The industrial hose market is expected to grow from US$ 13.5 billion in 2022 to US$ 22.1 billion by 2030; it is estimated to grow at a CAGR of 6.4% between 2022 and 2030.
The industrial hose can be used by professionals or at commercial venues to transfer fluids from their source to machines and other industrial uses. The volumes and pressures are needed to transmit the material. Therefore, hoses are made of various material configurations and are available in different diameters, forms, and configurations. Extreme durability, temperature resistance, flexibility, and long-lasting performance distinguish industrial hose from other hose types.
MARKET DYNAMICS
The rising demand for durable industrial hoses for crucial applications across many industries, expanding infrastructure activities, and rising PVC material consumption are among the major factors driving the industrial hose market growth. Globally, there is a growing need for durable industrial hoses to prevent fatal accidents and guarantee efficient material handling despite harsh environmental and operational conditions. This is especially true for industries such as pharmaceuticals, agriculture, chemicals, and oil & gas, which were affected due to the COVID-19 pandemic. The introduction of technical challenges related to industrial hoses restrains the growth of the industrial hose market. However, modernization in agricultural processes and rising sales of automobiles are expected to create growth opportunities for the key stakeholders in the industrial hose market in the coming years.
MARKET SCOPE
The "Global Industrial Hose Market Forecast to 2028" report aims to provide an overview of the industrial hose market with detailed market segmentation based on material and industry vertical. The report provides key statistics based on the financial performance of the leading market players. It also offers key trends and opportunities in the industrial hose market.
Strategic Insights
MARKET SEGMENTATION
The global industrial hose market is bifurcated on the basis of material and industry vertical. Based on material, the market is segmented into natural rubber, nitrile rubber, polyurethane, PVC, silicone, and others. By industry vertical, the market is segmented into automotive, water & wastewater, oil & gas, chemicals, infrastructure, food & beverages, agriculture, mining, and others.
The global industrial hose market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally along with trends and opportunities prevailing in the region.
From the regional perspective, APAC dominated the industrial hose market with ~XX% market share in 2021. The market in APAC is anticipated to develop at the highest CAGR during the forecast period. The most common applications of oil & gas are gasoline for automobiles, as well as fuel for industrial machinery and domestic operations. In the oil & gas enterprise safety, environmental protection and operations efficiency are essential, for which robust hoses are used. Hence, the growing adoption of industrial hoses for different applications is anticipated to offer growth opportunities for the industrial hose market in the future. ContiTech AG and Eaton Corp. Plc. are among the key industrial hose manufacturers in APAC. The below figure shows the revenue growth trend in the global industrial hose market:
Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trend, which impact the industrial hose market. It also provides exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has impacted the sales of industrial hoses across the world. However, the pandemic created opportunities for a few players present in the ecosystem. Since the pharmaceutical manufacturing centres globally were active, chemical and gas hoses were in demand. In the pharmaceuticals industry, industrial hoses are utilized in vacuum conveying devices, suction conveyors, dosing systems, and pelleting machines. Thus, an increase in pharmaceutical production is anticipated to fuel the demand for industrial hoses post-COVID-19 crisis.
Owing to the adverse effects of the COVID-19 pandemic, automotive is the most-affected industry after the oil & gas industry. Automobile production across Europe and North America was reduced or nonoperational during the lockdown. The use of industrial hoses is an essential and large issue of the automotive industry. In the modern-day marketplace situation, it is difficult to decide the effect of COVID-19 pandemic on the use of industrial hoses in the automotive industry. However, after the pandemic, the manufacturing of vehicles is anticipated to grow, which would propel the adoption of industrial hoses including water, gas, and chemical hoses during the forecast period.
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The global industrial hose market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally along with trends and opportunities prevailing in the region.
From the regional perspective, APAC dominated the industrial hose market with ~XX% market share in 2021. The market in APAC is anticipated to develop at the highest CAGR during the forecast period. The most common applications of oil & gas are gasoline for automobiles, as well as fuel for industrial machinery and domestic operations. In the oil & gas enterprise safety, environmental protection and operations efficiency are essential, for which robust hoses are used. Hence, the growing adoption of industrial hoses for different applications is anticipated to offer growth opportunities for the industrial hose market in the future. ContiTech AG and Eaton Corp. Plc. are among the key industrial hose manufacturers in APAC. The below figure shows the revenue growth trend in the global industrial hose market:
Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trend, which impact the industrial hose market. It also provides exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has impacted the sales of industrial hoses across the world. However, the pandemic created opportunities for a few players present in the ecosystem. Since the pharmaceutical manufacturing centres globally were active, chemical and gas hoses were in demand. In the pharmaceuticals industry, industrial hoses are utilized in vacuum conveying devices, suction conveyors, dosing systems, and pelleting machines. Thus, an increase in pharmaceutical production is anticipated to fuel the demand for industrial hoses post-COVID-19 crisis.
Owing to the adverse effects of the COVID-19 pandemic, automotive is the most-affected industry after the oil & gas industry. Automobile production across Europe and North America was reduced or nonoperational during the lockdown. The use of industrial hoses is an essential and large issue of the automotive industry. In the modern-day marketplace situation, it is difficult to decide the effect of COVID-19 pandemic on the use of industrial hoses in the automotive industry. However, after the pandemic, the manufacturing of vehicles is anticipated to grow, which would propel the adoption of industrial hoses including water, gas, and chemical hoses during the forecast period.
MARKET PLAYERS
The reports cover key developments in the industrial hose market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Acquisitions and partnerships & collaborations are among the inorganic growth strategic activities witnessed in the market. These activities have paved way for the expansion of business and customer base of market players. The market players are anticipated to experience lucrative growth opportunities in the future due to the rising demand for industrial hoses.
The report also includes the profiles of key industrial hose market companies along with their SWOT analysis and market strategies. In addition, it focuses on leading industry players’ information such as company profiles, components and services offered, financial information of last three years, and key development in past five years.
- Colex International Ltd.
- Eaton Corporation PLC
- Flexaust Inc.
- Gates Corporation
- Kanaflex Corporation
- Kuriyama Holdings Corporation
- NORRES Schlauchtechnik GmbH
- Parker-Hannifin Corporation
- RYCO Hydraulics Pty Ltd
- Transfer Oil S.p.A.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material, Industry Vertical, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
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 Industrial Hose Market - By Material
1.3.2 Industrial Hose Market - By Industry Vertical
1.3.3 Industrial Hose Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. INDUSTRIAL HOSE 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. INDUSTRIAL HOSE 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. INDUSTRIAL HOSE MARKET - GLOBAL MARKET ANALYSIS
6.1. INDUSTRIAL HOSE - GLOBAL MARKET OVERVIEW
6.2. INDUSTRIAL HOSE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. INDUSTRIAL HOSE MARKET - REVENUE AND FORECASTS TO 2028 - MATERIAL
7.1. OVERVIEW
7.2. MATERIAL MARKET FORECASTS AND ANALYSIS
7.3. NATURAL RUBBER
7.3.1. Overview
7.3.2. Natural Rubber Market Forecast and Analysis
7.4. NITRILE RUBBER
7.4.1. Overview
7.4.2. Nitrile Rubber Market Forecast and Analysis
7.5. POLYURETHANE
7.5.1. Overview
7.5.2. Polyurethane Market Forecast and Analysis
7.6. PVC
7.6.1. Overview
7.6.2. PVC Market Forecast and Analysis
7.7. SILICONE
7.7.1. Overview
7.7.2. Silicone Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. INDUSTRIAL HOSE MARKET - REVENUE AND FORECASTS TO 2028 - INDUSTRY VERTICAL
8.1. OVERVIEW
8.2. INDUSTRY VERTICAL MARKET FORECASTS AND ANALYSIS
8.3. AUTOMOTIVE
8.3.1. Overview
8.3.2. Automotive Market Forecast and Analysis
8.4. WATER AND WASTEWATER
8.4.1. Overview
8.4.2. Water and Wastewater Market Forecast and Analysis
8.5. OIL AND GAS
8.5.1. Overview
8.5.2. Oil and Gas Market Forecast and Analysis
8.6. CHEMICALS
8.6.1. Overview
8.6.2. Chemicals Market Forecast and Analysis
8.7. INFRASTRUCTURE
8.7.1. Overview
8.7.2. Infrastructure Market Forecast and Analysis
8.8. FOOD AND BEVERAGES
8.8.1. Overview
8.8.2. Food and Beverages Market Forecast and Analysis
8.9. AGRICULTURE
8.9.1. Overview
8.9.2. Agriculture Market Forecast and Analysis
8.10. MINING
8.10.1. Overview
8.10.2. Mining Market Forecast and Analysis
8.11. OTHERS
8.11.1. Overview
8.11.2. Others Market Forecast and Analysis
9. INDUSTRIAL HOSE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Industrial Hose Market Overview
9.1.2 North America Industrial Hose Market Forecasts and Analysis
9.1.3 North America Industrial Hose Market Forecasts and Analysis - By Material
9.1.4 North America Industrial Hose Market Forecasts and Analysis - By Industry Vertical
9.1.5 North America Industrial Hose Market Forecasts and Analysis - By Countries
9.1.5.1 United States Industrial Hose Market
9.1.5.1.1 United States Industrial Hose Market by Material
9.1.5.1.2 United States Industrial Hose Market by Industry Vertical
9.1.5.2 Canada Industrial Hose Market
9.1.5.2.1 Canada Industrial Hose Market by Material
9.1.5.2.2 Canada Industrial Hose Market by Industry Vertical
9.1.5.3 Mexico Industrial Hose Market
9.1.5.3.1 Mexico Industrial Hose Market by Material
9.1.5.3.2 Mexico Industrial Hose Market by Industry Vertical
9.2. EUROPE
9.2.1 Europe Industrial Hose Market Overview
9.2.2 Europe Industrial Hose Market Forecasts and Analysis
9.2.3 Europe Industrial Hose Market Forecasts and Analysis - By Material
9.2.4 Europe Industrial Hose Market Forecasts and Analysis - By Industry Vertical
9.2.5 Europe Industrial Hose Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Industrial Hose Market
9.2.5.1.1 Germany Industrial Hose Market by Material
9.2.5.1.2 Germany Industrial Hose Market by Industry Vertical
9.2.5.2 France Industrial Hose Market
9.2.5.2.1 France Industrial Hose Market by Material
9.2.5.2.2 France Industrial Hose Market by Industry Vertical
9.2.5.3 Italy Industrial Hose Market
9.2.5.3.1 Italy Industrial Hose Market by Material
9.2.5.3.2 Italy Industrial Hose Market by Industry Vertical
9.2.5.4 United Kingdom Industrial Hose Market
9.2.5.4.1 United Kingdom Industrial Hose Market by Material
9.2.5.4.2 United Kingdom Industrial Hose Market by Industry Vertical
9.2.5.5 Russia Industrial Hose Market
9.2.5.5.1 Russia Industrial Hose Market by Material
9.2.5.5.2 Russia Industrial Hose Market by Industry Vertical
9.2.5.6 Rest of Europe Industrial Hose Market
9.2.5.6.1 Rest of Europe Industrial Hose Market by Material
9.2.5.6.2 Rest of Europe Industrial Hose Market by Industry Vertical
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Industrial Hose Market Overview
9.3.2 Asia-Pacific Industrial Hose Market Forecasts and Analysis
9.3.3 Asia-Pacific Industrial Hose Market Forecasts and Analysis - By Material
9.3.4 Asia-Pacific Industrial Hose Market Forecasts and Analysis - By Industry Vertical
9.3.5 Asia-Pacific Industrial Hose Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Industrial Hose Market
9.3.5.1.1 Australia Industrial Hose Market by Material
9.3.5.1.2 Australia Industrial Hose Market by Industry Vertical
9.3.5.2 China Industrial Hose Market
9.3.5.2.1 China Industrial Hose Market by Material
9.3.5.2.2 China Industrial Hose Market by Industry Vertical
9.3.5.3 India Industrial Hose Market
9.3.5.3.1 India Industrial Hose Market by Material
9.3.5.3.2 India Industrial Hose Market by Industry Vertical
9.3.5.4 Japan Industrial Hose Market
9.3.5.4.1 Japan Industrial Hose Market by Material
9.3.5.4.2 Japan Industrial Hose Market by Industry Vertical
9.3.5.5 South Korea Industrial Hose Market
9.3.5.5.1 South Korea Industrial Hose Market by Material
9.3.5.5.2 South Korea Industrial Hose Market by Industry Vertical
9.3.5.6 Rest of Asia-Pacific Industrial Hose Market
9.3.5.6.1 Rest of Asia-Pacific Industrial Hose Market by Material
9.3.5.6.2 Rest of Asia-Pacific Industrial Hose Market by Industry Vertical
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Industrial Hose Market Overview
9.4.2 Middle East and Africa Industrial Hose Market Forecasts and Analysis
9.4.3 Middle East and Africa Industrial Hose Market Forecasts and Analysis - By Material
9.4.4 Middle East and Africa Industrial Hose Market Forecasts and Analysis - By Industry Vertical
9.4.5 Middle East and Africa Industrial Hose Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Industrial Hose Market
9.4.5.1.1 South Africa Industrial Hose Market by Material
9.4.5.1.2 South Africa Industrial Hose Market by Industry Vertical
9.4.5.2 Saudi Arabia Industrial Hose Market
9.4.5.2.1 Saudi Arabia Industrial Hose Market by Material
9.4.5.2.2 Saudi Arabia Industrial Hose Market by Industry Vertical
9.4.5.3 U.A.E Industrial Hose Market
9.4.5.3.1 U.A.E Industrial Hose Market by Material
9.4.5.3.2 U.A.E Industrial Hose Market by Industry Vertical
9.4.5.4 Rest of Middle East and Africa Industrial Hose Market
9.4.5.4.1 Rest of Middle East and Africa Industrial Hose Market by Material
9.4.5.4.2 Rest of Middle East and Africa Industrial Hose Market by Industry Vertical
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Industrial Hose Market Overview
9.5.2 South and Central America Industrial Hose Market Forecasts and Analysis
9.5.3 South and Central America Industrial Hose Market Forecasts and Analysis - By Material
9.5.4 South and Central America Industrial Hose Market Forecasts and Analysis - By Industry Vertical
9.5.5 South and Central America Industrial Hose Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Industrial Hose Market
9.5.5.1.1 Brazil Industrial Hose Market by Material
9.5.5.1.2 Brazil Industrial Hose Market by Industry Vertical
9.5.5.2 Argentina Industrial Hose Market
9.5.5.2.1 Argentina Industrial Hose Market by Material
9.5.5.2.2 Argentina Industrial Hose Market by Industry Vertical
9.5.5.3 Rest of South and Central America Industrial Hose Market
9.5.5.3.1 Rest of South and Central America Industrial Hose Market by Material
9.5.5.3.2 Rest of South and Central America Industrial Hose Market by Industry Vertical
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. INDUSTRIAL HOSE MARKET, KEY COMPANY PROFILES
11.1. COLEX INTERNATIONAL LTD.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. EATON CORPORATION PLC
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. FLEXAUST INC.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. GATES CORPORATION
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. KANAFLEX CORPORATION
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. KURIYAMA HOLDINGS CORPORATION
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. NORRES SCHLAUCHTECHNIK GMBH
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. PARKER-HANNIFIN CORPORATION
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. RYCO HYDRAULICS PTY LTD
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. TRANSFER OIL S.P.A.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Colex International Ltd.
2. Eaton Corporation PLC
3. Flexaust Inc.
4. Gates Corporation
5. Kanaflex Corporation
6. Kuriyama Holdings Corporation
7. NORRES Schlauchtechnik GmbH
8. Parker-Hannifin Corporation
9. RYCO Hydraulics Pty Ltd
10. Transfer Oil S.p.A.
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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