The Europe land-based aquaculture systems market is expected to grow from US$ 158.29 million in 2023 to US$ 380.47 million by 2030; it is estimated to register a CAGR of 13.3% from 2023 to 2030.
Analyst Perspective:
According to the European Committee, the aquaculture sector in the EU comprises 15,000 enterprises and employs 70,000 people. The expansion of land-based aquaculture has created new job opportunities within the aquaculture industry. These include job positions in processes such as system design and construction, fish husbandry, water management, fish health, and RAS technical support. According to the State of World Fisheries and Aquaculture report, total aquaculture and fisheries production reached 235.895 tons in 2020, including 36 million tonnes of algae and 178 million tonnes of aquatic animals, largely due to increasing aquaculture globally. In 2020, global aquaculture production reached a record 122.6 million tonnes, totaling US$ 281.5 billion in value. All such factors are contributing to the Europe land-based aquaculture systems market growth.
Market Overview:
Land-based aquaculture is an innovative approach to fish farming in a controlled environment on land. It offers several advantages over traditional open-net pen systems; these include low environmental impact, improved biosecurity, and increased production efficiency. The land-based aquaculture sector in Europe has experienced significant growth mainly due to the increasing demand for sustainable seafood, rising concerns about catfishing, and the need for food security. Land-based aquaculture systems in Europe are based on technologies such as RAS, flow-through systems (FTS), and integrated multi-trophic aquaculture. RAS is the most common technology due to its efficient water usage and ability to control water quality parameters. Land-based aquaculture systems minimize the risks associated with the interaction between farmed and wild fish populations, thereby reducing the spread of disease and the potential for genetic hybridization.
Market Driver:
Rising Demand For Seafood to Drive Growth of Europe Land-based Aquaculture Systems Market
The demand for seafood has been rapidly increasing in Europe over the years. According to data from the EU–Japan Centre for Industrial Cooperation, the European Union (EU) is the fourth largest fish producer in the world. ~80% of this production comes from wild fisheries, while the remaining 20% comes from aquaculture or fish farms. As wild fish populations cannot procreate quickly enough, fish needs to be farmed in larger volumes to address the burgeoning demand. Therefore, aquaculture is already a leading mode of producing fish for human consumption. Further, seafood has been one of the most preferred foods in many European countries due to their coastal location and cultural heritage. A land-based aquaculture system enables large-scale seafood production. Moreover, by cultivating fish and other aquatic species in a controlled environment, these systems can produce seafood throughout the year, irrespective of seasonal variations, which reduces reliance on traditional open-net pen aquaculture. Many organizations and governments are investing in land-based aquaculture system projects to diversify and expand the Europe land-based aquaculture systems market. In March 2020, Lighthouse invested in Europe's largest recirculating aquaculture system (RAS) project. The fish farm complex spanning 75 hectares provides ~2,000 jobs. Thus, the rising demand for seafood propels the Europe land-based aquaculture systems market growth.
Segmental Analysis:
Based on system type, the Europe land-based aquaculture systems market is segmented into three types: recirculating aquaculture systems, flow-through systems, and others. In 2022, the RAS segment held the largest market share in the Europe land-based aquaculture systems market. It is further estimated to record the highest CAGR in the Europe land-based aquaculture systems market. RAS is a land-based production system developed to raise various aquaculture animals, including Atlantic salmon, in a highly controlled environment. RAS technology can be placed near the market to reduce water consumption and lower energy consumption. RAS can effectively collect and repurpose waste, help reduce environmental impact, enhance biosecurity to prevent fish escapement, minimize pathogen entry or release to the surrounding environment, and control the rearing environment for increased fish welfare and performance. It facilitates greater flexibility in site selection for proximity to markets. All such factors are contributing to the segment’s growth in the Europe land-based aquaculture systems market.
Regional Analysis:
The Europe land-based aquaculture systems market has been segmented into: Germany, UK, Poland, Austria, Switzerland, Scandinavia, Benelux and Rest of Europe. Scandinavia held the largest share of the Europe land-based aquaculture systems market in 2022. Scandinavia consists of Denmark, Norway, and Sweden. According to Statistics Denmark, there were 189 aquaculture farms as of 2021 in Denmark. According to official statistics of Sweden, fish production for consumption was estimated at 11,900 ton in 2021. Fish farming in Norway is big business. More than 837 million salmon were kept by the industry in 2021, making salmon the number one farmed animal in Norway by far. Owing to the rising demand for seafood in Scandinavia, various companies in the region are taking initiatives such as partnerships, collaborations, signing new projects, and investments to expand their business of land-based aquaculture systems. In December 2022, a big land-based salmon farming project in Sweden signed up the international feed group BioMar as its supplier. The salmon farm, based in western Sweden, aimed to produce 100,000 tons of salmon annually. Thus, such initiatives in Scandinavia show that the production of aquaculture-based food is increasing in this region. Thus, the Europe land-based aquaculture systems market is growing significantly in Scandinavia
Key Player Analysis:
The Europe land-based aquaculture systems market consists of the players such as Water-Proved GmbH, Hesy Aquaculture BV, ULTRAAQUA AS, Veolia Environnement SA, FutureFish Aquaculture GmbH, AKVA Group ASA, AquaMaof Aquaculture Technologies Ltd, GroAqua Grp, FTN AquaArt AG, and Xylem among others.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the Europe land-based aquaculture systems market. A few recent key Europe land-based aquaculture systems market developments are listed below:
- In April 2023, Water-Proved has been awarded the contract to design a trout hatchery capable of producing 200 tonnes of fingerlings.
- In February 2023, Water-Proved received an order to design and develop a recirculating aquaculture system for shrimp farming in France. The system consists of proven water treatment components such as drum filters, moving bed filters, denitrification, disinfection, and oxygenation.
- In February 2022, AquaMaof has signed a contract with Atacama Yellowtail SpA to build a 900-tonne RAS facility for yellowtail kingfish in the first phase and ultimately increase production by twofold in the second phase in the Coquimbo Region.
- In September 2022, AKVA Group and Icelandic Land Farmed Salmon signed a deal to construct a new smolt RAS facility in Vestmannaeyjar, the most southern community in Iceland, with the aim to produce 10,000 tons of Atlantic salmon a year in the first phase of production; they intend to and double this amount in the second phase.
- In October 2021, AquaMaof Aquaculture Technologies Ltd. signed an agreement with Smgenlax Aquaculture AB to build a new 2000-ton RAS facility for salmon farming in Sweden.
- In November 2020, AKVA Group signed a deal with Premium Svensk Lax to build a land-based salmon RAS in Värmland, Sweden, in order to yield 10,000 tons of salmon annually.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, and Enterprise Size
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Austria, Benelux, Germany, Poland, Scandinavia, Switzerland, United Kingdom
Frequently Asked Questions
The land-based aquaculture systems market is expected to reach US$ 380.47 million by 2030.
The key players, holding majority shares, in Europe land-based aquaculture systems market includes Veolia Environnement SA, AKVA Group ASA, Xylem Inc, and AquaMaof Aquaculture Technologies Ltd.
The Europe land-based aquaculture systems market was estimated to be US$ 141.93 million in 2022 and is expected to grow at a CAGR of 13.3 % during the forecast period 2023 - 2028.
The technological advancements anticipated to play a significant role in the land-based aquaculture systems market in the coming years.
The incremental growth expected to be recorded for the land-based aquaculture systems market during the forecast period is US$ 222.17 million.
The growing demand for seafood and increasing availability of funding are the major factors that propel the land-based aquaculture systems market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Europe Land-based Aquaculture Systems Market – By System Type
1.3.2 Europe Land-based Aquaculture Systems Market – By Application
1.3.3 Europe Land-based Aquaculture Systems Market- By Region
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Land-based Aquaculture Systems Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Europe
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Land-based Aquaculture Systems Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Demand for Seafood
5.1.2 Increasing Availability of Funding
5.2 Market Restraints
5.2.1 High Capital Requirements
5.3 Market Opportunities
5.3.1 Emphasis on Eco-Friendly and Sustainable Technologies in Aqua Farming
5.4 Trends
5.4.1 Technological Advancements
5.5 Impact Analysis of Drivers and Restraints
6. Land-based Aquaculture Systems Market – Regional Analysis
6.1 Europe Land-based Aquaculture Systems Market Overview
6.2 Europe Land-based Aquaculture Systems Market – Revenue and Forecast to 2030 (US$ Million)
6.3 Market Positioning – Five Key Players
7. Land-based Aquaculture Systems Market Analysis – By System Type
7.1 Overview
7.2 Land-based Aquaculture Systems Market, By System Type (2022 and 2030)
7.3 Recirculating Aquaculture Systems
7.3.1 Overview
7.3.2 Recirculating Aquaculture Systems: Land-based Aquaculture Systems Market – Revenue, and Forecast to 2030 (US$ Million)
7.4 Flow Through Systems
7.4.1 Overview
7.4.2 Flow Through Systems: Land-based Aquaculture Systems Market – Revenue, and Forecast to 2030 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: Land-based Aquaculture Systems Market – Revenue, and Forecast to 2030 (US$ Million)
8. Land-based Aquaculture Systems Market Analysis – By Application
8.1 Overview
8.2 Land-based Aquaculture Systems Market, By Application (2022 and 2030)
8.3 Culture In Recirculating Systems
8.3.1 Overview
8.3.2 Culture In Recirculating Systems: Land-based Aquaculture Systems Market- Revenue and Forecast to 2030 (US$ Million)
8.4 Running Water Culture
8.4.1 Overview
8.4.2 Running Water Culture: Land-based Aquaculture Systems Market- Revenue and Forecast to 2030 (US$ Million)
8.5 Static Water Ponds
8.5.1 Overview
8.5.2 Static Water Ponds: Land-based Aquaculture Systems Market- Revenue and Forecast to 2030 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Land-based Aquaculture Systems Market- Revenue and Forecast to 2030 (US$ Million)
9. Europe Land-based Aquaculture Systems Market – Regional Analysis
9.1 Overview
9.1.1 Europe Land-based Aquaculture Systems Market, Revenue and Forecast To 2030
9.1.1.1 Scandinavia Land-based Aquaculture Systems Market, Revenue and Forecast to 2030
9.1.1.1.1 Scandinavia Land-based Aquaculture Systems Market Breakdown, By System Type
9.1.1.1.2 Scandinavia Land-based Aquaculture Systems Market Breakdown, By Application
9.1.1.2 UK Land-based Aquaculture Systems Market, Revenue and Forecast to 2030
9.1.1.2.1 UK Land-based Aquaculture Systems Market Breakdown, By System Type
9.1.1.2.2 UK Land-based Aquaculture Systems Market Breakdown, By Application
9.1.1.3 Germany Land-based Aquaculture Systems Market, Revenue and Forecast to 2030
9.1.1.3.1 Germany Land-based Aquaculture Systems Market Breakdown, By System Type
9.1.1.3.2 Germany Land-based Aquaculture Systems Market Breakdown, By Application
9.1.1.4 Poland Land-based Aquaculture Systems Market, Revenue and Forecast to 2030
9.1.1.4.1 Poland Land-based Aquaculture Systems Market Breakdown, By System Type
9.1.1.4.2 Poland Land-based Aquaculture Systems Market Breakdown, By Application
9.1.1.5 Austria Land-based Aquaculture Systems Market, Revenue and Forecast to 2030
9.1.1.5.1 Austria Land-based Aquaculture Systems Market Breakdown, By System Type
9.1.1.5.2 Austria Land-based Aquaculture Systems Market Breakdown, By Application
9.1.1.6 Benelux Land-based Aquaculture Systems Market, Revenue and Forecast to 2030
9.1.1.6.1 Benelux Land-based Aquaculture Systems Market Breakdown, By System Type
9.1.1.6.2 Benelux Land-based Aquaculture Systems Market Breakdown, By Application
9.1.1.7 Switzerland Land-based Aquaculture Systems Market, Revenue and Forecast to 2030
9.1.1.7.1 Switzerland Land-based Aquaculture Systems Market Breakdown, By System Type
9.1.1.7.2 Switzerland Land-based Aquaculture Systems Market Breakdown, By Application
9.1.1.8 Rest of Europe Land-based Aquaculture Systems Market, Revenue and Forecast to 2030
9.1.1.8.1 Rest of Europe Land-based Aquaculture Systems Market Breakdown, By System Type
9.1.1.8.2 Rest of Europe Land-based Aquaculture Systems Market Breakdown, By Application
10. Impact of COVID-19 Pandemic on Europe Land-based Aquaculture Systems Market
10.1 Overview
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. Company Profiles
12.1 Water - Proved GmbH
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 Hesy Aquaculture BV
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 ULTRAAQUA AS
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 Veolia Environnement SA
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 FutureFish Aquaculture GmbH
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 AKVA Group ASA
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 AquaMaof Aquaculture Technologies Ltd
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 FTN AquaArt AG
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.4.1 SWOT Analysis
12.8.5 Key Developments
12.9 GroAqua Grp
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 Xylem 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 Word Index
LIST OF TABLES
Table 1. Europe Land-based Aquaculture Systems Market – Revenue and Forecast to 2030 (US$ Million)
Table 2. Europe Land-based Aquaculture Systems Market – Volume and Forecast to 2030 (Units)
Table 3. Recirculating Aquaculture Systems: Land-based Aquaculture Systems Market – Volume, and Forecast to 2030 (Units)
Table 4. Flow Through Systems: Land-based Aquaculture Systems Market – Volume, and Forecast to 2030 (Units)
Table 5. Others: Land-based Aquaculture Systems Market – Volume, and Forecast to 2030 (Units)
Table 6. Europe Land-based Aquaculture Systems Market, Revenue and Forecast To 2030 – By Country (US$ Million)
Table 7. Scandinavia Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By System Type (US$ Million)
Table 8. Scandinavia Land-based Aquaculture Systems Market, Volume and Forecast to 2030 – By System Type (Units)
Table 9. Scandinavia Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By Application (US$ Million)
Table 10. UK Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By System Type (US$ Million)
Table 11. UK Land-based Aquaculture Systems Market, Volume and Forecast to 2030 – By System Type (Units)
Table 12. UK Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By Application (US$ Million)
Table 13. Germany Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By System Type (US$ Million)
Table 14. Germany Land-based Aquaculture Systems Market, Volume and Forecast to 2030 – By System Type (Units)
Table 15. Germany Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By Application (US$ Million)
Table 16. Poland Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By System Type (US$ Million)
Table 17. Poland Land-based Aquaculture Systems Market, Volume and Forecast to 2030 – By System Type (Units)
Table 18. Poland Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By Application (US$ Million)
Table 19. Austria Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By System Type (US$ Million)
Table 20. Austria Land-based Aquaculture Systems Market, Volume and Forecast to 2030 – By System Type (Units)
Table 21. Austria Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By Application (US$ Million)
Table 22. Benelux Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By System Type (US$ Million)
Table 23. Benelux Land-based Aquaculture Systems Market, Volume and Forecast to 2030 – By System Type (Units)
Table 24. Benelux Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By Application (US$ Million)
Table 25. Switzerland Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By System Type (US$ Million)
Table 26. Switzerland Land-based Aquaculture Systems Market, Volume and Forecast to 2030 – By System Type (Units)
Table 27. Switzerland Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By Application (US$ Million)
Table 28. Rest of Europe Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By System Type (US$ Million)
Table 29. Rest of Europe Land-based Aquaculture Systems Market, Volume and Forecast to 2030 – By System Type (Units)
Table 30. Rest of Europe Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 – By Application (US$ Million)
Table 31. List of Abbreviation
LIST OF FIGURES
Figure 1. Land-based Aquaculture Systems Market Segmentation
Figure 2. Land-based Aquaculture Systems Market Segmentation – By Geography
Figure 3. Europe Land-based Aquaculture Systems Market Overview
Figure 4. Recirculating Aquaculture Systems Segment held the Largest Share of Land-based Aquaculture Systems Market
Figure 5. Culture In Recirculating Systems Segment held the Largest Share of Land-based Aquaculture Systems Market
Figure 7. Europe: PEST Analysis
Figure 8. Expert Opinion
Figure 9. Land-based Aquaculture Systems Market Impact Analysis of Drivers and Restraints
Figure 10. Land-based Aquaculture Systems Market – Europe
Figure 11. Land-based Aquaculture Systems Market – Revenue and Forecast to 2030 (US$ Million)
Figure 12. Land-based Aquaculture Systems Market Revenue Share, By System Type (2022 and 2030)
Figure 13. Recirculating Aquaculture Systems: Land-based Aquaculture Systems Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 14. Flow Through Systems: Land-based Aquaculture Systems Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 15. Others: Land-based Aquaculture Systems Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 16. Land-based Aquaculture Systems Market Revenue Share, By Application (2022 and 2030)
Figure 17. Culture In Recirculating Systems: Land-based Aquaculture Systems Market- Revenue and Forecast to 2030 (US$ Million)
Figure 18. Running Water Culture: Land-based Aquaculture Systems Market- Revenue and Forecast to 2030 (US$ Million)
Figure 19. Static Water Ponds: Land-based Aquaculture Systems Market- Revenue and Forecast to 2030 (US$ Million)
Figure 20. Others: Land-based Aquaculture Systems Market- Revenue and Forecast to 2030 (US$ Million)
Figure 21. Europe Land-based Aquaculture Systems Market Breakdown, by Country, 2022 & 2030 (%)
Figure 22. Scandinavia Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 (US$ Million)
Figure 23. UK Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 (US$ Million)
Figure 24. Germany Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 (US$ Million)
Figure 25. Poland Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 (US$ Million)
Figure 26. Austria Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 (US$ Million)
Figure 27. Benelux Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 (US$ Million)
Figure 28. Switzerland Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 (US$ Million)
Figure 29. Rest of Europe Land-based Aquaculture Systems Market, Revenue and Forecast to 2030 (US$ Million)
Figure 30. Impact of Covid-19 Pandemic on Europe Country Markets
- Water - Proved GmbH
- Hesy Aquaculture BV
- ULTRAAQUA AS
- Veolia Environnement SA
- FutureFish Aquaculture GmbH
- AKVA Group ASA
- AquaMaof Aquaculture Technologies Ltd
- FTN AquaArt AG
- GroAqua Grp
- Xylem 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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