom Oil Storage Tank Service Market by Material
10.2.6.5Russia Oil Storage Tank Service Market
10.2.6.5.1Russia Oil Storage Tank Service Market by Fuel Type
10.2.6.5.2Russia Oil Storage Tank Service Market by Tank Design
10.2.6.5.3Russia Oil Storage Tank Service Market by Material
10.2.6.6Rest of Europe Oil Storage Tank Service Market
10.2.6.6.1Rest of Europe Oil Storage Tank Service Market by Fuel Type
10.2.6.6.2Rest of Europe Oil Storage Tank Service Market by Tank Design
10.2.6.6.3Rest of Europe Oil Storage Tank Service Market by Material
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Oil Storage Tank Service Market Overview
10.3.2Asia-Pacific Oil Storage Tank Service Market Forecasts and Analysis
10.3.3Asia-Pacific Oil Storage Tank Service Market Forecasts and Analysis - By Fuel Type
10.3.4Asia-Pacific Oil Storage Tank Service Market Forecasts and Analysis - By Tank Design
10.3.5Asia-Pacific Oil Storage Tank Service Market Forecasts and Analysis - By Material
10.3.6Asia-Pacific Oil Storage Tank Service Market Forecasts and Analysis - By Countries
10.3.6.1Australia Oil Storage Tank Service Market
10.3.6.1.1Australia Oil Storage Tank Service Market by Fuel Type
10.3.6.1.2Australia Oil Storage Tank Service Market by Tank Design
10.3.6.1.3Australia Oil Storage Tank Service Market by Material
10.3.6.2China Oil Storage Tank Service Market
10.3.6.2.1China Oil Storage Tank Service Market by Fuel Type
10.3.6.2.2China Oil Storage Tank Service Market by Tank Design
10.3.6.2.3China Oil Storage Tank Service Market by Material
10.3.6.3India Oil Storage Tank Service Market
10.3.6.3.1India Oil Storage Tank Service Market by Fuel Type
10.3.6.3.2India Oil Storage Tank Service Market by Tank Design
10.3.6.3.3India Oil Storage Tank Service Market by Material
10.3.6.4Japan Oil Storage Tank Service Market
10.3.6.4.1Japan Oil Storage Tank Service Market by Fuel Type
10.3.6.4.2Japan Oil Storage Tank Service Market by Tank Design
10.3.6.4.3Japan Oil Storage Tank Service Market by Material
10.3.6.5South Korea Oil Storage Tank Service Market
10.3.6.5.1South Korea Oil Storage Tank Service Market by Fuel Type
10.3.6.5.2South Korea Oil Storage Tank Service Market by Tank Design
10.3.6.5.3South Korea Oil Storage Tank Service Market by Material
10.3.6.6Rest of Asia-Pacific Oil Storage Tank Service Market
10.3.6.6.1Rest of Asia-Pacific Oil Storage Tank Service Market by Fuel Type
10.3.6.6.2Rest of Asia-Pacific Oil Storage Tank Service Market by Tank Design
10.3.6.6.3Rest of Asia-Pacific Oil Storage Tank Service Market by Material
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Oil Storage Tank Service Market Overview
10.4.2Middle East and Africa Oil Storage Tank Service Market Forecasts and Analysis
10.4.3Middle East and Africa Oil Storage Tank Service Market Forecasts and Analysis - By Fuel Type
10.4.4Middle East and Africa Oil Storage Tank Service Market Forecasts and Analysis - By Tank Design
10.4.5Middle East and Africa Oil Storage Tank Service Market Forecasts and Analysis - By Material
10.4.6Middle East and Africa Oil Storage Tank Service Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Oil Storage Tank Service Market
10.4.6.1.1South Africa Oil Storage Tank Service Market by Fuel Type
10.4.6.1.2South Africa Oil Storage Tank Service Market by Tank Design
10.4.6.1.3South Africa Oil Storage Tank Service Market by Material
10.4.6.2Saudi Arabia Oil Storage Tank Service Market
10.4.6.2.1Saudi Arabia Oil Storage Tank Service Market by Fuel Type
10.4.6.2.2Saudi Arabia Oil Storage Tank Service Market by Tank Design
10.4.6.2.3Saudi Arabia Oil Storage Tank Service Market by Material
10.4.6.3U.A.E Oil Storage Tank Service Market
10.4.6.3.1U.A.E Oil Storage Tank Service Market by Fuel Type
10.4.6.3.2U.A.E Oil Storage Tank Service Market by Tank Design
10.4.6.3.3U.A.E Oil Storage Tank Service Market by Material
10.4.6.4Rest of Middle East and Africa Oil Storage Tank Service Market
10.4.6.4.1Rest of Middle East and Africa Oil Storage Tank Service Market by Fuel Type
10.4.6.4.2Rest of Middle East and Africa Oil Storage Tank Service Market by Tank Design
10.4.6.4.3Rest of Middle East and Africa Oil Storage Tank Service Market by Material
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Oil Storage Tank Service Market Overview
10.5.2South and Central America Oil Storage Tank Service Market Forecasts and Analysis
10.5.3South and Central America Oil Storage Tank Service Market Forecasts and Analysis - By Fuel Type
10.5.4South and Central America Oil Storage Tank Service Market Forecasts and Analysis - By Tank Design
10.5.5South and Central America Oil Storage Tank Service Market Forecasts and Analysis - By Material
10.5.6South and Central America Oil Storage Tank Service Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Oil Storage Tank Service Market
10.5.6.1.1Brazil Oil Storage Tank Service Market by Fuel Type
10.5.6.1.2Brazil Oil Storage Tank Service Market by Tank Design
10.5.6.1.3Brazil Oil Storage Tank Service Market by Material
10.5.6.2Argentina Oil Storage Tank Service Market
10.5.6.2.1Argentina Oil Storage Tank Service Market by Fuel Type
10.5.6.2.2Argentina Oil Storage Tank Service Market by Tank Design
10.5.6.2.3Argentina Oil Storage Tank Service Market by Material
10.5.6.3Rest of South and Central America Oil Storage Tank Service Market
10.5.6.3.1Rest of South and Central America Oil Storage Tank Service Market by Fuel Type
10.5.6.3.2Rest of South and Central America Oil Storage Tank Service Market by Tank Design
10.5.6.3.3Rest of South and Central America Oil Storage Tank Service Market by Material
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 TANK SERVICE MARKET, KEY COMPANY PROFILES
12.1.MISTRAS GROUP, 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.NCH CORPORATION
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.OIL FIELD WAREHOUSE AND SERVICES LIMITED
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.SYSTEM KIKOU CO., LTD.
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.VEOLIA ENVIRONNEMENT S.A.
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.SUEZ GROUP
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.CHINA OIL HBP GROUP
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.SP NANIBAME
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.PETROLEUM SARAWAK BERHAD
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.JOHN WOOD GROUP PLC
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.MISTRAS Group, Inc
2.NCH Corporation
3.Oil Field Warehouse and Services Limited
4.System Kikou Co., Ltd.
5.Veolia Environnement S.A.
6.SUEZ Group
7.China Oil HBP Group
8.SP Nanibame
9.Petroleum Sarawak Berhad
10.John Wood Group 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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