The Thin Film Solar Cell Market is expected to register a CAGR of 12.3% 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 Type (Amorphous Silicon, Cadmium Telluride, Copper Indium Gallium Selenide, and Others). The report further presents analysis based on the Installation Type (On-Grid, Off-Grid). The report further presents analysis based on the End User (Residential, Commercial & Industrial , Utility). 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 Thin Film Solar Cell 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.
Thin Film Solar Cell Market Segmentation
Type- Amorphous Silicon
- Cadmium Telluride
- Copper Indium Gallium Selenide
- Others
- On-Grid
- Off-Grid
- Residential
- Commercial & Industrial
- Utility
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Thin Film Solar Cell Market Growth Drivers- Increasing Residential and Utility Solar Installations: The increased push towards achieving green power to achieve sustainability and energy security is the primary factor driving the deployment of thin film solar panels for meeting the rising demand and replacing the fossil-fuel based power generating sources. The growth is majorly attributable to increasing government initiatives and incentives, technological advancements, constant reducing cost and rural electrification which in turn is expected to drive the thin film solar cell market growth in the coming years.
- Government Intiatives towards Solar Installations: Strong government policy support continues to remain as the principal driver of solar power deployment across the world. Various policies implemented including, auctions, feed-in-tariffs, net-metering, contracts for difference, Investment tax credit, production tax credit, and renewable power generation targets. Such initiatives are expected to drive the thin film solar cell market growth in the coming years.
- Cost-Effectiveness and Affordable Production: Thin film solar cells are known to have lower production costs compared to traditional crystalline silicon-based solar panels. The process for thin film solar cells is also simpler and less resource-intensive, requiring fewer materials and less energy to produce. This makes thin film solar technology an attractive option for cost-sensitive applications, such as residential rooftops, utility-scale solar projects, and even in regions with limited resources for solar energy. As the requirement for cheaper energy sources expands, thin film solar cells are a highly cost-effective alternative to conventional solar panels, in turn driving wide-scale deployment.
- Increasing Investments in Renewable Energy Sector: According to the International Energy Agency (IEA), the global energy demand increased by 8% in 2022. The upswing in investments in 2022 is a mixture of a cyclical response to recovery and a structural shift in capital flows toward cleaner technologies. For instance, the Saudi Arabian Ministry in January 2023 announced an investment of US$ 226 billion for development of clean energy across the country. This investment will be utilized for developing wind and solar energy infrastructure for generating power to meet the country-wide demand. Such increasing investments in the renewable energy, particularly solar is expected to create opportunity in the thin film solar cell market.
- Increased Adoption in Large-Scale Solar Projects: Thin film solar cells are now becoming increasingly attractive for large-scale solar projects, like solar farms and utility-scale solar installations. These systems require a high-efficiency, cost-effective, and scalable solar solution-all of which thin film solar cells can provide. They are flexible and have low weight, making them suitable for large-scale, ground-mounted installations where traditional solar panels may be too heavy or cumbersome. Thin film technology, in cadmium telluride and copper indium gallium selenide, particularly holds promise for large-scale applications with durable and cost-effective technologies that will continue to gain speed and momentum as governments and utilities invest in large-scale infrastructure projects.
- Role of Solar Energy in Energy Transition: The energy transition is the transition from dependency on fossil fuels to renewable and cleaner energy sources. This change addresses the urgent need for sustainable, environmentally friendly energy solutions. Recent decades have seen an increase in carbon dioxide (CO2) emissions, contributing to climate change. Transitioning to renewable and environment-friendly energy sources is a critical strategy to reduce these emissions and mitigate environmental damage. Such transition of energy by adopting solar is expected to be the key future trend in the thin film solar cell market in the coming years.
- Increased Interest in Building-Integrated Photovoltaics (BIPV): Building-integrated photovoltaics, or the trend of incorporating solar technology directly into buildings, is increasingly being implemented in both residential and commercial settings. Thin film solar cells are particularly suitable for BIPV applications because they can be flexed and can easily be incorporated into building materials. Thin film panels can be embedded into the roof, windows, or facades of buildings, making entire structures self-sufficient power generators. Demand for energy-efficient, net-zero buildings has been increasing considerably and it is believed that the demand for thin-film-based BIPV applications is going to bring the entire building's consumption level down and will drive the demand for sustainable urbanization.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Thin Film Solar Cell 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 Thin Film Solar Cell 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
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 Thin Film Solar Cell Market include FIRST Solar, Ascent Solar, Hanwha Qcells, JA Solar Technology Co Ltd, KANEKA Corporation, Trony Solar, ENF Solar, Hanergy, PowerFilm Solar, MiaSole
Role of solar energy in energy transition is the key future trend of the Thin Film Solar Cell Market
The Thin Film Solar Cell Market is estimated to witness a CAGR of 12.3% from 2023 to 2031
The major factors driving the Thin Film Solar Cell Market are: Increasing Residential and Utility Solar Installations and Government Intiatives towards Solar Installations
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Thin Film Solar Cell Market - By Type
1.3.2 Thin Film Solar Cell Market - By Installation
1.3.3 Thin Film Solar Cell Market - By End User
1.3.4 Thin Film Solar Cell Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. THIN FILM SOLAR CELL 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
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. THIN FILM SOLAR CELL 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. THIN FILM SOLAR CELL MARKET - GLOBAL MARKET ANALYSIS
6.1. THIN FILM SOLAR CELL - GLOBAL MARKET OVERVIEW
6.2. THIN FILM SOLAR CELL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. THIN FILM SOLAR CELL MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. CADMIUM TELLURIDE
7.3.1. Overview
7.3.2. Cadmium Telluride Market Forecast and Analysis
7.4. COPPER INDIUM GALLIUM DISELENIDE
7.4.1. Overview
7.4.2. Copper Indium Gallium Diselenide Market Forecast and Analysis
7.5. AMORPHOUS SILICON
7.5.1. Overview
7.5.2. Amorphous Silicon Market Forecast and Analysis
8. THIN FILM SOLAR CELL MARKET - REVENUE AND FORECASTS TO 2028 - INSTALLATION
8.1. OVERVIEW
8.2. INSTALLATION MARKET FORECASTS AND ANALYSIS
8.3. ON-GRID
8.3.1. Overview
8.3.2. On-Grid Market Forecast and Analysis
8.4. OFF-GRID
8.4.1. Overview
8.4.2. Off-Grid Market Forecast and Analysis
9. THIN FILM SOLAR CELL MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. RESIDENTIAL
9.3.1. Overview
9.3.2. Residential Market Forecast and Analysis
9.4. COMMERCIAL
9.4.1. Overview
9.4.2. Commercial Market Forecast and Analysis
9.5. INDUSTRIAL
9.5.1. Overview
9.5.2. Industrial Market Forecast and Analysis
10. THIN FILM SOLAR CELL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Thin Film Solar Cell Market Overview
10.1.2 North America Thin Film Solar Cell Market Forecasts and Analysis
10.1.3 North America Thin Film Solar Cell Market Forecasts and Analysis - By Type
10.1.4 North America Thin Film Solar Cell Market Forecasts and Analysis - By Installation
10.1.5 North America Thin Film Solar Cell Market Forecasts and Analysis - By End User
10.1.6 North America Thin Film Solar Cell Market Forecasts and Analysis - By Countries
10.1.6.1 United States Thin Film Solar Cell Market
10.1.6.1.1 United States Thin Film Solar Cell Market by Type
10.1.6.1.2 United States Thin Film Solar Cell Market by Installation
10.1.6.1.3 United States Thin Film Solar Cell Market by End User
10.1.6.2 Canada Thin Film Solar Cell Market
10.1.6.2.1 Canada Thin Film Solar Cell Market by Type
10.1.6.2.2 Canada Thin Film Solar Cell Market by Installation
10.1.6.2.3 Canada Thin Film Solar Cell Market by End User
10.1.6.3 Mexico Thin Film Solar Cell Market
10.1.6.3.1 Mexico Thin Film Solar Cell Market by Type
10.1.6.3.2 Mexico Thin Film Solar Cell Market by Installation
10.1.6.3.3 Mexico Thin Film Solar Cell Market by End User
10.2. EUROPE
10.2.1 Europe Thin Film Solar Cell Market Overview
10.2.2 Europe Thin Film Solar Cell Market Forecasts and Analysis
10.2.3 Europe Thin Film Solar Cell Market Forecasts and Analysis - By Type
10.2.4 Europe Thin Film Solar Cell Market Forecasts and Analysis - By Installation
10.2.5 Europe Thin Film Solar Cell Market Forecasts and Analysis - By End User
10.2.6 Europe Thin Film Solar Cell Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Thin Film Solar Cell Market
10.2.6.1.1 Germany Thin Film Solar Cell Market by Type
10.2.6.1.2 Germany Thin Film Solar Cell Market by Installation
10.2.6.1.3 Germany Thin Film Solar Cell Market by End User
10.2.6.2 France Thin Film Solar Cell Market
10.2.6.2.1 France Thin Film Solar Cell Market by Type
10.2.6.2.2 France Thin Film Solar Cell Market by Installation
10.2.6.2.3 France Thin Film Solar Cell Market by End User
10.2.6.3 Italy Thin Film Solar Cell Market
10.2.6.3.1 Italy Thin Film Solar Cell Market by Type
10.2.6.3.2 Italy Thin Film Solar Cell Market by Installation
10.2.6.3.3 Italy Thin Film Solar Cell Market by End User
10.2.6.4 United Kingdom Thin Film Solar Cell Market
10.2.6.4.1 United Kingdom Thin Film Solar Cell Market by Type
10.2.6.4.2 United Kingdom Thin Film Solar Cell Market by Installation
10.2.6.4.3 United Kingdom Thin Film Solar Cell Market by End User
10.2.6.5 Russia Thin Film Solar Cell Market
10.2.6.5.1 Russia Thin Film Solar Cell Market by Type
10.2.6.5.2 Russia Thin Film Solar Cell Market by Installation
10.2.6.5.3 Russia Thin Film Solar Cell Market by End User
10.2.6.6 Rest of Europe Thin Film Solar Cell Market
10.2.6.6.1 Rest of Europe Thin Film Solar Cell Market by Type
10.2.6.6.2 Rest of Europe Thin Film Solar Cell Market by Installation
10.2.6.6.3 Rest of Europe Thin Film Solar Cell Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Thin Film Solar Cell Market Overview
10.3.2 Asia-Pacific Thin Film Solar Cell Market Forecasts and Analysis
10.3.3 Asia-Pacific Thin Film Solar Cell Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Thin Film Solar Cell Market Forecasts and Analysis - By Installation
10.3.5 Asia-Pacific Thin Film Solar Cell Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Thin Film Solar Cell Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Thin Film Solar Cell Market
10.3.6.1.1 Australia Thin Film Solar Cell Market by Type
10.3.6.1.2 Australia Thin Film Solar Cell Market by Installation
10.3.6.1.3 Australia Thin Film Solar Cell Market by End User
10.3.6.2 China Thin Film Solar Cell Market
10.3.6.2.1 China Thin Film Solar Cell Market by Type
10.3.6.2.2 China Thin Film Solar Cell Market by Installation
10.3.6.2.3 China Thin Film Solar Cell Market by End User
10.3.6.3 India Thin Film Solar Cell Market
10.3.6.3.1 India Thin Film Solar Cell Market by Type
10.3.6.3.2 India Thin Film Solar Cell Market by Installation
10.3.6.3.3 India Thin Film Solar Cell Market by End User
10.3.6.4 Japan Thin Film Solar Cell Market
10.3.6.4.1 Japan Thin Film Solar Cell Market by Type
10.3.6.4.2 Japan Thin Film Solar Cell Market by Installation
10.3.6.4.3 Japan Thin Film Solar Cell Market by End User
10.3.6.5 South Korea Thin Film Solar Cell Market
10.3.6.5.1 South Korea Thin Film Solar Cell Market by Type
10.3.6.5.2 South Korea Thin Film Solar Cell Market by Installation
10.3.6.5.3 South Korea Thin Film Solar Cell Market by End User
10.3.6.6 Rest of Asia-Pacific Thin Film Solar Cell Market
10.3.6.6.1 Rest of Asia-Pacific Thin Film Solar Cell Market by Type
10.3.6.6.2 Rest of Asia-Pacific Thin Film Solar Cell Market by Installation
10.3.6.6.3 Rest of Asia-Pacific Thin Film Solar Cell Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Thin Film Solar Cell Market Overview
10.4.2 Middle East and Africa Thin Film Solar Cell Market Forecasts and Analysis
10.4.3 Middle East and Africa Thin Film Solar Cell Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Thin Film Solar Cell Market Forecasts and Analysis - By Installation
10.4.5 Middle East and Africa Thin Film Solar Cell Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Thin Film Solar Cell Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Thin Film Solar Cell Market
10.4.6.1.1 South Africa Thin Film Solar Cell Market by Type
10.4.6.1.2 South Africa Thin Film Solar Cell Market by Installation
10.4.6.1.3 South Africa Thin Film Solar Cell Market by End User
10.4.6.2 Saudi Arabia Thin Film Solar Cell Market
10.4.6.2.1 Saudi Arabia Thin Film Solar Cell Market by Type
10.4.6.2.2 Saudi Arabia Thin Film Solar Cell Market by Installation
10.4.6.2.3 Saudi Arabia Thin Film Solar Cell Market by End User
10.4.6.3 U.A.E Thin Film Solar Cell Market
10.4.6.3.1 U.A.E Thin Film Solar Cell Market by Type
10.4.6.3.2 U.A.E Thin Film Solar Cell Market by Installation
10.4.6.3.3 U.A.E Thin Film Solar Cell Market by End User
10.4.6.4 Rest of Middle East and Africa Thin Film Solar Cell Market
10.4.6.4.1 Rest of Middle East and Africa Thin Film Solar Cell Market by Type
10.4.6.4.2 Rest of Middle East and Africa Thin Film Solar Cell Market by Installation
10.4.6.4.3 Rest of Middle East and Africa Thin Film Solar Cell Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Thin Film Solar Cell Market Overview
10.5.2 South and Central America Thin Film Solar Cell Market Forecasts and Analysis
10.5.3 South and Central America Thin Film Solar Cell Market Forecasts and Analysis - By Type
10.5.4 South and Central America Thin Film Solar Cell Market Forecasts and Analysis - By Installation
10.5.5 South and Central America Thin Film Solar Cell Market Forecasts and Analysis - By End User
10.5.6 South and Central America Thin Film Solar Cell Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Thin Film Solar Cell Market
10.5.6.1.1 Brazil Thin Film Solar Cell Market by Type
10.5.6.1.2 Brazil Thin Film Solar Cell Market by Installation
10.5.6.1.3 Brazil Thin Film Solar Cell Market by End User
10.5.6.2 Argentina Thin Film Solar Cell Market
10.5.6.2.1 Argentina Thin Film Solar Cell Market by Type
10.5.6.2.2 Argentina Thin Film Solar Cell Market by Installation
10.5.6.2.3 Argentina Thin Film Solar Cell Market by End User
10.5.6.3 Rest of South and Central America Thin Film Solar Cell Market
10.5.6.3.1 Rest of South and Central America Thin Film Solar Cell Market by Type
10.5.6.3.2 Rest of South and Central America Thin Film Solar Cell Market by Installation
10.5.6.3.3 Rest of South and Central America Thin Film Solar Cell Market by End User
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. THIN FILM SOLAR CELL MARKET, KEY COMPANY PROFILES
12.1. ASCENT SOLAR TECHNOLOGIES, INC.
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
12.1.6. Key Developments
12.2. FIRST SOLAR
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
12.2.6. Key Developments
12.3. GLOBAL SOLAR, 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. HANERGY HOLDING GROUP LTD.
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. KANEKA 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
12.5.6. Key Developments
12.6. NANOPV SOLAR INC.
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
12.6.6. Key Developments
12.7. OXFORD PV
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
12.8. SOLAR FRONTIER K.K
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. SOLOPOWER SYSTEMS, INC.
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. TRONY SOLAR HOLDINGS CO. LTD.
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1.Ascent Solar Technologies, Inc.2.First Solar3.Global Solar, Inc.4.Hanergy Holding Group Ltd.5.Kaneka Corporation6.NanoPV Solar Inc.7.Oxford PV8.Solar Frontier K.K9.SoloPower Systems, Inc.10.Trony Solar Holdings Co. Ltd.
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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