The Middle East & Africa pressure vessel composites material market accounted to US$ 65.98 million in 2019 and is projected to account US$ 269.04 million by 2027; it is expected to grow at a CAGR of 19.3% during 2020–2027.
Pressure vessel composite materials are used in pressure vessels used to store gases and liquids under high pressure. The strength of the vessel is the crucial parameter used to avoid explosions as a result of the rupture. A composite material is a combination of materials which vary in composition or shape on a macro scale. These materials do not dissolve or otherwise blend entirely into each other. The composite overwrapped pressure vessel (COPV) is pressure-containing, that is used in spaceflight owing to its low weight and high strength. Infinite composites technologies said substituting heavy metallic structures with composites would allow space exploration to develop by creating reusable rockets, increasing fuel requirements, and lowering the cost of sending goods into orbit. The company has colluded with NASA and Yeti Space and is now currently designing and researching propellant tanks using the iCPV technology for the classified space business. Moreover, according to the Office of Health and Mission Assurance, NASA uses a wide variety of PVS in-flight applications, including both composite overwrapped pressure vessels (COPVs) and metallic, piping, and valves typically to store liquids and gases that are necessary for either the launch phase or operations on orbit. Their reliability is essential as once such vessels leaves the pad, they regularly cannot be serviced or checked unless and until they return to earth. Typically, they follow a stringent certification and acceptance testing plan to ensure the project requirements are met. Hence, the increasing use of pressure vessel composite materials for space technology drives the market growth in the forecast period.
The COVID-19 pandemic first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the globe. As of February 2021, South Africa, Saudi Arabia and UAE are among the worst-affected countries in terms confirmed cases and reported deaths. The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdowns of chemicals and materials industry and disruptions in supply chains due to lockdown of countries has created a strain on the supplies of the various products offered by this industry. The South Africa has the highest number of confirmed cases of COVID-19 infection among all Middle East & African countries. This is impacting the chemicals and materials industry as the shutdowns in the country are affecting the Middle East & African supply and distribution chains. In addition, the pandemic would also affect overall manufacturing processes, research, and development activities.
Middle East & Africa Pressure Vessel Composites Material Market
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Market Insights
Increasing Demand for Pressure Vessels from Various End-User Industries
The chemicals industry is growing in Middle East & Africa due to the increasing consumption of goods such as fertilizers and other agrochemical products, coatings & adsorbents, LED lightings, plastics, and human-made fibers, and research laboratory chemicals. Also, according to the International Council of Chemical Associations (ICCA), the chemical industry was valued at USD 5.7 trillion in 2019, which was equivalent to a 7% share in the global GDP. Also, the petrochemical industry is encountering heightened demand from various construction projects around the world. Pressure vessels are designed to work by entering the pressure required to make an application function, like holding air in a scuba tank. It can deliver pressure either directly by valves and release gauges or indirectly via heat transfer. Potential pressure levels ranges from 15 psi to 150,000 psi, whereas temperatures are usually above 400°C (750°F). A pressure tank can hold anywhere from 75 liters (20 gallons) to many thousand liters. Pressure vessels are used in different industries, but three industries cover most of the market. These industries are the chemical industry, oil and gas industry, and the energy industry. Steel alloys includes chromium-molybdenum alloys, carbon steel, and stainless steel. Carbon steel is a compound of iron and steel; however, stainless steel is an iron alloy with a minimum of 10.5% chromium. Other elements are added to the stainless steel to enhance its properties and structure, such as strength and formability. Also, high corrosion resistance is the main characteristic of good grade stainless steel. The growth in the number of industrial power projects and the replacement of existing pressure vessels are the significant factors propelling market growth. The factors boosting the market include increasing upstream & downstream activities in the oil & gas industry, expanding power generation capacities, increasing chemical projects, and surging demand for electricity.
Material Based Insights
The pressure vessel composites material market based on material has been segmented into resin, fiber and others. In 2019, the resin segment accounted for a larger share of the Middle East & Africa pressure vessel composites material market, and is also expected to grow at a higher CAGR during the forecast period. Resin or epoxy resin is widely used in the pressure vessel composite materials market to produce pressure vessels. As for the class of vessels, plastic-lined composite tanks are anticipated to see the most accelerated growth across the next five years and so is the market for epoxy resins in this category of a vessel as plastic-lined composite tanks uses more numerous carbon epoxy composites and also provides maximum weight savings compared to other types of pressure vessels. Plastic-lined composite tank form is frequently penetrating, especially in mass transit buses and medium and heavy commercial vehicles. Lower fuel density and lower mass of these vessels allow for more excellent range and fuel efficiency for medium and heavy-duty commercial vehicles, and also longer operating times between refuelling stops and reduced maintenance costs. The epoxy resins segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as its high weather-resistant properties, mechanical and adhesive properties play a substantial role in the epoxy resins segment to maintain its market position.
Middle East & Africa Pressure Vessel Composites Material Market, by Material – 2020 and 2027
End User Based Market Insights
Based on end user, the pressure vessel composites material market is segmented into CNG vehicles, hydrogen vehicles, gas transport and others. In 2019, the CNG vehicles segment dominated the Middle East & Africa pressure vessel composites material market; whereas, the hydrogen vehicles segment is expected to grow at the fastest rate during 2020–2027. CNG vehicles held a significant share in the Middle East & Africa pressure Vessel Composite Materials Market due to the lower cost as compared to the other vehicles. The pressure vessel's outer shells are made up of a conventional metal alloy, which is used to store fuel in a truck, car, or bus equivalent to a gas tank for a combustion engine or applications for bulk storage. Composite CNG pressure vessel has more safer burst behaviour for passenger vehicles as opposed to metallic CNG. Also, the lining used for CNG pressure vessels are made from HDPE, and carbon fibers are used to wind the vessel filament and be used in diesel fuel, gasoline, and liquefied petroleum gas (LPG). CNG combustion also produces fewer undesirable gases than diesel fuel, gasoline, and liquefied petroleum gas mentioned fuels. Natural gas poses more limited of a threat in the event of a spill than other liquids, as it is lighter as compared to air and disperses quickly when released. The metallurgical skills and equipment needed to produce them are broadly available across Middle East & Africa. Also, CNG counterparts reduce the weight of the storage container by 30-40%. CNG vehicles have a very high-octane rating that enables them to run smoother. Thus, CNG vehicles drive the pressure Vessel Composite Materials market growth in the forecast period.
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Middle East & Africa Pressure Vessel Composites Material Market: Strategic Insights
Market Size Value in US$ 5.7 trillion in 2019 Market Size Value by US$ 269.04 Million by 2027 Growth rate CAGR of 19.3% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Middle East & Africa Pressure Vessel Composites Material Market: Strategic Insights
| Market Size Value in | US$ 5.7 trillion in 2019 |
| Market Size Value by | US$ 269.04 Million by 2027 |
| Growth rate | CAGR of 19.3% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Product development, merger and acquisition, and business planning are the commonly adopted strategies by companies to expand their product portfolio. 3M Company, BASF SE, Hexion Inc., Huntsman International LLC., Olin Corporation, Solvay S.A.,. and ZOLTEK Corporation (Toray Group) are amongst the market players implementing this strategy to enlarge the customer base and gain significant market share in Middle East & Africa, which in turn permits them maintain their brand name in the Middle East & Africa market.
Report Spotlights
- Progressive industry trends in the Middle East & Africa pressure vessel composites material market that help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the Middle East & Africa pressure vessel composites material market from 2017 to 2027
- Estimation of Middle East & Africa pressure vessel composites material demand across various industries
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
- Recent developments to understand the market competition in Middle East & Africa
- Market trends and outlook, coupled with factors driving and restraining the growth of the Middle East & Africa pressure vessel composites material market
- Decision-making process by understanding strategies that underpin commercial interest with regard to the Middle East & Africa pressure vessel composites material market growth
- Middle East & Africa Pressure vessel composites material market size at various nodes of market
- Detailed overview and segmentation of the Middle East & Africa pressure vessel composites material market, as well as its dynamics in the industry
- Middle East & Africa pressure vessel composites material market size in various regions with promising growth opportunities
Middle East & Africa Pressure Vessel Composites Material Market, by Material
- Resin
- Fiber
- Others
Middle East & Africa Pressure Vessel Composites Material Market, by End User
- CNG Vehicles
- Hydrogen Vehicles
- Gas Transport
- Others
Company Profiles
- 3M Company
- BASF SE
- Hexion Inc.
- Huntsman International LLC.
- Olin Corporation
- Solvay S.A.,
- ZOLTEK Corporation (Toray Group)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material, End User, and Country
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Saudi Arabia
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. Pressure Vessel Composite Materials Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Middle East & Africa
4.3 Expert Opinion
5. Pressure Vessel Composite Materials Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Natural Gas Vehicles
5.1.2 Increasing Demand for Pressure Vessels from Various End-User Industries
5.2 Restraint
5.2.1 Storage Capacity of Composite Pressure Vessels
5.3 Opportunity
5.3.1 Increasing use of Pressure Vessel Composite Materials for Space Technology
5.4 Future Trend
5.4.1 Rising Demand for Epoxy Resins
5.5 Impact Analysis Of Drivers And Restraints
6. Pressure Vessel Composite Materials – Middle East & Africa Market Analysis
6.1 Pressure Vessel Composite Materials Market Overview
6.2 Middle East & Africa Pressure Vessel Composite Materials Market –Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning of Key Players
7. Middle East & Africa Pressure Vessel Composite Materials Market Analysis – By Material
7.1 Overview
7.2 Pressure Vessel Composite Materials Market, By Material (2019 and 2027)
7.3 Resin
7.3.1 Overview
7.3.2 Resin: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
7.4 Fiber
7.4.1 Overview
7.4.2 Fiber: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
8. Pressure Vessel Composite Materials Market Analysis – By End-User
8.1 Overview
8.2 Pressure Vessel Composite Materials Market, By End-User (2019 and 2027)
8.3 CNG Vehicles
8.3.1 Overview
8.3.2 CNG Vehicles: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
8.4 Hydrogen Vehicles
8.4.1 Overview
8.4.2 Hydrogen Vehicles: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
8.6 Gas Transport
8.6.1 Overview
8.6.2 Gas Transport: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
8.7 Others
8.7.1 Overview
8.7.2 Others: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
9. Pressure Vessel Composite Materials Market – Country Analysis
9.1 Overview
9.1.1 Middle East & Africa: Pressure Vessel Composite Materials Market – Revenue and Forecast to 2027 (US$ Million)
9.1.2 MEA: Pressure Vessel Composite Materials Market, by Material
9.1.3 MEA: Pressure Vessel Composite Materials Market, by End User
9.1.4 MEA: Pressure Vessel Composite Materials Market, by Key Country
9.1.4.1 South Africa: Pressure Vessel Composite Materials Market –Revenue and Forecast to 2027 (US$ Million)
9.1.4.1.1 South Africa: Pressure Vessel Composite Materials Market, by Material
9.1.4.1.2 South Africa: Pressure Vessel Composite Materials Market, by End User
9.1.4.2 Saudi Arabia: Pressure Vessel Composite Materials Market –Revenue and Forecast to 2027 (US$ Million)
9.1.4.2.1 Saudi Arabia: Pressure Vessel Composite Materials Market, by Material
9.1.4.2.2 Saudi Arabia: Pressure Vessel Composite Materials Market, by End User
9.1.4.3 UAE: Pressure Vessel Composite Materials Market –Revenue and Forecast to 2027 (US$ Million)
9.1.4.3.1 UAE: Pressure Vessel Composite Materials Market, by Material
9.1.4.3.2 UAE: Pressure Vessel Composite Materials Market, by End User
9.1.4.4 Rest of MEA: Pressure Vessel Composite Materials Market –Revenue and Forecast to 2027 (US$ Million)
9.1.4.4.1 Rest of MEA: Pressure Vessel Composite Materials Market, by Material
9.1.4.4.2 Rest of MEA: Pressure Vessel Composite Materials Market, by End User
10. Overview- Impact of COVID-19 of Middle East & Africa Pressure Vessel Composite Materials Market
10.1 Overview
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As of January 2021, South Africa, Saudi Arabia and UAE are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemical and materials is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. For instance, China is the Middle East & Africa hub of manufacturing and largest raw material supplier for various industries and it is also one of the worst affected countries. The lockdown of various plants and factories in China is affecting the Middle East & Africa supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various materials. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the Middle East & Africa travel bans imposed by countries in Middle East & Africa are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the industries in a negative manner and thus act as restraining factor for the growth of various markets related to this industry in the coming months.
10.2 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Merger and Acquisition
11.3 Product News
12. Company Profiles
12.1 3M COMPANY
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.2 BASF SE
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.3 HEXION INC.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 HUNTSMAN INTERNATIONAL LLC.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 OLIN CORPORATION
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.6 SOLVAY S.A.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products And Services
12.6.4 Financial Overview
12.6.5 Swot Analysis
12.7 ZOLTEK CORPORATION (TORAY GROUP)
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products And Services
12.7.4 Financial Overview
12.7.5 Swot Analysis
12.7.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. Middle East & Africa Pressure Vessel Composite Materials Market –Revenue and Forecast to 2027 (US$ Million)
Table 2. MEA Pressure Vessel Composite Materials Market, by Material – Revenue and Forecast to 2027 (US$ Million)
Table 3. MEA Pressure Vessel Composite Materials Market, by End User – Revenue and Forecast to 2027 (US$ Million)
Table 4. Glossary of Terms, Pressure Vessel Composite Materials Market
LIST OF FIGURES
Figure 1. Middle East & Africa Pressure Vessel Composite Materials Market Segmentation
Figure 2. Middle East & Africa Pressure Vessel Composite Materials Market Segmentation – By Country
Figure 3. Middle East & Africa Pressure Vessel Composite Materials Market Overview
Figure 4. CNG Vehicles Segment Held Largest Share of Middle East & Africa Pressure Vessel Composite Materials Market
Figure 5. Rest of MEA Held Largest Share of Middle East & Africa Pressure Vessel Composite Materials Market
Figure 6. Middle East & Africa Pressure Vessel Composite Materials Market, Industry Landscape
Figure 7. Middle East & Africa PEST Analysis
Figure 8. Expert Opinion
Figure 9. Pressure Vessel Composite Materials Market Impact Analysis Of Driver And Restraints
Figure 10. Middle East & Africa: Pressure Vessel Composite Materials Market – Revenue and Forecast to 2027 (US$ Million)
Figure 11. Market Positioning of Key Player In Pressure Vessel Composite Materials Market
Figure 12. Pressure Vessel Composite Materials Market Revenue Share, by Material (2019 and 2027)
Figure 13. Resin: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 14. Fiber: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 15. Others: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 16. Pressure Vessel Composite Materials Market Revenue Share, by End-User (2019 and 2027)
Figure 17. CNG Vehicles: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 18. Hydrogen Vehicles: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 19. Gas Transport: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 20. Others: Pressure Vessel Composite Materials Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 21. Middle East & Africa: Pressure Vessel Composite Materials Market – Revenue and Forecast to 2027 (US$ Million)
Figure 22. MEA: Pressure Vessel Composite Materials Market Revenue Share, by Material (2019 and 2027)
Figure 23. MEA: Pressure Vessel Composite Materials Market Revenue Share, by End User (2019 and 2027)
Figure 24. MEA: Pressure Vessel Composite Materials Market Revenue Share, by Key Country (2019 and 2027)
Figure 25. South Africa: Pressure Vessel Composite Materials Market –Revenue and Forecast to 2027 (US$ Million)
Figure 26. Saudi Arabia: Pressure Vessel Composite Materials Market –Revenue and Forecast to 2027 (US$ Million)
Figure 27. UAE: Pressure Vessel Composite Materials Market –Revenue and Forecast to 2027 (US$ Million)
Figure 28. Rest of MEA: Pressure Vessel Composite Materials Market –Revenue and Forecast to 2027 (US$ Million)
Figure 29. Impact of COVID-19 Pandemic in Middle East & African Country Markets
- 3M Company
- BASF SE
- Hexion Inc.
- Huntsman International LLC.
- Olin Corporation
- Solvay S.A.,
- ZOLTEK Corporation (Toray Group)
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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