Thermal Imaging Cameras Market Forecast (2024-2031), Size, Share
The Thermal Imaging Cameras Market is expected to register a CAGR of 8.4% 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 Product (Handheld Camera, Fixed/Mounted Core, Scopes and Vision Goggles); Application (Detection and Measurement, Monitoring and Inspection, Personal Vision System, Search and Rescue, Security and Surveillance, Others); End-User (Automotive, Commercial, Government and Defense, Healthcare and Life Sciences, Industrial, Residential, 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 Thermal Imaging Cameras 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.
Thermal Imaging Cameras Market Segmentation
Product- Handheld Camera
- Fixed/Mounted Core
- Scopes and Vision Goggles
- Detection and Measurement
- Monitoring and Inspection
- Personal Vision System
- Search and Rescue
- Security and Surveillance
- Others
- Automotive
- Commercial
- Government and Defense
- Healthcare and Life Sciences
- Industrial
- Residential
- 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
Thermal Imaging Cameras Market Growth Drivers- Increasing Demand for Security and Surveillance: The growing need for enhanced security and surveillance across various industries, including defense, law enforcement, and public safety, is a significant driver for the thermal imaging cameras market. These cameras provide clear images in low-light and zero-visibility conditions, making them indispensable for surveillance operations, border control, and emergency response. As security concerns rise globally, the demand for thermal imaging cameras is expected to continue growing.
- Advancements in Technology and Miniaturization: Continuous advancements in thermal imaging technology, including the development of higher-resolution sensors, improved image processing algorithms, and the miniaturization of components, are driving market growth. These innovations are making thermal imaging cameras more affordable, compact, and accessible for a wider range of applications, from consumer electronics to industrial inspections, thus expanding their usage across various sectors.
- Integration with Artificial Intelligence and IoT: A notable trend in the thermal imaging cameras market is the integration of artificial intelligence (AI) and the Internet of Things (IoT) to enhance the functionality of these devices. AI-powered thermal cameras can analyze thermal data in real-time, identifying patterns, anomalies, and potential risks. This integration allows for smarter decision-making and increased automation, particularly in applications such as security, healthcare, and predictive maintenance.
- Growth of Thermal Imaging in Healthcare: The healthcare industry is increasingly adopting thermal imaging cameras for various diagnostic and monitoring purposes, such as detecting fever, inflammation, and circulation issues. The trend is also driven by the growing demand for non-invasive, contactless solutions, particularly in the wake of the COVID-19 pandemic, where thermal cameras are used for fever screening in public spaces and healthcare settings. The integration of thermal cameras in healthcare applications is expected to grow as technology becomes more accessible and affordable.
- Demand for Thermal Imaging in Autonomous Vehicles: With the rapid development of autonomous vehicles, there is a rising opportunity for the thermal imaging cameras market in the automotive sector. Thermal cameras can help autonomous vehicles detect pedestrians, animals, and obstacles in low-visibility conditions, enhancing the safety and reliability of these vehicles. As autonomous driving technology progresses, the demand for thermal imaging cameras is expected to grow, providing a significant opportunity for innovation and market expansion.
- Applications in Building and Construction: The building and construction industry offers a significant opportunity for thermal imaging cameras, particularly for energy audits, moisture detection, and insulation checks. Thermal cameras help detect heat loss, air leaks, and potential areas of energy inefficiency in buildings, supporting efforts to reduce energy consumption and improve building performance. As sustainability and energy efficiency become key focuses in construction, the demand for thermal imaging solutions is expected to rise.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Thermal Imaging Cameras 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 Thermal Imaging Cameras 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.
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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
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to country scope.
Frequently Asked Questions
The Thermal Imaging Cameras Market is estimated to witness a CAGR of 8.4% from 2023 to 2031
The major factors driving the Thermal Imaging Cameras market are Growing Demand for Security and Growing Use in Industrial Inspections and Maintenance.
Advancements in Thermal Imaging Technology is anticipated to play a significant role in the global Thermal Imaging Cameras 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
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1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Thermal Imaging Cameras Market - By Product
1.3.2 Thermal Imaging Cameras Market - By Application
1.3.3 Thermal Imaging Cameras Market - By End-User
1.3.4 Thermal Imaging Cameras Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. THERMAL IMAGING CAMERAS 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. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. THERMAL IMAGING CAMERAS 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. THERMAL IMAGING CAMERAS MARKET - GLOBAL MARKET ANALYSIS
6.1. THERMAL IMAGING CAMERAS - GLOBAL MARKET OVERVIEW
6.2. THERMAL IMAGING CAMERAS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. THERMAL IMAGING CAMERAS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. HANDHELD CAMERA
7.3.1. Overview
7.3.2. Handheld Camera Market Forecast and Analysis
7.4. FIXED/MOUNTED CORE
7.4.1. Overview
7.4.2. Fixed/Mounted Core Market Forecast and Analysis
7.5. SCOPES AND VISION GOGGLES
7.5.1. Overview
7.5.2. Scopes and Vision Goggles Market Forecast and Analysis
8. THERMAL IMAGING CAMERAS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. DETECTION AND MEASUREMENT
8.3.1. Overview
8.3.2. Detection and Measurement Market Forecast and Analysis
8.4. MONITORING AND INSPECTION
8.4.1. Overview
8.4.2. Monitoring and Inspection Market Forecast and Analysis
8.5. PERSONAL VISION SYSTEM
8.5.1. Overview
8.5.2. Personal Vision System Market Forecast and Analysis
8.6. SEARCH AND RESCUE
8.6.1. Overview
8.6.2. Search and Rescue Market Forecast and Analysis
8.7. SECURITY AND SURVEILLANCE
8.7.1. Overview
8.7.2. Security and Surveillance Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. THERMAL IMAGING CAMERAS MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
9.1. OVERVIEW
9.2. END-USER MARKET FORECASTS AND ANALYSIS
9.3. AUTOMOTIVE
9.3.1. Overview
9.3.2. Automotive Market Forecast and Analysis
9.4. COMMERCIAL
9.4.1. Overview
9.4.2. Commercial Market Forecast and Analysis
9.5. GOVERNMENT AND DEFENSE
9.5.1. Overview
9.5.2. Government and Defense Market Forecast and Analysis
9.6. HEALTHCARE AND LIFE SCIENCES
9.6.1. Overview
9.6.2. Healthcare and Life Sciences Market Forecast and Analysis
9.7. INDUSTRIAL
9.7.1. Overview
9.7.2. Industrial Market Forecast and Analysis
9.8. RESIDENTIAL
9.8.1. Overview
9.8.2. Residential Market Forecast and Analysis
9.9. OTHERS
9.9.1. Overview
9.9.2. Others Market Forecast and Analysis
10. THERMAL IMAGING CAMERAS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Thermal Imaging Cameras Market Overview
10.1.2 North America Thermal Imaging Cameras Market Forecasts and Analysis
10.1.3 North America Thermal Imaging Cameras Market Forecasts and Analysis - By Product
10.1.4 North America Thermal Imaging Cameras Market Forecasts and Analysis - By Application
10.1.5 North America Thermal Imaging Cameras Market Forecasts and Analysis - By End-User
10.1.6 North America Thermal Imaging Cameras Market Forecasts and Analysis - By Countries
10.1.6.1 United States Thermal Imaging Cameras Market
10.1.6.1.1 United States Thermal Imaging Cameras Market by Product
10.1.6.1.2 United States Thermal Imaging Cameras Market by Application
10.1.6.1.3 United States Thermal Imaging Cameras Market by End-User
10.1.6.2 Canada Thermal Imaging Cameras Market
10.1.6.2.1 Canada Thermal Imaging Cameras Market by Product
10.1.6.2.2 Canada Thermal Imaging Cameras Market by Application
10.1.6.2.3 Canada Thermal Imaging Cameras Market by End-User
10.1.6.3 Mexico Thermal Imaging Cameras Market
10.1.6.3.1 Mexico Thermal Imaging Cameras Market by Product
10.1.6.3.2 Mexico Thermal Imaging Cameras Market by Application
10.1.6.3.3 Mexico Thermal Imaging Cameras Market by End-User
10.2. EUROPE
10.2.1 Europe Thermal Imaging Cameras Market Overview
10.2.2 Europe Thermal Imaging Cameras Market Forecasts and Analysis
10.2.3 Europe Thermal Imaging Cameras Market Forecasts and Analysis - By Product
10.2.4 Europe Thermal Imaging Cameras Market Forecasts and Analysis - By Application
10.2.5 Europe Thermal Imaging Cameras Market Forecasts and Analysis - By End-User
10.2.6 Europe Thermal Imaging Cameras Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Thermal Imaging Cameras Market
10.2.6.1.1 Germany Thermal Imaging Cameras Market by Product
10.2.6.1.2 Germany Thermal Imaging Cameras Market by Application
10.2.6.1.3 Germany Thermal Imaging Cameras Market by End-User
10.2.6.2 France Thermal Imaging Cameras Market
10.2.6.2.1 France Thermal Imaging Cameras Market by Product
10.2.6.2.2 France Thermal Imaging Cameras Market by Application
10.2.6.2.3 France Thermal Imaging Cameras Market by End-User
10.2.6.3 Italy Thermal Imaging Cameras Market
10.2.6.3.1 Italy Thermal Imaging Cameras Market by Product
10.2.6.3.2 Italy Thermal Imaging Cameras Market by Application
10.2.6.3.3 Italy Thermal Imaging Cameras Market by End-User
10.2.6.4 United Kingdom Thermal Imaging Cameras Market
10.2.6.4.1 United Kingdom Thermal Imaging Cameras Market by Product
10.2.6.4.2 United Kingdom Thermal Imaging Cameras Market by Application
10.2.6.4.3 United Kingdom Thermal Imaging Cameras Market by End-User
10.2.6.5 Russia Thermal Imaging Cameras Market
10.2.6.5.1 Russia Thermal Imaging Cameras Market by Product
10.2.6.5.2 Russia Thermal Imaging Cameras Market by Application
10.2.6.5.3 Russia Thermal Imaging Cameras Market by End-User
10.2.6.6 Rest of Europe Thermal Imaging Cameras Market
10.2.6.6.1 Rest of Europe Thermal Imaging Cameras Market by Product
10.2.6.6.2 Rest of Europe Thermal Imaging Cameras Market by Application
10.2.6.6.3 Rest of Europe Thermal Imaging Cameras Market by End-User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Thermal Imaging Cameras Market Overview
10.3.2 Asia-Pacific Thermal Imaging Cameras Market Forecasts and Analysis
10.3.3 Asia-Pacific Thermal Imaging Cameras Market Forecasts and Analysis - By Product
10.3.4 Asia-Pacific Thermal Imaging Cameras Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Thermal Imaging Cameras Market Forecasts and Analysis - By End-User
10.3.6 Asia-Pacific Thermal Imaging Cameras Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Thermal Imaging Cameras Market
10.3.6.1.1 Australia Thermal Imaging Cameras Market by Product
10.3.6.1.2 Australia Thermal Imaging Cameras Market by Application
10.3.6.1.3 Australia Thermal Imaging Cameras Market by End-User
10.3.6.2 China Thermal Imaging Cameras Market
10.3.6.2.1 China Thermal Imaging Cameras Market by Product
10.3.6.2.2 China Thermal Imaging Cameras Market by Application
10.3.6.2.3 China Thermal Imaging Cameras Market by End-User
10.3.6.3 India Thermal Imaging Cameras Market
10.3.6.3.1 India Thermal Imaging Cameras Market by Product
10.3.6.3.2 India Thermal Imaging Cameras Market by Application
10.3.6.3.3 India Thermal Imaging Cameras Market by End-User
10.3.6.4 Japan Thermal Imaging Cameras Market
10.3.6.4.1 Japan Thermal Imaging Cameras Market by Product
10.3.6.4.2 Japan Thermal Imaging Cameras Market by Application
10.3.6.4.3 Japan Thermal Imaging Cameras Market by End-User
10.3.6.5 South Korea Thermal Imaging Cameras Market
10.3.6.5.1 South Korea Thermal Imaging Cameras Market by Product
10.3.6.5.2 South Korea Thermal Imaging Cameras Market by Application
10.3.6.5.3 South Korea Thermal Imaging Cameras Market by End-User
10.3.6.6 Rest of Asia-Pacific Thermal Imaging Cameras Market
10.3.6.6.1 Rest of Asia-Pacific Thermal Imaging Cameras Market by Product
10.3.6.6.2 Rest of Asia-Pacific Thermal Imaging Cameras Market by Application
10.3.6.6.3 Rest of Asia-Pacific Thermal Imaging Cameras Market by End-User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Thermal Imaging Cameras Market Overview
10.4.2 Middle East and Africa Thermal Imaging Cameras Market Forecasts and Analysis
10.4.3 Middle East and Africa Thermal Imaging Cameras Market Forecasts and Analysis - By Product
10.4.4 Middle East and Africa Thermal Imaging Cameras Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Thermal Imaging Cameras Market Forecasts and Analysis - By End-User
10.4.6 Middle East and Africa Thermal Imaging Cameras Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Thermal Imaging Cameras Market
10.4.6.1.1 South Africa Thermal Imaging Cameras Market by Product
10.4.6.1.2 South Africa Thermal Imaging Cameras Market by Application
10.4.6.1.3 South Africa Thermal Imaging Cameras Market by End-User
10.4.6.2 Saudi Arabia Thermal Imaging Cameras Market
10.4.6.2.1 Saudi Arabia Thermal Imaging Cameras Market by Product
10.4.6.2.2 Saudi Arabia Thermal Imaging Cameras Market by Application
10.4.6.2.3 Saudi Arabia Thermal Imaging Cameras Market by End-User
10.4.6.3 U.A.E Thermal Imaging Cameras Market
10.4.6.3.1 U.A.E Thermal Imaging Cameras Market by Product
10.4.6.3.2 U.A.E Thermal Imaging Cameras Market by Application
10.4.6.3.3 U.A.E Thermal Imaging Cameras Market by End-User
10.4.6.4 Rest of Middle East and Africa Thermal Imaging Cameras Market
10.4.6.4.1 Rest of Middle East and Africa Thermal Imaging Cameras Market by Product
10.4.6.4.2 Rest of Middle East and Africa Thermal Imaging Cameras Market by Application
10.4.6.4.3 Rest of Middle East and Africa Thermal Imaging Cameras Market by End-User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Thermal Imaging Cameras Market Overview
10.5.2 South and Central America Thermal Imaging Cameras Market Forecasts and Analysis
10.5.3 South and Central America Thermal Imaging Cameras Market Forecasts and Analysis - By Product
10.5.4 South and Central America Thermal Imaging Cameras Market Forecasts and Analysis - By Application
10.5.5 South and Central America Thermal Imaging Cameras Market Forecasts and Analysis - By End-User
10.5.6 South and Central America Thermal Imaging Cameras Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Thermal Imaging Cameras Market
10.5.6.1.1 Brazil Thermal Imaging Cameras Market by Product
10.5.6.1.2 Brazil Thermal Imaging Cameras Market by Application
10.5.6.1.3 Brazil Thermal Imaging Cameras Market by End-User
10.5.6.2 Argentina Thermal Imaging Cameras Market
10.5.6.2.1 Argentina Thermal Imaging Cameras Market by Product
10.5.6.2.2 Argentina Thermal Imaging Cameras Market by Application
10.5.6.2.3 Argentina Thermal Imaging Cameras Market by End-User
10.5.6.3 Rest of South and Central America Thermal Imaging Cameras Market
10.5.6.3.1 Rest of South and Central America Thermal Imaging Cameras Market by Product
10.5.6.3.2 Rest of South and Central America Thermal Imaging Cameras Market by Application
10.5.6.3.3 Rest of South and Central America Thermal Imaging Cameras 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. THERMAL IMAGING CAMERAS MARKET, KEY COMPANY PROFILES
12.1. AXIS COMMUNICATIONS
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. BAE SYSTEMS
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. FLIR SYSTEMS
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. FORTIVE CORPORATION
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. L3 TECHNOLOGIES
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. LEONARDO SPA
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. LEONARDO
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. SEEK THERMAL
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. SOFRADIR
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. UNITED TECHNOLOGIES
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. Axis Communications
2. BAE Systems
3. FLIR Systems
4. Fortive Corporation
5. L3 Technologies
6. Leonardo SpA
7. Leonardo
8. Seek Thermal
9. Sofradir
10. United Technologies
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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