Solar Panel Market Drivers and Opportunities [2021-2031]
The Solar Panel Market is expected to register a CAGR of 11.2% 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 Technology (Thin Film, Crystalline Silicon, Others). The report further presents analysis based on the Installation Type (On-Grid, Off-Grid). The report further presents analysis based on the End User (Residential, Commercial & Industrial, and Utilities). 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 Solar Panel 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.
Solar Panel Market Segmentation
Technology- Thin Film
- Crystalline Silicon
- Others
- On-Grid
- Off-Grid
- Residential
- Commercial & Industrial
- Utilities
- 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
Solar Panel Market Growth Drivers- Increasing Residential and Utility Solar Installations: The increased push towards achieving green power to achieve sustainability and energy security is the primary factor driving the deployment of solar panels for meeting the rising demand and replacing the fossil-fuel based power generating sources. The growth is majorly attributable to increasing government initiatives and incentives, technological advancements, constant reducing cost and rural electrification which in turn is expected to drive the solar panel market growth in the coming years.
- Government Intiatives towards Solar Installations: Strong government policy support continues to remain as the principal driver of solar power deployment across the world. Various policies implemented including, auctions, feed-in-tariffs, net-metering, contracts for difference, Investment tax credit, production tax credit, and renewable power generation targets. Such initiatives are expected to drive the solar panel market growth in the coming years.
- Declining Solar Panel Costs: One of the significant aspects of a solar panel, which has gained immense attraction over the past decade due to decreased costs, is solar energy. Economies of scale and the introduction of better manufacturing processes as well as new technologies are contributing to cost declines. Thus, with favorable sunlight conditions in these regions, what used to be regarded as costly now turns out to be pretty inexpensive in the form of a solar panel. The reduced initial investment needed for solar installations helps homeowners, businesses, and governments switch to solar energy. Prices are expected to keep dropping as the market expands into a wider variety of applications - from residential rooftops to large utility projects.
- Increasing Investments in Renewable Energy Sector: According to the International Energy Agency (IEA), the global energy demand increased by 8% in 2022. The upswing in investments in 2022 is a mixture of a cyclical response to recovery and a structural shift in capital flows toward cleaner technologies. For instance, the Saudi Arabian Ministry in January 2023 announced an investment of US$ 226 billion for development of clean energy across the country. This investment will be utilized for developing wind and solar energy infrastructure for generating power to meet the country-wide demand. Such increasing investments in the renewable energy, particularly solar is expected to create opportunity in the solar panel market.
- Energy-as-a-Service (EaaS) Models: The growth of EaaS models is another trend that offers opportunities for the solar panel market. Under the EaaS model, the consumer does not need to purchase the solar system outright; instead, they pay for the energy they use, much like a utility service. This would make solar energy more affordable for homes and businesses, as there would be no upfront installation cost. EaaS providers maintain and monitor the solar system so it's a non hassled process for consumers, yet is a growing pattern on account of subscription based model as well as PPAs, therefore it is quite visible that it will find higher uptake among various segments.
- Role of Solar Energy in Energy Transition: The energy transition is the transition from dependency on fossil fuels to renewable and cleaner energy sources. This change addresses the urgent need for sustainable, environmentally friendly energy solutions. Recent decades have seen an increase in carbon dioxide (CO2) emissions, contributing to climate change. Transitioning to renewable and environment-friendly energy sources is a critical strategy to reduce these emissions and mitigate environmental damage. Such transition of energy by adopting solar is expected to be the key future trend in the solar panel market in the coming years.
- Growing Demand for Solar Power in Emerging Markets: Some of the emerging market opportunities exist in Asia, Africa, and Latin America. Many countries experience unsteady supplies of electricity, lack basic infrastructure, and experience increasing prices for energy. Solar can be very appealing as off-grid technology suitable for rural communities and other far-flung and isolated communities. In places like India and Sub-Saharan Africa, it is increasingly helping to increase access to energy for millions of people otherwise without reliable electricity. And as the cost of solar panels continues to fall and financing options improve, adoption of solar power is likely to accelerate in these regions, which will expand the global market for solar panels.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Solar Panel 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 Solar Panel 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
Have a question?
Naveen
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- 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 Solar Panel Market is estimated to witness a CAGR of 11.2% from 2023 to 2031
The major factors driving the Solar Panel Market are: Increasing Residential and Utility Solar Installations and Government Intiatives towards Solar Installations
Role of solar energy in energy transition is the key future trend of the Solar Panel Market
The leading players operating in the Solar Panel Market include Canadian Solar Inc., Hanwha Q CELLS Co., Ltd., JA SOLAR Co., Ltd., First Solar Inc., JinkoSolar Holdings, Ltd., Risen Energy Co., Ltd, Wuxi Suntech Power Co., Ltd., LONGi Green Energy Technology Co., Ltd., Trina Solar, Co. Ltd., and Astroenergy Co., Ltd.
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 Solar Panel Market - By Technology
1.3.2 Solar Panel Market - By Application
1.3.3 Solar Panel Market - By End-Use Industry
1.3.4 Solar Panel Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SOLAR PANEL 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. SOLAR PANEL 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. SOLAR PANEL MARKET - GLOBAL MARKET ANALYSIS
6.1. SOLAR PANEL - GLOBAL MARKET OVERVIEW
6.2. SOLAR PANEL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. SOLAR PANEL MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. CRYSTALLINE
7.3.1. Overview
7.3.2. Crystalline Market Forecast and Analysis
7.4. SILICON THIN FILM
7.4.1. Overview
7.4.2. Silicon Thin Film Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. SOLAR PANEL MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. PHOTOVOLTAIC
8.3.1. Overview
8.3.2. Photovoltaic Market Forecast and Analysis
8.4. CONCENTRATED SOLAR POWER
8.4.1. Overview
8.4.2. Concentrated Solar Power Market Forecast and Analysis
9. SOLAR PANEL MARKET - REVENUE AND FORECASTS TO 2028 - END-USE INDUSTRY
9.1. OVERVIEW
9.2. END-USE INDUSTRY MARKET FORECASTS AND ANALYSIS
9.3. RESIDENTIAL
9.3.1. Overview
9.3.2. Residential Market Forecast and Analysis
9.4. COMMERCIAL AND INDUSTRIAL
9.4.1. Overview
9.4.2. Commercial and Industrial Market Forecast and Analysis
9.5. UTILITIES
9.5.1. Overview
9.5.2. Utilities Market Forecast and Analysis
10. SOLAR PANEL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Solar Panel Market Overview
10.1.2 North America Solar Panel Market Forecasts and Analysis
10.1.3 North America Solar Panel Market Forecasts and Analysis - By Technology
10.1.4 North America Solar Panel Market Forecasts and Analysis - By Application
10.1.5 North America Solar Panel Market Forecasts and Analysis - By End-Use Industry
10.1.6 North America Solar Panel Market Forecasts and Analysis - By Countries
10.1.6.1 United States Solar Panel Market
10.1.6.1.1 United States Solar Panel Market by Technology
10.1.6.1.2 United States Solar Panel Market by Application
10.1.6.1.3 United States Solar Panel Market by End-Use Industry
10.1.6.2 Canada Solar Panel Market
10.1.6.2.1 Canada Solar Panel Market by Technology
10.1.6.2.2 Canada Solar Panel Market by Application
10.1.6.2.3 Canada Solar Panel Market by End-Use Industry
10.1.6.3 Mexico Solar Panel Market
10.1.6.3.1 Mexico Solar Panel Market by Technology
10.1.6.3.2 Mexico Solar Panel Market by Application
10.1.6.3.3 Mexico Solar Panel Market by End-Use Industry
10.2. EUROPE
10.2.1 Europe Solar Panel Market Overview
10.2.2 Europe Solar Panel Market Forecasts and Analysis
10.2.3 Europe Solar Panel Market Forecasts and Analysis - By Technology
10.2.4 Europe Solar Panel Market Forecasts and Analysis - By Application
10.2.5 Europe Solar Panel Market Forecasts and Analysis - By End-Use Industry
10.2.6 Europe Solar Panel Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Solar Panel Market
10.2.6.1.1 Germany Solar Panel Market by Technology
10.2.6.1.2 Germany Solar Panel Market by Application
10.2.6.1.3 Germany Solar Panel Market by End-Use Industry
10.2.6.2 France Solar Panel Market
10.2.6.2.1 France Solar Panel Market by Technology
10.2.6.2.2 France Solar Panel Market by Application
10.2.6.2.3 France Solar Panel Market by End-Use Industry
10.2.6.3 Italy Solar Panel Market
10.2.6.3.1 Italy Solar Panel Market by Technology
10.2.6.3.2 Italy Solar Panel Market by Application
10.2.6.3.3 Italy Solar Panel Market by End-Use Industry
10.2.6.4 United Kingdom Solar Panel Market
10.2.6.4.1 United Kingdom Solar Panel Market by Technology
10.2.6.4.2 United Kingdom Solar Panel Market by Application
10.2.6.4.3 United Kingdom Solar Panel Market by End-Use Industry
10.2.6.5 Russia Solar Panel Market
10.2.6.5.1 Russia Solar Panel Market by Technology
10.2.6.5.2 Russia Solar Panel Market by Application
10.2.6.5.3 Russia Solar Panel Market by End-Use Industry
10.2.6.6 Rest of Europe Solar Panel Market
10.2.6.6.1 Rest of Europe Solar Panel Market by Technology
10.2.6.6.2 Rest of Europe Solar Panel Market by Application
10.2.6.6.3 Rest of Europe Solar Panel Market by End-Use Industry
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Solar Panel Market Overview
10.3.2 Asia-Pacific Solar Panel Market Forecasts and Analysis
10.3.3 Asia-Pacific Solar Panel Market Forecasts and Analysis - By Technology
10.3.4 Asia-Pacific Solar Panel Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Solar Panel Market Forecasts and Analysis - By End-Use Industry
10.3.6 Asia-Pacific Solar Panel Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Solar Panel Market
10.3.6.1.1 Australia Solar Panel Market by Technology
10.3.6.1.2 Australia Solar Panel Market by Application
10.3.6.1.3 Australia Solar Panel Market by End-Use Industry
10.3.6.2 China Solar Panel Market
10.3.6.2.1 China Solar Panel Market by Technology
10.3.6.2.2 China Solar Panel Market by Application
10.3.6.2.3 China Solar Panel Market by End-Use Industry
10.3.6.3 India Solar Panel Market
10.3.6.3.1 India Solar Panel Market by Technology
10.3.6.3.2 India Solar Panel Market by Application
10.3.6.3.3 India Solar Panel Market by End-Use Industry
10.3.6.4 Japan Solar Panel Market
10.3.6.4.1 Japan Solar Panel Market by Technology
10.3.6.4.2 Japan Solar Panel Market by Application
10.3.6.4.3 Japan Solar Panel Market by End-Use Industry
10.3.6.5 South Korea Solar Panel Market
10.3.6.5.1 South Korea Solar Panel Market by Technology
10.3.6.5.2 South Korea Solar Panel Market by Application
10.3.6.5.3 South Korea Solar Panel Market by End-Use Industry
10.3.6.6 Rest of Asia-Pacific Solar Panel Market
10.3.6.6.1 Rest of Asia-Pacific Solar Panel Market by Technology
10.3.6.6.2 Rest of Asia-Pacific Solar Panel Market by Application
10.3.6.6.3 Rest of Asia-Pacific Solar Panel Market by End-Use Industry
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Solar Panel Market Overview
10.4.2 Middle East and Africa Solar Panel Market Forecasts and Analysis
10.4.3 Middle East and Africa Solar Panel Market Forecasts and Analysis - By Technology
10.4.4 Middle East and Africa Solar Panel Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Solar Panel Market Forecasts and Analysis - By End-Use Industry
10.4.6 Middle East and Africa Solar Panel Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Solar Panel Market
10.4.6.1.1 South Africa Solar Panel Market by Technology
10.4.6.1.2 South Africa Solar Panel Market by Application
10.4.6.1.3 South Africa Solar Panel Market by End-Use Industry
10.4.6.2 Saudi Arabia Solar Panel Market
10.4.6.2.1 Saudi Arabia Solar Panel Market by Technology
10.4.6.2.2 Saudi Arabia Solar Panel Market by Application
10.4.6.2.3 Saudi Arabia Solar Panel Market by End-Use Industry
10.4.6.3 U.A.E Solar Panel Market
10.4.6.3.1 U.A.E Solar Panel Market by Technology
10.4.6.3.2 U.A.E Solar Panel Market by Application
10.4.6.3.3 U.A.E Solar Panel Market by End-Use Industry
10.4.6.4 Rest of Middle East and Africa Solar Panel Market
10.4.6.4.1 Rest of Middle East and Africa Solar Panel Market by Technology
10.4.6.4.2 Rest of Middle East and Africa Solar Panel Market by Application
10.4.6.4.3 Rest of Middle East and Africa Solar Panel Market by End-Use Industry
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Solar Panel Market Overview
10.5.2 South and Central America Solar Panel Market Forecasts and Analysis
10.5.3 South and Central America Solar Panel Market Forecasts and Analysis - By Technology
10.5.4 South and Central America Solar Panel Market Forecasts and Analysis - By Application
10.5.5 South and Central America Solar Panel Market Forecasts and Analysis - By End-Use Industry
10.5.6 South and Central America Solar Panel Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Solar Panel Market
10.5.6.1.1 Brazil Solar Panel Market by Technology
10.5.6.1.2 Brazil Solar Panel Market by Application
10.5.6.1.3 Brazil Solar Panel Market by End-Use Industry
10.5.6.2 Argentina Solar Panel Market
10.5.6.2.1 Argentina Solar Panel Market by Technology
10.5.6.2.2 Argentina Solar Panel Market by Application
10.5.6.2.3 Argentina Solar Panel Market by End-Use Industry
10.5.6.3 Rest of South and Central America Solar Panel Market
10.5.6.3.1 Rest of South and Central America Solar Panel Market by Technology
10.5.6.3.2 Rest of South and Central America Solar Panel Market by Application
10.5.6.3.3 Rest of South and Central America Solar Panel Market by End-Use Industry
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. SOLAR PANEL MARKET, KEY COMPANY PROFILES
12.1. JA SOLAR TECHNOLOGY CO., 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. SHANGHAI AIKO SOLAR ENERGY CO., LTD.
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. FIRST SOLAR
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. HANWHA GROUP
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. JIANGSU RUNDA PV 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. TONGWEI GROUP CO., LTD.
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. TRINA SOLAR
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. YINGLI SOLAR
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. WAAREE ENERGIES LTD.
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. MYSOLAR USA
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
- JA SOLAR Technology Co., Ltd.
- Shanghai Aiko Solar Energy Co., Ltd.
- First Solar
- Hanwha Group
- Jiangsu Runda PV Co., Ltd.
- Tongwei Group Co., Ltd.
- Trina Solar
- Yingli Solar
- Waaree Energies Ltd.
- Mysolar USA
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.
Get Free Sample For