Actuators Market Forecasts to 2028 - Global Analysis By Type (Rotatry Actuator and Linear Actuator), Actuation (Hydraulic, Pneumatic, Electrical and Other Actuations, Application (Industrial Automation, Vehicles & Equipment and Robotics), End User and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $47.46 BN |
|
Projected Year Value (2028) |
US $104.46 BN |
|
CAGR (2022 - 2028) |
14.05% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Actuators Market is accounted for $47.46 billion in 2022 and is expected to reach $104.46 billion by 2028 growing at a CAGR of 14.05% during the forecast period. An actuator is a component of a device or machine that turns energy into mechanical force to allow it to execute physical movements. Simply described, it is the component of a machine that lets it to move. The equipment is frequently powered by hydraulic and pneumatic forces and can be controlled manually, electrically, or through software. Actuators are critical components in the operation of such automated equipment. They also aid in the regulation of the system's motion, ensuring a smooth and uncomplicated operation. With rising need for automation and enhanced productivity and efficiency of various industrial processes, there has also been a growth in demand for actuator systems.
According to the World Robotics 2020 report, industrial robots are mostly used in five countries which are Japan, China, U.S., Germany, and the Republic of Korea. These five countries nearly contributed to 73% of global robot installations.
Market Dynamics:
Driver:
Growing industrial automation
The automation movement has accelerated due to advancements in robotics, artificial intelligence, and machine learning. An actuator is a critical component in all actuation systems that aids in the automation of numerous systems and processes in the automotive, manufacturing, agriculture, food, transportation, and medical industries. The rise in industrial automation is expected to boost market expansion over the forecast period. Another reason for the rise in industrial automation is the growing population and industrial automation is the world's expanding population. The need to meet the demands of an expanding population compelled manufacturers to automate the process that aids in product mass-production.
Restraint:
High installation & maintenance costs
The installation of hydraulic actuators is difficult due to the fluids present in them. As a result, installation expenses are significant, especially when installing for large manufacturing lines. This is projected to slow the market's growth. Furthermore, hydraulic actuation systems use a fluid medium such as oil or water to provide the desired output, whereas pneumatic actuation systems use air. Oil or water leakage damages and reduces the effectiveness of this product, as well as raising maintenance costs, hampered the market.
Opportunity:
Increasing commercial aircraft deliveries
Actuators are utilised in a variety of aircraft applications such as landing gear, flight controls, seats, doors, and so on. As a result, the increase in new aircraft production will drive demand in the future years. Significant economic expansion in emerging economies such as India, Africa, and China, as well as other industrialised countries, has raised demand for air travel in recent years. Because of the increase in air passenger volume, airlines must increase their aircraft fleet. Increased demand has resulted in a rise in commercial aircraft deliveries, which is expected to propel market expansion.
Threat:
Issues of leakage in pneumatic and hydraulic actuators
There are concerns with the many actuators used in a range of applications. In the case of hydraulic linear actuators, efficiency is impeded by fluid leakage, which causes cleaning difficulties. Pumps, fluid reservoirs, motors, release valves, and other components must also be monitored and maintained on a regular basis. Additionally, pneumatic actuators necessitate proportional-sized valves, compressors, and regulators for various functions, increasing complexity and cost. As a result, major damage reasons such as continuous seal wear, wrong assembly or maintenance, dangers connected with steam valves, reduced control quality, and others impede the actuators market share's growth.
Covid-19 Impact
The COVID-19 pandemic has had a severe impact on the automation industry. Due to the nationwide lockout, large corporations are experiencing significant losses. Prior to the epidemic, investments in the automation sector were modest, and they are now expected to be postponed or halted for over a year. Governments around the world have priority their aerospace, defence, and automotive industry expenditure to the healthcare business in order to construct the necessary infrastructure facilities to combat COVID-19 spread. This has significantly impacted market growth. This has had a significant impact on the installation of innovative machines and equipment in the manufacturing industry. This has had a further impact on actuator demand in the manufacturing industry in recent years.
The linear actuator segment is expected to be the largest during the forecast period
The linear actuator segment is estimated to have a lucrative growth, due to increased industrial automation in the manufacturing units of automotive, aerospace, and other industries. Furthermore, the attention of leading companies on technological advances in linear actuators is projected to drive market expansion. A linear actuator converts a motor's spinning motion into a straight motion. While linear actuators move in a straight line, electric motors typically move in a circle. The device's push and pull capabilities allow it to slide, tilt, and lift anything with the simple push of a button.
The electric actuators segment is expected to have the highest CAGR during the forecast period
The electric actuators segment is anticipated to witness the fastest CAGR growth during the forecast period because electric actuators enable higher efficiency and low power consumption, they are in high demand. Electric actuators are used extensively in automobile applications due to their high speed. They provide improved control and acceleration at high speeds. The force required to create thrust can be programmed without the use of compressed air or the related infrastructure, and these actuators consume relatively little energy overall.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast because of the region's growing development and urbanisation. Countries such as Japan and China are known for their industrial prowess and are investing in automation to improve their production and manufacturing skills. This region has always been a significant manufacturing hub, and the industry has been an early adopter of the Internet of Things (IoT). The Asia Pacific region's industries are constantly growing their capacity, necessitating the utilisation of machinery furnished with cutting-edge actuators.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period. The existence of a well-established and increasing automotive industry and aircraft manufacturing units in the region is attributed to the region's growth. Because of the increasing use of automation and electric actuation techniques by multiple important actors and end-users in the field, North America is now the world's second-dominant region. Furthermore, North America, specifically the United States, is seeing a semiconductor emergence, which is anticipated to be fueling demand for the goods.
Key players in the market
Some of the key players profiled in the Actuators Market include IMI Critical Engineering, Moog Inc., Tolomatic, Inc., Rockwell Automation, Inc., SMC Corporation of America, Venture MFG. Co., Curtiss-Wright, ABB Ltd., Emerson Electric Co., Siemens AG, Rotork Plc, FIRGELLI Automation Inc., Flowserve Corporation and General Electric Company
Key Developments:
In January 2021, The actuation division of Curtiss-Wright Corporation launched its new ASSIGN™ motor program for Exlar FTP and FTX Series actuators. The FTP and FTX series actuator are ideal for a wide range of factory automation applications.
In December 2021, Rotork PLC. signed a contract with Milano San Rocco Wastewater Treatment Plant (WWTP) to provide Rotork IQ electric modulating actuators.
Types Covered:
• Rotatry Actuator
• Linear Actuator
Actuations Covered:
• Hydraulic
• Pneumatic
• Electrical
• Other Actuations
Applications Covered:
• Industrial Automation
• Vehicles & Equipment
• Robotics
End Users Covered:
• Food & Beverages
• Power Generation
• Marine
• Oil & Gas
• Chemicals
• Construction
• Aerospace & Defense
• Pharmaceutical & Healthcare
• Mining
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Actuators Market, By Type
5.1 Introduction
5.2 Rotatry Actuator
5.3 Linear Actuator
6 Global Actuators Market, By Actuation
6.1 Introduction
6.2 Hydraulic
6.3 Pneumatic
6.4 Electrical
6.5 Other Actuations
7 Global Actuators Market, By Application
7.1 Introduction
7.2 Industrial Automation
7.3 Vehicles & Equipment
7.4 Robotics
8 Global Actuators Market, By End User
8.1 Introduction
8.2 Food & Beverages
8.3 Power Generation
8.4 Marine
8.5 Oil & Gas
8.6 Chemicals
8.7 Construction
8.8 Aerospace & Defense
8.9 Pharmaceutical & Healthcare
8.10 Mining
8.11 Other End Users
9 Global Actuators Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 IMI Critical Engineering
11.2 Moog Inc.
11.3 Tolomatic, Inc.
11.4 Rockwell Automation, Inc.
11.5 SMC Corporation of America
11.6 Venture MFG. Co.
11.7 Curtiss-Wright
11.8 ABB Ltd.
11.9 Emerson Electric Co.
11.10 Siemens AG
11.11 Rotork Plc
11.12 FIRGELLI Automation Inc.
11.13 Flowserve Corporation
11.14 General Electric Company
List of Tables
1 Global Actuators Market Outlook, By Region (2020-2028) ($MN)
2 Global Actuators Market Outlook, By Type (2020-2028) ($MN)
3 Global Actuators Market Outlook, By Rotatry Actuator (2020-2028) ($MN)
4 Global Actuators Market Outlook, By Linear Actuator (2020-2028) ($MN)
5 Global Actuators Market Outlook, By Actuation (2020-2028) ($MN)
6 Global Actuators Market Outlook, By Hydraulic (2020-2028) ($MN)
7 Global Actuators Market Outlook, By Pneumatic (2020-2028) ($MN)
8 Global Actuators Market Outlook, By Electrical (2020-2028) ($MN)
9 Global Actuators Market Outlook, By Other Actuations (2020-2028) ($MN)
10 Global Actuators Market Outlook, By Application (2020-2028) ($MN)
11 Global Actuators Market Outlook, By Industrial Automation (2020-2028) ($MN)
12 Global Actuators Market Outlook, By Vehicles & Equipment (2020-2028) ($MN)
13 Global Actuators Market Outlook, By Robotics (2020-2028) ($MN)
14 Global Actuators Market Outlook, By End User (2020-2028) ($MN)
15 Global Actuators Market Outlook, By Food & Beverages (2020-2028) ($MN)
16 Global Actuators Market Outlook, By Power Generation (2020-2028) ($MN)
17 Global Actuators Market Outlook, By Marine (2020-2028) ($MN)
18 Global Actuators Market Outlook, By Oil & Gas (2020-2028) ($MN)
19 Global Actuators Market Outlook, By Chemicals (2020-2028) ($MN)
20 Global Actuators Market Outlook, By Construction (2020-2028) ($MN)
21 Global Actuators Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
22 Global Actuators Market Outlook, By Pharmaceutical & Healthcare (2020-2028) ($MN)
23 Global Actuators Market Outlook, By Mining (2020-2028) ($MN)
24 Global Actuators Market Outlook, By Other End Users (2020-2028) ($MN)
25 North America Actuators Market Outlook, By Country (2020-2028) ($MN)
26 North America Actuators Market Outlook, By Type (2020-2028) ($MN)
27 North America Actuators Market Outlook, By Rotatry Actuator (2020-2028) ($MN)
28 North America Actuators Market Outlook, By Linear Actuator (2020-2028) ($MN)
29 North America Actuators Market Outlook, By Actuation (2020-2028) ($MN)
30 North America Actuators Market Outlook, By Hydraulic (2020-2028) ($MN)
31 North America Actuators Market Outlook, By Pneumatic (2020-2028) ($MN)
32 North America Actuators Market Outlook, By Electrical (2020-2028) ($MN)
33 North America Actuators Market Outlook, By Other Actuations (2020-2028) ($MN)
34 North America Actuators Market Outlook, By Application (2020-2028) ($MN)
35 North America Actuators Market Outlook, By Industrial Automation (2020-2028) ($MN)
36 North America Actuators Market Outlook, By Vehicles & Equipment (2020-2028) ($MN)
37 North America Actuators Market Outlook, By Robotics (2020-2028) ($MN)
38 North America Actuators Market Outlook, By End User (2020-2028) ($MN)
39 North America Actuators Market Outlook, By Food & Beverages (2020-2028) ($MN)
40 North America Actuators Market Outlook, By Power Generation (2020-2028) ($MN)
41 North America Actuators Market Outlook, By Marine (2020-2028) ($MN)
42 North America Actuators Market Outlook, By Oil & Gas (2020-2028) ($MN)
43 North America Actuators Market Outlook, By Chemicals (2020-2028) ($MN)
44 North America Actuators Market Outlook, By Construction (2020-2028) ($MN)
45 North America Actuators Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
46 North America Actuators Market Outlook, By Pharmaceutical & Healthcare (2020-2028) ($MN)
47 North America Actuators Market Outlook, By Mining (2020-2028) ($MN)
48 North America Actuators Market Outlook, By Other End Users (2020-2028) ($MN)
49 Europe Actuators Market Outlook, By Country (2020-2028) ($MN)
50 Europe Actuators Market Outlook, By Type (2020-2028) ($MN)
51 Europe Actuators Market Outlook, By Rotatry Actuator (2020-2028) ($MN)
52 Europe Actuators Market Outlook, By Linear Actuator (2020-2028) ($MN)
53 Europe Actuators Market Outlook, By Actuation (2020-2028) ($MN)
54 Europe Actuators Market Outlook, By Hydraulic (2020-2028) ($MN)
55 Europe Actuators Market Outlook, By Pneumatic (2020-2028) ($MN)
56 Europe Actuators Market Outlook, By Electrical (2020-2028) ($MN)
57 Europe Actuators Market Outlook, By Other Actuations (2020-2028) ($MN)
58 Europe Actuators Market Outlook, By Application (2020-2028) ($MN)
59 Europe Actuators Market Outlook, By Industrial Automation (2020-2028) ($MN)
60 Europe Actuators Market Outlook, By Vehicles & Equipment (2020-2028) ($MN)
61 Europe Actuators Market Outlook, By Robotics (2020-2028) ($MN)
62 Europe Actuators Market Outlook, By End User (2020-2028) ($MN)
63 Europe Actuators Market Outlook, By Food & Beverages (2020-2028) ($MN)
64 Europe Actuators Market Outlook, By Power Generation (2020-2028) ($MN)
65 Europe Actuators Market Outlook, By Marine (2020-2028) ($MN)
66 Europe Actuators Market Outlook, By Oil & Gas (2020-2028) ($MN)
67 Europe Actuators Market Outlook, By Chemicals (2020-2028) ($MN)
68 Europe Actuators Market Outlook, By Construction (2020-2028) ($MN)
69 Europe Actuators Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
70 Europe Actuators Market Outlook, By Pharmaceutical & Healthcare (2020-2028) ($MN)
71 Europe Actuators Market Outlook, By Mining (2020-2028) ($MN)
72 Europe Actuators Market Outlook, By Other End Users (2020-2028) ($MN)
73 Asia Pacific Actuators Market Outlook, By Country (2020-2028) ($MN)
74 Asia Pacific Actuators Market Outlook, By Type (2020-2028) ($MN)
75 Asia Pacific Actuators Market Outlook, By Rotatry Actuator (2020-2028) ($MN)
76 Asia Pacific Actuators Market Outlook, By Linear Actuator (2020-2028) ($MN)
77 Asia Pacific Actuators Market Outlook, By Actuation (2020-2028) ($MN)
78 Asia Pacific Actuators Market Outlook, By Hydraulic (2020-2028) ($MN)
79 Asia Pacific Actuators Market Outlook, By Pneumatic (2020-2028) ($MN)
80 Asia Pacific Actuators Market Outlook, By Electrical (2020-2028) ($MN)
81 Asia Pacific Actuators Market Outlook, By Other Actuations (2020-2028) ($MN)
82 Asia Pacific Actuators Market Outlook, By Application (2020-2028) ($MN)
83 Asia Pacific Actuators Market Outlook, By Industrial Automation (2020-2028) ($MN)
84 Asia Pacific Actuators Market Outlook, By Vehicles & Equipment (2020-2028) ($MN)
85 Asia Pacific Actuators Market Outlook, By Robotics (2020-2028) ($MN)
86 Asia Pacific Actuators Market Outlook, By End User (2020-2028) ($MN)
87 Asia Pacific Actuators Market Outlook, By Food & Beverages (2020-2028) ($MN)
88 Asia Pacific Actuators Market Outlook, By Power Generation (2020-2028) ($MN)
89 Asia Pacific Actuators Market Outlook, By Marine (2020-2028) ($MN)
90 Asia Pacific Actuators Market Outlook, By Oil & Gas (2020-2028) ($MN)
91 Asia Pacific Actuators Market Outlook, By Chemicals (2020-2028) ($MN)
92 Asia Pacific Actuators Market Outlook, By Construction (2020-2028) ($MN)
93 Asia Pacific Actuators Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
94 Asia Pacific Actuators Market Outlook, By Pharmaceutical & Healthcare (2020-2028) ($MN)
95 Asia Pacific Actuators Market Outlook, By Mining (2020-2028) ($MN)
96 Asia Pacific Actuators Market Outlook, By Other End Users (2020-2028) ($MN)
97 South America Actuators Market Outlook, By Country (2020-2028) ($MN)
98 South America Actuators Market Outlook, By Type (2020-2028) ($MN)
99 South America Actuators Market Outlook, By Rotatry Actuator (2020-2028) ($MN)
100 South America Actuators Market Outlook, By Linear Actuator (2020-2028) ($MN)
101 South America Actuators Market Outlook, By Actuation (2020-2028) ($MN)
102 South America Actuators Market Outlook, By Hydraulic (2020-2028) ($MN)
103 South America Actuators Market Outlook, By Pneumatic (2020-2028) ($MN)
104 South America Actuators Market Outlook, By Electrical (2020-2028) ($MN)
105 South America Actuators Market Outlook, By Other Actuations (2020-2028) ($MN)
106 South America Actuators Market Outlook, By Application (2020-2028) ($MN)
107 South America Actuators Market Outlook, By Industrial Automation (2020-2028) ($MN)
108 South America Actuators Market Outlook, By Vehicles & Equipment (2020-2028) ($MN)
109 South America Actuators Market Outlook, By Robotics (2020-2028) ($MN)
110 South America Actuators Market Outlook, By End User (2020-2028) ($MN)
111 South America Actuators Market Outlook, By Food & Beverages (2020-2028) ($MN)
112 South America Actuators Market Outlook, By Power Generation (2020-2028) ($MN)
113 South America Actuators Market Outlook, By Marine (2020-2028) ($MN)
114 South America Actuators Market Outlook, By Oil & Gas (2020-2028) ($MN)
115 South America Actuators Market Outlook, By Chemicals (2020-2028) ($MN)
116 South America Actuators Market Outlook, By Construction (2020-2028) ($MN)
117 South America Actuators Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
118 South America Actuators Market Outlook, By Pharmaceutical & Healthcare (2020-2028) ($MN)
119 South America Actuators Market Outlook, By Mining (2020-2028) ($MN)
120 South America Actuators Market Outlook, By Other End Users (2020-2028) ($MN)
121 Middle East & Africa Actuators Market Outlook, By Country (2020-2028) ($MN)
122 Middle East & Africa Actuators Market Outlook, By Type (2020-2028) ($MN)
123 Middle East & Africa Actuators Market Outlook, By Rotatry Actuator (2020-2028) ($MN)
124 Middle East & Africa Actuators Market Outlook, By Linear Actuator (2020-2028) ($MN)
125 Middle East & Africa Actuators Market Outlook, By Actuation (2020-2028) ($MN)
126 Middle East & Africa Actuators Market Outlook, By Hydraulic (2020-2028) ($MN)
127 Middle East & Africa Actuators Market Outlook, By Pneumatic (2020-2028) ($MN)
128 Middle East & Africa Actuators Market Outlook, By Electrical (2020-2028) ($MN)
129 Middle East & Africa Actuators Market Outlook, By Other Actuations (2020-2028) ($MN)
130 Middle East & Africa Actuators Market Outlook, By Application (2020-2028) ($MN)
131 Middle East & Africa Actuators Market Outlook, By Industrial Automation (2020-2028) ($MN)
132 Middle East & Africa Actuators Market Outlook, By Vehicles & Equipment (2020-2028) ($MN)
133 Middle East & Africa Actuators Market Outlook, By Robotics (2020-2028) ($MN)
134 Middle East & Africa Actuators Market Outlook, By End User (2020-2028) ($MN)
135 Middle East & Africa Actuators Market Outlook, By Food & Beverages (2020-2028) ($MN)
136 Middle East & Africa Actuators Market Outlook, By Power Generation (2020-2028) ($MN)
137 Middle East & Africa Actuators Market Outlook, By Marine (2020-2028) ($MN)
138 Middle East & Africa Actuators Market Outlook, By Oil & Gas (2020-2028) ($MN)
139 Middle East & Africa Actuators Market Outlook, By Chemicals (2020-2028) ($MN)
140 Middle East & Africa Actuators Market Outlook, By Construction (2020-2028) ($MN)
141 Middle East & Africa Actuators Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
142 Middle East & Africa Actuators Market Outlook, By Pharmaceutical & Healthcare (2020-2028) ($MN)
143 Middle East & Africa Actuators Market Outlook, By Mining (2020-2028) ($MN)
144 Middle East & Africa Actuators Market Outlook, By Other End Users (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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