Europe Aircraft MRO Market Analysis and Forecast by Size, Share, Growth, Trends 2031

Europe Aircraft MRO Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Engine MRO, Avionics MRO, Airframe MRO, Cabin MRO, Landing Gear MRO, and Other Components), Aircraft Type (Fixed Wing and Rotary Wing), and End Use (Commercial and Military)

Report Date : Oct 2025
Report Code : TIPRE00022958

Category : Aerospace and Defense
Status : Published

Available Report Formats :
No. of Pages : 151

The Europe aircraft MRO market size is expected to reach US$ 37,496.40 million by 2031 from US$ 23,172.79 million in 2024. The market is estimated to record a CAGR of 7.5% from 2025 to 2031.

Executive Summary and Europe Aircraft MRO Market Analysis:

The aircraft MRO market in Europe is segmented into France, Germany, Italy, Russia, the UK, and the Rest of Europe. With more than 20,000 flights a day and ~500 million passengers traveling every year by air, Europe is accredited with the world's busiest airspace. The strength of the regional economy, surging air travel, and the demand for new modern aircraft in the commercial and military aircraft fleets drive the market growth in the region. Airline in Europe needs to adhere to the stringent regulations set by the European Aviation Safety Agency (EASA) to ensure passenger safety. Aircraft MRO aids in the maintenance process and improves the aircraft's reliability and productivity.

FL Technics, Lufthansa Technik, and Rolls-Royce Plc are key players operating in the Europe aircraft MRO market. FL Technics, a global provider of aircraft MRO services, acquired Wright International. FL Technics MRO offers a range of line maintenance services for wide-body and narrow-body aircraft. According to The Oliver Wymann's analysis, in 2025, Europe had a fleet of more than 6,904 operational commercial aircraft, which is expected to reach ~8,691 commercial aircraft fleet by the end of 2035. Europe had more than ~4,598 operational narrow-body commercial aircraft in 2025, which is expected to reach ~6245 by the end of 2034. Further, Europe had more than ~1,248 operational wide-body commercial aircraft in 2025; this number is expected to reach ~1,318 by the end of 2034. Such an increase in the number of aircraft fleets across Europe bolsters the requirement of MRO for engines and airframes.

In June 2023, Pratt & Whitney, a subsidiary of RTX (Raytheon Technologies Corporation), unveiled the conclusion of engine and aftermarket agreements with Croatia Airlines. These agreements pertain to the Geared Turbofan (GTF) engines designated to power Croatia Airlines' fleet comprising 15 Airbus A220-100 and A220-300 aircraft. This fleet encompasses acquired and leased planes, with six being purchased outright and nine procured under lease arrangements, including six from Air Lease Corporation (ALC). The inaugural aircraft is slated for delivery during the second quarter of 2024. Through these agreements, Pratt & Whitney will assume responsibility for engine maintenance of Croatia Airlines' fleet through a long-term EngineWise maintenance agreement. This collaboration underscores Pratt & Whitney's commitment to providing aftermarket support and maintenance services to optimize the performance and reliability of Croatia Airlines' Airbus A220 aircraft fleet. The agreement between Pratt & Whitney and Croatia Airlines highlights the capability of European MRO providers.

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Europe Aircraft MRO Market: Strategic Insights

Market Size Value in	US$ 12.22 Billion in 2021
Market Size Value by	US$ 15.46 Billion by 2028
Growth rate	CAGR of 3.4% from 2021-2028
Forecast Period	2021-2028
Base Year	2021

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Europe Aircraft MRO Market Segmentation Analysis:

Key segments that contributed to the derivation of the Europe aircraft MRO market analysis are component, aircraft type, and end users.

Based on component, the Europe aircraft MRO market is segmented into engine MRO, avionics MRO, airframe MRO, cabin MRO, landing gear MRO, and others. The engine MRO segment held the largest share of the market in 2024.

Based on aircraft type, the Europe aircraft MRO market is bifurcated into fixed wing and rotary wing. The fixed wing segment held a larger share of the market in 2024.

Based on end users, the Europe aircraft MRO market is bifurcated into commercial and military. The commercial segment held a larger share of the market in 2024.

Market Report ScopeEurope Aircraft MRO Market Outlook

Retrofitting, which refers to the installation or addition of newer technologies on older aircraft fleets, helps increase passenger comfort and safety and facilitates the airlines in maintaining their older fleets. Continuous advancements in aircraft technologies are resulting in the upgrade of MRO capabilities. MRO service providers are constantly seeking upgrades and procurement of newer technologies in order to service the newer aircraft as well as retrofit the upgraded technologies on the older aircraft fleets. In the current scenario, global commercial airlines are holding on to their older aircraft fleet owing to the drop in fuel prices. This factor is compelling the airlines to opt for MRO activities frequently, which is facilitating the MRO service providers to offer the airlines to retrofit the aircraft fleet with newer technologies. The retrofitting trend is soaring among the MRO service providers. Thus, the integration of advanced and modern technologies into older aircraft fleets is expected to change the aircraft MRO market landscape as well as the face of the aviation industry.

Europe Aircraft MRO Market Country Insights

Based on country, the Europe aircraft MRO market comprises Germany, France, Italy, the UK, Russia, and the Rest of Europe. Germany held the largest share in 2024.

The German government allocates a fair percentage of its annual budget toward its defense force. The rise in the defense budget enables the forces to continue the maintenance of respective aircraft to maintain their airworthiness and operability. Further, Lufthansa Technik has involved itself in technological upgrades. Recently, the company has focused on digital MRO, which facilitates the company to serve its customers efficiently and in a shorter period. The company's full-fledged deployment of digital MRO would heavily benefit in generating revenues in the coming years.

In December 2024, Rolls-Royce announced the arrival of its first Trent 1000 engine set for Maintenance, Repair, and Overhaul (MRO) at its facility in Dahlewitz, Germany. This milestone comes in the wake of a commitment to invest US$ 61.55 million in enhancing assembly, testing, and shop visit capacity in the UK and Germany, which is expected to create approximately 300 jobs. This investment, made in March, aims to meet the long-term demand for new civil large engines and to enhance customer aftermarket support services for the global fleet of Rolls-Royce Trent engines.

Company Profiles

Some of the key players operating in the market include AAR CORP; Barnes Group Inc; GE Aerospace; FLTechnics, UAB.; Turkish Technic Inc.; Singapore Technologies Engineering Ltd; Lufthansa Technik; Delta TechOps; Rolls-Royce Holdings Plc; and Collins Aerospace, among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

Europe Aircraft MRO Market Research Methodology :

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

Company websites, annual reports, financial statements, broker analyses, and investor presentations.

Industry trade journals and other relevant publications.

Government documents, statistical databases, and market reports.

News articles, press releases, and webcasts specific to companies operating in the market.

Note:

All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

Primary Research

The Insights Partners' conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:

Validate and refine findings from secondary research.

Enhance the expertise and market understanding of the analysis team.

Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers

External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise

Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered

Component, Aircraft Type, and End-User

Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope

UK, Germany, France, Italy, Russia

1. Introduction

1.1 Report Guidance

1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights

2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research

3.2 Primary Research

3.2.1 Hypothesis formulation:

3.2.2 Macroeconomic factor analysis:

3.2.3 Developing base number:

3.2.4 Data Triangulation:

3.2.5 Country-level data:

3.3 Assumptions and Limitations

4. Europe Aircraft MRO Market Landscape

4.1 Overview

4.2 Ecosystem Analysis

4.2.1 Component Suppliers

4.2.2 MRO Service Providers

4.2.3 End Users

5. Europe Aircraft MRO Market - Key Market Dynamics

5.1 Europe Aircraft MRO Market - Key Market Dynamics

5.2 Market Drivers

5.2.1 Increasing Air Travel

5.2.2 Growing Integration of Digital Technology in MRO Industry

5.3 Market Restraints

5.3.1 OEMs Entering Aftermarket

5.3.2 Geopolitical Tensions

5.4 Market Opportunities

5.4.1 Retrofitting of Older Aircraft Fleet

5.4.2 Increasing Adoption of Sustainable Aviation Fuel (SAF)

5.5 Future Trends

5.5.1 Blockchain Technology Changing MRO Landscape

5.6 Impact of Drivers and Restraints:

6. Aircraft MRO Market - Europe Analysis

6.1 Europe Aircraft MRO Market Revenue (US$ Million), 2021-2031

6.2 Europe Aircraft MRO Market Forecast Analysis

7. Europe Aircraft MRO Market Analysis - by Component

7.1 Engine MRO

7.1.1 Overview

7.1.2 Engine MRO: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

7.2 Avionics MRO

7.2.1 Overview

7.2.2 Avionics MRO: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

7.3 Airframe MRO

7.3.1 Overview

7.3.2 Airframe MRO: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

7.4 Cabin MRO

7.4.1 Overview

7.4.2 Cabin MRO: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

7.5 Landing Gear MRO

7.5.1 Overview

7.5.2 Landing Gear MRO: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

7.6 Others

7.6.1 Overview

7.6.2 Others: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

8. Europe Aircraft MRO Market Analysis - by Aircraft Type

8.1 Fixed Wing

8.1.1 Overview

8.1.2 Fixed Wing: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

8.2 Rotary Wing

8.2.1 Overview

8.2.2 Rotary Wing: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

9. Europe Aircraft MRO Market Analysis - by End Users

9.1 Commercial

9.1.1 Overview

9.1.2 Commercial: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

9.2 Military

9.2.1 Overview

9.2.2 Military: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

10. Europe Aircraft MRO Market - Country Analysis

10.1 Europe

10.1.1 Europe Aircraft MRO Market - Revenue and Forecast Analysis - by Country

10.1.1.1 Europe Aircraft MRO Market - Revenue and Forecast Analysis - by Country

10.1.1.2 Germany: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.1.1.2.1 Germany: Europe Aircraft MRO Market Share - by Component

10.1.1.2.2 Germany: Europe Aircraft MRO Market Share - by Aircraft Type

10.1.1.2.3 Germany: Europe Aircraft MRO Market Share - by End Users

10.1.1.3 France: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.1.1.3.1 France: Europe Aircraft MRO Market Share - by Component

10.1.1.3.2 France: Europe Aircraft MRO Market Share - by Aircraft Type

10.1.1.3.3 France: Europe Aircraft MRO Market Share - by End Users

10.1.1.4 Italy: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.1.1.4.1 Italy: Europe Aircraft MRO Market Share - by Component

10.1.1.4.2 Italy: Europe Aircraft MRO Market Share - by Aircraft Type

10.1.1.4.3 Italy: Europe Aircraft MRO Market Share - by End Users

10.1.1.5 United Kingdom: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.1.1.5.1 United Kingdom: Europe Aircraft MRO Market Share - by Component

10.1.1.5.2 United Kingdom: Europe Aircraft MRO Market Share - by Aircraft Type

10.1.1.5.3 United Kingdom: Europe Aircraft MRO Market Share - by End Users

10.1.1.6 Russia: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.1.1.6.1 Russia: Europe Aircraft MRO Market Share - by Component

10.1.1.6.2 Russia: Europe Aircraft MRO Market Share - by Aircraft Type

10.1.1.6.3 Russia: Europe Aircraft MRO Market Share - by End Users

10.1.1.7 Rest of Europe: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.1.1.7.1 Rest of Europe: Europe Aircraft MRO Market Share - by Component

10.1.1.7.2 Rest of Europe: Europe Aircraft MRO Market Share - by Aircraft Type

10.1.1.7.3 Rest of Europe: Europe Aircraft MRO Market Share - by End Users

11. Competitive Landscape

11.1 Market Concentration

11.2 Company Market Share Analysis, 2024

12. Industry Landscape

12.1 Overview

12.2 Market Initiative

13. Company Profiles

13.1 AAR CORP

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 Barnes Group Inc

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 GE Aerospace

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 FLTechnics, UAB.

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 Turkish Technic Inc.

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 Singapore Technologies Engineering Ltd

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 Lufthansa Technik

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 Delta TechOps

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 Rolls-Royce Holdings Plc

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 Collins Aerospace

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

List of Tables

Table 1. Europe Aircraft MRO Market Segmentation

Table 2. Air Passenger Market in Detail (2024):

Table 3. Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

Table 4. Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Component

Table 5. Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Aircraft Type

Table 6. Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million) - by End Users

Table 7. Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Country

Table 8. Germany: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Component

Table 9. Germany: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Aircraft Type

Table 10. Germany: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End Users

Table 11. France: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Component

Table 12. France: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Aircraft Type

Table 13. France: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End Users

Table 14. Italy: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Component

Table 15. Italy: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Aircraft Type

Table 16. Italy: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End Users

Table 17. United Kingdom: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Component

Table 18. United Kingdom: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Aircraft Type

Table 19. United Kingdom: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End Users

Table 20. Russia: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Component

Table 21. Russia: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Aircraft Type

Table 22. Russia: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End Users

Table 23. Rest of Europe: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Component

Table 24. Rest of Europe: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Aircraft Type

Table 25. Rest of Europe: Europe Aircraft MRO Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End Users

Table 26. Market Concentration

List of Figures

Figure 1. Europe Aircraft MRO Market Segmentation - Country

Figure 2. Impact Analysis of Drivers and Restraints

Figure 3. Europe Aircraft MRO Market Revenue (US$ Million), 2021-2031

Figure 4. Europe Aircraft MRO Market Share (%) - by Component (2024 and 2031)

Figure 5. Engine MRO: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 6. Avionics MRO: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 7. Airframe MRO: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 8. Cabin MRO: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 9. Landing Gear MRO: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 10. Others: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 11. Europe Aircraft MRO Market Share (%) - by Aircraft Type (2024 and 2031)

Figure 12. Fixed Wing: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 13. Rotary Wing: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 14. Europe Aircraft MRO Market Share (%) - by End Users (2024 and 2031)

Figure 15. Commercial: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 16. Military: Europe Aircraft MRO Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 17. Europe Aircraft MRO Market Breakdown, by Key Countries, 2024 and 2031 (%)

Figure 18. Germany: Europe Aircraft MRO Market - Revenue and Forecast, 2021- 2031 (US$ Million)

Figure 19. France: Europe Aircraft MRO Market - Revenue and Forecast, 2021- 2031 (US$ Million)

Figure 20. Italy: Europe Aircraft MRO Market - Revenue and Forecast, 2021- 2031 (US$ Million)

Figure 21. United Kingdom: Europe Aircraft MRO Market - Revenue and Forecast, 2021- 2031 (US$ Million)

Figure 22. Russia: Europe Aircraft MRO Market - Revenue and Forecast, 2021- 2031 (US$ Million)

Figure 23. Rest of Europe: Europe Aircraft MRO Market - Revenue and Forecast, 2021- 2031 (US$ Million)

Figure 24. Company Market Share Analysis, 2024

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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:

Research Methodology

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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