Solid State Transformers Market Dynamics 2021-2031
The Solid State Transformers Market is expected to register a CAGR of 15.4% 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 Component (Converters, Switches, High Frequency Transformers, Others), Product Type (Distribution Solid State Transformer, Traction Solid State Transformer, Power Solid State Transformer), Voltage Level (HV/MV, MV/LV), Application (Automotive, Power Grid, Electric Vehicle (EV) Charging Stations, Renewable Power Generation, 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 Solid State Transformers 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.
Solid State Transformers Market Segmentation
Component- Converters
- Switches
- High Frequency Transformers
- Others
- Distribution Solid State Transformer
- Traction Solid State Transformer
- Power Solid State Transformer
- HV/MV
- MV/LV
- Automotive
- Power Grid
- Electric Vehicle
- Automotive
- Power Grid
- Electric Vehicle
Strategic Insights
Solid State Transformers Market Growth Drivers- Rising Demand for Efficient Power Grids: The growing need for efficient and reliable power distribution systems is a major driver for the solid-state transformer (SST) market. SSTs provide superior performance over traditional transformers by offering faster switching, improved power quality, and integration with renewable energy sources. As governments and utilities push for modernizing electrical grids, SSTs are increasingly seen as a solution to manage power more efficiently and to enhance grid stability, especially with the integration of decentralized energy sources like solar and wind.
- Growing Electric Vehicle (EV) Adoption: The rapid adoption of electric vehicles (EVs) is driving the demand for solid-state transformers. SSTs are ideal for EV charging infrastructure as they are more compact, energy-efficient, and capable of handling high-power applications. With the increasing global shift toward EVs and the need for fast, reliable charging stations, the demand for solid-state transformers in EV charging networks is expected to grow significantly.
- Integration with Smart Grid Technology: A key trend in the solid-state transformer market is its integration with smart grid systems. SSTs offer improved communication capabilities, allowing them to dynamically adjust power flow and respond to real-time grid conditions. This trend is driven by the global shift towards more intelligent, flexible grids that can handle the complexity of renewable energy sources and demand-side management, positioning SSTs as a critical component in future grid infrastructure.
- Miniaturization and Compact Designs: Miniaturization is a prominent trend in the SST market, driven by the need for compact, space-saving solutions in urban environments and renewable energy installations. Modern SSTs are designed to take up less space while providing greater functionality. The trend toward smaller, lighter transformers makes them more suitable for distributed energy systems, including those in residential, commercial, and industrial applications, where space is often limited.
- Expansion in Renewable Energy Systems: The increasing deployment of renewable energy sources presents a significant opportunity for solid-state transformers. SSTs can facilitate the integration of solar and wind power into the grid by offering greater control over voltage and current conversion. Their ability to efficiently manage the variability of renewable energy output makes them a crucial component for future green energy systems, creating growth opportunities in this sector.
- Advancements in High-Voltage Applications: SSTs are finding growing opportunities in high-voltage applications, including power transmission and distribution systems. With their ability to operate at higher voltage levels while ensuring higher efficiency and faster response times, SSTs are well-positioned for use in long-distance power transmission and high-voltage networks. This creates an opportunity for manufacturers to expand their offerings to cater to large-scale, high-voltage applications in both developed and emerging markets.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Solid State Transformers 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 Solid State Transformers Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Solid State Transformers Market is estimated to witness a CAGR of 15.4% from 2023 to 2031
Increasing emphasis on renewable energy and growing demand for efficient power distribution are the major factors driving the solid state transformers market
Miniaturization and modular designs is anticipated to play a significant role in the global solid state transformers market in the coming years
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation# as our team would review the same and check the feasibility
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Solid State Transformers Market - By Product Type
1.3.2Solid State Transformers Market - By Application
1.3.3Solid State Transformers Market - By End-User
1.3.4Solid State Transformers Market - By Region
1.3.4.1By Country
2.KEY TAKEWAYS
3.RESEARCH METHODOLOGY
4.SOLID STATE TRANSFORMERS MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.SOLID STATE TRANSFORMERS MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6.SOLID STATE TRANSFORMERS MARKET - GLOBAL MARKET ANALYSIS
6.1.SOLID STATE TRANSFORMERS - GLOBAL MARKET OVERVIEW
6.2.SOLID STATE TRANSFORMERS - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.SOLID STATE TRANSFORMERS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1.OVERVIEW
7.2.PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3.DISTRIBUTION SOLID STATE TRANSFORMER
7.3.1.Overview
7.3.2.Distribution Solid State Transformer Market Forecast and Analysis
7.4.POWER SOLID STATE TRANSFORMER
7.4.1.Overview
7.4.2.Power Solid State Transformer Market Forecast and Analysis
7.5.TRACTION SOLID STATE TRANSFORMER
7.5.1.Overview
7.5.2.Traction Solid State Transformer Market Forecast and Analysis
8.SOLID STATE TRANSFORMERS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1.OVERVIEW
8.2.APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.ALTERNATIVE POWER GENERATION
8.3.1.Overview
8.3.2.Alternative Power Generation Market Forecast and Analysis
8.4.ELECTRIC VEHICLE CHARGING STATIONS
8.4.1.Overview
8.4.2.Electric Vehicle Charging Stations Market Forecast and Analysis
8.5.POWER DISTRIBUTION
8.5.1.Overview
8.5.2.Power Distribution Market Forecast and Analysis
8.6.TRACTION LOCOMOTIVES
8.6.1.Overview
8.6.2.Traction Locomotives Market Forecast and Analysis
8.7.OTHERS
8.7.1.Overview
8.7.2.Others Market Forecast and Analysis
9.SOLID STATE TRANSFORMERS MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
9.1.OVERVIEW
9.2.END-USER MARKET FORECASTS AND ANALYSIS
9.3.ENERGY
9.3.1.Overview
9.3.2.Energy Market Forecast and Analysis
9.4.TRANSPORTATION
9.4.1.Overview
9.4.2.Transportation Market Forecast and Analysis
9.5.OTHERS
9.5.1.Overview
9.5.2.Others Market Forecast and Analysis
10.SOLID STATE TRANSFORMERS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Solid State Transformers Market Overview
10.1.2North America Solid State Transformers Market Forecasts and Analysis
10.1.3North America Solid State Transformers Market Forecasts and Analysis - By Product Type
10.1.4North America Solid State Transformers Market Forecasts and Analysis - By Application
10.1.5North America Solid State Transformers Market Forecasts and Analysis - By End-User
10.1.6North America Solid State Transformers Market Forecasts and Analysis - By Countries
10.1.6.1United States Solid State Transformers Market
10.1.6.1.1United States Solid State Transformers Market by Product Type
10.1.6.1.2United States Solid State Transformers Market by Application
10.1.6.1.3United States Solid State Transformers Market by End-User
10.1.6.2Canada Solid State Transformers Market
10.1.6.2.1Canada Solid State Transformers Market by Product Type
10.1.6.2.2Canada Solid State Transformers Market by Application
10.1.6.2.3Canada Solid State Transformers Market by End-User
10.1.6.3Mexico Solid State Transformers Market
10.1.6.3.1Mexico Solid State Transformers Market by Product Type
10.1.6.3.2Mexico Solid State Transformers Market by Application
10.1.6.3.3Mexico Solid State Transformers Market by End-User
10.2.EUROPE
10.2.1Europe Solid State Transformers Market Overview
10.2.2Europe Solid State Transformers Market Forecasts and Analysis
10.2.3Europe Solid State Transformers Market Forecasts and Analysis - By Product Type
10.2.4Europe Solid State Transformers Market Forecasts and Analysis - By Application
10.2.5Europe Solid State Transformers Market Forecasts and Analysis - By End-User
10.2.6Europe Solid State Transformers Market Forecasts and Analysis - By Countries
10.2.6.1Germany Solid State Transformers Market
10.2.6.1.1Germany Solid State Transformers Market by Product Type
10.2.6.1.2Germany Solid State Transformers Market by Application
10.2.6.1.3Germany Solid State Transformers Market by End-User
10.2.6.2France Solid State Transformers Market
10.2.6.2.1France Solid State Transformers Market by Product Type
10.2.6.2.2France Solid State Transformers Market by Application
10.2.6.2.3France Solid State Transformers Market by End-User
10.2.6.3Italy Solid State Transformers Market
10.2.6.3.1Italy Solid State Transformers Market by Product Type
10.2.6.3.2Italy Solid State Transformers Market by Application
10.2.6.3.3Italy Solid State Transformers Market by End-User
10.2.6.4United Kingdom Solid State Transformers Market
10.2.6.4.1United Kingdom Solid State Transformers Market by Product Type
10.2.6.4.2United Kingdom Solid State Transformers Market by Application
10.2.6.4.3United Kingdom Solid State Transformers Market by End-User
10.2.6.5Russia Solid State Transformers Market
10.2.6.5.1Russia Solid State Transformers Market by Product Type
10.2.6.5.2Russia Solid State Transformers Market by Application
10.2.6.5.3Russia Solid State Transformers Market by End-User
10.2.6.6Rest of Europe Solid State Transformers Market
10.2.6.6.1Rest of Europe Solid State Transformers Market by Product Type
10.2.6.6.2Rest of Europe Solid State Transformers Market by Application
10.2.6.6.3Rest of Europe Solid State Transformers Market by End-User
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Solid State Transformers Market Overview
10.3.2Asia-Pacific Solid State Transformers Market Forecasts and Analysis
10.3.3Asia-Pacific Solid State Transformers Market Forecasts and Analysis - By Product Type
10.3.4Asia-Pacific Solid State Transformers Market Forecasts and Analysis - By Application
10.3.5Asia-Pacific Solid State Transformers Market Forecasts and Analysis - By End-User
10.3.6Asia-Pacific Solid State Transformers Market Forecasts and Analysis - By Countries
10.3.6.1Australia Solid State Transformers Market
10.3.6.1.1Australia Solid State Transformers Market by Product Type
10.3.6.1.2Australia Solid State Transformers Market by Application
10.3.6.1.3Australia Solid State Transformers Market by End-User
10.3.6.2China Solid State Transformers Market
10.3.6.2.1China Solid State Transformers Market by Product Type
10.3.6.2.2China Solid State Transformers Market by Application
10.3.6.2.3China Solid State Transformers Market by End-User
10.3.6.3India Solid State Transformers Market
10.3.6.3.1India Solid State Transformers Market by Product Type
10.3.6.3.2India Solid State Transformers Market by Application
10.3.6.3.3India Solid State Transformers Market by End-User
10.3.6.4Japan Solid State Transformers Market
10.3.6.4.1Japan Solid State Transformers Market by Product Type
10.3.6.4.2Japan Solid State Transformers Market by Application
10.3.6.4.3Japan Solid State Transformers Market by End-User
10.3.6.5South Korea Solid State Transformers Market
10.3.6.5.1South Korea Solid State Transformers Market by Product Type
10.3.6.5.2South Korea Solid State Transformers Market by Application
10.3.6.5.3South Korea Solid State Transformers Market by End-User
10.3.6.6Rest of Asia-Pacific Solid State Transformers Market
10.3.6.6.1Rest of Asia-Pacific Solid State Transformers Market by Product Type
10.3.6.6.2Rest of Asia-Pacific Solid State Transformers Market by Application
10.3.6.6.3Rest of Asia-Pacific Solid State Transformers Market by End-User
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Solid State Transformers Market Overview
10.4.2Middle East and Africa Solid State Transformers Market Forecasts and Analysis
10.4.3Middle East and Africa Solid State Transformers Market Forecasts and Analysis - By Product Type
10.4.4Middle East and Africa Solid State Transformers Market Forecasts and Analysis - By Application
10.4.5Middle East and Africa Solid State Transformers Market Forecasts and Analysis - By End-User
10.4.6Middle East and Africa Solid State Transformers Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Solid State Transformers Market
10.4.6.1.1South Africa Solid State Transformers Market by Product Type
10.4.6.1.2South Africa Solid State Transformers Market by Application
10.4.6.1.3South Africa Solid State Transformers Market by End-User
10.4.6.2Saudi Arabia Solid State Transformers Market
10.4.6.2.1Saudi Arabia Solid State Transformers Market by Product Type
10.4.6.2.2Saudi Arabia Solid State Transformers Market by Application
10.4.6.2.3Saudi Arabia Solid State Transformers Market by End-User
10.4.6.3U.A.E Solid State Transformers Market
10.4.6.3.1U.A.E Solid State Transformers Market by Product Type
10.4.6.3.2U.A.E Solid State Transformers Market by Application
10.4.6.3.3U.A.E Solid State Transformers Market by End-User
10.4.6.4Rest of Middle East and Africa Solid State Transformers Market
10.4.6.4.1Rest of Middle East and Africa Solid State Transformers Market by Product Type
10.4.6.4.2Rest of Middle East and Africa Solid State Transformers Market by Application
10.4.6.4.3Rest of Middle East and Africa Solid State Transformers Market by End-User
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Solid State Transformers Market Overview
10.5.2South and Central America Solid State Transformers Market Forecasts and Analysis
10.5.3South and Central America Solid State Transformers Market Forecasts and Analysis - By Product Type
10.5.4South and Central America Solid State Transformers Market Forecasts and Analysis - By Application
10.5.5South and Central America Solid State Transformers Market Forecasts and Analysis - By End-User
10.5.6South and Central America Solid State Transformers Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Solid State Transformers Market
10.5.6.1.1Brazil Solid State Transformers Market by Product Type
10.5.6.1.2Brazil Solid State Transformers Market by Application
10.5.6.1.3Brazil Solid State Transformers Market by End-User
10.5.6.2Argentina Solid State Transformers Market
10.5.6.2.1Argentina Solid State Transformers Market by Product Type
10.5.6.2.2Argentina Solid State Transformers Market by Application
10.5.6.2.3Argentina Solid State Transformers Market by End-User
10.5.6.3Rest of South and Central America Solid State Transformers Market
10.5.6.3.1Rest of South and Central America Solid State Transformers Market by Product Type
10.5.6.3.2Rest of South and Central America Solid State Transformers Market by Application
10.5.6.3.3Rest of South and Central America Solid State Transformers Market by End-User
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.SOLID STATE TRANSFORMERS 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.ALSTOM SA
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.AMANTYS 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.EATON CORPORATION PLC
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.GENERAL ELECTRIC CO.
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.GRIDBRIDGE
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.MITSUBISHI ELECTRIC CORPORATION
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.SCHNEIDER ELECTRIC SE
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.SIEMENS AG
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.VARENTEC, INC.
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. ABB Ltd.
2. Alstom SA
3. Amantys Limited
4. Eaton Corporation Plc
5. General Electric Co.
6. GridBridge
7. Mitsubishi Electric Corporation
8. Schneider Electric SE
9. Siemens AG
10. Varentec, Inc.
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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