Blue Hydrogen Market
Blue Hydrogen Market Forecasts to 2030 - Global Analysis By Technology (Steam Methane Reforming (SMR), Auto Thermal Reforming (ATR), Partial Oxidation (POX) and Other Technologies), Application (Transportation, Power Generation, Industrial Processing, Refining, Chemicals, Iron and Steel and Other Applications), End User (Ammonia, Methanol and Other End Users) and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $20.73 BN |
|
Projected Year Value (2030) |
US $51.55 BN |
|
CAGR (2023 - 2030) |
13.9% |
|
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 |
Middle East & Africa |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Blue Hydrogen Market is accounted for $20.73 billion in 2023 and is expected to reach $51.55 billion by 2030 growing at a CAGR of 13.9% during the forecast period. Blue hydrogen is produced using the steam methane reforming (SMR) method from natural gas. Natural gas, extremely hot steam, and a catalyst are mixed together in this steam methane reforming process. In a subsequent chemical reaction, hydrogen and carbon monoxide are produced. Moreover, the carbon monoxide in this mixture is changed into carbon dioxide and more hydrogen when water is added. If carbon dioxide emissions are subsequently captured and buried, the process is regarded as CO2-neutral, and the hydrogen produced is referred to as blue hydrogen.
According to the Intergovernmental Panel on Climate Change (IPCC), emissions from fossil fuels is the dominant cause of global warming, and in 2018, 89% of global carbon dioxide (CO2) emissions came from fossil fuels and industries.
Market Dynamics:
Driver:
Infrastructure development for hydrogen
The development of the blue hydrogen market requires the expansion of hydrogen infrastructure, including hydrogen transportation pipelines and vehicle refueling facilities. The development of this infrastructure is being accelerated by both public and private investments, ensuring effective hydrogen distribution and use while encouraging broad adoption. Additionally, the seamless integration of blue hydrogen into the larger energy landscape is further facilitated by integration with existing energy systems, such as natural gas and energy grids.
Restraint:
High price and economics
The high cost of carbon capture and storage (CCS) technology is one of the main barriers to the market for blue hydrogen. Although generating blue hydrogen with CCS can significantly cut carbon emissions compared to conventional hydrogen production techniques, setting up and maintaining CCS infrastructure requires a significant investment. Moreover, many projects may find it difficult to get off the ground due to the initial investment needed for the construction of CCS facilities and ongoing operational costs. In order for hydrogen to be widely used, its production costs must be competitive with those of other energy sources.
Opportunity:
Integration of renewable energy
A necessary opportunity for a more sustainable energy landscape is provided by the synergistic combination of blue hydrogen production and surplus renewable energy. The carbon footprint of blue hydrogen can be further decreased, making it an even more environmentally friendly energy source, by using extra renewable electricity to produce hydrogen through electrolysis. Furthermore, as hydrogen can be stored and used when the production of renewable energy is low, this idea of green-blue hydrogen not only improves the environmental credentials of blue hydrogen but also fosters the flexibility of the energy system. A promising path to decarbonizing various industries while maximizing the use of renewable energy is the convergence of renewable energy and blue hydrogen production.
Threat:
Advancements in green hydrogen
The blue hydrogen market is in danger due to the quick development of green hydrogen technologies. Green hydrogen production is becoming more economical and eco-friendly thanks to improvements in electrolysis efficiency, a decrease in the amount of energy needed, and new techniques for incorporating renewable energy. Moreover, the competitiveness of the green hydrogen market may outpace that of blue hydrogen as it continues to develop and mature, placing blue hydrogen in a less advantageous position relative to green hydrogen. The necessity of ongoing innovation and cost-cutting in the production of blue hydrogen is highlighted by this technological competition.
Covid-19 Impact:
The COVID-19 pandemic had a wide range of effects on the market for blue hydrogen. At first, it resulted in supply chain disruptions, construction delays, and decreased investment as businesses and governments diverted funds to pandemic response efforts. Additionally, the economic viability of blue hydrogen projects was temporarily impacted by a drop in energy demand and a drop in natural gas prices following a drop in economic activity. However, a renewed focus on green and sustainable economic recovery resulted in increased interest and investments in clean energy solutions like blue hydrogen as economies recovered and governments implemented stimulus measures.
The Steam Methane Reforming (SMR) segment is expected to be the largest during the forecast period
The hydrogen production industry's steam methane reforming (SMR) segment is anticipated to hold the largest share. SMR is a widely used and well-developed hydrogen production technology, especially for commercial and industrial applications. It involves the high-temperature reaction of steam and methane (natural gas), which results in the production of hydrogen gas and carbon dioxide (CO2). Moreover, SMR is the preferred method for hydrogen generation globally because of its effectiveness, scalability, and affordability.
The Power Generation segment is expected to have the highest CAGR during the forecast period
During the anticipated period, power generation will experience the highest CAGR in the blue hydrogen market. The potential for producing clean energy using hydrogen as a fuel source was causing a noticeable increase in interest in and growth within the power generation industry. Particularly when used in hydrogen fuel cells and gas turbines, hydrogen has received increasing attention as a way to reduce the carbon footprint of electricity production. Moreover, when combined with renewable energy sources, these technologies provide a versatile and low-emission way to generate electricity. In order to reduce greenhouse gas emissions and achieve goals for the integration of renewable energy, utilities and governments were actively funding hydrogen-based power generation projects.
Region with largest share:
The Middle East and Africa (MEA) region is predicted to hold the largest market share for blue hydrogen and has the potential to dominate the industry. The abundance of natural gas reserves that MEA possessed helped to make the company well-known by serving as the primary feedstock for the creation of blue hydrogen. Saudi Arabia and the United Arab Emirates are two nations in the region that have shown a strong interest in utilizing their gas resources to produce blue hydrogen through carbon capture and storage (CCS) and diversifying their energy portfolios. The strategic geographic location of MEA also offered opportunities for hydrogen export, taking advantage of the demand for cleaner energy sources around the world.
Region with highest CAGR:
The blue hydrogen market was also expected to grow at the highest CAGR in the European region. The European Union (EU) had established challenging sustainability and emissions reduction targets, which prompted more investments and initiatives in the area of blue hydrogen production with carbon capture and storage (CCS). Furthermore, by utilizing their current infrastructure and energy industry knowledge, nations like Germany, the Netherlands, and Denmark were actively advancing blue hydrogen projects. Europe was positioned as a significant market for the growth of blue hydrogen due to its established regulatory framework, hydrogen infrastructure, and support for research and innovation.
Key players in the market
Some of the key players in Blue Hydrogen Market include Royal Dutch Shell PLC, Mitsubishi Heavy Industries Ltd., Xebec Adsorption Inc., Siemens AG, Exxon Mobil Corporation, Suncor Energy Inc., ATCO Ltd., Haldor Topsoe A/S, Iwatani Corporation, Air Liquide SA, Chart Industries Inc., TotalEnergies SE, Aker Solutions, Reliance Industries Ltd, Uniper SE, Cummins Inc, Air Products and Chemicals, Inc, Toshiba Energy System and Solution Corp., Linde plc and Ballard Power Systems Inc.
Key Developments:
In September 2023, Germany-based Siemens Mobility has signed a €5bn ($5.4bn) framework agreement with the Austrian Federal Railways company ÖBB for a huge rolling stock order. The agreement to provide up to 540 single-deck electric multiple-unit trains continues the manufacturer’s development of its Mireo brand and its healthy relationship with the Austrian operator.
In August 2023, Reliance Industries and Brookfield Asset Management have entered into an initial agreement with the aim of exploring opportunities for manufacturing renewable energy and decarbonisation equipment within Australia. The Memorandum of Understanding (MoU) seeks to accelerate as well as de-risk Australia's energy transition by enabling local production of clean energy equipment, including PV modules, long duration battery storage, and wind energy components, the Indian conglomerate said in a press statement.
In April 2023, Cummins Inc has entered into a definitive agreement with Tata Motors Ltd to manufacture a range of low-to-zero-emissions technology products in India. The two companies have established a new business entity, TCPL Green Energy Solutions Private Ltd (GES), a wholly-owned subsidiary under the existing joint venture, Tata Cummins Private Limited (TCPL) in India.
Technologies Covered:
• Steam Methane Reforming (SMR)
• Auto Thermal Reforming (ATR)
• Partial Oxidation (POX)
• Other Technologies
Applications Covered:
• Transportation
• Power Generation
• Industrial Processing
• Refining
• Chemicals
• Iron and Steel
• Other Applications
End Users Covered:
• Ammonia
• Methanol
• 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 2021, 2022, 2023, 2026, and 2030
- 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
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 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 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 Blue Hydrogen Market, By Technology
5.1 Introduction
5.2 Steam Methane Reforming (SMR)
5.3 Auto Thermal Reforming (ATR)
5.4 Partial Oxidation (POX)
5.5 Other Technologies
6 Global Blue Hydrogen Market, By Application
6.1 Introduction
6.2 Transportation
6.3 Power Generation
6.4 Industrial Processing
6.5 Refining
6.6 Chemicals
6.7 Iron and Steel
6.8 Other Applications
7 Global Blue Hydrogen Market, By End User
7.1 Introduction
7.2 Ammonia
7.3 Methanol
7.4 Other End Users
8 Global Blue Hydrogen Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Royal Dutch Shell PLC
10.2 Mitsubishi Heavy Industries Ltd.
10.3 Xebec Adsorption Inc.
10.4 Siemens AG
10.5 Exxon Mobil Corporation
10.6 Suncor Energy Inc.
10.7 ATCO Ltd.
10.8 Haldor Topsoe A/S
10.9 Iwatani Corporation
10.10 Air Liquide SA
10.11 Chart Industries Inc.
10.12 TotalEnergies SE
10.13 Aker Solutions
10.14 Reliance Industries Ltd
10.15 Uniper SE
10.16 Cummins Inc
10.17 Air Products and Chemicals, Inc
10.18 Toshiba Energy System and Solution Corp.
10.19 Linde plc
10.20 Ballard Power Systems Inc.
List of Tables
1 Global Blue Hydrogen Market Outlook, By Region (2021-2030) ($MN)
2 Global Blue Hydrogen Market Outlook, By Technology (2021-2030) ($MN)
3 Global Blue Hydrogen Market Outlook, By Steam Methane Reforming (SMR) (2021-2030) ($MN)
4 Global Blue Hydrogen Market Outlook, By Auto Thermal Reforming (ATR) (2021-2030) ($MN)
5 Global Blue Hydrogen Market Outlook, By Partial Oxidation (POX) (2021-2030) ($MN)
6 Global Blue Hydrogen Market Outlook, By Other Technologies (2021-2030) ($MN)
7 Global Blue Hydrogen Market Outlook, By Application (2021-2030) ($MN)
8 Global Blue Hydrogen Market Outlook, By Transportation (2021-2030) ($MN)
9 Global Blue Hydrogen Market Outlook, By Power Generation (2021-2030) ($MN)
10 Global Blue Hydrogen Market Outlook, By Industrial Processing (2021-2030) ($MN)
11 Global Blue Hydrogen Market Outlook, By Refining (2021-2030) ($MN)
12 Global Blue Hydrogen Market Outlook, By Chemicals (2021-2030) ($MN)
13 Global Blue Hydrogen Market Outlook, By Iron and Steel (2021-2030) ($MN)
14 Global Blue Hydrogen Market Outlook, By Other Applications (2021-2030) ($MN)
15 Global Blue Hydrogen Market Outlook, By End User (2021-2030) ($MN)
16 Global Blue Hydrogen Market Outlook, By Ammonia (2021-2030) ($MN)
17 Global Blue Hydrogen Market Outlook, By Methanol (2021-2030) ($MN)
18 Global Blue Hydrogen Market Outlook, By Other End Users (2021-2030) ($MN)
19 North America Blue Hydrogen Market Outlook, By Country (2021-2030) ($MN)
20 North America Blue Hydrogen Market Outlook, By Technology (2021-2030) ($MN)
21 North America Blue Hydrogen Market Outlook, By Steam Methane Reforming (SMR) (2021-2030) ($MN)
22 North America Blue Hydrogen Market Outlook, By Auto Thermal Reforming (ATR) (2021-2030) ($MN)
23 North America Blue Hydrogen Market Outlook, By Partial Oxidation (POX) (2021-2030) ($MN)
24 North America Blue Hydrogen Market Outlook, By Other Technologies (2021-2030) ($MN)
25 North America Blue Hydrogen Market Outlook, By Application (2021-2030) ($MN)
26 North America Blue Hydrogen Market Outlook, By Transportation (2021-2030) ($MN)
27 North America Blue Hydrogen Market Outlook, By Power Generation (2021-2030) ($MN)
28 North America Blue Hydrogen Market Outlook, By Industrial Processing (2021-2030) ($MN)
29 North America Blue Hydrogen Market Outlook, By Refining (2021-2030) ($MN)
30 North America Blue Hydrogen Market Outlook, By Chemicals (2021-2030) ($MN)
31 North America Blue Hydrogen Market Outlook, By Iron and Steel (2021-2030) ($MN)
32 North America Blue Hydrogen Market Outlook, By Other Applications (2021-2030) ($MN)
33 North America Blue Hydrogen Market Outlook, By End User (2021-2030) ($MN)
34 North America Blue Hydrogen Market Outlook, By Ammonia (2021-2030) ($MN)
35 North America Blue Hydrogen Market Outlook, By Methanol (2021-2030) ($MN)
36 North America Blue Hydrogen Market Outlook, By Other End Users (2021-2030) ($MN)
37 Europe Blue Hydrogen Market Outlook, By Country (2021-2030) ($MN)
38 Europe Blue Hydrogen Market Outlook, By Technology (2021-2030) ($MN)
39 Europe Blue Hydrogen Market Outlook, By Steam Methane Reforming (SMR) (2021-2030) ($MN)
40 Europe Blue Hydrogen Market Outlook, By Auto Thermal Reforming (ATR) (2021-2030) ($MN)
41 Europe Blue Hydrogen Market Outlook, By Partial Oxidation (POX) (2021-2030) ($MN)
42 Europe Blue Hydrogen Market Outlook, By Other Technologies (2021-2030) ($MN)
43 Europe Blue Hydrogen Market Outlook, By Application (2021-2030) ($MN)
44 Europe Blue Hydrogen Market Outlook, By Transportation (2021-2030) ($MN)
45 Europe Blue Hydrogen Market Outlook, By Power Generation (2021-2030) ($MN)
46 Europe Blue Hydrogen Market Outlook, By Industrial Processing (2021-2030) ($MN)
47 Europe Blue Hydrogen Market Outlook, By Refining (2021-2030) ($MN)
48 Europe Blue Hydrogen Market Outlook, By Chemicals (2021-2030) ($MN)
49 Europe Blue Hydrogen Market Outlook, By Iron and Steel (2021-2030) ($MN)
50 Europe Blue Hydrogen Market Outlook, By Other Applications (2021-2030) ($MN)
51 Europe Blue Hydrogen Market Outlook, By End User (2021-2030) ($MN)
52 Europe Blue Hydrogen Market Outlook, By Ammonia (2021-2030) ($MN)
53 Europe Blue Hydrogen Market Outlook, By Methanol (2021-2030) ($MN)
54 Europe Blue Hydrogen Market Outlook, By Other End Users (2021-2030) ($MN)
55 Asia Pacific Blue Hydrogen Market Outlook, By Country (2021-2030) ($MN)
56 Asia Pacific Blue Hydrogen Market Outlook, By Technology (2021-2030) ($MN)
57 Asia Pacific Blue Hydrogen Market Outlook, By Steam Methane Reforming (SMR) (2021-2030) ($MN)
58 Asia Pacific Blue Hydrogen Market Outlook, By Auto Thermal Reforming (ATR) (2021-2030) ($MN)
59 Asia Pacific Blue Hydrogen Market Outlook, By Partial Oxidation (POX) (2021-2030) ($MN)
60 Asia Pacific Blue Hydrogen Market Outlook, By Other Technologies (2021-2030) ($MN)
61 Asia Pacific Blue Hydrogen Market Outlook, By Application (2021-2030) ($MN)
62 Asia Pacific Blue Hydrogen Market Outlook, By Transportation (2021-2030) ($MN)
63 Asia Pacific Blue Hydrogen Market Outlook, By Power Generation (2021-2030) ($MN)
64 Asia Pacific Blue Hydrogen Market Outlook, By Industrial Processing (2021-2030) ($MN)
65 Asia Pacific Blue Hydrogen Market Outlook, By Refining (2021-2030) ($MN)
66 Asia Pacific Blue Hydrogen Market Outlook, By Chemicals (2021-2030) ($MN)
67 Asia Pacific Blue Hydrogen Market Outlook, By Iron and Steel (2021-2030) ($MN)
68 Asia Pacific Blue Hydrogen Market Outlook, By Other Applications (2021-2030) ($MN)
69 Asia Pacific Blue Hydrogen Market Outlook, By End User (2021-2030) ($MN)
70 Asia Pacific Blue Hydrogen Market Outlook, By Ammonia (2021-2030) ($MN)
71 Asia Pacific Blue Hydrogen Market Outlook, By Methanol (2021-2030) ($MN)
72 Asia Pacific Blue Hydrogen Market Outlook, By Other End Users (2021-2030) ($MN)
73 South America Blue Hydrogen Market Outlook, By Country (2021-2030) ($MN)
74 South America Blue Hydrogen Market Outlook, By Technology (2021-2030) ($MN)
75 South America Blue Hydrogen Market Outlook, By Steam Methane Reforming (SMR) (2021-2030) ($MN)
76 South America Blue Hydrogen Market Outlook, By Auto Thermal Reforming (ATR) (2021-2030) ($MN)
77 South America Blue Hydrogen Market Outlook, By Partial Oxidation (POX) (2021-2030) ($MN)
78 South America Blue Hydrogen Market Outlook, By Other Technologies (2021-2030) ($MN)
79 South America Blue Hydrogen Market Outlook, By Application (2021-2030) ($MN)
80 South America Blue Hydrogen Market Outlook, By Transportation (2021-2030) ($MN)
81 South America Blue Hydrogen Market Outlook, By Power Generation (2021-2030) ($MN)
82 South America Blue Hydrogen Market Outlook, By Industrial Processing (2021-2030) ($MN)
83 South America Blue Hydrogen Market Outlook, By Refining (2021-2030) ($MN)
84 South America Blue Hydrogen Market Outlook, By Chemicals (2021-2030) ($MN)
85 South America Blue Hydrogen Market Outlook, By Iron and Steel (2021-2030) ($MN)
86 South America Blue Hydrogen Market Outlook, By Other Applications (2021-2030) ($MN)
87 South America Blue Hydrogen Market Outlook, By End User (2021-2030) ($MN)
88 South America Blue Hydrogen Market Outlook, By Ammonia (2021-2030) ($MN)
89 South America Blue Hydrogen Market Outlook, By Methanol (2021-2030) ($MN)
90 South America Blue Hydrogen Market Outlook, By Other End Users (2021-2030) ($MN)
91 Middle East & Africa Blue Hydrogen Market Outlook, By Country (2021-2030) ($MN)
92 Middle East & Africa Blue Hydrogen Market Outlook, By Technology (2021-2030) ($MN)
93 Middle East & Africa Blue Hydrogen Market Outlook, By Steam Methane Reforming (SMR) (2021-2030) ($MN)
94 Middle East & Africa Blue Hydrogen Market Outlook, By Auto Thermal Reforming (ATR) (2021-2030) ($MN)
95 Middle East & Africa Blue Hydrogen Market Outlook, By Partial Oxidation (POX) (2021-2030) ($MN)
96 Middle East & Africa Blue Hydrogen Market Outlook, By Other Technologies (2021-2030) ($MN)
97 Middle East & Africa Blue Hydrogen Market Outlook, By Application (2021-2030) ($MN)
98 Middle East & Africa Blue Hydrogen Market Outlook, By Transportation (2021-2030) ($MN)
99 Middle East & Africa Blue Hydrogen Market Outlook, By Power Generation (2021-2030) ($MN)
100 Middle East & Africa Blue Hydrogen Market Outlook, By Industrial Processing (2021-2030) ($MN)
101 Middle East & Africa Blue Hydrogen Market Outlook, By Refining (2021-2030) ($MN)
102 Middle East & Africa Blue Hydrogen Market Outlook, By Chemicals (2021-2030) ($MN)
103 Middle East & Africa Blue Hydrogen Market Outlook, By Iron and Steel (2021-2030) ($MN)
104 Middle East & Africa Blue Hydrogen Market Outlook, By Other Applications (2021-2030) ($MN)
105 Middle East & Africa Blue Hydrogen Market Outlook, By End User (2021-2030) ($MN)
106 Middle East & Africa Blue Hydrogen Market Outlook, By Ammonia (2021-2030) ($MN)
107 Middle East & Africa Blue Hydrogen Market Outlook, By Methanol (2021-2030) ($MN)
108 Middle East & Africa Blue Hydrogen Market Outlook, By Other End Users (2021-2030) ($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.
For more details about research methodology, kindly write to us at info@strategymrc.com
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