Asia Pacific Aircraft MRO Market Analysis and Forecast by Size, Share, Growth, Trends 2031
Asia Pacific Aircraft MRO Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Engine MRO, Avionics MRO, Airframe MRO, Cabin MRO, Landing Gear MRO, and Other Components), Aircraft Type (Fixed Wing and Rotary Wing), and End Use (Commercial and Military)
- Report Date : Oct 2025
- Report Code : TIPRE00022959
- Category : Aerospace and Defense
- Status : Published
- Available Report Formats :
- No. of Pages : 153
The Asia Pacific aircraft MRO market size is expected to reach US$ 59,886.93 million by 2031 from US$ 31,657.62 million in 2024. The market is estimated to record a CAGR of 9.9% from 2025 to 2031.
Executive Summary and Asia Pacific Aircraft MRO Market Analysis:According to several aviation industry sources, in 2025, Asia Pacific had a fleet of around 8,400 operational commercial aircraft, which is expected to reach around 12,400 commercial aircraft by the end of 2035. Asia Pacific had more than ~5,800 operational narrow-body commercial aircraft in 2025, and the number is expected to reach ~8,948 by the end of 2035. Further, Asia Pacific had more than ~1,854 operational wide-body commercial aircraft, which is expected to reach ~2,302 by the end of 2034. The aviation industry in the region contributes to its social and economic development.
According to Boeing Aviation Market Forecast, countries in the Asia Pacific will need 16,930 additional aircraft by 2037 to accommodate the rising number of travelers. The region is expected to account for ~40% of future aircraft production to meet the aircraft demand. The International Air Transport Association estimated that 2.1 billion travelers are expected to travel by 2036, particularly in China.
APAC has imported advanced commercial aircraft over the past few years, owing to increasing international travelers across the globe to India, China, Japan, and Taiwan. The region is expected to account for ~40% of the future airline production to suffice the aircraft demand. The increasing number of airports and rising regional flight transportation between Asian countries propel the demand for aircraft MRO services and systems to perform safer operations. To fulfill these needs, new and existing players are developing new systems, which is driving market growth.
Singapore, Malaysia, and Thailand are witnessing economic growth, propelling key market players to enhance their capabilities in Southeast Asia. In September 2023, Pratt & Whitney announced plans to increase the capacity of its Singapore engine center, Eagle Services Asia (ESA), to 48,000 sq. ft, which will surge its capabilities by two-thirds of its current capacity.
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Asia Pacific Aircraft MRO Market: Strategic Insights
| Market Size Value in | US$ 15.61 Billion in 2021 |
| Market Size Value by | US$ 23.07 Billion by 2028 |
| Growth rate | CAGR of 5.7 % from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Key segments that contributed to the derivation of the Asia Pacific aircraft MRO market analysis are component, aircraft type, and end users.
- Based on component, the Asia Pacific aircraft MRO market is segmented into engine MRO, avionics MRO, airframe MRO, cabin MRO, landing gear MRO, and others. The engine MRO segment held the largest share of the market in 2024.
- Based on aircraft type, the Asia Pacific aircraft MRO market is bifurcated into fixed wing and rotary wing. The fixed wing segment held a larger share of the market in 2024.
- Based on end users, the Asia Pacific aircraft MRO market is bifurcated into commercial and military. The commercial segment held a larger share of the market in 2024.
The rapidly growing aviation industry in recent years has increased the demand for airline MRO services. The emerging economies, such as those in APAC, are highly focused on extending MRO services to commercial as well as military aircraft companies. Major aircraft MRO businesses in APAC include Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), China; MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. Heavy spending on aviation infrastructure, economic growth, and an increase in passenger count are the factors propelling the adoption of aircraft maintenance services. Moreover, the soaring number of middle-class travelers, especially in APAC countries such as China, Singapore, and India, is the main factor contributing to air travel growth, which is consequently increasing the need for aircraft maintenance services in the region. The Rest of APAC countries, which include Singapore, Malaysia, and Thailand, produce a large amount of revenue from the aviation MRO market due to well-established MRO hubs. For instance, Singapore dominates the Rest of APAC due to its established MRO hubs, and major market players such as GE Aviation, Airbus, and Rolls-Royce have substantial footprints in Singapore. According to the Wisconsin Economic Development Corporation (WEDC), Singapore houses 120 aerospace companies, which have gathered one-quarter of the APAC MRO market.
- In 2024, SR Technics announced its selection by Air India, India's largest full-service global carrier, as the partner of choice for long-term maintenance support of the airline's CFM56-5B/-7B engine fleet.
- In 2025, Safran Electronics & Defense announced the expansion of its activities in India with the opening of a new production site for electronic cards and aeronautics and defense calculators in Bengaluru, as well as a new research and development center in electronics.
- In 2024, Safran announced that it is building one of its largest MRO facilities in Hyderabad, India.
- In 2025, Thales opened its new avionics MRO facility in Gurugram, near the New Delhi airport.
- In 2023, Pratt & Whitney and Mitsubishi Heavy Industries Aero Engines Ltd. announced a second operational GTF MRO facility in Japan.
Such establishments and the expansion of existing MRO facilities across emerging regions have been further propelling the growth of the aircraft MRO market.
Asia Pacific Aircraft MRO Market Country InsightsBased on country, the Asia Pacific aircraft MRO market comprises Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held the largest share in 2024.
The booming commercial aviation sector is providing new opportunities for Chinese and international airlines to establish new routes to, from, and around China. The rising demand for commercial aircraft is leading airlines to order modern aircraft with the latest technologies integrated into the aircraft. In the long run, MRO activities would shift toward APAC as India and China are establishing their importance as MRO centers. Companies worldwide are focusing on expanding their presence in China. In September 2023, Rolls-Royce announced the start of construction on Beijing Aero Engine Services Company Limited (BAESL), a 50/50 joint venture MRO facility with Air China in Beijing. The groundbreaking marks a milestone for the project, which is expected to become operational in 2026. The establishment of BAESL will enhance Rolls-Royce's capabilities in providing engine services in the region, solidifying its presence in the Chinese aerospace market.
The country is the second-largest defense-spending nation after the US. In March 2023, the Federal Aviation Administration (FAA) officially certified 93 aircraft repair facilities in China. These facilities are staffed by nearly 23,000 skilled mechanics and maintenance specialists who are entrusted with the responsibility of servicing and maintaining the US aircraft fleet. The FAA's certification of these facilities reflects their compliance with international safety and quality standards, ensuring that US aircraft receiving maintenance and repairs in China are serviced to the required standards of safety and airworthiness. It underscores the importance of international cooperation and collaboration in the aviation industry, where governments and regulatory bodies ensure the safety and reliability of global air travel. China invests substantial amounts in its defense forces that enable the Air Force to procure new aircraft fleets and opt for MRO activities. Pertaining to the fact that the Chinese defense force seeks new technologies to keep their military aircraft fleets mission-ready, the demand for MRO activities is surging.
Company ProfilesSome of the key players operating in the market include AAR CORP; Barnes Group Inc; GE Aerospace; FLTechnics, UAB.; Turkish Technic Inc.; Singapore Technologies Engineering Ltd; Lufthansa Technik; Delta TechOps; Rolls-Royce Holdings Plc; and Collins Aerospace among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.
Asia Pacific Aircraft MRO Market Research Methodology :The following methodology has been followed for the collection and analysis of data presented in this report:
Secondary Research
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
- Company websites, annual reports, financial statements, broker analyses, and investor presentations.
- Industry trade journals and other relevant publications.
- Government documents, statistical databases, and market reports.
- News articles, press releases, and webcasts specific to companies operating in the market.
All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.
Primary Research
The Insights Partners' conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:
- Validate and refine findings from secondary research.
- Enhance the expertise and market understanding of the analysis team.
- Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
- Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers
- External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Aircraft Type, and End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, China, Japan, South Korea
1. Introduction
1.1 Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Asia Pacific Aircraft MRO Market Landscape
4.1 Overview
4.2 Porter's Five Forces Analysis
4.3 Ecosystem Analysis
4.3.1 Component Suppliers
4.3.2 MRO Service Providers
4.3.3 End Users
5. Asia Pacific Aircraft MRO Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Air Travel
5.1.2 Rising Presence of MRO Service Providers in Emerging Economies
5.1.3 Growing Integration of Digital Technology in MRO Industry
5.2 Market Restraints
5.2.1 OEMs Entering Aftermarket
5.2.2 Geopolitical Tensions
5.3 Market Opportunities
5.3.1 Retrofitting of Older Aircraft Fleet
5.3.2 Increasing Adoption of Sustainable Aviation Fuel (SAF)
5.4 Future Trends
5.4.1 Blockchain Technology Changing MRO Landscape
5.5 Impact of Drivers and Restraints:
6. Aircraft MRO Market - Asia Pacific Analysis
6.1 Asia Pacific Aircraft MRO Market Revenue (US$ Million), 2021-2031
6.2 Asia Pacific Aircraft MRO Market Forecast Analysis
7. Asia Pacific Aircraft MRO Market Analysis - by Component
7.1 Engine MRO
7.1.1 Overview
7.1.2 Engine MRO: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
7.2 Avionics MRO
7.2.1 Overview
7.2.2 Avionics MRO: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
7.3 Airframe MRO
7.3.1 Overview
7.3.2 Airframe MRO: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
7.4 Cabin MRO
7.4.1 Overview
7.4.2 Cabin MRO: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
7.5 Landing Gear MRO
7.5.1 Overview
7.5.2 Landing Gear MRO: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
8. Asia Pacific Aircraft MRO Market Analysis - by Aircraft Type
8.1 Fixed Wing
8.1.1 Overview
8.1.2 Fixed Wing: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
8.2 Rotary Wing
8.2.1 Overview
8.2.2 Rotary Wing: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
9. Asia Pacific Aircraft MRO Market Analysis - by End Users
9.1 Commercial
9.1.1 Overview
9.1.2 Commercial: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
9.2 Military
9.2.1 Overview
9.2.2 Military: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
10. Asia Pacific Aircraft MRO Market - Country Analysis
10.1 Asia Pacific
10.1.1 Asia Pacific Aircraft MRO Market - Revenue and Forecast Analysis - by Country
10.1.1.1 Asia Pacific Aircraft MRO Market - Revenue and Forecast Analysis - by Country
10.1.1.2 Australia: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
10.1.1.2.1 Australia: Asia Pacific Aircraft MRO Market Share - by Component
10.1.1.2.2 Australia: Asia Pacific Aircraft MRO Market Share - by Aircraft Type
10.1.1.2.3 Australia: Asia Pacific Aircraft MRO Market Share - by End Users
10.1.1.3 China: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
10.1.1.3.1 China: Asia Pacific Aircraft MRO Market Share - by Component
10.1.1.3.2 China: Asia Pacific Aircraft MRO Market Share - by Aircraft Type
10.1.1.3.3 China: Asia Pacific Aircraft MRO Market Share - by End Users
10.1.1.4 India: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
10.1.1.4.1 India: Asia Pacific Aircraft MRO Market Share - by Component
10.1.1.4.2 India: Asia Pacific Aircraft MRO Market Share - by Aircraft Type
10.1.1.4.3 India: Asia Pacific Aircraft MRO Market Share - by End Users
10.1.1.5 Japan: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
10.1.1.5.1 Japan: Asia Pacific Aircraft MRO Market Share - by Component
10.1.1.5.2 Japan: Asia Pacific Aircraft MRO Market Share - by Aircraft Type
10.1.1.5.3 Japan: Asia Pacific Aircraft MRO Market Share - by End Users
10.1.1.6 South Korea: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
10.1.1.6.1 South Korea: Asia Pacific Aircraft MRO Market Share - by Component
10.1.1.6.2 South Korea: Asia Pacific Aircraft MRO Market Share - by Aircraft Type
10.1.1.6.3 South Korea: Asia Pacific Aircraft MRO Market Share - by End Users
10.1.1.7 Rest of APAC: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
10.1.1.7.1 Rest of APAC: Asia Pacific Aircraft MRO Market Share - by Component
10.1.1.7.2 Rest of APAC: Asia Pacific Aircraft MRO Market Share - by Aircraft Type
10.1.1.7.3 Rest of APAC: Asia Pacific Aircraft MRO Market Share - by End Users
11. Competitive Landscape
11.1 Market Concentration
11.2 Company Market Share Analysis, 2024
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
13. Company Profiles
13.1 AAR CORP
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Barnes Group Inc
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 GE Aerospace
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 FLTechnics, UAB.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Turkish Technic Inc.
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Singapore Technologies Engineering Ltd
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Lufthansa Technik
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Delta TechOps
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Rolls-Royce Holdings Plc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Collins Aerospace
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
List of Tables
Table 1. Asia Pacific Aircraft MRO Market Segmentation
Table 2. Air Passenger Market in Detail (2024):
Table 3. Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
Table 4. Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Component
Table 5. Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Aircraft Type
Table 6. Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million) - by End Users
Table 7. Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Country
Table 8. Australia: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Component
Table 9. Australia: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Aircraft Type
Table 10. Australia: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End Users
Table 11. China: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Component
Table 12. China: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Aircraft Type
Table 13. China: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End Users
Table 14. India: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Component
Table 15. India: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Aircraft Type
Table 16. India: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End Users
Table 17. Japan: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Component
Table 18. Japan: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Aircraft Type
Table 19. Japan: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End Users
Table 20. South Korea: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Component
Table 21. South Korea: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Aircraft Type
Table 22. South Korea: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End Users
Table 23. Rest of APAC: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Component
Table 24. Rest of APAC: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Aircraft Type
Table 25. Rest of APAC: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End Users
Table 26. Market Concentration
List of Figures
Figure 1. Asia Pacific Aircraft MRO Market Segmentation - Country
Figure 2. Porter's Five Forces Analysis
Figure 3. Ecosystem: Aircraft MRO Market
Figure 4. Asia Pacific Aircraft MRO Market - Key Market Dynamics
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. Asia Pacific Aircraft MRO Market Revenue (US$ Million), 2021-2031
Figure 7. Asia Pacific Aircraft MRO Market Share (%) - by Component (2024 and 2031)
Figure 8. Engine MRO: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
Figure 9. Avionics MRO: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
Figure 10. Airframe MRO: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
Figure 11. Cabin MRO: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
Figure 12. Landing Gear MRO: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
Figure 13. Others: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
Figure 14. Asia Pacific Aircraft MRO Market Share (%) - by Aircraft Type (2024 and 2031)
Figure 15. Fixed Wing: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
Figure 16. Rotary Wing: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
Figure 17. Asia Pacific Aircraft MRO Market Share (%) - by End Users (2024 and 2031)
Figure 18. Commercial: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
Figure 19. Military: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)
Figure 20. Asia Pacific Aircraft MRO Market Breakdown, by Key Countries, 2024 and 2031 (%)
Figure 21. Australia: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021- 2031 (US$ Million)
Figure 22. China: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021- 2031 (US$ Million)
Figure 23. India: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021- 2031 (US$ Million)
Figure 24. Japan: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021- 2031 (US$ Million)
Figure 25. South Korea: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021- 2031 (US$ Million)
Figure 26. Rest of APAC: Asia Pacific Aircraft MRO Market - Revenue and Forecast, 2021- 2031 (US$ Million)
Figure 27. Company Market Share Analysis, 2024
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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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