The India Industrial Filters Market size is projected to reach US$ 2.03 billion by 2031 from US$ 1.29 billion in 2024. The market is expected to register a CAGR of 6.9% during 2025–2031. Stringent government regulations toward the adoption of industrial filters, growing investment and installation of industrial filters, and a high focus on achieving net zero drive the market growth.
India Industrial Filters Market Analysis
Imposing strict regulations on the adoption, quality, and maintenance of industrial filters supports the government and users to reduce emissions at the source and promote sustainable industrial operation. Initiatives such as "Swachh Bharat Abhiyan" and the "National Clean Air Programme" (NCAP) mandate industries to employ filters in their operations to control and reduce industrial pollution. By regulating advanced filtration technology, the government encourages industries to adopt filters to reduce contamination from their operations by promoting sustainability in their operations. Thus, the rising focus on sustainability and stringent regulations imposed by the government toward the adoption of industrial filters drive the market growth. In addition, surge in product developments by manufacturers is anticipated to drive the market growth from 2025 to 2031. Moreover, development of hydropower projects is anticipated to create opportunity for the key players operating in the market.
Major stakeholders in the industrial filters ecosystem comprise raw material providers, industrial filters manufacturers, end users, and regulatory bodies. They provide crucial metals, fiber glass, and other materials used for filter manufacturing. These materials enhance the longevity, efficiency, and cost-effectiveness of the finished filters. Raw material providers such as Autotech Nonwovens Pvt Ltd and Dynamic Nonwovens provide materials to manufacturers for developing high-quality, cost-effective, durable, high-performance, and energy saving filters. Eaton Corp Plc, Parker Hannifin Corp, Alfa Laval AB, Filter Concept Private Limited, and Fillab Technology develop high-performance industrial filters. They design, manufacture, and distribute filtration systems for industries, including oil and gas, pharmaceuticals, food processing, and automotive. Manufacturers develop customized industrial filters to meet their customer's demands. The increasing focus on sustainability compels manufacturers to innovate and create advanced, eco-friendly solutions. These sophisticated filters enable industries to utilize more adaptable, reliable, and cost-efficient filtration systems.
India Industrial Filters Market Overview
The demand for renewable energy and the surge in product development by manufacturers, government investments in the development of hydropower projects, and expanding industries propel the market growth. Further, the soaring research and development activities, integration of IoT, nanofiltration, and membrane technologies, and the growing demand for automatic filter systems are expected to provide future growth opportunities. The India industrial filters market is segmented on the basis of media, operation, application, and end users. Based on media, the market is divided into fiber glass, metal, non-woven fabric, and others.
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India Industrial Filters Market: Strategic Insights
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India Industrial Filters Market: Strategic Insights


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India Industrial Filters Market Drivers and Opportunities
Stringent Government Regulations Toward the Adoption of Industrial Filters
Industries such as steel, mining, manufacturing, hydropower plants, food and beverages, petrochemicals, and chemicals emit huge amounts of dust particles, hazardous gasses, and other pollutants into the atmosphere and water. Ineffective or outdated filtration systems contribute to respiratory illnesses and environmental pollution. This situation heightens concerns regarding escalating pollution levels and their implications for public health, prompting the government to implement the following regulations on the adoption of industrial filtration systems:
- According to the Department of Science & Technology (DST) data of June 2024, DST, in collaboration with the Council of Scientific & Industrial Research and National Environmental Engineering Research Institute (CSIR-NEERI), has developed wind augmentation and air purifying unit (WAYU) devices to tackle air pollution. The government has mandated the installation of these devices in industrial areas, residential complexes, and schools located near traffic intersections and dividers to address and mitigate air pollution. WAYU can minimize the amount of PM10 (particles with a diameter of 10 micrometers or less), PM 2.5 (particles with a diameter of 2.5 micrometers or less), carbon monoxide (CO), volatile organic compounds (VOCs), and hydrocarbon (HC) discharged into the atmosphere.
- On November 10, 2023, the Ministry of Environment, Forest and Climate Change (MoEFCC) issued the Water Purification System (Regulation of Use) Rules, 2023, that would come into effect from November 10, 2024. These rules mandate manufacturers to obtain a Standard Mark license from the Bureau of Indian Standards (BIS) under Indian Standard IS:16240 for designing water purification devices such as filters. These devices are capable of handling larger volumes of water and are used in offices, restaurants, hotels, hospitals, and factories. Industries that use water purification devices must follow the rules of the State Pollution Control Board (SPCB) and Pollution Control Committee (PCC) for the usage and disposal of wastewater and pollutants in an eco-friendly manner.
Imposing strict regulations on the adoption, quality, and maintenance of industrial filters supports the government and users to reduce emissions at the source and promote sustainable industrial operation. "Swachh Bharat Abhiyan" and the "National Clean Air Programme" (NCAP) mandate industries to employ filters in their operations to control and reduce industrial pollution. By regulating advanced filtration technology, the government encourages industries to adopt filters to reduce contamination from their operations by promoting sustainability in their operations. Thus, the rising focus on sustainability and stringent regulations imposed by the government toward the adoption of industrial filters drive the market growth.
Development of Hydropower Projects
A hydropower plant uses kinetic energy to generate electricity from the energy of moving or dropping water. It is capable of generating and controlling the grid to supply the required electricity. It also ensures the appropriate availability of electricity during peak demand without emitting greenhouse gases by reducing carbon footprints. The growing focus on generating sustainable energy encourages the development of new hydropower plants. The following are upcoming hydropower projects in India:
- In March 2025, SJVN (Satluj Jal Vidyut Nigam) Limited invested US$ 31.21 million (Rs 269.97 crore) in developing the 3,097 MW Etalin Hydro Electric Project in Dibang Valley in Arunachal Pradesh. This project is expected to construct two dams for electricity generation and is scheduled to be commissioned in December 2033.
- In February 2025, NHPC Ltd, India’s largest hydropower producer, announced the commissioning of hydro projects with a total capacity of 2,170 megawatts (MW) in Arunachal Pradesh by the end of FY26. The company aims to open at least 22 hydropower projects in India in the near future.
India Industrial Filters Market Report Segmentation Analysis
Key segments that contributed to the derivation of the India Industrial Filters Market analysis are media, operation, application, and industry.
- Based on media, the India Industrial Filters Market is segmented into fiber glass, metal, non-woven fabric, and others. The non-woven fabric segment held the largest market share in 2024.
- In terms of operation, the market is segmented into automatic self-cleaning filters and traditional filters. The traditional filters segment accounted for the largest market share in 2024.
- By application, the market is bifurcated into liquid filtration, air filtration, and gas filtration. The liquid filtration segment held the largest market share in 2024.
- As per industry, the market is segmented into the steel industry, automotive and transportation, mining industry, hydro powerplants, oil and gas, chemicals and petrochemicals, manufacturing, water and wastewater treatment, food and beverage, paper and pulp, and others. The water and wastewater treatment segment held the largest market share in 2024.
India Industrial Filters Market Report Scope
The India industrial filters market is segmented on the basis of media, operation, application, and end users. Based on media, the market is divided into fiber glass, metal, non-woven fabric, and others. In terms of operation, the market is categorized into automatic self-cleaning filters and traditional filters. By application, the industrial filters market is categorized as liquid filtration, air filtration, and gas filtration. In terms of end user, the market is segmented into the steel industry, automotive and transportation, mining industry, hydropower plants, oil and gas, chemical and petrochemical, manufacturing, water and wastewater treatment, food and beverage, paper and pulp, and others.
India Industrial Filters Market News and Recent Developments
The India Industrial Filters Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the market are listed below:
- Parker Hannifin, a global leader in motion and control technologies, enhanced its support for bottled water manufacturers with the development of an innovative new filter solution. Parker Bioscience Filtration, a division of Parker Hannifin, has launched BEVPOR Caustic Stable, a filter designed to provide microbiological safety of bottled water while withstanding higher concentrations of Sodium Hydroxide – known as caustic – present in aggressive Clean In Place (CIP) processes. BEVPOR Caustic Stable was developed for use by bottled water manufacturers who need to employ higher concentrations (typically more than 2%) of Sodium Hydroxide than the industry norm in their CIP regimes. (Source: Parker Hannifin, Press Release, January 2025)
India Industrial Filters Market Report Coverage and Deliverables
The “India Industrial Filters Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- India Industrial Filters Market size and forecast at country levels for all the key market segments covered under the scope
- India Industrial Filters Market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- India Industrial Filters Market analysis covering key market trends, country framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the India Industrial Filters Market
- Detailed company profiles

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 government regulations toward the adoption of industrial filters and surge in product development by manufacturers are the major factors that propel the India industrial filters market.
The India industrial filters market is expected to reach US$ 2,030.78 million by 2031.
The India industrial filters market was estimated to be US$ 1,285.66 million in 2024 and is expected to grow at a CAGR of 6.9% during the forecast period 2025 – 2031.
The key players holding majority shares in the India industrial filters market are Siemens, PARKER HANIFFIN CORP, Eaton, Filtermax System Private Limited, and Thermax Limited.
Rising demand for automatic filter systems is anticipated to play a significant role in the India industrial filters market in the coming years.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Analyst Market Outlook
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. India Industrial Filters Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
4.4 ESG Analysis
4.4.1 ENVIRONMENTAL FACTORS
4.4.2 SOCIAL FACTORS
4.4.3 GOVERNANCE FACTORS
5. India Industrial Filters Market – Key Market Dynamics
5.1 India Industrial Filters Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Stringent Government Regulations Toward the Adoption of Industrial Filters
5.2.2 Surge in Product Development by Manufacturers
5.3 Market Restraints
5.3.1 High Cost Associated with the Installation and Maintenance of Industrial Filters
5.4 Market Opportunities
5.4.1 Development of Hydropower Project
5.5 Future Trends
5.5.1 Rising Demand for Automatic Filter Systems
5.6 Impact of Drivers and Restraints:
6. India Industrial Filters Market Analysis
6.1 India Industrial Filters Market Revenue (US$ Million), 2021–2031
6.2 India Industrial Filters Market Forecast and Analysis
7. India Industrial Filters Market Analysis – by Media
7.1 Fiber Glass
7.1.1 Overview
7.1.2 Fiber Glass: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Metal
7.2.1 Overview
7.2.2 Metal: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Non-Woven Fabric
7.3.1 Overview
7.3.2 Non-Woven Fabric: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Others
7.4.1 Overview
7.4.2 Others: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
8. India Industrial Filters Market Analysis – by Operation
8.1 Automatic Self-Cleaning Filters
8.1.1 Overview
8.1.2 Automatic Self-Cleaning Filters: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Traditional Filters
8.2.1 Overview
8.2.2 Traditional Filters: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
9. India Industrial Filters Market Analysis – by Application
9.1 Liquid Filtration
9.1.1 Overview
9.1.2 Liquid Filtration: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Air Filtration
9.2.1 Overview
9.2.2 Air Filtration: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Gas Filtration
9.3.1 Overview
9.3.2 Gas Filtration: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
10. India Industrial Filters Market Analysis – by Industry
10.1 Steel Industry
10.1.1 Overview
10.1.2 Steel Industry: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
10.2 Automotive and Transportation
10.2.1 Overview
10.2.2 Automotive and Transportation: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
10.3 Mining Industry
10.3.1 Overview
10.3.2 Mining Industry: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
10.4 Hydro Powerplants
10.4.1 Overview
10.4.2 Hydro Powerplants: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
10.5 Oil and Gas
10.5.1 Overview
10.5.2 Oil and Gas: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
10.6 Chemicals and Petrochemicals
10.6.1 Overview
10.6.2 Chemicals and Petrochemicals: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
10.7 Manufacturing
10.7.1 Overview
10.7.2 Manufacturing: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
10.8 Water and Wastewater Treatment
10.8.1 Overview
10.8.2 Water and Wastewater Treatment: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
10.9 Food and Beverage
10.9.1 Overview
10.9.2 Food and Beverage: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
10.10 Paper and Pulp
10.10.1 Overview
10.10.2 Paper and Pulp: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
10.11 Others
10.11.1 Overview
10.11.2 Others: India Industrial Filters Market – Revenue and Forecast to 2031 (US$ Million)
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Market Share Analysis, 2024
11.3 Company Positioning and Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development and Product News
13. Company Profiles
13.1 HYDAC International GmbH
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 Eaton Corp Plc
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 Parker Hannifin Corp
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 Alfa Laval AB
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 Filtcare Technology Pvt. Ltd.
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 Filter Concept Private Limited
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 S & C INVOTEK
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 Veeraja Industries Pvt Ltd
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 Kleenoil Filtration India Private Limited
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 MP Filtri S.p.A
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
13.11 Anand Filters
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
13.12 Russell Finex
13.12.1 Key Facts
13.12.2 Business Description
13.12.3 Products and Services
13.12.4 Financial Overview
13.12.5 SWOT Analysis
13.12.6 Key Developments
13.13 Fillab Technology
13.13.1 Key Facts
13.13.2 Business Description
13.13.3 Products and Services
13.13.4 Financial Overview
13.13.5 SWOT Analysis
13.13.6 Key Developments
14. Appendix
14.1 About The Insight Partners
List of Tables
Table 1. India Industrial Filters Market Segmentation
Table 2. List of Vendors
Table 3. Automatic Backwash Filters
Table 4. Self-Cleaning Strainers
Table 5. Pulse-Jet Self-Cleaning Dust Collectors
Table 6. List of Potential Customers
Table 7. India Industrial Filters Market – Revenue, 2021 -2024 (US$ Million)
Table 8. India Industrial Filters Market – Revenue, 2025 - 2031 (US$ Million)
Table 9. India Industrial Filters Market – Revenue, 2021 - 2024 (US$ Million) – By Media
Table 10. India Industrial Filters Market – Revenue, 2025 - 2031 (US$ Million) – By Media
Table 11. India Industrial Filters Market – Revenue, 2021 - 2024 (US$ Million) – By Operation
Table 12. India Industrial Filters Market – Revenue, 2025 - 2031 (US$ Million) – By Operation
Table 13. India Industrial Filters Market – Revenue, 2021 - 2024 (US$ Million) – By Application
Table 14. India Industrial Filters Market – Revenue, 2025 - 2031 (US$ Million) – By Application
Table 15. India Industrial Filters Market – Revenue, 2021 - 2024 (US$ Million) – By Industry
Table 16. India Industrial Filters Market – Revenue, 2025 - 2031 (US$ Million) – By Industry
Table 17. Heat Map Analysis by Key Players
List of Figures
Figure 1. India Industrial Filters Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. India Industrial Filters Market Revenue (US$ Million), 2021–2031
Figure 5. India Industrial Filters Market Share (%) – by Media, 2024 and 2031
Figure 6. Fiber Glass: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 7. Metal: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 8. Non-Woven Fabric: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 9. Others: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 10. India Industrial Filters Market Share (%) – by Operation, 2024 and 2031
Figure 11. Automatic Self-Cleaning Filters: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 12. Traditional Filters: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 13. India Industrial Filters Market Share (%) – by Application, 2024 and 2031
Figure 14. Liquid Filtration: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 15. Air Filtration: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 16. Gas Filtration: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 17. India Industrial Filters Market Share (%) – by Industry, 2024 and 2031
Figure 18. Steel Industry: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 19. Automotive and Transportation: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 20. Mining Industry: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 21. Hydro Powerplants: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 22. Oil and Gas: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 23. Chemicals and Petrochemicals: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 24. Manufacturing: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 25. Water and Wastewater Treatment: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 26. Food and Beverage: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 27. Paper and Pulp: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 28. Others: India Industrial Filters Market– Revenue and Forecast to 2031 (US$ Million)
Figure 29. Company Market Share Analysis, 2024
Figure 30. Company Positioning and Concentration
The List of Companies - India Industrial Filters Market
- HYDAC International GmbH
- Eaton Corp Plc
- Parker Hannifin Corp
- Alfa Laval AB
- Filtcare Technology Pvt. Ltd.
- Filter Concept Private Limited
- S & C INVOTEK
- Veeraja industries Pvt Ltd
- Kleenoil Filtration India Private Limited
- MP Filtri S.p.A
- Anand Filters
- Russell Finex
- Fillab Technology
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.