The Industrial Gas Turbine Market is expected to register a CAGR of 3.8% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Technology (Open Cycle, Combined Cycle). The report further presents analysis based on the Capacity (Below 40 MW, 40-120 MW, 120-300 MW, Above 300 MW). The report further presents analysis based on the Application (Chemicals, Oil and Gas, Other Industrial). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Industrial Gas Turbine 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.
Industrial Gas Turbine Market Segmentation
Technology- Open Cycle
- Combined Cycle
- Below 40 MW
- 40-120 MW
- 120-300 MW
- Above 300 MW
- Chemicals
- Oil and Gas
- Other Industrial
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Industrial Gas Turbine Market Growth Drivers- Replacement of coal and nuclear driven turbines by gas turbines: A gas turbine refers to a combustion engine that is eco-friendly as it not only runs on natural gas and it produces less exhaust gas pollution as compared to the internal combustion engines. The gas-fired turbines are faster, more efficient, and less polluting than coal-fired and nuclear power plants. Gas turbines make use of natural gas, light gas, and bioethanol for its working. An increase demand for natural gas fired power plants, rising concerns regarding emissions released by GHG and stringent government norms for the adoption of gas-fired turbines have stimulated the demand for gas turbines.
- Rise in Demand for Electricity: The demand for electricity is growing as a result of the increasing population and increase in per capita consumption of electricity. The electricity demand in the coming years is expected to increase by one -third of the current demand, globally. The primary gas producing regions such as the Middle East, U.S., and Russia are planning to renovate their infrastructure for electricity generation with gas-based power generation hence driving the demand for gas turbines.
- Transition to Natural Gas as a Cleaner Fuel Source: With cleaner alternatives to coal and oil in search, natural gas has been established as a cleaner fuel for power generation. Due to the efficiency of natural gas turbines, which emit less and more efficient emissions, the turbines have been adopted by many power plants and industrial facilities looking to meet stricter environmental regulations and promote sustainability.
- Increase in the trend for distributed power generation: The organizations of people and resources are drifting away from the centralized system towards integrated networks that include both distributed and centralized elements. Electric power systems are riding the wave of decentralization through the deployment and use of distributed power technologies. Distributed power systems are being used and will continue to be used in the future to provide electrical and mechanical power to the nearest point of use. Hence, the increase in the trend for distributed power generation is expected to drive the gas turbine market growth in the coming years.
- Hybrid Gas Turbine Systems with Renewable Energy: Hybrid systems will be of increasing popularity whereby industrial gas turbines are combined with renewable sources of energy such as solar and wind power for a steady and reliable supply of energy, mainly in areas whose renewable source of energy does not feature continuity. Hybrid systems offer the opportunity of ensuring an uninterrupted supply by integrating renewables with gas turbines while using fewer fossil fuels with the aid of the general sustainability strategy.
- Changing trends in electricity consumption and growth in aviation industry to favour gas turbine market: Some of the market trends that are vital for the future of gas turbines technologies include world demographics, decarbonization, and energy security & resilience. The global electricity since the 1990s has more than doubled itself and is expected to see an upsurge by more than 50% over the next two decades. In the United States, natural gas-driven gas turbines generate one-third of the electrical power consumed by the electrical grid. Various research and development for the purpose of reducing carbon dioxide emissions due to the concern for climate change will fuel demand for gas turbines in the future.
- Demand from Offshore and Remote Power Generation: Industrial gas turbines are being used in such areas as power generation increases in offshore and remote locations. They provide the offshore platform, remote mining operation, and island communities with a reliable and compact source of power generation that cannot easily be deployed by other energy sources. The growth in demand, therefore, offers substantial growth opportunities for the industrial gas turbine market.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Industrial Gas Turbine 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 Industrial Gas Turbine 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.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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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
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The leading players operating in the Industrial Gas Turbine Market include General Electric, Siemens, Mitsubishi Hitachi Power Systems, Rolls Royce, Ansaldo Energia S.p.A., Harbin Electric Company Limited, MAN Energy Solutions SE, Kawasaki Gas Turbine Asia Sdn Bhd, Turboden S.p.A., and Cummins Inc.
The Industrial Gas Turbine Market is estimated to witness a CAGR of 3.8% from 2023 to 2031
Changing trends in electricity consumption and growth in aviation industry to favour gas turbine market is the key future trend of the Industrial Gas Turbine Market
The major factors driving the Industrial Gas Turbine Market are: Replacement of coal and nuclear driven turbines by gas turbines and Rise in Demand for Electricity
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Industrial Gas Turbine Market - By Product
1.3.2 Industrial Gas Turbine Market - By Capacity
1.3.3 Industrial Gas Turbine Market - By Technology
1.3.4 Industrial Gas Turbine Market - By Application
1.3.5 Industrial Gas Turbine Market - By Region
1.3.5.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. INDUSTRIAL GAS TURBINE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. INDUSTRIAL GAS TURBINE 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. INDUSTRIAL GAS TURBINE MARKET - GLOBAL MARKET ANALYSIS
6.1. INDUSTRIAL GAS TURBINE - GLOBAL MARKET OVERVIEW
6.2. INDUSTRIAL GAS TURBINE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. INDUSTRIAL GAS TURBINE MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. HEAVY DUTY
7.3.1. Overview
7.3.2. Heavy duty Market Forecast and Analysis
7.4. AERODERIVATIVE
7.4.1. Overview
7.4.2. Aeroderivative Market Forecast and Analysis
8. INDUSTRIAL GAS TURBINE MARKET - REVENUE AND FORECASTS TO 2028 - CAPACITY
8.1. OVERVIEW
8.2. CAPACITY MARKET FORECASTS AND ANALYSIS
8.3. LESS THAN 70 MW
8.3.1. Overview
8.3.2. Less Than 70 MW Market Forecast and Analysis
8.4. 71 300 MW
8.4.1. Overview
8.4.2. 71 300 MW Market Forecast and Analysis
8.5. 300 MW AND ABOVE
8.5.1. Overview
8.5.2. 300 MW and Above Market Forecast and Analysis
9. INDUSTRIAL GAS TURBINE MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
9.1. OVERVIEW
9.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
9.3. OPEN CYCLE
9.3.1. Overview
9.3.2. Open cycle Market Forecast and Analysis
9.4. COMBINED CYCLE
9.4.1. Overview
9.4.2. Combined cycle Market Forecast and Analysis
10. INDUSTRIAL GAS TURBINE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
10.1. OVERVIEW
10.2. APPLICATION MARKET FORECASTS AND ANALYSIS
10.3. POWER GENERATION
10.3.1. Overview
10.3.2. Power generation Market Forecast and Analysis
10.4. OIL AND GAS
10.4.1. Overview
10.4.2. Oil and gas Market Forecast and Analysis
10.5. AVIATION
10.5.1. Overview
10.5.2. Aviation Market Forecast and Analysis
10.6. OTHERS
10.6.1. Overview
10.6.2. Others Market Forecast and Analysis
11. INDUSTRIAL GAS TURBINE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Industrial Gas Turbine Market Overview
11.1.2 North America Industrial Gas Turbine Market Forecasts and Analysis
11.1.3 North America Industrial Gas Turbine Market Forecasts and Analysis - By Product
11.1.4 North America Industrial Gas Turbine Market Forecasts and Analysis - By Capacity
11.1.5 North America Industrial Gas Turbine Market Forecasts and Analysis - By Technology
11.1.6 North America Industrial Gas Turbine Market Forecasts and Analysis - By Application
11.1.7 North America Industrial Gas Turbine Market Forecasts and Analysis - By Countries
11.1.7.1 United States Industrial Gas Turbine Market
11.1.7.1.1 United States Industrial Gas Turbine Market by Product
11.1.7.1.2 United States Industrial Gas Turbine Market by Capacity
11.1.7.1.3 United States Industrial Gas Turbine Market by Technology
11.1.7.1.4 United States Industrial Gas Turbine Market by Application
11.1.7.2 Canada Industrial Gas Turbine Market
11.1.7.2.1 Canada Industrial Gas Turbine Market by Product
11.1.7.2.2 Canada Industrial Gas Turbine Market by Capacity
11.1.7.2.3 Canada Industrial Gas Turbine Market by Technology
11.1.7.2.4 Canada Industrial Gas Turbine Market by Application
11.1.7.3 Mexico Industrial Gas Turbine Market
11.1.7.3.1 Mexico Industrial Gas Turbine Market by Product
11.1.7.3.2 Mexico Industrial Gas Turbine Market by Capacity
11.1.7.3.3 Mexico Industrial Gas Turbine Market by Technology
11.1.7.3.4 Mexico Industrial Gas Turbine Market by Application
11.2. EUROPE
11.2.1 Europe Industrial Gas Turbine Market Overview
11.2.2 Europe Industrial Gas Turbine Market Forecasts and Analysis
11.2.3 Europe Industrial Gas Turbine Market Forecasts and Analysis - By Product
11.2.4 Europe Industrial Gas Turbine Market Forecasts and Analysis - By Capacity
11.2.5 Europe Industrial Gas Turbine Market Forecasts and Analysis - By Technology
11.2.6 Europe Industrial Gas Turbine Market Forecasts and Analysis - By Application
11.2.7 Europe Industrial Gas Turbine Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Industrial Gas Turbine Market
11.2.7.1.1 Germany Industrial Gas Turbine Market by Product
11.2.7.1.2 Germany Industrial Gas Turbine Market by Capacity
11.2.7.1.3 Germany Industrial Gas Turbine Market by Technology
11.2.7.1.4 Germany Industrial Gas Turbine Market by Application
11.2.7.2 France Industrial Gas Turbine Market
11.2.7.2.1 France Industrial Gas Turbine Market by Product
11.2.7.2.2 France Industrial Gas Turbine Market by Capacity
11.2.7.2.3 France Industrial Gas Turbine Market by Technology
11.2.7.2.4 France Industrial Gas Turbine Market by Application
11.2.7.3 Italy Industrial Gas Turbine Market
11.2.7.3.1 Italy Industrial Gas Turbine Market by Product
11.2.7.3.2 Italy Industrial Gas Turbine Market by Capacity
11.2.7.3.3 Italy Industrial Gas Turbine Market by Technology
11.2.7.3.4 Italy Industrial Gas Turbine Market by Application
11.2.7.4 United Kingdom Industrial Gas Turbine Market
11.2.7.4.1 United Kingdom Industrial Gas Turbine Market by Product
11.2.7.4.2 United Kingdom Industrial Gas Turbine Market by Capacity
11.2.7.4.3 United Kingdom Industrial Gas Turbine Market by Technology
11.2.7.4.4 United Kingdom Industrial Gas Turbine Market by Application
11.2.7.5 Russia Industrial Gas Turbine Market
11.2.7.5.1 Russia Industrial Gas Turbine Market by Product
11.2.7.5.2 Russia Industrial Gas Turbine Market by Capacity
11.2.7.5.3 Russia Industrial Gas Turbine Market by Technology
11.2.7.5.4 Russia Industrial Gas Turbine Market by Application
11.2.7.6 Rest of Europe Industrial Gas Turbine Market
11.2.7.6.1 Rest of Europe Industrial Gas Turbine Market by Product
11.2.7.6.2 Rest of Europe Industrial Gas Turbine Market by Capacity
11.2.7.6.3 Rest of Europe Industrial Gas Turbine Market by Technology
11.2.7.6.4 Rest of Europe Industrial Gas Turbine Market by Application
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Industrial Gas Turbine Market Overview
11.3.2 Asia-Pacific Industrial Gas Turbine Market Forecasts and Analysis
11.3.3 Asia-Pacific Industrial Gas Turbine Market Forecasts and Analysis - By Product
11.3.4 Asia-Pacific Industrial Gas Turbine Market Forecasts and Analysis - By Capacity
11.3.5 Asia-Pacific Industrial Gas Turbine Market Forecasts and Analysis - By Technology
11.3.6 Asia-Pacific Industrial Gas Turbine Market Forecasts and Analysis - By Application
11.3.7 Asia-Pacific Industrial Gas Turbine Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Industrial Gas Turbine Market
11.3.7.1.1 Australia Industrial Gas Turbine Market by Product
11.3.7.1.2 Australia Industrial Gas Turbine Market by Capacity
11.3.7.1.3 Australia Industrial Gas Turbine Market by Technology
11.3.7.1.4 Australia Industrial Gas Turbine Market by Application
11.3.7.2 China Industrial Gas Turbine Market
11.3.7.2.1 China Industrial Gas Turbine Market by Product
11.3.7.2.2 China Industrial Gas Turbine Market by Capacity
11.3.7.2.3 China Industrial Gas Turbine Market by Technology
11.3.7.2.4 China Industrial Gas Turbine Market by Application
11.3.7.3 India Industrial Gas Turbine Market
11.3.7.3.1 India Industrial Gas Turbine Market by Product
11.3.7.3.2 India Industrial Gas Turbine Market by Capacity
11.3.7.3.3 India Industrial Gas Turbine Market by Technology
11.3.7.3.4 India Industrial Gas Turbine Market by Application
11.3.7.4 Japan Industrial Gas Turbine Market
11.3.7.4.1 Japan Industrial Gas Turbine Market by Product
11.3.7.4.2 Japan Industrial Gas Turbine Market by Capacity
11.3.7.4.3 Japan Industrial Gas Turbine Market by Technology
11.3.7.4.4 Japan Industrial Gas Turbine Market by Application
11.3.7.5 South Korea Industrial Gas Turbine Market
11.3.7.5.1 South Korea Industrial Gas Turbine Market by Product
11.3.7.5.2 South Korea Industrial Gas Turbine Market by Capacity
11.3.7.5.3 South Korea Industrial Gas Turbine Market by Technology
11.3.7.5.4 South Korea Industrial Gas Turbine Market by Application
11.3.7.6 Rest of Asia-Pacific Industrial Gas Turbine Market
11.3.7.6.1 Rest of Asia-Pacific Industrial Gas Turbine Market by Product
11.3.7.6.2 Rest of Asia-Pacific Industrial Gas Turbine Market by Capacity
11.3.7.6.3 Rest of Asia-Pacific Industrial Gas Turbine Market by Technology
11.3.7.6.4 Rest of Asia-Pacific Industrial Gas Turbine Market by Application
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Industrial Gas Turbine Market Overview
11.4.2 Middle East and Africa Industrial Gas Turbine Market Forecasts and Analysis
11.4.3 Middle East and Africa Industrial Gas Turbine Market Forecasts and Analysis - By Product
11.4.4 Middle East and Africa Industrial Gas Turbine Market Forecasts and Analysis - By Capacity
11.4.5 Middle East and Africa Industrial Gas Turbine Market Forecasts and Analysis - By Technology
11.4.6 Middle East and Africa Industrial Gas Turbine Market Forecasts and Analysis - By Application
11.4.7 Middle East and Africa Industrial Gas Turbine Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Industrial Gas Turbine Market
11.4.7.1.1 South Africa Industrial Gas Turbine Market by Product
11.4.7.1.2 South Africa Industrial Gas Turbine Market by Capacity
11.4.7.1.3 South Africa Industrial Gas Turbine Market by Technology
11.4.7.1.4 South Africa Industrial Gas Turbine Market by Application
11.4.7.2 Saudi Arabia Industrial Gas Turbine Market
11.4.7.2.1 Saudi Arabia Industrial Gas Turbine Market by Product
11.4.7.2.2 Saudi Arabia Industrial Gas Turbine Market by Capacity
11.4.7.2.3 Saudi Arabia Industrial Gas Turbine Market by Technology
11.4.7.2.4 Saudi Arabia Industrial Gas Turbine Market by Application
11.4.7.3 U.A.E Industrial Gas Turbine Market
11.4.7.3.1 U.A.E Industrial Gas Turbine Market by Product
11.4.7.3.2 U.A.E Industrial Gas Turbine Market by Capacity
11.4.7.3.3 U.A.E Industrial Gas Turbine Market by Technology
11.4.7.3.4 U.A.E Industrial Gas Turbine Market by Application
11.4.7.4 Rest of Middle East and Africa Industrial Gas Turbine Market
11.4.7.4.1 Rest of Middle East and Africa Industrial Gas Turbine Market by Product
11.4.7.4.2 Rest of Middle East and Africa Industrial Gas Turbine Market by Capacity
11.4.7.4.3 Rest of Middle East and Africa Industrial Gas Turbine Market by Technology
11.4.7.4.4 Rest of Middle East and Africa Industrial Gas Turbine Market by Application
12. INDUSTRY LANDSCAPE
12.1. MERGERS AND ACQUISITIONS
12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3. NEW PRODUCT LAUNCHES
12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. INDUSTRIAL GAS TURBINE MARKET, KEY COMPANY PROFILES
13.1. ANSALDO ENERGIA
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. BHARAT HEAVY ELECTRICALS LIMITED
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. GENERAL ELECTRIC
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. HARBIN ELECTRIC INTERNATIONAL COMPANY LIMITED
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. KAWASAKI HEAVY INDUSTRIES 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. MAN DIESEL AND TURBO
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. MITSUBISHI HITACHI POWER SYSTEMS LTD.
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. OPRA TURBINES B.V.
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. SIEMENS
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. VERICOR POWER SYSTEMS
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
14.2. GLOSSARY OF TERMS
1. Ansaldo Energia
2. Bharat Heavy Electricals Limited
3. General Electric
4. Harbin Electric International Company Limited
5. Kawasaki Heavy Industries Ltd.
6. Man Diesel and Turbo
7. Mitsubishi Hitachi Power Systems Ltd.
8. Opra Turbines B. V.
9. Siemens
10. Vericor Power Systems
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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