[Research Report] The commercial greenhouse market is expected to grow from US$ 32.41 billion in 2022 to US$ 62.23 billion by 2030; it is estimated to grow at a CAGR of 8.5% from 2022 to 2030.
Analyst Perspective:
The commercial greenhouse market has witnessed significant growth in recent years, driven by the rising global population and growing food demand to serve such a huge population. According to the World Bank Report, the global population reached 8 billion and is projected to reach 8.5 billion by 2030. Such a huge population requires food to survive, which can be increased by implementing commercial green projects. Global food demand is projected to increase from 59% in 2022 to 98% by 2050. This created a massive demand for precision agriculture to meet the growing population demand. Farmers globally must increase their crop production by increasing the agricultural land. Also, farmers enhance their productivity by utilizing high-yielding methods to grow crops or by increasing the productivity of the existing agricultural lands with the help of fertilizers and irrigation. However, the social and ecological trade-offs for clearing more agricultural land are increasing in developing countries. Currently, the crop yields harvested per unit of land cultivated are growing slowly to meet the demand for food globally. To overcome such challenges, the implementation of commercial greenhouse projects is growing rapidly with government support, funding and incentive schemes for agricultural land development.
Many other major factors, including urbanization and lack of agricultural development investment by private players, are expected to hinder the commercial greenhouse market growth. There is a strong demand for greenhouse projects driven by water scarcity, climate change, rising global warming, and extreme weather conditions for crop yields. Commercial greenhouse increases crop yield 8 to 10 times compared to normal agriculture fields. Farmers can produce crops in all months and reduce water requirements and fertilizer addition by 30% to 40%. The commercial greenhouse helps to offer fresh local food for the people.
A commercial greenhouse offers sustainable profit with high crop yield at low operational costs. Rising investments in high-technology-based greenhouses are expected to create ample opportunity to improve profitability.
Market Overview:
The commercial greenhouse is a greenhouse that grows crops with high yielding sold for commercial consumption. Commercial greenhouses consist of high-tech facilities designed to grow crops such as fruits & vegetables, trees, cannabis, flowers, and shrubs. These greenhouses consist of transparent roofs that allow the sunlight to grow plants. Also, commercial greenhouses are buildings that use specialized lighting to act as sunlight. These are exposed to sunlight to become warmer than the outside temperature, which protects the plants from cold and harsh environments. It is enclosed with warm air, so the temperature inside the greenhouse rises, supporting improving higher yield.
The commercial greenhouse plays a significant role in improving crop production and helps the farmers to gain more financial income. The commercial greenhouse components play a vital role in the growers' profitability. In the commercial greenhouse, several artificial methods, including using coolers and heaters, help control the environmental temperature. Ventilation is vital in high-yielding crops inside a greenhouse, whether for house use or commercial use. Fresh air is required for plant respiration and photosynthesis. Vents are provided to have proper plant ventilation and increase productivity.
Strategic Insights
Market Driver:
Increased Food Insecurity and Rising Investment Towards the Commercial Greenhouse Projects to Drive Growth Market Growth
The increased demand for agricultural food with water-saving options has significantly driven the commercial market growth. Commercial Greenhouses contribute to water conservation and improving agricultural land yields. This greenhouse allows users to select between full and partial water requirements, depending on the crop's needs.
Segmental Analysis:
The market is segmented based on type into free-standing greenhouses and gutter-connected greenhouses. The free-standing segment held the largest share of the market in 2022 and is anticipated to grow with the highest CAGR during the forecast period. Free-standing greenhouses have emerged as the dominant force in the commercial greenhouse market. This is primarily owing to rapid population growth and increased demand for high-quality healthy and fresh food products around the globe. With the changing pattern of the global population, the rural and urban population is opting for new ways to grow plants. Commercial greenhouse implications help get affordable, healthy and fresh foods for people around the globe.
Based on the crop type, the market is divided into fruits and vegetables, fruits and vegetables, flowers and ornamentals, nursery crops, and others. Among these, the fruits and vegetables segment has the largest share in 2022, owing to growing investment towards the projects related to the growth of these plants. Rising demand for fresh food and increasing adoption of in-house plantations among individuals drive market growth. For instance, in August 2023, ADQ investment holding company in UAE and Safe Haven Solutions planned to build a greenhouse project in UAE to meet the demand for domestic fresh fruits and vegetables. The commercial greenhouse project will be constructed at ADQ's AgTech Park in KEZAD. It will leverage land of 10 hectares with advanced commercial greenhouse agriculture technology to enhance sustainable food production nationwide.
Regional Analysis:
With government funding and incentives, Europe is expected to dominate the global commercial greenhouse market owing to rising investment in these projects. For instance, in June 2023, the European Union disbursed around US$ 2.58 billion for 31 projects related to modernizing the European countries to help with clean energy. Financial investors and government entities in the European Union provided funding of around US$ 776.9 billion loans to reform and measure climate-related risks. Also, the European Union adopted the programs to provide financial help for the agriculture sector in the EU union. For instance, in 2021, the EU union launched the Common Agricultural Policy and funding of around US$ 102.07 billion to support rural agriculture developments. This helps to establish a leading market share in Europe, along with growing consumer awareness, resource availability, and demand for fresh foods. Commercial greenhouses help save water requirements significantly and improve crop yield. European Union government bodies have implemented several strict water efficiency rules and regulations that encourage the adoption of commercial greenhouses for high crop yield.
Asia Pacific countries, including India, China, Japan, and Southeast Asian countries, are growing rapidly with investment towards greenhouse projects owing to government support and initiatives. India is growing with the highest CAGR due to government programs to subsidize agriculture-related projects.
North America, the United States and Canada have a significant share in the overall commercial greenhouse market owing to consumers' preference towards fresh and healthy food, rising health consciousness and a surge in the consumers' spending for living healthy lifestyles post-COVID-19 pandemic.
Key Player Analysis:
The commercial greenhouse market analysis includes several major players, such as Argus Control Systems Limited., Agra Tech Inc., Hort Americas, RICHEL Group, LumiGrow Inc., Keder Greenhouse, Certhon Build B.V., LOGIQS B.V., Heliospectra AB and others. These players are adopting several strategies, such as new product development, commercial project expansion, mergers & acquisitions, and partnerships.
Recent Developments:
The companies in the commercial greenhouse market are continuously investing in research and development to develop crops with high yields using advanced technologies. Also, rising investments by the institutes' private and public players for building commercial greenhouse projects drive market growth. The strategies adopted by the key players in the market are listed below:
- In August 2022, the Republic Polytechnic Singapore-based Institute launched and built a greenhouse project with research facilities dedicated to naturally growing plants in a climate-controlled environment. The project was built in the span of 650m2 to provide training to the students for the agriculture-related syllabus.
- In June 2023, Agrotech Armenia and Richel Group organized the Yerevan Greenhouse Forum to launch the greenhouse horticultural in Armenia. The conference focused on developing the country's high-technology-based greenhouses, attracting several participants, including international & local growers, financial institutions, investors, and governmental authorities.
- In February 2022— UbiQD, Inc., a Mexican deep technology in nanomaterials company, launched quantum dot technology for its greenhouse business sector. The company incorporated this quantum dot technology to create a greenhouse's layer of lights. It helps the growers to create the optimal spectrum of lights required for greenhouse growers.
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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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- 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
Type, Plant Type, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Commercial Greenhouse Market - By Equipment
1.3.2 Commercial Greenhouse Market - By Type
1.3.3 Commercial Greenhouse Market - By Crop Type
1.3.4 Commercial Greenhouse Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. COMMERCIAL GREENHOUSE 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. EXPERT OPINIONS
5. COMMERCIAL GREENHOUSE 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. COMMERCIAL GREENHOUSE MARKET - GLOBAL MARKET ANALYSIS
6.1. COMMERCIAL GREENHOUSE - GLOBAL MARKET OVERVIEW
6.2. COMMERCIAL GREENHOUSE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. COMMERCIAL GREENHOUSE MARKET - REVENUE AND FORECASTS TO 2028 - EQUIPMENT
7.1. OVERVIEW
7.2. EQUIPMENT MARKET FORECASTS AND ANALYSIS
7.3. HEATING SYSTEMS
7.3.1. Overview
7.3.2. Heating Systems Market Forecast and Analysis
7.4. COOLING SYSTEMS
7.4.1. Overview
7.4.2. Cooling Systems Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. COMMERCIAL GREENHOUSE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
8.1. OVERVIEW
8.2. TYPE MARKET FORECASTS AND ANALYSIS
8.3. GLASS GREENHOUSES
8.3.1. Overview
8.3.2. Glass Greenhouses Market Forecast and Analysis
8.4. PLASTIC GREENHOUSE
8.4.1. Overview
8.4.2. Plastic Greenhouse Market Forecast and Analysis
9. COMMERCIAL GREENHOUSE MARKET - REVENUE AND FORECASTS TO 2028 - CROP TYPE
9.1. OVERVIEW
9.2. CROP TYPE MARKET FORECASTS AND ANALYSIS
9.3. FLOWERS AND ORNAMENTALS
9.3.1. Overview
9.3.2. Flowers and Ornamentals Market Forecast and Analysis
9.4. NURSERY CROPS
9.4.1. Overview
9.4.2. Nursery Crops Market Forecast and Analysis
9.5. FRUITS AND VEGETABLES
9.5.1. Overview
9.5.2. Fruits and Vegetables Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. COMMERCIAL GREENHOUSE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Commercial Greenhouse Market Overview
10.1.2 North America Commercial Greenhouse Market Forecasts and Analysis
10.1.3 North America Commercial Greenhouse Market Forecasts and Analysis - By Equipment
10.1.4 North America Commercial Greenhouse Market Forecasts and Analysis - By Type
10.1.5 North America Commercial Greenhouse Market Forecasts and Analysis - By Crop Type
10.1.6 North America Commercial Greenhouse Market Forecasts and Analysis - By Countries
10.1.6.1 United States Commercial Greenhouse Market
10.1.6.1.1 United States Commercial Greenhouse Market by Equipment
10.1.6.1.2 United States Commercial Greenhouse Market by Type
10.1.6.1.3 United States Commercial Greenhouse Market by Crop Type
10.1.6.2 Canada Commercial Greenhouse Market
10.1.6.2.1 Canada Commercial Greenhouse Market by Equipment
10.1.6.2.2 Canada Commercial Greenhouse Market by Type
10.1.6.2.3 Canada Commercial Greenhouse Market by Crop Type
10.1.6.3 Mexico Commercial Greenhouse Market
10.1.6.3.1 Mexico Commercial Greenhouse Market by Equipment
10.1.6.3.2 Mexico Commercial Greenhouse Market by Type
10.1.6.3.3 Mexico Commercial Greenhouse Market by Crop Type
10.2. EUROPE
10.2.1 Europe Commercial Greenhouse Market Overview
10.2.2 Europe Commercial Greenhouse Market Forecasts and Analysis
10.2.3 Europe Commercial Greenhouse Market Forecasts and Analysis - By Equipment
10.2.4 Europe Commercial Greenhouse Market Forecasts and Analysis - By Type
10.2.5 Europe Commercial Greenhouse Market Forecasts and Analysis - By Crop Type
10.2.6 Europe Commercial Greenhouse Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Commercial Greenhouse Market
10.2.6.1.1 Germany Commercial Greenhouse Market by Equipment
10.2.6.1.2 Germany Commercial Greenhouse Market by Type
10.2.6.1.3 Germany Commercial Greenhouse Market by Crop Type
10.2.6.2 France Commercial Greenhouse Market
10.2.6.2.1 France Commercial Greenhouse Market by Equipment
10.2.6.2.2 France Commercial Greenhouse Market by Type
10.2.6.2.3 France Commercial Greenhouse Market by Crop Type
10.2.6.3 Italy Commercial Greenhouse Market
10.2.6.3.1 Italy Commercial Greenhouse Market by Equipment
10.2.6.3.2 Italy Commercial Greenhouse Market by Type
10.2.6.3.3 Italy Commercial Greenhouse Market by Crop Type
10.2.6.4 United Kingdom Commercial Greenhouse Market
10.2.6.4.1 United Kingdom Commercial Greenhouse Market by Equipment
10.2.6.4.2 United Kingdom Commercial Greenhouse Market by Type
10.2.6.4.3 United Kingdom Commercial Greenhouse Market by Crop Type
10.2.6.5 Russia Commercial Greenhouse Market
10.2.6.5.1 Russia Commercial Greenhouse Market by Equipment
10.2.6.5.2 Russia Commercial Greenhouse Market by Type
10.2.6.5.3 Russia Commercial Greenhouse Market by Crop Type
10.2.6.6 Rest of Europe Commercial Greenhouse Market
10.2.6.6.1 Rest of Europe Commercial Greenhouse Market by Equipment
10.2.6.6.2 Rest of Europe Commercial Greenhouse Market by Type
10.2.6.6.3 Rest of Europe Commercial Greenhouse Market by Crop Type
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Commercial Greenhouse Market Overview
10.3.2 Asia-Pacific Commercial Greenhouse Market Forecasts and Analysis
10.3.3 Asia-Pacific Commercial Greenhouse Market Forecasts and Analysis - By Equipment
10.3.4 Asia-Pacific Commercial Greenhouse Market Forecasts and Analysis - By Type
10.3.5 Asia-Pacific Commercial Greenhouse Market Forecasts and Analysis - By Crop Type
10.3.6 Asia-Pacific Commercial Greenhouse Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Commercial Greenhouse Market
10.3.6.1.1 Australia Commercial Greenhouse Market by Equipment
10.3.6.1.2 Australia Commercial Greenhouse Market by Type
10.3.6.1.3 Australia Commercial Greenhouse Market by Crop Type
10.3.6.2 China Commercial Greenhouse Market
10.3.6.2.1 China Commercial Greenhouse Market by Equipment
10.3.6.2.2 China Commercial Greenhouse Market by Type
10.3.6.2.3 China Commercial Greenhouse Market by Crop Type
10.3.6.3 India Commercial Greenhouse Market
10.3.6.3.1 India Commercial Greenhouse Market by Equipment
10.3.6.3.2 India Commercial Greenhouse Market by Type
10.3.6.3.3 India Commercial Greenhouse Market by Crop Type
10.3.6.4 Japan Commercial Greenhouse Market
10.3.6.4.1 Japan Commercial Greenhouse Market by Equipment
10.3.6.4.2 Japan Commercial Greenhouse Market by Type
10.3.6.4.3 Japan Commercial Greenhouse Market by Crop Type
10.3.6.5 South Korea Commercial Greenhouse Market
10.3.6.5.1 South Korea Commercial Greenhouse Market by Equipment
10.3.6.5.2 South Korea Commercial Greenhouse Market by Type
10.3.6.5.3 South Korea Commercial Greenhouse Market by Crop Type
10.3.6.6 Rest of Asia-Pacific Commercial Greenhouse Market
10.3.6.6.1 Rest of Asia-Pacific Commercial Greenhouse Market by Equipment
10.3.6.6.2 Rest of Asia-Pacific Commercial Greenhouse Market by Type
10.3.6.6.3 Rest of Asia-Pacific Commercial Greenhouse Market by Crop Type
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Commercial Greenhouse Market Overview
10.4.2 Middle East and Africa Commercial Greenhouse Market Forecasts and Analysis
10.4.3 Middle East and Africa Commercial Greenhouse Market Forecasts and Analysis - By Equipment
10.4.4 Middle East and Africa Commercial Greenhouse Market Forecasts and Analysis - By Type
10.4.5 Middle East and Africa Commercial Greenhouse Market Forecasts and Analysis - By Crop Type
10.4.6 Middle East and Africa Commercial Greenhouse Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Commercial Greenhouse Market
10.4.6.1.1 South Africa Commercial Greenhouse Market by Equipment
10.4.6.1.2 South Africa Commercial Greenhouse Market by Type
10.4.6.1.3 South Africa Commercial Greenhouse Market by Crop Type
10.4.6.2 Saudi Arabia Commercial Greenhouse Market
10.4.6.2.1 Saudi Arabia Commercial Greenhouse Market by Equipment
10.4.6.2.2 Saudi Arabia Commercial Greenhouse Market by Type
10.4.6.2.3 Saudi Arabia Commercial Greenhouse Market by Crop Type
10.4.6.3 U.A.E Commercial Greenhouse Market
10.4.6.3.1 U.A.E Commercial Greenhouse Market by Equipment
10.4.6.3.2 U.A.E Commercial Greenhouse Market by Type
10.4.6.3.3 U.A.E Commercial Greenhouse Market by Crop Type
10.4.6.4 Rest of Middle East and Africa Commercial Greenhouse Market
10.4.6.4.1 Rest of Middle East and Africa Commercial Greenhouse Market by Equipment
10.4.6.4.2 Rest of Middle East and Africa Commercial Greenhouse Market by Type
10.4.6.4.3 Rest of Middle East and Africa Commercial Greenhouse Market by Crop Type
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Commercial Greenhouse Market Overview
10.5.2 South and Central America Commercial Greenhouse Market Forecasts and Analysis
10.5.3 South and Central America Commercial Greenhouse Market Forecasts and Analysis - By Equipment
10.5.4 South and Central America Commercial Greenhouse Market Forecasts and Analysis - By Type
10.5.5 South and Central America Commercial Greenhouse Market Forecasts and Analysis - By Crop Type
10.5.6 South and Central America Commercial Greenhouse Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Commercial Greenhouse Market
10.5.6.1.1 Brazil Commercial Greenhouse Market by Equipment
10.5.6.1.2 Brazil Commercial Greenhouse Market by Type
10.5.6.1.3 Brazil Commercial Greenhouse Market by Crop Type
10.5.6.2 Argentina Commercial Greenhouse Market
10.5.6.2.1 Argentina Commercial Greenhouse Market by Equipment
10.5.6.2.2 Argentina Commercial Greenhouse Market by Type
10.5.6.2.3 Argentina Commercial Greenhouse Market by Crop Type
10.5.6.3 Rest of South and Central America Commercial Greenhouse Market
10.5.6.3.1 Rest of South and Central America Commercial Greenhouse Market by Equipment
10.5.6.3.2 Rest of South and Central America Commercial Greenhouse Market by Type
10.5.6.3.3 Rest of South and Central America Commercial Greenhouse Market by Crop Type
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. COMMERCIAL GREENHOUSE MARKET, KEY COMPANY PROFILES
12.1. AGRA TECH, 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. ATLAS MANUFACTURING, INC.
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. CERTHON
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. DUTCHGREENHOUSES
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. GREEN TEK
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. HELIOSPECTRA AB
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. KEDER GREENHOUSE
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. NEXUS CORPORATION
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. RICHEL GROUP
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. TEXAS GREENHOUSE COMPANY INC.
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
The List of Companies
1. Agra Tech, Inc.
2. ATLAS MANUFACTURING, INC.
3. Certhon
4. DutchGreenhouses
5. Green Tek
6. Heliospectra AB
7. Keder Greenhouse
8. Nexus Corporation
9. RICHEL Group
10. Texas Greenhouse Company Inc.
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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