North America Factory Automation Market to Grow at a CAGR of 8.1% to reach US$ 74,823.3 Million from 2021 to 2028
The North America factory automation market is expected to grow from US$ 46,797.4 million in 2022 to US$ 74,823.3 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2022 to 2028.
The continuously growing demand for factory automation has compelled the market players to raise investments in the development of new and innovative products and software offerings. A few of the major product developments are mentioned below:
- In September 2022, Fanuc Corporation announced the launch of new FANUC SCARA robots for food and cleanroom applications. The FANUC SR-3iA/C and SR-6iA/C are fast and precise Selective Compliance Assembly Robot Arm (SCARA) robots making them ideal for use in food plants and clean rooms. The robots consist of white epoxy coating for extra durability and IP54 protection guarding against the ingress of contamination from dust and water spray.
- In August 2022, Rockwell Automation, Inc. announced the enhancement in the compact PowerFlex Drive. The PowerFlex 6000T drive can accept up to 13.8 kV primary voltage, which is nearly twice the input voltage. Its real-time operational intelligence can monitor system performance, save energy with economizer mode, deliver faster commissioning with adaptive control, and reduce downtime and repair costs with predictive maintenance alerts.
- In June 2022, Honeywell International Inc. introduced Experion PKS Release 520.2. The system consists of new process automation features and functionality. It also helps expand the functionality of Control HIVE and allows automation projects to be deployed flexibly and resiliently.
- In May 2022, FANUC Corporation announced the launch of CRX collaborative robots. This series added three new collaborative robots—CRX-5iA, CRX-20iA/L, and CRX-25iA cobots. They are safe, reliable, easy-to-use, and versatile solutions for inspection, packing, machine load/unloading, palletizing, and welding.
- In October 2021, Emerson Electric Co. introduced a new ASCO Series 062 Rocker Isolation Valve. These valves are designed especially for fluid control manifolds in the clinical laboratory. It is designed with a 16mm compact size, allowing easy integration into complex fluid-handling manifolds. Also, it offers two-way and three-way functionality, maximizing flexibility and versatility.
- In July 2021, Emerson Electric Co. launched a new AVENTICSTM Series Servo Profile Advanced (SPRA) Electric Actuators. The actuators offer three screw technologies providing durability and accuracy. It is a cost-effective and high-performance solution that covers most machine automation applications.
Such advancements in factory automation solutions, supported by high investments by global manufacturers to enhance their product portfolio and innovate products as per customer changing requirements, are expected fuel the growth of the factory automation market during the forecast period. In addition, new product launches help end-user industries, such as automotive, food & beverages, oil & gas, and mining, improve production time.
North America Factory Automation Market: Key Players
ABB LTD.; Emerson Electric Co.; FANUC; General Electric Company; Honeywell International Inc.; Mitsubishi Electric Corporation; Omron Corporation; Robert Bosch GmbH; Rockwell Automation, Inc., and Siemens AG are among the major players operating in the North America factory automation market. The rising investments by these companies in technological developments is propelling the North America factory automation market growth.
North America Factory Automation Market: by Component
Based on component, the North America factory automation market is bifurcated into hardware and software. In 2021, the hardware segment accounted for a larger share in the market. The rapid adoption of robots across several industries, such as automotive, manufacturing, food & beverage, and energy, to automate various production processes drives the market growth for the segment. Moreover, small & medium manufacturing plants across the region are increasingly adopting sensors, controllers, and switches for automating temperature control, pressure control, real-time machine update, and other tasks. However, the market for the software segment is expected to grow at a higher CAGR over the forecast period.
Impact of COVID-19 Pandemic on North America Factory Automation Market
North America experienced a rise in demand for automated solutions from Q2 of 2020 as the government bodies eased their restrictions and allowed manufacturing units to operate with low capacity. The rise in labor shortage and the requirement to adhere to the safety norms outlined by the regional government bodies propelled the demand for automated solutions across many industries, such as automotive, food & beverages, printing, manufacturing, and mining. Thus, the rise in demand for automated solutions across the region is aiding the market to revive from the negative impact of the COVID-19 outbreak.
To continue production operations with minimum workforce even post COVID-19 crisis, companies are increasingly investing in automated technologies such as robots. According to the data published by Association for Advancing Automation (A3) in 2022, North America experienced a 28% increase in robots sales in 2021 compared to 2020.
North America Factory Automation Market: Market Initiative
Market initiatives are the strategies adopted by companies to expand their footprint across the world and meet the growing customer demand. The North America factory automation market players are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
- In 2022, Addverb Technologies announced that they have opened a new Center of Excellence for Advanced Robotics Research and Development in California. The center will focus on the development of platforms for autonomous mobile robotics and automated guided vehicles.
- In 2022, Bosch Rexroth AG announced the expansion of its factory automation capabilities. The company improved their three industrial products—Intralogistics 4.0 ActiveShuttle, Digital Multi-Axis Robot Configuration, and End-to-End Automation Security.
North America Factory Automation Market Revenue and Forecast to 2028 (US$ Million)
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The North America factory automation market size is segmented on the basis of component, hardware, type, technology, and industry vertical. Based on component, the North America factory automation market is segmented into hardware and software. Based on hardware, the North America factory automation market share is segmented into sensors, controllers, robots, drives, and others. Based on type, the North America factory automation market is segmented into programmable automation, fixed automation, and flexible automation. By technology, the North America factory automation market is segmented into programmable logic controller (PLC), distributed control system (DCS), supervisory control and data acquisition system (SCADA), human machine interface (HMI), and others. Based on industry vertical, the North America factory automation market share is segmented into automotive, food & beverage, oil & gas, manufacturing, mining, and others. Based on country, the North America factory automation market size is segmented into the US, Canada, and Mexico. Some of the key North America factory automation market players include ABB LTD.; Emerson Electric Co.; FANUC; General Electric Company; and Honeywell International Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The estimated market size for the North America factory automation market in 2022 is expected to be around US$ 46,797.4 million
Rising adoption of factory automation across automotive industry
Increase in the number of product launches
Rising adoption of automation in mining industry
Emerson Electric Co., Schneider Electric, ABB LTD., Siemens AG, and Honeywell are the key market players expected to hold a major market share of North America factory automation market in 2022
The US is expected to hold a major market share of North America factory automation market in 2022
Hardware segment is expected to hold a major market share of North America factory automation market in 2022
The North America factory automation market is expected to register an incremental growth value of US$ 28,026.0 million during the forecast period
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Factory Automation Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Competitive Benchmarking
4.6 Growth Matrix
5. Factory Automation Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Adoption of Factory Automation Across Automotive Industry
5.1.2 Increasing Number of Product Launches
5.2 Market Restraints
5.2.1 High Operating Cost for Small and Medium Manufacturing Companies
5.2.2 Cybersecurity Risks Through Cobots
5.3 Market Opportunities
5.3.1 Growing Collaborative Partnerships Between Companies
5.4 Future Trends
5.4.1 Automation in Mining Industry
5.5 Impact Analysis of Drivers and Restraints
6. Factory Automation – North America Market Analysis
6.1 Factory Automation Market Overview
6.2 Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
6.3 Market Positioning – Market Players Ranking
7. Factory Automation Market Analysis – By Component
7.1 Overview
7.2 Factory Automation Market, By Component (2021 and 2028)
7.3 Hardware
7.3.1 Overview
7.3.2 Hardware: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
7.4 Software
7.4.1 Overview
7.4.2 Software: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
8. Factory Automation Market Analysis – By Hardware
8.1 Overview
8.2 Factory Automation Market, By Hardware (2021 and 2028)
8.3 Sensors
8.3.1 Overview
8.3.2 Sensors: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
8.4 Controllers
8.4.1 Overview
8.4.2 Controllers: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
8.5 Robots
8.5.1 Overview
8.5.2 Robots: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
8.6 Drives
8.6.1 Overview
8.6.2 Drives: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
8.7 Others
8.7.1 Overview
8.7.2 Others: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
9. Factory Automation Market Analysis – By Type
9.1 Overview
9.2 Factory Automation Market, By Type (2021 and 2028)
9.3 Programmable Automation
9.3.1 Overview
9.3.2 Programmable Automation: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
9.4 Fixed Automation
9.4.1 Overview
9.4.2 Fixed Automation: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
9.5 Flexible Automation
9.5.1 Overview
9.5.2 Flexible Automation: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
10. Factory Automation Market Analysis – By Technology
10.1 Overview
10.2 Factory Automation Market, By Technology (2021 and 2028)
10.3 PLC
10.3.1 Overview
10.3.2 PLC: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
10.4 DCS
10.4.1 Overview
10.4.2 DCS: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
10.5 SCADA
10.5.1 Overview
10.5.2 SCADA: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
10.6 HMI
10.6.1 Overview
10.6.2 HMI: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
10.7 Others
10.7.1 Overview
10.7.2 Others: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
11. Factory Automation Market Analysis – By Industry Vertical
11.1 Overview
11.2 Factory Automation Market, By Industry Vertical (2021 and 2028)
11.3 Automotive
11.3.1 Overview
11.3.2 Automotive: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
11.4 Food and Beverage
11.4.1 Overview
11.4.2 Food and Beverage: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
11.5 Oil and Gas
11.5.1 Overview
11.5.2 Oil and Gas: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
11.6 Manufacturing
11.6.1 Overview
11.6.2 Manufacturing: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
11.7 Mining
11.7.1 Overview
11.7.2 Mining: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
11.8 Others
11.8.1 Overview
11.8.2 Others: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
12. Factory Automation Market – Geographic Analysis
12.1 Overview
12.1.1 North America: Factory Automation Market, by Key Country
12.1.1.1 US: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
12.1.1.1.1 US: Factory Automation Market, by Component
12.1.1.1.2 US: Factory Automation Market, by Hardware
12.1.1.1.3 US: Factory Automation Market, by Type
12.1.1.1.4 US: Factory Automation Market, by Technology
12.1.1.1.5 US: Factory Automation Market, by Industry Vertical
12.1.1.2 Canada: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
12.1.1.2.1 Canada: Factory Automation Market, by Component
12.1.1.2.2 Canada: Factory Automation Market, by Hardware
12.1.1.2.3 Canada: Factory Automation Market, by Type
12.1.1.2.4 Canada: Factory Automation Market, by Technology
12.1.1.2.5 Canada: Factory Automation Market, by Industry vertical
12.1.1.3 Mexico: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
12.1.1.3.1 Mexico: Factory Automation Market, by Component
12.1.1.3.2 Mexico: Factory Automation Market, by Hardware
12.1.1.3.3 Canada: Factory Automation Market, by Type
12.1.1.3.4 Canada: Factory Automation Market, by Technology
12.1.1.3.5 Canada: Factory Automation Market, by Industry vertical
13. North America Factory Automation Market - COVID-19 Impact Analysis
13.1 North America: Impact Assessment of COVID-19 Pandemic
14. Industry Landscape
14.1 Overview
14.2 Market Initiative
14.3 Merger and Acquisition
14.4 New Product Launch
15. Company Profiles
15.1 ABB Ltd
15.1.1 1.Key Facts
15.1.2 .Business Description
15.1.3 Products and Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
15.2 Emerson Electric Co.
15.2.1 Key Facts
15.2.2 Business Description
15.2.3 Products and Services
15.2.4 Financial Overview
15.2.5 SWOT Analysis
15.2.6 Key Developments
15.3 Fanuc Corporation
15.3.1 Key Facts
15.3.2 Business Description
15.3.3 Products and Services
15.3.4 Financial Overview
15.3.5 SWOT Analysis
15.3.6 Key Developments
15.4 General Electric Company
15.4.1 Key Facts
15.4.2 Business Description
15.4.3 Products and Services
15.4.4 Financial Overview
15.4.5 SWOT Analysis
15.4.6 Key Developments
15.5 Mitsubishi Electric Corporation
15.5.1 Key Facts
15.5.2 Business Description
15.5.3 Products and Services
15.5.4 Financial Overview
15.5.5 SWOT Analysis
15.5.6 Key Developments
15.6 Honeywell International Inc.
15.6.1 Key Facts
15.6.2 Business Description
15.6.3 Products and Services
15.6.4 Financial Overview
15.6.5 SWOT Analysis
15.6.6 Key Developments
15.7 OMRON Corporation
15.7.1 Key Facts
15.7.2 Business Description
15.7.3 Products and Services
15.7.4 Financial Overview
15.7.5 SWOT Analysis
15.7.6 Key Developments
15.8 Rockwell Automation, Inc.
15.8.1 Key Facts
15.8.2 Business Description
15.8.3 Products and Services
15.8.4 Financial Overview
15.8.5 SWOT Analysis
15.8.6 Key Developments
15.9 Siemens AG
15.9.1 Key Facts
15.9.2 Business Description
15.9.3 Products and Services
15.9.4 Financial Overview
15.9.5 SWOT Analysis
15.9.6 Key Developments
15.10 Bosch Rexroth AG
15.10.1 Key Facts
15.10.2 Business Description
15.10.3 Products and Services
15.10.4 Financial Overview
15.10.5 SWOT Analysis
15.10.6 Key Developments
16. Appendix
16.1 About The Insight Partners
16.2 Word Index
LIST OF TABLES
Table 1. Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. US: Factory Automation Market, by Component –Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Factory Automation Market, by Hardware –Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Factory Automation Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Factory Automation Market, by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Factory Automation Market, by Industry Vertical –Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Factory Automation Market, by Component –Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Factory Automation Market, by Hardware –Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: Factory Automation Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada: Factory Automation Market, by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 11. Canada: Factory Automation Market, by Industry vertical –Revenue and Forecast to 2028 (US$ Million)
Table 12. Mexico: Factory Automation Market, by Component –Revenue and Forecast to 2028 (US$ Million)
Table 13. Mexico: Factory Automation Market, by Hardware –Revenue and Forecast to 2028 (US$ Million)
Table 14. Canada: Factory Automation Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 15. Canada: Factory Automation Market, by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 16. Canada: Factory Automation Market, by Industry vertical –Revenue and Forecast to 2028 (US$ Million)
Table 17. List of Abbreviation
LIST OF FIGURES
Figure 1. Factory Automation Market Segmentation
Figure 2. Factory Automation Market Segmentation – By Countries
Figure 3. North America Factory Automation Market Overview
Figure 4. North America Factory Automation Market – Component Analysis
Figure 5. North America Factory Automation Market – Hardware Analysis
Figure 6. North America Factory Automation Market – Type Analysis
Figure 7. North America Factory Automation Market – Technology Analysis
Figure 8. North America Factory Automation Market – Industry Vertical Analysis
Figure 9. North America Factory Automation Market – Countries Analysis
Figure 10. North America: PEST Analysis
Figure 11. Factory Automation Market – Ecosystem Analysis
Figure 12. Expert Opinion
Figure 13. Competitive Benchmarking
Figure 14. Growth Matrix
Figure 15. Factory Automation Market Impact Analysis of Drivers and Restraints
Figure 16. North America: Factory Automation Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Factory Automation Market Revenue Share, by Component (2021 and 2028)
Figure 18. Hardware: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 19. Software: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 20. Factory Automation Market Revenue Share, by Hardware (2021 and 2028)
Figure 21. Sensors: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 22. Controllers: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 23. Robots: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 24. Drives: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 25. Others: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 26. Factory Automation Market Revenue Share, by Type (2021 and 2028)
Figure 27. Programmable Automation: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 28. Fixed Automation: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 29. Flexible Automation: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 30. Factory Automation Market Revenue Share, by Technology (2021 and 2028)
Figure 31. PLC: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 32. DCS: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 33. SCADA: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 34. HMI: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 35. Others: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 36. Factory Automation Market Revenue Share, by Industry Vertical (2021 and 2028)
Figure 37. Automotive: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 38. Food and Beverage: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 39. Oil and Gas: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 40. Manufacturing: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 41. Mining: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 42. Others: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 43. North America: Factory Automation Market Revenue Share, by Key Country (2021 and 2028)
Figure 44. US: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 45. Canada: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 46. Mexico: Factory Automation Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 47. Impact of COVID-19 Pandemic in North America Country Markets
The List of Companies – North America Factory Automation Market
- ABB LTD.
- Emerson Electric Co.
- FANUC
- General Electric Company
- Honeywell International Inc.
- Mitsubishi Electric Corporation
- Omron Corporation
- Robert Bosch GmbH
- Rockwell Automation, Inc.
- Siemens AG
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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Valve Actuator Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By End-user (Mining, LNG, Chemical, Oil and Gas, Water and Wastewater, Others), Product Type (Electrical, Manual, Hydraulic, Pneumatic), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, South & Central America)
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