[Research Report] The safety helmets market is expected to grow from US$ 4.18 billion in 2022 to US$ 7.28 billion by 2030; it is estimated to grow at a CAGR of 7.2% from 2022 to 2030.
Analyst Perspective:
The safety helmets market has witnessed massive growth due to several driving factors, including rapid industrialization and growing construction activities. Safety helmet shipments have increased post-pandemic due to rising workplace consumer health awareness. According to the Global Import data from the Trade Map Organization, the safety helmet import shipments reached around 59.3 thousand from more than 6,184 suppliers around the globe.
The safety helmet is mostly manufactured in three major countries, including China, India, and Japan. These three countries are top importers of safety helmets. There are more than 17,869 safety helmets imported to the US from India. Most construction sites use safety helmets made with polyethylene as they are easily available, cheap, and offer better head protection against the shocks of falling objects.
Technology is constantly evolving with adopting human safety equipment in industrial areas. Industries such as mining, oil & gas, construction, and chemical plants require safety helmets to protect from hazardous events. Safety helmets are being mandated per the government rules and regulations for the industrial areas where safety is essential. In industries, boilers areas, chemical plants at furnaces, and other areas of heat exposure require safety helmets to protect human health. Growing industrialization and rising government programs for more efficient, safer, and advanced industry equipment have propelled the global safety helmets market growth. It is important to note that more rudimentary and safer facilities and infrastructure are required to meet the increasing requirements of the individuals. The rising need for safety issues at the industrial level has propelled the global safety helmets market growth. There are different types of transportation and industrial safety rules and regulations for maintaining the safety of individuals. Despite those government rules and regulations, several accidents are happening around the globe. For instance, in September 2023, a Taiwan-based factory caught fire, resulting in explosions at the golf ball factory. Around five people were killed, and more than 100 were injured due to an explosion at the factory. Rising events such as the factory explosion around the globe is propelling the demand for safety equipment such as aprons, helmet, and gloves to protect human beings.
Market Overview:
Safety helmets are used to reduce and prevent head and brain injuries with their shields. The wearer's head is protected from falling items such as objects, road debris, collisions with other objects, electric shocks, and precipitations. Most head injuries are prevented with appropriate head protection. Nearly all construction site job sites must use manual labor conditions and strongly recommend wearing safety. The most basic type of material used for making safety helmets is Acrylonitrile Butadiene (ABS). Safety helmets consist of hard shells that protect against shocks that fit around the head and offer padding between the shell and the wearer's head. It also consists of ventilation vents to allow air ventilation over the skull when working for an extended period in hot weather. The manufacturing industry uses this safety helmet to protect the workers from any damage on the floor. The manufacturing sector represents a significant share in 2022, owing to a surge in investments for plant expansion in various countries around the globe. The manufacturing sector is the primary source for utilizing personal protective equipment such as gloves, helmets, and aprons. Global manufacturing output registered growth of 4.2% in the first quarter of 2022, followed by growth of 3.3%, 17.8%, and 5.8% in the previous three quarters of 2022. The United States, India, and China have shown significant manufacturing sector growth in recent years.
Strategic Insights
Market Driver:
Increased Demand for Safety Equipment with Growing Industrialization to Drive Growth of safety helmets market
Increasing industrialization with the rapid expansion of the manufacturing sector is important in driving demand for safety helmet products around the globe. Manufacturing is essential for the economy's growth, representing more than 17% of the globe’s gross domestic product. With the increasing manufacturing sector, the demand for safety helmets is boosting to provide safety for the people working in the hazardous environment. The manufacturing sector employs more than 13% of workers, representing a considerable share of the global trade. Also, economic and geopolitical factors significantly impact manufacturing companies' operations in the short and long term. Also, the government authorities in different countries are trying to boost investment by providing subsidies and loans to the manufacturers. The manufacturing sector represents the highest demand for safety helmets owing to the rising integration of new technologies and the advancement of better, smart products for human safety. As such, manufacturing is considered the primary income source in many developing nations. The US, Europe, and East Asian countries are investing significantly in Industry 4.0 technologies. As per the World Trade Organization (WTO) in 2020, manufactured goods trade represents 71% of the world’s merchandise exports, representing US$ 12.1 trillion sales out of overall US$ 17 trillion trade.
Further, rising investment in infrastructure development projects around the globe is expected to create ample opportunity for the safety helmets market. Infrastructure projects utilize safety helmets to protect a remote construction site from falling objects. According to the American Society of Civil Engineers industry group estimate, infrastructure investment in the US requires more than US$ 2.6 trillion to achieve economic growth. Further, Australia, India, Canada, France, Germany, and the UK have also invested significantly in infrastructure development with government support to prioritize projects. The US government signed the Infrastructure Investment and Jobs Act (IIJA) with around US$ 1.2 trillion in spending in November 2021. Such federal investment towards infrastructure development projects in the US is expected to create ample opportunity for the growth of the safety helmets market.
The increasing prevalence of head injuries across various manufacturing industries and statutory rules and regulations have boosted the demand for safety helmets with growing worker safety awareness. Rising occupational safety regulations drive the personal protective equipment (PPE) market. Mandates by authorities to maintain worker safety across industries are estimated to boost the demand for personal protective equipment. In addition, the demand for high-performance safety helmets has witnessed significant growth in the manufacturing and construction sectors due to their shock absorption capabilities and ability to protect lateral shock characteristics. Additionally, companies in the manufacturing industry are more conscious about worker security and safety at the workplace, owing to government regulations and fines for workplace-related risks.
Segmental Analysis:
The market is segmented into bump caps and hard hats based on product type. The hard hats segment held the largest share of the market in 2022, whereas the bump caps is projected to register the highest CAGR in the market during the forecast period. The hard hats segment has emerged as the dominant force in the safety helmets market, holding the largest share. This is primarily owing to rising demand in global building and construction projects. Rising government investments towards infrastructure development projects globally are projected to create significant opportunity for market growth. In November 2021, the United States government announced the investment for infrastructure developments. The United States has around US$ 25 trillion economy with many infrastructure development projects.
Regional Analysis:
The region's market is segmented into North America, Europe, Asia Pacific, Middle East Africa, and South America. Among these, Asia Pacific has the largest share in the global safety helmets market owing to the presence of the manufacturing industry, rapid industrialization, and availability of low-cost labor. In 2020, China’s manufacturing industry declined due to the COVID-19 pandemic, showing a significant drop of 13.9%. The manufacturing sector increased by 2.8% in the last quarter of 2020. China is the manufacturing hub for several automotive, electrical, and electronics components. These manufacturing companies require safety helmets for the safety of the workers. Also, China is the leading manufacturer of safety helmets. The country exports its in-house safety helmets around the world.
North America is rapidly growing for the global safety helmets market owing to rising demand in the manufacturing companies.
European countries are developing and adopting the technologies concerning the safety helmets. Manufacturers in European countries such as France, Germany, Italy, and Spain are developing Bluetooth-enabled torch systems for head-based safety helmets to meet the industry requirements.
Key Player Analysis:
The safety helmets market analysis consists of the players such as Bullard, Delta Plus Group, Honeywell International Inc., DuPont, 3M, Polison Corp., Kimberly-Clark Corp., O&M Halyard, Inc., Drägerwerk AG & Co. KGaA, and Uvex Group Among the players in the Safety Helmet. Due to the diversified product portfolio offered, Delta Plus Group and Honeywell International Inc. are the top two players.
Recent Developments:
The strategies such as mergers and acquisitions, new product launch, partnerships and collaborations are highly adopted by companies in the safety helmets market. The development by the companies are listed below:
- In July 2023, Ergodyne launched next-generation ANSI-certified Type 2 Safety Helmets with Bump Caps. ANSI Type 2 Skullerz safety helmets offer protection to the head for meeting the stringent rules and regulations such as ANSI ISEA.
- In November 2021, The Jarsh-NIA India-based safety helmet manufacturer launched the first AC Helmet, which works on its patented cooling technology that offers cooling up to 24ºC.
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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.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Material Type, End-user Industry
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
1.3.1Safety Helmets Market - By Material
1.3.2Safety Helmets Market - By Product
1.3.3Safety Helmets Market - By End-user
1.3.4Safety Helmets Market - By Region
1.3.4.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.SAFETY HELMETS MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PORTER'S FIVE FORCES ANALYSIS
4.2.1Bargaining Power of Buyers
4.2.1Bargaining Power of Suppliers
4.2.1Threat of Substitute
4.2.1Threat of New Entrants
4.2.1Competitive Rivalry
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.SAFETY HELMETS 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 AND RESTRAINTS
6.SAFETY HELMETS MARKET - GLOBAL MARKET ANALYSIS
6.1.SAFETY HELMETS - GLOBAL MARKET OVERVIEW
6.2.SAFETY HELMETS - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.SAFETY HELMETS MARKET - REVENUE AND FORECASTS TO 2028 " MATERIAL
7.1.OVERVIEW
7.2.MATERIAL MARKET FORECASTS AND ANALYSIS
7.3.ACRYLONITRILE BUTADIENE STYRENE (ABS)
7.3.1.Overview
7.3.2.Acrylonitrile Butadiene Styrene (ABS) Market Forecast and Analysis
7.4.POLYETHYLENE (PE)
7.4.1.Overview
7.4.2.Polyethylene (PE) Market Forecast and Analysis
7.5.POLYCARBONATE (PC)
7.5.1.Overview
7.5.2.Polycarbonate (PC) Market Forecast and Analysis
7.6.FIBERGLASS REINFORCED PLASTIC (FRP)
7.6.1.Overview
7.6.2.Fiberglass Reinforced Plastic (FRP) Market Forecast and Analysis
7.7.OTHERS
7.7.1.Overview
7.7.2.Others Market Forecast and Analysis
8.SAFETY HELMETS MARKET - REVENUE AND FORECASTS TO 2028 " PRODUCT
8.1.OVERVIEW
8.2.PRODUCT MARKET FORECASTS AND ANALYSIS
8.3.HARD HATS
8.3.1.Overview
8.3.2.Hard Hats Market Forecast and Analysis
8.4.BUMP CAPS
8.4.1.Overview
8.4.2.Bump Caps Market Forecast and Analysis
9.SAFETY HELMETS MARKET - REVENUE AND FORECASTS TO 2028 " END-USER
9.1.OVERVIEW
9.2.END-USER MARKET FORECASTS AND ANALYSIS
9.3.CONSTRUCTION
9.3.1.Overview
9.3.2.Construction Market Forecast and Analysis
9.4.MANUFACTURING
9.4.1.Overview
9.4.2.Manufacturing Market Forecast and Analysis
9.5.MINING
9.5.1.Overview
9.5.2.Mining Market Forecast and Analysis
9.6.OIL AND GAS
9.6.1.Overview
9.6.2.Oil and Gas Market Forecast and Analysis
9.7.CHEMICAL AND PETROCHEMICAL
9.7.1.Overview
9.7.2.Chemical and Petrochemical Market Forecast and Analysis
9.8.POWER
9.8.1.Overview
9.8.2.Power Market Forecast and Analysis
9.9.OTHERS
9.9.1.Overview
9.9.2.Others Market Forecast and Analysis
10.SAFETY HELMETS MARKET REVENUE AND FORECASTS TO 2028 " GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Safety Helmets Market Overview
10.1.2North America Safety Helmets Market Forecasts and Analysis
10.1.3North America Safety Helmets Market Forecasts and Analysis - By Material
10.1.4North America Safety Helmets Market Forecasts and Analysis - By Product
10.1.5North America Safety Helmets Market Forecasts and Analysis - By End-user
10.1.6North America Safety Helmets Market Forecasts and Analysis - By Countries
10.1.6.1United States Safety Helmets Market
10.1.6.1.1United States Safety Helmets Market by Material
10.1.6.1.2United States Safety Helmets Market by Product
10.1.6.1.3United States Safety Helmets Market by End-user
10.1.6.2Canada Safety Helmets Market
10.1.6.2.1Canada Safety Helmets Market by Material
10.1.6.2.2Canada Safety Helmets Market by Product
10.1.6.2.3Canada Safety Helmets Market by End-user
10.1.6.3Mexico Safety Helmets Market
10.1.6.3.1Mexico Safety Helmets Market by Material
10.1.6.3.2Mexico Safety Helmets Market by Product
10.1.6.3.3Mexico Safety Helmets Market by End-user
10.2.EUROPE
10.2.1Europe Safety Helmets Market Overview
10.2.2Europe Safety Helmets Market Forecasts and Analysis
10.2.3Europe Safety Helmets Market Forecasts and Analysis - By Material
10.2.4Europe Safety Helmets Market Forecasts and Analysis - By Product
10.2.5Europe Safety Helmets Market Forecasts and Analysis - By End-user
10.2.6Europe Safety Helmets Market Forecasts and Analysis - By Countries
10.2.6.1Germany Safety Helmets Market
10.2.6.1.1Germany Safety Helmets Market by Material
10.2.6.1.2Germany Safety Helmets Market by Product
10.2.6.1.3Germany Safety Helmets Market by End-user
10.2.6.2France Safety Helmets Market
10.2.6.2.1France Safety Helmets Market by Material
10.2.6.2.2France Safety Helmets Market by Product
10.2.6.2.3France Safety Helmets Market by End-user
10.2.6.3Italy Safety Helmets Market
10.2.6.3.1Italy Safety Helmets Market by Material
10.2.6.3.2Italy Safety Helmets Market by Product
10.2.6.3.3Italy Safety Helmets Market by End-user
10.2.6.4United Kingdom Safety Helmets Market
10.2.6.4.1United Kingdom Safety Helmets Market by Material
10.2.6.4.2United Kingdom Safety Helmets Market by Product
10.2.6.4.3United Kingdom Safety Helmets Market by End-user
10.2.6.5Russia Safety Helmets Market
10.2.6.5.1Russia Safety Helmets Market by Material
10.2.6.5.2Russia Safety Helmets Market by Product
10.2.6.5.3Russia Safety Helmets Market by End-user
10.2.6.6Rest of Europe Safety Helmets Market
10.2.6.6.1Rest of Europe Safety Helmets Market by Material
10.2.6.6.2Rest of Europe Safety Helmets Market by Product
10.2.6.6.3Rest of Europe Safety Helmets Market by End-user
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Safety Helmets Market Overview
10.3.2Asia-Pacific Safety Helmets Market Forecasts and Analysis
10.3.3Asia-Pacific Safety Helmets Market Forecasts and Analysis - By Material
10.3.4Asia-Pacific Safety Helmets Market Forecasts and Analysis - By Product
10.3.5Asia-Pacific Safety Helmets Market Forecasts and Analysis - By End-user
10.3.6Asia-Pacific Safety Helmets Market Forecasts and Analysis - By Countries
10.3.6.1Australia Safety Helmets Market
10.3.6.1.1Australia Safety Helmets Market by Material
10.3.6.1.2Australia Safety Helmets Market by Product
10.3.6.1.3Australia Safety Helmets Market by End-user
10.3.6.2China Safety Helmets Market
10.3.6.2.1China Safety Helmets Market by Material
10.3.6.2.2China Safety Helmets Market by Product
10.3.6.2.3China Safety Helmets Market by End-user
10.3.6.3India Safety Helmets Market
10.3.6.3.1India Safety Helmets Market by Material
10.3.6.3.2India Safety Helmets Market by Product
10.3.6.3.3India Safety Helmets Market by End-user
10.3.6.4Japan Safety Helmets Market
10.3.6.4.1Japan Safety Helmets Market by Material
10.3.6.4.2Japan Safety Helmets Market by Product
10.3.6.4.3Japan Safety Helmets Market by End-user
10.3.6.5South Korea Safety Helmets Market
10.3.6.5.1South Korea Safety Helmets Market by Material
10.3.6.5.2South Korea Safety Helmets Market by Product
10.3.6.5.3South Korea Safety Helmets Market by End-user
10.3.6.6Rest of Asia-Pacific Safety Helmets Market
10.3.6.6.1Rest of Asia-Pacific Safety Helmets Market by Material
10.3.6.6.2Rest of Asia-Pacific Safety Helmets Market by Product
10.3.6.6.3Rest of Asia-Pacific Safety Helmets Market by End-user
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Safety Helmets Market Overview
10.4.2Middle East and Africa Safety Helmets Market Forecasts and Analysis
10.4.3Middle East and Africa Safety Helmets Market Forecasts and Analysis - By Material
10.4.4Middle East and Africa Safety Helmets Market Forecasts and Analysis - By Product
10.4.5Middle East and Africa Safety Helmets Market Forecasts and Analysis - By End-user
10.4.6Middle East and Africa Safety Helmets Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Safety Helmets Market
10.4.6.1.1South Africa Safety Helmets Market by Material
10.4.6.1.2South Africa Safety Helmets Market by Product
10.4.6.1.3South Africa Safety Helmets Market by End-user
10.4.6.2Saudi Arabia Safety Helmets Market
10.4.6.2.1Saudi Arabia Safety Helmets Market by Material
10.4.6.2.2Saudi Arabia Safety Helmets Market by Product
10.4.6.2.3Saudi Arabia Safety Helmets Market by End-user
10.4.6.3U.A.E Safety Helmets Market
10.4.6.3.1U.A.E Safety Helmets Market by Material
10.4.6.3.2U.A.E Safety Helmets Market by Product
10.4.6.3.3U.A.E Safety Helmets Market by End-user
10.4.6.4Rest of Middle East and Africa Safety Helmets Market
10.4.6.4.1Rest of Middle East and Africa Safety Helmets Market by Material
10.4.6.4.2Rest of Middle East and Africa Safety Helmets Market by Product
10.4.6.4.3Rest of Middle East and Africa Safety Helmets Market by End-user
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Safety Helmets Market Overview
10.5.2South and Central America Safety Helmets Market Forecasts and Analysis
10.5.3South and Central America Safety Helmets Market Forecasts and Analysis - By Material
10.5.4South and Central America Safety Helmets Market Forecasts and Analysis - By Product
10.5.5South and Central America Safety Helmets Market Forecasts and Analysis - By End-user
10.5.6South and Central America Safety Helmets Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Safety Helmets Market
10.5.6.1.1Brazil Safety Helmets Market by Material
10.5.6.1.2Brazil Safety Helmets Market by Product
10.5.6.1.3Brazil Safety Helmets Market by End-user
10.5.6.2Argentina Safety Helmets Market
10.5.6.2.1Argentina Safety Helmets Market by Material
10.5.6.2.2Argentina Safety Helmets Market by Product
10.5.6.2.3Argentina Safety Helmets Market by End-user
10.5.6.3Rest of South and Central America Safety Helmets Market
10.5.6.3.1Rest of South and Central America Safety Helmets Market by Material
10.5.6.3.2Rest of South and Central America Safety Helmets Market by Product
10.5.6.3.3Rest of South and Central America Safety Helmets Market by End-user
11.INDUSTRY LANDSCAPE
11.1.MERGERS AND ACQUISITIONS
11.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3.NEW PRODUCT LAUNCHES
11.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12.SAFETY HELMETS MARKET, KEY COMPANY PROFILES
12.1.3M COMPANY
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.BULLARD
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.DELTA PLUS GROUP
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.HONEYWELL INTERNATIONAL INC.
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.JSP LIMITED
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.MSA SAFETY INCORPORATED
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.POLISON CORPORATION
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.PYRAMEX
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.SCHUBERTH GMBH
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.UVEX GROUP
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. 3M Company
2. Bullard
3. Delta Plus Group
4. Honeywell International Inc.
5. JSP Limited
6. MSA Safety Incorporated
7. Polison Corporation
8. Pyramex
9. Schuberth GmbH
10. Uvex Group
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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