The Firefighting Foam Market is expected to register a CAGR of 4% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
Firefighting Foam Market covers analysis by Type (Aqueous Film Forming Foam (AFFF), Alcohol Resistant Aqueous Film Forming Foam (AR-AFFF), Protein Foam, Synthetic Detergent Foam (High and Mid Expansion Foam), Others); End-Use Industry (Oil and Gas, Aviation, Marine, Mining, Others), and Geography (North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America). Firefighting foam is a mass of small air-filled bubbles, which is characterized by lower density as compared to water, oil, and gasoline. Firefighting foam mainly consists of three major ingredients, which include water, foam concentrate, and air.
Purpose of the ReportThe report Firefighting Foam 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.
Firefighting Foam Market Segmentation
Type- Aqueous Film Forming Foam
- Alcohol Resistant Aqueous Film Forming Foam
- Protein Foam
- Synthetic Detergent Foam
- Oil and Gas
- Aviation
- Marine
- Mining
Strategic Insights
Firefighting Foam Market Growth Drivers- Increasing Frequency of Fire-related Disasters: The rising frequency and intensity of fire-related disasters globally are a major driver for the firefighting foam market. Natural disasters such as wildfires, as well as industrial accidents, chemical fires, and oil spills, are becoming more prevalent due to factors like climate change and rapid industrialization. Firefighting foams are crucial for effectively tackling such fires, especially in complex scenarios like oil and gas fires, chemical plant fires, and large-scale wildfires. The growing need for quick and effective fire suppression solutions is significantly increasing the demand for firefighting foams.
- Expansion of Industrial and Commercial Sectors: The rapid growth of industrial and commercial sectors, including manufacturing, oil and gas, petrochemicals, and transportation, has increased the risk of large-scale fires. Industries like these often deal with highly flammable materials, making fire safety a priority. Firefighting foams are widely used in these sectors to control and suppress fires quickly, especially those involving flammable liquids. As industrialization continues, particularly in emerging economies, the demand for fire suppression systems that include foam-based solutions is expected to rise substantially, driving market growth.
- Government Regulations and Safety Standards: Government regulations and safety standards are significant drivers of the firefighting foam market. Many countries have stringent fire safety regulations in place, requiring the use of fire suppression systems, including foam-based solutions, in various sectors such as aviation, oil and gas, and chemical industries. These regulations aim to protect public safety, minimize property damage, and mitigate environmental risks. The ongoing enforcement and tightening of fire safety laws globally are contributing to the increasi
- Shift Towards Environmentally-Friendly and Aqueous Film-Forming Foam (AFFF) Alternatives: There is a growing trend toward adopting environmentally friendly alternatives to traditional firefighting foams, especially Aqueous Film-Forming Foam (AFFF), which contains per- and polyfluoroalkyl substances (PFAS). These chemicals are harmful to the environment and human health, prompting regulatory bodies to phase out PFAS-based foams. As a result, manufacturers are increasingly focusing on developing and promoting environmentally sustainable foam products, such as fluorine-free foams (FFF), which offer similar effectiveness without the negative environmental impact. This trend is expected to gain momentum as the global push for sustainability intensifies.
- Technological Advancements in Foam Delivery Systems: The firefighting foam market is also witnessing technological advancements in foam delivery systems. New innovations, such as the integration of drones, automated systems, and advanced nozzle technologies, are enhancing the effectiveness and speed of foam deployment during fire emergencies. These improvements are making foam-based firefighting systems more efficient, enabling rapid suppression of large-scale fires and hazardous situations. The development of smart firefighting systems, which can be remotely monitored and controlled, is another trend that will continue to shape the future of firefighting foam solutions.
- Increased Adoption of Foam for Wildfire Management: With the increasing frequency of wildfires globally, firefighting foam is being increasingly used to control and suppress forest fires, particularly in regions like Australia, the U.S., and parts of Europe. Foam is effective in creating a barrier to prevent the spread of flames, especially in rugged terrain. As wildfire incidents grow in severity and scale, the demand for specialized firefighting foam solutions tailored for wildfire management is expected to rise. This trend will likely be driven by both the growing need for effective fire suppression techniques and advancements in foam formulations designed specifically for wildfires.
- Growing Demand in Emerging Markets: As industrialization, urbanization, and infrastructure development accelerate in emerging economies, there is a significant opportunity for the firefighting foam market. Countries in Asia-Pacific, Africa, and Latin America are seeing increased investments in sectors like manufacturing, oil and gas, and transportation. This growth creates a need for enhanced fire safety measures, including firefighting foams. Companies that target these regions with cost-effective and efficient foam solutions tailored to local needs will find a growing customer base as these markets continue to develop.
- Innovation in Fluorine-Free Firefighting Foams: The growing demand for environmentally friendly firefighting solutions presents an opportunity for manufacturers to innovate in the development of fluorine-free firefighting foams (FFF). As the market shifts away from PFAS-based products, the demand for non-toxic, biodegradable, and sustainable foams is rising. Manufacturers that invest in research and development to create high-performance fluorine-free alternatives that meet regulatory standards will be well-positioned to capture a significant share of the growing market. The ability to provide sustainable, eco-friendly solutions will be a key differentiator for companies in the future.
- Enhanced Fire Safety in Commercial Aviation: The commercial aviation sector represents a significant opportunity for the firefighting foam market. Airports and aircraft manufacturers require highly effective foam-based firefighting systems to protect against fuel fires during accidents or emergencies. As the aviation industry continues to grow and safety standards become more stringent, there will be an increased demand for advanced firefighting foam systems designed for use in aviation. This presents a lucrative market opportunity for foam manufacturers to provide tailored solutions that meet the unique needs of the aviation sector.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Firefighting Foam 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 Firefighting Foam 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
Stringent regulations is an emerging trend in the market
The oil and gas end use segment accounted for the largest market share in 2023.
The Asia Pacific market is expected to account for the highest CAGR during the forecast period owing to the growing urbanization in the region.
Growing number of fire incidents is a key driver in the market
Angus Fire, Dafo Fomtec AB, DIC Corporation, Dr. Sthamer, Johnson Controls, Kerr Fire, National Foam, PYROKONTROL Slovakia s.r.o., Sffeco Global, and Solberg are some of the key players in the market
The Firefighting Foam Market is estimated to witness a CAGR of 4% from 2023 to 2031
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Firefighting Foam Market - By Type
1.3.2Firefighting Foam Market - By End-Use Industry
1.3.3Firefighting Foam Market - By Region
1.3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.FIREFIGHTING FOAM MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.EXPERT OPINIONS
5.FIREFIGHTING FOAM MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6.FIREFIGHTING FOAM MARKET - GLOBAL MARKET ANALYSIS
6.1.FIREFIGHTING FOAM - GLOBAL MARKET OVERVIEW
6.2.FIREFIGHTING FOAM - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.FIREFIGHTING FOAM MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1.OVERVIEW
7.2.TYPE MARKET FORECASTS AND ANALYSIS
7.3.AQUEOUS FILM FORMING FOAM (AFFF)
7.3.1.Overview
7.3.2.Aqueous Film Forming Foam (AFFF) Market Forecast and Analysis
7.4.ALCOHOL RESISTANT AQUEOUS FILM FORMING FOAM (AR-AFFF)
7.4.1.Overview
7.4.2.Alcohol Resistant Aqueous Film Forming Foam (AR-AFFF) Market Forecast and Analysis
7.5.PROTEIN FOAM
7.5.1.Overview
7.5.2.Protein Foam Market Forecast and Analysis
7.6.SYNTHETIC DETERGENT FOAM (HIGH AND MID EXPANSION FOAM)
7.6.1.Overview
7.6.2.Synthetic Detergent Foam (High and Mid Expansion Foam) Market Forecast and Analysis
7.7.OTHERS
7.7.1.Overview
7.7.2.Others Market Forecast and Analysis
8.FIREFIGHTING FOAM MARKET - REVENUE AND FORECASTS TO 2028 - END-USE INDUSTRY
8.1.OVERVIEW
8.2.END-USE INDUSTRY MARKET FORECASTS AND ANALYSIS
8.3.OIL AND GAS
8.3.1.Overview
8.3.2.Oil and Gas Market Forecast and Analysis
8.4.AVIATION
8.4.1.Overview
8.4.2.Aviation Market Forecast and Analysis
8.5.MARINE
8.5.1.Overview
8.5.2.Marine Market Forecast and Analysis
8.6.MINING
8.6.1.Overview
8.6.2.Mining Market Forecast and Analysis
8.7.OTHERS
8.7.1.Overview
8.7.2.Others Market Forecast and Analysis
9.FIREFIGHTING FOAM MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Firefighting Foam Market Overview
9.1.2North America Firefighting Foam Market Forecasts and Analysis
9.1.3North America Firefighting Foam Market Forecasts and Analysis - By Type
9.1.4North America Firefighting Foam Market Forecasts and Analysis - By End-Use Industry
9.1.5North America Firefighting Foam Market Forecasts and Analysis - By Countries
9.1.5.1United States Firefighting Foam Market
9.1.5.1.1United States Firefighting Foam Market by Type
9.1.5.1.2United States Firefighting Foam Market by End-Use Industry
9.1.5.2Canada Firefighting Foam Market
9.1.5.2.1Canada Firefighting Foam Market by Type
9.1.5.2.2Canada Firefighting Foam Market by End-Use Industry
9.1.5.3Mexico Firefighting Foam Market
9.1.5.3.1Mexico Firefighting Foam Market by Type
9.1.5.3.2Mexico Firefighting Foam Market by End-Use Industry
9.2.EUROPE
9.2.1Europe Firefighting Foam Market Overview
9.2.2Europe Firefighting Foam Market Forecasts and Analysis
9.2.3Europe Firefighting Foam Market Forecasts and Analysis - By Type
9.2.4Europe Firefighting Foam Market Forecasts and Analysis - By End-Use Industry
9.2.5Europe Firefighting Foam Market Forecasts and Analysis - By Countries
9.2.5.1Germany Firefighting Foam Market
9.2.5.1.1Germany Firefighting Foam Market by Type
9.2.5.1.2Germany Firefighting Foam Market by End-Use Industry
9.2.5.2France Firefighting Foam Market
9.2.5.2.1France Firefighting Foam Market by Type
9.2.5.2.2France Firefighting Foam Market by End-Use Industry
9.2.5.3Italy Firefighting Foam Market
9.2.5.3.1Italy Firefighting Foam Market by Type
9.2.5.3.2Italy Firefighting Foam Market by End-Use Industry
9.2.5.4United Kingdom Firefighting Foam Market
9.2.5.4.1United Kingdom Firefighting Foam Market by Type
9.2.5.4.2United Kingdom Firefighting Foam Market by End-Use Industry
9.2.5.5Russia Firefighting Foam Market
9.2.5.5.1Russia Firefighting Foam Market by Type
9.2.5.5.2Russia Firefighting Foam Market by End-Use Industry
9.2.5.6Rest of Europe Firefighting Foam Market
9.2.5.6.1Rest of Europe Firefighting Foam Market by Type
9.2.5.6.2Rest of Europe Firefighting Foam Market by End-Use Industry
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Firefighting Foam Market Overview
9.3.2Asia-Pacific Firefighting Foam Market Forecasts and Analysis
9.3.3Asia-Pacific Firefighting Foam Market Forecasts and Analysis - By Type
9.3.4Asia-Pacific Firefighting Foam Market Forecasts and Analysis - By End-Use Industry
9.3.5Asia-Pacific Firefighting Foam Market Forecasts and Analysis - By Countries
9.3.5.1Australia Firefighting Foam Market
9.3.5.1.1Australia Firefighting Foam Market by Type
9.3.5.1.2Australia Firefighting Foam Market by End-Use Industry
9.3.5.2China Firefighting Foam Market
9.3.5.2.1China Firefighting Foam Market by Type
9.3.5.2.2China Firefighting Foam Market by End-Use Industry
9.3.5.3India Firefighting Foam Market
9.3.5.3.1India Firefighting Foam Market by Type
9.3.5.3.2India Firefighting Foam Market by End-Use Industry
9.3.5.4Japan Firefighting Foam Market
9.3.5.4.1Japan Firefighting Foam Market by Type
9.3.5.4.2Japan Firefighting Foam Market by End-Use Industry
9.3.5.5South Korea Firefighting Foam Market
9.3.5.5.1South Korea Firefighting Foam Market by Type
9.3.5.5.2South Korea Firefighting Foam Market by End-Use Industry
9.3.5.6Rest of Asia-Pacific Firefighting Foam Market
9.3.5.6.1Rest of Asia-Pacific Firefighting Foam Market by Type
9.3.5.6.2Rest of Asia-Pacific Firefighting Foam Market by End-Use Industry
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Firefighting Foam Market Overview
9.4.2Middle East and Africa Firefighting Foam Market Forecasts and Analysis
9.4.3Middle East and Africa Firefighting Foam Market Forecasts and Analysis - By Type
9.4.4Middle East and Africa Firefighting Foam Market Forecasts and Analysis - By End-Use Industry
9.4.5Middle East and Africa Firefighting Foam Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Firefighting Foam Market
9.4.5.1.1South Africa Firefighting Foam Market by Type
9.4.5.1.2South Africa Firefighting Foam Market by End-Use Industry
9.4.5.2Saudi Arabia Firefighting Foam Market
9.4.5.2.1Saudi Arabia Firefighting Foam Market by Type
9.4.5.2.2Saudi Arabia Firefighting Foam Market by End-Use Industry
9.4.5.3U.A.E Firefighting Foam Market
9.4.5.3.1U.A.E Firefighting Foam Market by Type
9.4.5.3.2U.A.E Firefighting Foam Market by End-Use Industry
9.4.5.4Rest of Middle East and Africa Firefighting Foam Market
9.4.5.4.1Rest of Middle East and Africa Firefighting Foam Market by Type
9.4.5.4.2Rest of Middle East and Africa Firefighting Foam Market by End-Use Industry
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Firefighting Foam Market Overview
9.5.2South and Central America Firefighting Foam Market Forecasts and Analysis
9.5.3South and Central America Firefighting Foam Market Forecasts and Analysis - By Type
9.5.4South and Central America Firefighting Foam Market Forecasts and Analysis - By End-Use Industry
9.5.5South and Central America Firefighting Foam Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Firefighting Foam Market
9.5.5.1.1Brazil Firefighting Foam Market by Type
9.5.5.1.2Brazil Firefighting Foam Market by End-Use Industry
9.5.5.2Argentina Firefighting Foam Market
9.5.5.2.1Argentina Firefighting Foam Market by Type
9.5.5.2.2Argentina Firefighting Foam Market by End-Use Industry
9.5.5.3Rest of South and Central America Firefighting Foam Market
9.5.5.3.1Rest of South and Central America Firefighting Foam Market by Type
9.5.5.3.2Rest of South and Central America Firefighting Foam Market by End-Use Industry
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.FIREFIGHTING FOAM MARKET, KEY COMPANY PROFILES
11.1.ANGUS FIRE
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.DAFO FOMTEC AB
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.DIC CORPORATION
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.DR. STHAMER
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.JOHNSON CONTROLS
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.KERR FIRE
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.NATIONAL FOAM
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.PYROKONTROL SLOVAKIA S.R.O.
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.SFFECO GLOBAL
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.SOLBERG
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
1.Angus Fire2.Dafo Fomtec AB3.DIC Corporation4.Dr. Sthamer5.Johnson Controls6.Kerr Fire7.National Foam8.PYROKONTROL Slovakia s.r.o.9.Sffeco Global10.Solberg
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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