The Water Heater Component Market is expected to register a CAGR of 5.5% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The market is segmented into by Component, Sales Channel, and Installation. The Component segment is divided into Heat Exchanger, Thermostat and Controls, Pipes and Tubes, Valves, Others. Based on Sales Channel, the market is segmented into Direct Sales, In direct Sales. Based on Installation, the market is segmented into OEMs, Aftermarket.
Purpose of the ReportThe report Water Heater Component 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.
Water Heater Component Market Segmentation
Component- Heat Exchanger
- Thermostat and Controls
- Pipes and Tubes
- Valves
- Others
- Direct Sales
- In direct Sales
- OEMs
- Aftermarket
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Water Heater Component Market Growth Drivers- Driving Forces in the Water Heater Component Market: Demand of the water heater component market are driven by an increase in consumer demand for energy-saving devices. As energy prices rise and environmental issues gain more momentum, consumers become favorable to water heaters ensuring efficiency in energy usage. This has already triggered manufacturers to come up with better components to achieve more efficiency levels.
- Increasing Construction and Renovation Operations: The market is experiencing expansion in residential and commercial building construction and renovation activities. They need current state-of-the-art water heating solutions for new buildings, and renovation operations usually include upgrading the systems toward more efficient ones, thereby increasing the prospects for the water heater components market
- Shift toward tankless water heaters: Shifts toward tankless water heaters are seen now-a-days. The hot water is produced on demand without any storage tank. This market shift would be primarily based on demands for space saving solutions and efficiency in only heating water at the point of usage, thereby minimizing energy consumption.
- Emphasis is focused on the safety and reliability aspects: Consumers are gradually emphasizing the safety and reliability aspect of their system for water heating. This has further increased the demand among manufacturers to produce components that further the safety aspects, such as automatic shut-off valves and advanced temperature controls, so that the water heaters not only are safe but also efficient
- Advances in Smart Technology: The smart technology is the future, and manufacturer has much to benefit from it. The trend of smart water heaters controlled by mobile apps or integrated with home automation systems is becoming popular. This trend has seen the emission of opportunities for companies to design novel components that are easier to use and will benefit consumers concerning energy management.
- Opportunities in Solar and Hybrid Water Heater Technologies: The increasing demand for renewable sources of energy gives a chance to water heater components in solar energy or sustainable technologies. Manufacturers can catch the trend and invest in certain components that complement the system with solar water heating or hybrid concepts that merge traditional and renewable energy sources
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Water Heater Component 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 Water Heater Component 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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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.
Fluctuating raw material prices
The Water Heater Component Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage:by Component (Heat Exchanger, Thermostat and Controls, Pipes and Tubes, Valves, Others); Sales Channel (Direct Sales, In direct Sales); Installation (OEMs, Aftermarket) , and Geography (North America, Europe, Asia Pacific, and South and Central America) is estimated to witness a CAGR of 5.5% from 2023 to 2031
The major factors driving the water heater componentmarket are: Increased Construction Activities
ARISTON THERMO SPA, BAJAJ ELECTRICALS LTD, BOSCH INDUSTRIEKESSEL GMBH, BRADFORD WHITE CORPORATION, BRADLEY CORPORATION, BSH HOME APPLIANCES GROUP (SIEMENS AG), ECCOTEMP.COM, HTP COMFORT SOLUTIONS LLC, RINNAI AMERICA CORPORATION, VENUS HOME APPLIANCES (P) LTD
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Water Heater Component Market - By Component
1.3.2Water Heater Component Market - By Sales Channel
1.3.3Water Heater Component Market - By Offerings
1.3.4Water Heater Component Market - By Installation
1.3.5Water Heater Component Market - By Region
1.3.5.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.WATER HEATER COMPONENT MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.WATER HEATER COMPONENT 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.WATER HEATER COMPONENT MARKET - GLOBAL MARKET ANALYSIS
6.1.WATER HEATER COMPONENT - GLOBAL MARKET OVERVIEW
6.2.WATER HEATER COMPONENT - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.WATER HEATER COMPONENT MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1.OVERVIEW
7.2.COMPONENT MARKET FORECASTS AND ANALYSIS
7.3.HEAT EXCHANGER
7.3.1.Overview
7.3.2.Heat Exchanger Market Forecast and Analysis
7.4.THERMOSTAT AND CONTROLS
7.4.1.Overview
7.4.2.Thermostat and Controls Market Forecast and Analysis
7.5.PIPES AND TUBES
7.5.1.Overview
7.5.2.Pipes and Tubes Market Forecast and Analysis
7.6.VALVES
7.6.1.Overview
7.6.2.Valves Market Forecast and Analysis
7.7.OTHERS
7.7.1.Overview
7.7.2.Others Market Forecast and Analysis
8.WATER HEATER COMPONENT MARKET - REVENUE AND FORECASTS TO 2028 - SALES CHANNEL
8.1.OVERVIEW
8.2.SALES CHANNEL MARKET FORECASTS AND ANALYSIS
8.3.DIRECT SALES
8.3.1.Overview
8.3.2.Direct Sales Market Forecast and Analysis
8.4.IN DIRECT SALES
8.4.1.Overview
8.4.2.In direct Sales Market Forecast and Analysis
9.WATER HEATER COMPONENT MARKET - REVENUE AND FORECASTS TO 2028 - OFFERINGS
9.1.OVERVIEW
9.2.OFFERINGS MARKET FORECASTS AND ANALYSIS
9.3.SYSTEMS
9.3.1.Overview
9.3.2.Systems Market Forecast and Analysis
9.4.MAINTENANCE AND SERVICE
9.4.1.Overview
9.4.2.Maintenance and Service Market Forecast and Analysis
10.WATER HEATER COMPONENT MARKET - REVENUE AND FORECASTS TO 2028 - INSTALLATION
10.1.OVERVIEW
10.2.INSTALLATION MARKET FORECASTS AND ANALYSIS
10.3.OEMS
10.3.1.Overview
10.3.2.OEMs Market Forecast and Analysis
10.4.AFTERMARKET
10.4.1.Overview
10.4.2.Aftermarket Market Forecast and Analysis
11.WATER HEATER COMPONENT MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1.NORTH AMERICA
11.1.1North America Water Heater Component Market Overview
11.1.2North America Water Heater Component Market Forecasts and Analysis
11.1.3North America Water Heater Component Market Forecasts and Analysis - By Component
11.1.4North America Water Heater Component Market Forecasts and Analysis - By Sales Channel
11.1.5North America Water Heater Component Market Forecasts and Analysis - By Offerings
11.1.6North America Water Heater Component Market Forecasts and Analysis - By Installation
11.1.7North America Water Heater Component Market Forecasts and Analysis - By Countries
11.1.7.1United States Water Heater Component Market
11.1.7.1.1United States Water Heater Component Market by Component
11.1.7.1.2United States Water Heater Component Market by Sales Channel
11.1.7.1.3United States Water Heater Component Market by Offerings
11.1.7.1.4United States Water Heater Component Market by Installation
11.1.7.2Canada Water Heater Component Market
11.1.7.2.1Canada Water Heater Component Market by Component
11.1.7.2.2Canada Water Heater Component Market by Sales Channel
11.1.7.2.3Canada Water Heater Component Market by Offerings
11.1.7.2.4Canada Water Heater Component Market by Installation
11.1.7.3Mexico Water Heater Component Market
11.1.7.3.1Mexico Water Heater Component Market by Component
11.1.7.3.2Mexico Water Heater Component Market by Sales Channel
11.1.7.3.3Mexico Water Heater Component Market by Offerings
11.1.7.3.4Mexico Water Heater Component Market by Installation
11.2.EUROPE
11.2.1Europe Water Heater Component Market Overview
11.2.2Europe Water Heater Component Market Forecasts and Analysis
11.2.3Europe Water Heater Component Market Forecasts and Analysis - By Component
11.2.4Europe Water Heater Component Market Forecasts and Analysis - By Sales Channel
11.2.5Europe Water Heater Component Market Forecasts and Analysis - By Offerings
11.2.6Europe Water Heater Component Market Forecasts and Analysis - By Installation
11.2.7Europe Water Heater Component Market Forecasts and Analysis - By Countries
11.2.7.1Germany Water Heater Component Market
11.2.7.1.1Germany Water Heater Component Market by Component
11.2.7.1.2Germany Water Heater Component Market by Sales Channel
11.2.7.1.3Germany Water Heater Component Market by Offerings
11.2.7.1.4Germany Water Heater Component Market by Installation
11.2.7.2France Water Heater Component Market
11.2.7.2.1France Water Heater Component Market by Component
11.2.7.2.2France Water Heater Component Market by Sales Channel
11.2.7.2.3France Water Heater Component Market by Offerings
11.2.7.2.4France Water Heater Component Market by Installation
11.2.7.3Italy Water Heater Component Market
11.2.7.3.1Italy Water Heater Component Market by Component
11.2.7.3.2Italy Water Heater Component Market by Sales Channel
11.2.7.3.3Italy Water Heater Component Market by Offerings
11.2.7.3.4Italy Water Heater Component Market by Installation
11.2.7.4United Kingdom Water Heater Component Market
11.2.7.4.1United Kingdom Water Heater Component Market by Component
11.2.7.4.2United Kingdom Water Heater Component Market by Sales Channel
11.2.7.4.3United Kingdom Water Heater Component Market by Offerings
11.2.7.4.4United Kingdom Water Heater Component Market by Installation
11.2.7.5Russia Water Heater Component Market
11.2.7.5.1Russia Water Heater Component Market by Component
11.2.7.5.2Russia Water Heater Component Market by Sales Channel
11.2.7.5.3Russia Water Heater Component Market by Offerings
11.2.7.5.4Russia Water Heater Component Market by Installation
11.2.7.6Rest of Europe Water Heater Component Market
11.2.7.6.1Rest of Europe Water Heater Component Market by Component
11.2.7.6.2Rest of Europe Water Heater Component Market by Sales Channel
11.2.7.6.3Rest of Europe Water Heater Component Market by Offerings
11.2.7.6.4Rest of Europe Water Heater Component Market by Installation
11.3.ASIA-PACIFIC
11.3.1Asia-Pacific Water Heater Component Market Overview
11.3.2Asia-Pacific Water Heater Component Market Forecasts and Analysis
11.3.3Asia-Pacific Water Heater Component Market Forecasts and Analysis - By Component
11.3.4Asia-Pacific Water Heater Component Market Forecasts and Analysis - By Sales Channel
11.3.5Asia-Pacific Water Heater Component Market Forecasts and Analysis - By Offerings
11.3.6Asia-Pacific Water Heater Component Market Forecasts and Analysis - By Installation
11.3.7Asia-Pacific Water Heater Component Market Forecasts and Analysis - By Countries
11.3.7.1Australia Water Heater Component Market
11.3.7.1.1Australia Water Heater Component Market by Component
11.3.7.1.2Australia Water Heater Component Market by Sales Channel
11.3.7.1.3Australia Water Heater Component Market by Offerings
11.3.7.1.4Australia Water Heater Component Market by Installation
11.3.7.2China Water Heater Component Market
11.3.7.2.1China Water Heater Component Market by Component
11.3.7.2.2China Water Heater Component Market by Sales Channel
11.3.7.2.3China Water Heater Component Market by Offerings
11.3.7.2.4China Water Heater Component Market by Installation
11.3.7.3India Water Heater Component Market
11.3.7.3.1India Water Heater Component Market by Component
11.3.7.3.2India Water Heater Component Market by Sales Channel
11.3.7.3.3India Water Heater Component Market by Offerings
11.3.7.3.4India Water Heater Component Market by Installation
11.3.7.4Japan Water Heater Component Market
11.3.7.4.1Japan Water Heater Component Market by Component
11.3.7.4.2Japan Water Heater Component Market by Sales Channel
11.3.7.4.3Japan Water Heater Component Market by Offerings
11.3.7.4.4Japan Water Heater Component Market by Installation
11.3.7.5South Korea Water Heater Component Market
11.3.7.5.1South Korea Water Heater Component Market by Component
11.3.7.5.2South Korea Water Heater Component Market by Sales Channel
11.3.7.5.3South Korea Water Heater Component Market by Offerings
11.3.7.5.4South Korea Water Heater Component Market by Installation
11.3.7.6Rest of Asia-Pacific Water Heater Component Market
11.3.7.6.1Rest of Asia-Pacific Water Heater Component Market by Component
11.3.7.6.2Rest of Asia-Pacific Water Heater Component Market by Sales Channel
11.3.7.6.3Rest of Asia-Pacific Water Heater Component Market by Offerings
11.3.7.6.4Rest of Asia-Pacific Water Heater Component Market by Installation
11.4.MIDDLE EAST AND AFRICA
11.4.1Middle East and Africa Water Heater Component Market Overview
11.4.2Middle East and Africa Water Heater Component Market Forecasts and Analysis
11.4.3Middle East and Africa Water Heater Component Market Forecasts and Analysis - By Component
11.4.4Middle East and Africa Water Heater Component Market Forecasts and Analysis - By Sales Channel
11.4.5Middle East and Africa Water Heater Component Market Forecasts and Analysis - By Offerings
11.4.6Middle East and Africa Water Heater Component Market Forecasts and Analysis - By Installation
11.4.7Middle East and Africa Water Heater Component Market Forecasts and Analysis - By Countries
11.4.7.1South Africa Water Heater Component Market
11.4.7.1.1South Africa Water Heater Component Market by Component
11.4.7.1.2South Africa Water Heater Component Market by Sales Channel
11.4.7.1.3South Africa Water Heater Component Market by Offerings
11.4.7.1.4South Africa Water Heater Component Market by Installation
11.4.7.2Saudi Arabia Water Heater Component Market
11.4.7.2.1Saudi Arabia Water Heater Component Market by Component
11.4.7.2.2Saudi Arabia Water Heater Component Market by Sales Channel
11.4.7.2.3Saudi Arabia Water Heater Component Market by Offerings
11.4.7.2.4Saudi Arabia Water Heater Component Market by Installation
11.4.7.3U.A.E Water Heater Component Market
11.4.7.3.1U.A.E Water Heater Component Market by Component
11.4.7.3.2U.A.E Water Heater Component Market by Sales Channel
11.4.7.3.3U.A.E Water Heater Component Market by Offerings
11.4.7.3.4U.A.E Water Heater Component Market by Installation
11.4.7.4Rest of Middle East and Africa Water Heater Component Market
11.4.7.4.1Rest of Middle East and Africa Water Heater Component Market by Component
11.4.7.4.2Rest of Middle East and Africa Water Heater Component Market by Sales Channel
11.4.7.4.3Rest of Middle East and Africa Water Heater Component Market by Offerings
11.4.7.4.4Rest of Middle East and Africa Water Heater Component Market by Installation
11.5.SOUTH AND CENTRAL AMERICA
11.5.1South and Central America Water Heater Component Market Overview
11.5.2South and Central America Water Heater Component Market Forecasts and Analysis
11.5.3South and Central America Water Heater Component Market Forecasts and Analysis - By Component
11.5.4South and Central America Water Heater Component Market Forecasts and Analysis - By Sales Channel
11.5.5South and Central America Water Heater Component Market Forecasts and Analysis - By Offerings
11.5.6South and Central America Water Heater Component Market Forecasts and Analysis - By Installation
11.5.7South and Central America Water Heater Component Market Forecasts and Analysis - By Countries
11.5.7.1Brazil Water Heater Component Market
11.5.7.1.1Brazil Water Heater Component Market by Component
11.5.7.1.2Brazil Water Heater Component Market by Sales Channel
11.5.7.1.3Brazil Water Heater Component Market by Offerings
11.5.7.1.4Brazil Water Heater Component Market by Installation
11.5.7.2Argentina Water Heater Component Market
11.5.7.2.1Argentina Water Heater Component Market by Component
11.5.7.2.2Argentina Water Heater Component Market by Sales Channel
11.5.7.2.3Argentina Water Heater Component Market by Offerings
11.5.7.2.4Argentina Water Heater Component Market by Installation
11.5.7.3Rest of South and Central America Water Heater Component Market
11.5.7.3.1Rest of South and Central America Water Heater Component Market by Component
11.5.7.3.2Rest of South and Central America Water Heater Component Market by Sales Channel
11.5.7.3.3Rest of South and Central America Water Heater Component Market by Offerings
11.5.7.3.4Rest of South and Central America Water Heater Component Market by Installation
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.WATER HEATER COMPONENT MARKET, KEY COMPANY PROFILES
13.1.ARISTON THERMO SPA
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.BAJAJ ELECTRICALS LTD
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.BOSCH INDUSTRIEKESSEL GMBH
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.BRADFORD WHITE CORPORATION
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.BRADLEY CORPORATION
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.BSH HOME APPLIANCES GROUP SIEMENS AG
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.ECCOTEMP.COM
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.HTP COMFORT SOLUTIONS LLC
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.RINNAI AMERICA CORPORATION
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.VENUS HOME APPLIANCES P LTD
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.ARISTON THERMO SPA
2.BAJAJ ELECTRICALS LTD
3.BOSCH INDUSTRIEKESSEL GMBH
4.BRADFORD WHITE CORPORATION
5.BRADLEY CORPORATION
6.BSH HOME APPLIANCES GROUP SIEMENS AG
7.ECCOTEMP.COM
8.HTP COMFORT SOLUTIONS LLC
9.RINNAI AMERICA CORPORATION
10.VENUS HOME APPLIANCES P 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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