Utility Drones Market Dynamics and Analysis by 2031
The Utility Drones Market is expected to register a CAGR of 19.1% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Multi-Rotor and Fixed Wing), Services (End-To-End Solution and Point Solution), End-User (Renewable and Power). 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 Utility Drones 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.
Utility Drones Market Segmentation
Type- Multi-Rotor and Fixed Wing
- End-To-End Solution and Point Solution
- Renewable and Power
- 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
Utility Drones Market Growth Drivers- Increasing Demand for Infrastructure Inspection and Maintenance: Utility drones are becoming essential tools for inspecting and maintaining infrastructure such as power lines, oil and gas pipelines, and wind turbines. These drones allow for faster, safer, and more cost-effective inspections, reducing the need for human workers to perform high-risk tasks in hazardous environments. The growing need for infrastructure monitoring and maintenance, combined with the rising demand for safety and operational efficiency, is a major driver for the utility drones market.
- Advancements in Drone Technology and Autonomous Capabilities: The rapid advancements in drone technology, including improved sensors, longer battery life, and enhanced autonomous capabilities, are fueling the growth of the utility drones market. These technological improvements allow drones to cover larger areas, perform complex tasks with greater precision, and operate with minimal human intervention. The ability to conduct automated inspections and gather real-time data is making drones a more attractive and viable solution for utility companies, driving market demand.
- Cost Savings and Operational Efficiency: Utility drones help companies reduce operational costs by minimizing the need for expensive and time-consuming manual inspections, often involving climbing, scaffolding, or helicopters. Drones can also collect large amounts of data in a fraction of the time it would take with traditional methods, improving operational efficiency. With utilities seeking ways to optimize costs while maintaining high safety standards, the economic benefits provided by drones are a significant driver of market growth
- Integration of AI and Machine Learning for Data Analysis: One of the key trends in the utility drones market is the increasing integration of artificial intelligence (AI) and machine learning algorithms for real-time data processing and analysis. Drones are equipped with sensors that collect large volumes of data, such as thermal, infrared, and high-resolution visual images. AI and machine learning help automate the analysis of this data, enabling utility companies to detect potential issues like equipment malfunctions or energy inefficiencies more accurately and efficiently, reducing the need for manual intervention.
- Regulatory Developments and Certification of Commercial Drones: The regulatory landscape for drone usage is evolving as governments and aviation authorities develop more structured guidelines for commercial drone operations. In regions such as North America and Europe, the development of rules for beyond-visual-line-of-sight (BVLOS) operations, drone certifications, and airspace management is driving market growth. As regulations become clearer and more streamlined, utility companies can deploy drones on a larger scale, accelerating the adoption of drones for infrastructure inspection and maintenance tasks.
- Rise in Adoption of Drone Swarm Technology: The use of drone swarm technology is gaining traction in the utility drones market. By deploying multiple drones that communicate and operate in unison, utility companies can cover larger areas more efficiently, perform simultaneous inspections, and gather comprehensive data in less time. This trend is particularly useful for large-scale infrastructure projects, such as power grid networks, where the efficiency and speed of operations are crucial for minimizing downtime and improving service reliability
- Expansion in Renewable Energy Sector: The growth of the renewable energy sector presents significant opportunities for utility drones, especially for inspecting and maintaining wind turbines, solar farms, and other renewable energy infrastructures. Drones equipped with specialized sensors and imaging tools can efficiently assess the condition of these facilities, perform preventive maintenance, and identify issues like mechanical wear, reducing downtime and increasing energy production efficiency. As the renewable energy industry expands, the demand for drones tailored to its specific needs is expected to rise.
- Implementation of Drones for Emergency Response and Disaster Management: Utility drones are increasingly being deployed for emergency response and disaster management, providing critical real-time data in the aftermath of natural disasters, such as hurricanes, wildfires, and earthquakes. Drones can access hard-to-reach areas, assess damage to infrastructure, and provide live video feeds, enabling faster decision-making and recovery efforts. This growing role of drones in emergency management creates significant opportunities for the utility drones market to expand its reach and diversify its applications.
- Growing Demand for Smart Grid and Advanced Metering Infrastructure: The integration of smart grids and advanced metering infrastructure (AMI) in the utility sector is opening up new opportunities for utility drones. Drones can be utilized to inspect and monitor the physical assets of smart grids, including substations, transmission lines, and smart meters, enabling utilities to manage their networks more effectively. As utilities adopt more advanced and interconnected grid systems, drones equipped with monitoring and diagnostic capabilities will play a crucial role in ensuring system reliability and performance
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Utility Drones 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 Utility Drones 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 Utility Drones Market is estimated to witness a CAGR of 19.1% from 2023 to 2031
Increased Demand for Infrastructure Inspection, Regulatory Support and Standardization, Focus on Cost Reduction and Efficiency
Increased Use of Autonomous Drones
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
1.3.1 Utility Drones Market - By Type
1.3.2 Utility Drones Market - By Services
1.3.3 Utility Drones Market - By End-User
1.3.4 Utility Drones Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. UTILITY DRONES MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. UTILITY DRONES 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. UTILITY DRONES MARKET - GLOBAL MARKET ANALYSIS
6.1. UTILITY DRONES - GLOBAL MARKET OVERVIEW
6.2. UTILITY DRONES - GLOBAL MARKET AND FORECAST TO 2027
6.3. MARKET POSITIONING/MARKET SHARE
7. UTILITY DRONES MARKET - REVENUE AND FORECASTS TO 2027 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. MULTI-ROTOR
7.3.1. Overview
7.3.2. Multi-Rotor Market Forecast and Analysis
7.4. FIXED WING
7.4.1. Overview
7.4.2. Fixed Wing Market Forecast and Analysis
8. UTILITY DRONES MARKET - REVENUE AND FORECASTS TO 2027 - SERVICES
8.1. OVERVIEW
8.2. SERVICES MARKET FORECASTS AND ANALYSIS
8.3. END-TO-END SOLUTION
8.3.1. Overview
8.3.2. End-To-End Solution Market Forecast and Analysis
8.4. POINT SOLUTION
8.4.1. Overview
8.4.2. Point Solution Market Forecast and Analysis
9. UTILITY DRONES MARKET - REVENUE AND FORECASTS TO 2027 - END-USER
9.1. OVERVIEW
9.2. END-USER MARKET FORECASTS AND ANALYSIS
9.3. RENEWABLE
9.3.1. Overview
9.3.2. Renewable Market Forecast and Analysis
9.3.3. Solar Market
9.3.3.1. Overview
9.3.3.2. Solar Market Forecast and Analysis
9.3.4. Wind Market
9.3.4.1. Overview
9.3.4.2. Wind Market Forecast and Analysis
9.4. POWER
9.4.1. Overview
9.4.2. Power Market Forecast and Analysis
9.4.3. Transmission and Distribution Market
9.4.3.1. Overview
9.4.3.2. Transmission and Distribution Market Forecast and Analysis
9.4.4. Generation Market
9.4.4.1. Overview
9.4.4.2. Generation Market Forecast and Analysis
10. UTILITY DRONES MARKET REVENUE AND FORECASTS TO 2027 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Utility Drones Market Overview
10.1.2 North America Utility Drones Market Forecasts and Analysis
10.1.3 North America Utility Drones Market Forecasts and Analysis - By Type
10.1.4 North America Utility Drones Market Forecasts and Analysis - By Services
10.1.5 North America Utility Drones Market Forecasts and Analysis - By End-User
10.1.6 North America Utility Drones Market Forecasts and Analysis - By Countries
10.1.6.1 United States Utility Drones Market
10.1.6.1.1 United States Utility Drones Market by Type
10.1.6.1.2 United States Utility Drones Market by Services
10.1.6.1.3 United States Utility Drones Market by End-User
10.1.6.2 Canada Utility Drones Market
10.1.6.2.1 Canada Utility Drones Market by Type
10.1.6.2.2 Canada Utility Drones Market by Services
10.1.6.2.3 Canada Utility Drones Market by End-User
10.1.6.3 Mexico Utility Drones Market
10.1.6.3.1 Mexico Utility Drones Market by Type
10.1.6.3.2 Mexico Utility Drones Market by Services
10.1.6.3.3 Mexico Utility Drones Market by End-User
10.2. EUROPE
10.2.1 Europe Utility Drones Market Overview
10.2.2 Europe Utility Drones Market Forecasts and Analysis
10.2.3 Europe Utility Drones Market Forecasts and Analysis - By Type
10.2.4 Europe Utility Drones Market Forecasts and Analysis - By Services
10.2.5 Europe Utility Drones Market Forecasts and Analysis - By End-User
10.2.6 Europe Utility Drones Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Utility Drones Market
10.2.6.1.1 Germany Utility Drones Market by Type
10.2.6.1.2 Germany Utility Drones Market by Services
10.2.6.1.3 Germany Utility Drones Market by End-User
10.2.6.2 France Utility Drones Market
10.2.6.2.1 France Utility Drones Market by Type
10.2.6.2.2 France Utility Drones Market by Services
10.2.6.2.3 France Utility Drones Market by End-User
10.2.6.3 Italy Utility Drones Market
10.2.6.3.1 Italy Utility Drones Market by Type
10.2.6.3.2 Italy Utility Drones Market by Services
10.2.6.3.3 Italy Utility Drones Market by End-User
10.2.6.4 United Kingdom Utility Drones Market
10.2.6.4.1 United Kingdom Utility Drones Market by Type
10.2.6.4.2 United Kingdom Utility Drones Market by Services
10.2.6.4.3 United Kingdom Utility Drones Market by End-User
10.2.6.5 Russia Utility Drones Market
10.2.6.5.1 Russia Utility Drones Market by Type
10.2.6.5.2 Russia Utility Drones Market by Services
10.2.6.5.3 Russia Utility Drones Market by End-User
10.2.6.6 Rest of Europe Utility Drones Market
10.2.6.6.1 Rest of Europe Utility Drones Market by Type
10.2.6.6.2 Rest of Europe Utility Drones Market by Services
10.2.6.6.3 Rest of Europe Utility Drones Market by End-User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Utility Drones Market Overview
10.3.2 Asia-Pacific Utility Drones Market Forecasts and Analysis
10.3.3 Asia-Pacific Utility Drones Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Utility Drones Market Forecasts and Analysis - By Services
10.3.5 Asia-Pacific Utility Drones Market Forecasts and Analysis - By End-User
10.3.6 Asia-Pacific Utility Drones Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Utility Drones Market
10.3.6.1.1 Australia Utility Drones Market by Type
10.3.6.1.2 Australia Utility Drones Market by Services
10.3.6.1.3 Australia Utility Drones Market by End-User
10.3.6.2 China Utility Drones Market
10.3.6.2.1 China Utility Drones Market by Type
10.3.6.2.2 China Utility Drones Market by Services
10.3.6.2.3 China Utility Drones Market by End-User
10.3.6.3 India Utility Drones Market
10.3.6.3.1 India Utility Drones Market by Type
10.3.6.3.2 India Utility Drones Market by Services
10.3.6.3.3 India Utility Drones Market by End-User
10.3.6.4 Japan Utility Drones Market
10.3.6.4.1 Japan Utility Drones Market by Type
10.3.6.4.2 Japan Utility Drones Market by Services
10.3.6.4.3 Japan Utility Drones Market by End-User
10.3.6.5 South Korea Utility Drones Market
10.3.6.5.1 South Korea Utility Drones Market by Type
10.3.6.5.2 South Korea Utility Drones Market by Services
10.3.6.5.3 South Korea Utility Drones Market by End-User
10.3.6.6 Rest of Asia-Pacific Utility Drones Market
10.3.6.6.1 Rest of Asia-Pacific Utility Drones Market by Type
10.3.6.6.2 Rest of Asia-Pacific Utility Drones Market by Services
10.3.6.6.3 Rest of Asia-Pacific Utility Drones Market by End-User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Utility Drones Market Overview
10.4.2 Middle East and Africa Utility Drones Market Forecasts and Analysis
10.4.3 Middle East and Africa Utility Drones Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Utility Drones Market Forecasts and Analysis - By Services
10.4.5 Middle East and Africa Utility Drones Market Forecasts and Analysis - By End-User
10.4.6 Middle East and Africa Utility Drones Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Utility Drones Market
10.4.6.1.1 South Africa Utility Drones Market by Type
10.4.6.1.2 South Africa Utility Drones Market by Services
10.4.6.1.3 South Africa Utility Drones Market by End-User
10.4.6.2 Saudi Arabia Utility Drones Market
10.4.6.2.1 Saudi Arabia Utility Drones Market by Type
10.4.6.2.2 Saudi Arabia Utility Drones Market by Services
10.4.6.2.3 Saudi Arabia Utility Drones Market by End-User
10.4.6.3 U.A.E Utility Drones Market
10.4.6.3.1 U.A.E Utility Drones Market by Type
10.4.6.3.2 U.A.E Utility Drones Market by Services
10.4.6.3.3 U.A.E Utility Drones Market by End-User
10.4.6.4 Rest of Middle East and Africa Utility Drones Market
10.4.6.4.1 Rest of Middle East and Africa Utility Drones Market by Type
10.4.6.4.2 Rest of Middle East and Africa Utility Drones Market by Services
10.4.6.4.3 Rest of Middle East and Africa Utility Drones Market by End-User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Utility Drones Market Overview
10.5.2 South and Central America Utility Drones Market Forecasts and Analysis
10.5.3 South and Central America Utility Drones Market Forecasts and Analysis - By Type
10.5.4 South and Central America Utility Drones Market Forecasts and Analysis - By Services
10.5.5 South and Central America Utility Drones Market Forecasts and Analysis - By End-User
10.5.6 South and Central America Utility Drones Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Utility Drones Market
10.5.6.1.1 Brazil Utility Drones Market by Type
10.5.6.1.2 Brazil Utility Drones Market by Services
10.5.6.1.3 Brazil Utility Drones Market by End-User
10.5.6.2 Argentina Utility Drones Market
10.5.6.2.1 Argentina Utility Drones Market by Type
10.5.6.2.2 Argentina Utility Drones Market by Services
10.5.6.2.3 Argentina Utility Drones Market by End-User
10.5.6.3 Rest of South and Central America Utility Drones Market
10.5.6.3.1 Rest of South and Central America Utility Drones Market by Type
10.5.6.3.2 Rest of South and Central America Utility Drones Market by Services
10.5.6.3.3 Rest of South and Central America Utility Drones 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. UTILITY DRONES MARKET, KEY COMPANY PROFILES
12.1. AERODYNE GROUP
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. ABJ DRONES
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. ASSET DRONE
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. CYBERHAWK INNOVATIONS LIMITED
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. DELAIR
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. HEMAV S.L.
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. PRECISIONHAWK
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. SHARPER SHAPE INC.
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. SKY FUTURES
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. TERRA DRONE CORPORATION
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. AERODYNE GROUP
2. ABJ Drones
3. Asset Drone
4. CYBERHAWK INNOVATIONS LIMITED
5. Delair
6. HEMAV S.L.
7. PrecisionHawk
8. SHARPER SHAPE INC.
9. Sky Futures
10. Terra Drone Corporation
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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