Geothermal Power Market
Geothermal Power Market Forecasts to 2030 - Global Analysis By Temperature (Low Temperature (Up to 900C), Medium Temperature (900C - 1500C) and High Temperature (Above 1500C)), Power Output (Up to 5 MW and Above 5 MW), Technology (Binary Cycle Plants, Flash Steam Plants and Other Technologies), Application and By Geography
According to Stratistics MRC, the Global Geothermal Power Market is accounted for $6.45 billion in 2023 and is expected to reach $10.36 billion by 2030 growing at a CAGR of 7% during the forecast period. The Geothermal Power involves the production and utilization of renewable energy derived from the Earth's natural heat. Geothermal power plants harness the Earth's internal heat to generate electricity through the conversion of steam or hot water. The process involves drilling wells into geothermal reservoirs to access the hot fluids, which are then used to drive turbines connected to electricity generators. Geothermal energy offers a sustainable and eco-friendly power generation solution with minimal greenhouse gas emissions.
According to the International Renewable Energy Agency (IRENA), the electricity generation was 83,477 GWh in 2016 and it is reached by 94,949 GWh in 2020
Market Dynamics:
Driver:
Increasing need for power production using sustainable methods
As global concerns regarding climate change and carbon emissions intensify, there is a growing emphasis on transitioning towards renewable and environmentally friendly energy sources. Geothermal power offers a reliable and sustainable solution, as it utilizes the Earth's natural heat to generate electricity without greenhouse gas emissions. Governments and energy policymakers worldwide are increasingly promoting the adoption of geothermal energy to diversify the energy mix and reduce reliance on fossil fuels.
Restraint:
Lack of drilling and exploratory methods
Accurate exploration is necessary to find suitable locations with high geothermal potential. The search for new geothermal reservoirs and the expansion of those that already exist may be hampered by a lack of cutting-edge exploration and drilling methods. Drilling efforts that are ineffective and higher project expenses could result from a lack of information about the underlying conditions and resource availability. Geothermal energy may be identified more effectively with the help of cutting-edge technology, making it a more competitive and feasible renewable energy source.
Opportunity:
Low- and medium-temperature resource potential from geothermal sources
While high-temperature geothermal resources have traditionally been the primary focus for power generation, the utilization of low- and medium-temperature resources has gained prominence. Advanced technologies, such as binary cycle power plants and enhanced geothermal systems, allow for the cost-effective extraction of energy from lower-temperature geothermal reservoirs. This expansion of geothermal applications increases the number of viable sites for geothermal power generation, broadening the market's reach and making geothermal energy accessible to regions previously considered unsuitable.
Threat:
Environmental disruptions
Geothermal power plants rely on accessing and extracting heat from underground reservoirs, which can be susceptible to environmental changes. Natural events like earthquakes, volcanic activities, and geological shifts can impact the stability and performance of geothermal resources, affecting power generation. Additionally, changes in underground pressure or fluid flow may lead to declining reservoir productivity. Environmental disruptions can cause project delays, increased maintenance costs, and even permanent damage to geothermal sites. To mitigate this threat, careful site selection, ongoing monitoring, and adaptive management strategies are essential to ensure sustainable and reliable geothermal power generation while minimizing environmental impacts.
Covid-19 Impact:
The COVID-19 pandemic's existence had a significant impact on the geothermal energy business since it caused multiple interruptions in the global supply chain and decreased investment from market participants in their planned projects. Aside from the yearly increases in geothermal power capacity that are expected to fuel the industry, several projects are facing delays because to COVID-19 and global lockout measures implemented by many nations across the world. In addition, growing worries about the security of electricity resulting from the use of environmentally beneficial and clean resources are propelling market expansion for geothermal power.
The commercial segment is expected to be the largest during the forecast period
The commercial segment held the largest share in the market owing to the increasing demand for heat pump which is used for air conditioning and cooling down inside the environment when needed, including office buildings, hotels, schools, and hospitals. In addition, one of the major sources of geothermal energy in residential structures is district heating.
The binary cycle plants segment is expected to have the highest CAGR during the forecast period
During the projection period, the binary cycle plants segment is expected to have the greatest CAGR. It is an advanced and efficient method used to generate electricity from low-temperature geothermal resources. In the Binary Cycle process, hot geothermal fluid with lower temperatures is passed through a heat exchanger, where it transfers its thermal energy to a secondary fluid with a lower boiling point. The secondary fluid vaporizes and drives a turbine connected to an electricity generator, producing clean and renewable power. Binary Cycle technology allows for the utilization of previously untapped low-temperature geothermal reservoirs, expanding the geothermal potential and making geothermal energy accessible to a broader range of regions, contributing to the growth of the geothermal power market.
Region with largest share:
The Asia Pacific region market is estimated to witness the highest share of the global Geothermal Power market during the forecast period, due to its abundant geothermal potential and rising use of renewable energy sources. Countries with ongoing geothermal power projects and recognized competence in geothermal energy production include Indonesia, the Philippines, and New Zealand. The market's expansion is further accelerated by government incentives, advantageous laws, and investments in geothermal technology. Geothermal energy is positioned to significantly contribute to the region's energy mix as the Asia Pacific region continues to prioritize clean and dependable power generation, encouraging long-term economic and environmental advantages.
Region with highest CAGR:
The North America region is expected to have the highest growth rate over the forecast period. By utilizing its wide variety of geothermal resources and technological know-how, North America is a major player in the geothermal power market. Several geothermal power stations that use the Earth's inherent heat to produce electricity are located in the United States and Mexico. Due to its renewable and clean energy qualities, which are in line with regional pledges to cut carbon emissions and advance sustainable energy practices, geothermal power is seen positively in North America. Geothermal power is anticipated to play an increasingly important role in the region's energy transition and expansion of renewable energy as it stresses energy security and environmental stewardship.
Key players in the market
Some of the key players in Geothermal Power market include Ansaldo Energia, Atlas Copco AB, Berkshire Hathaway Inc., Calpine, Chevron Corp., Enel Spa, EthosEnergy Group, Fuji Electric Co Ltd, General Electric, Gradient Resources, Green Mountain Energy Company, Halliburton, KenGen, Macquarie Group Limited, Ormat Technologies Inc., Reykjavik Geothermal, Sumitomo Corporation, Supreme Energy, Terra-Gen Power LLC, ThermaSource LLC, Toshiba International Corp., Turboden S.p.A. and U.S. Geothermal Inc..
Key Developments:
In July 2022, Ormat announced the commercial operation of the Casa Diablo-IV (CD4) 30 MW geothermal power plant. The CD4 facility provides 7 MW of geothermal power to two Community Choice Aggregators, Silicon Valley Clean Energy and Central Coast Community Energy, each under a 10-year power purchase agreement (PPA)
In May 2022, Baker Hughes Company announced an investment in San Francisco-based GreenFire Energy Inc., a company involved in the development of closed-loop Advanced Geothermal Systems (AGS)
In February 2022, SLB announced the introduction of the GeoSphere 360 3D reservoir mapping-while-drilling service at the International Petroleum Technology Conference (IPTC)
Temperatures Covered:
• Low Temperature (Up to 900C)
• Medium Temperature (900C – 1500C)
• High Temperature (Above 1500C)
Power Outputs Covered:
• Up to 5 MW
• Above 5 MW
Technologies Covered:
• Binary Cycle Plants
• Flash Steam Plants
• Dry Steam Plants
• Ground Source Heat Pumps
• Direct Systems
• Other Technologies
Applications Covered:
• Power Generation
• Residential
• Industrial
• Commercial
• Other Applications
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 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 Geothermal Power Market, By Temperature
5.1 Introduction
5.2 Low Temperature (Up to 900C)
5.3 Medium Temperature (900C – 1500C)
5.4 High Temperature (Above 1500C)
6 Global Geothermal Power Market, By Power Output
6.1 Introduction
6.2 Up to 5 MW
6.3 Above 5 MW
7 Global Geothermal Power Market, By Technology
7.1 Introduction
7.2 Binary Cycle Plants
7.3 Flash Steam Plants
7.4 Dry Steam Plants
7.5 Ground Source Heat Pumps
7.6 Direct Systems
7.7 Other Technologies
8 Global Geothermal Power Market, By Application
8.1 Introduction
8.2 Power Generation
8.3 Residential
8.4 Industrial
8.5 Commercial
8.6 Other Applications
9 Global Geothermal Power 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 Ansaldo Energia
11.2 Atlas Copco AB
11.3 Berkshire Hathaway Inc.
11.4 Calpine
11.5 Chevron Corp.
11.6 Enel Spa
11.7 EthosEnergy Group
11.8 Fuji Electric Co Ltd
11.9 General Electric
11.10 Gradient Resources
11.11 Green Mountain Energy Company
11.12 Halliburton
11.13 KenGen
11.14 Macquarie Group Limited
11.15 Ormat Technologies Inc.
11.16 Reykjavik Geothermal
11.17 Sumitomo Corporation
11.18 Supreme Energy
11.19 Terra-Gen Power LLC
11.20 ThermaSource LLC
11.21 Toshiba International Corp.
11.22 Turboden S.p.A.
11.23 U.S. Geothermal Inc.
List of Tables
1 Global Geothermal Power Market Outlook, By Region (2021-2030) ($MN)
2 Global Geothermal Power Market Outlook, By Temperature (2021-2030) ($MN)
3 Global Geothermal Power Market Outlook, By Low Temperature (Up to 900C) (2021-2030) ($MN)
4 Global Geothermal Power Market Outlook, By Medium Temperature (900C – 1500C) (2021-2030) ($MN)
5 Global Geothermal Power Market Outlook, By High Temperature (Above 1500C) (2021-2030) ($MN)
6 Global Geothermal Power Market Outlook, By Power Output (2021-2030) ($MN)
7 Global Geothermal Power Market Outlook, By Up to 5 MW (2021-2030) ($MN)
8 Global Geothermal Power Market Outlook, By Above 5 MW (2021-2030) ($MN)
9 Global Geothermal Power Market Outlook, By Technology (2021-2030) ($MN)
10 Global Geothermal Power Market Outlook, By Binary Cycle Plants (2021-2030) ($MN)
11 Global Geothermal Power Market Outlook, By Flash Steam Plants (2021-2030) ($MN)
12 Global Geothermal Power Market Outlook, By Dry Steam Plants (2021-2030) ($MN)
13 Global Geothermal Power Market Outlook, By Ground Source Heat Pumps (2021-2030) ($MN)
14 Global Geothermal Power Market Outlook, By Direct Systems (2021-2030) ($MN)
15 Global Geothermal Power Market Outlook, By Other Technologies (2021-2030) ($MN)
16 Global Geothermal Power Market Outlook, By Application (2021-2030) ($MN)
17 Global Geothermal Power Market Outlook, By Power Generation (2021-2030) ($MN)
18 Global Geothermal Power Market Outlook, By Residential (2021-2030) ($MN)
19 Global Geothermal Power Market Outlook, By Industrial (2021-2030) ($MN)
20 Global Geothermal Power Market Outlook, By Commercial (2021-2030) ($MN)
21 Global Geothermal Power Market Outlook, By Other Applications (2021-2030) ($MN)
22 North America Geothermal Power Market Outlook, By Country (2021-2030) ($MN)
23 North America Geothermal Power Market Outlook, By Temperature (2021-2030) ($MN)
24 North America Geothermal Power Market Outlook, By Low Temperature (Up to 900C) (2021-2030) ($MN)
25 North America Geothermal Power Market Outlook, By Medium Temperature (900C – 1500C) (2021-2030) ($MN)
26 North America Geothermal Power Market Outlook, By High Temperature (Above 1500C) (2021-2030) ($MN)
27 North America Geothermal Power Market Outlook, By Power Output (2021-2030) ($MN)
28 North America Geothermal Power Market Outlook, By Up to 5 MW (2021-2030) ($MN)
29 North America Geothermal Power Market Outlook, By Above 5 MW (2021-2030) ($MN)
30 North America Geothermal Power Market Outlook, By Technology (2021-2030) ($MN)
31 North America Geothermal Power Market Outlook, By Binary Cycle Plants (2021-2030) ($MN)
32 North America Geothermal Power Market Outlook, By Flash Steam Plants (2021-2030) ($MN)
33 North America Geothermal Power Market Outlook, By Dry Steam Plants (2021-2030) ($MN)
34 North America Geothermal Power Market Outlook, By Ground Source Heat Pumps (2021-2030) ($MN)
35 North America Geothermal Power Market Outlook, By Direct Systems (2021-2030) ($MN)
36 North America Geothermal Power Market Outlook, By Other Technologies (2021-2030) ($MN)
37 North America Geothermal Power Market Outlook, By Application (2021-2030) ($MN)
38 North America Geothermal Power Market Outlook, By Power Generation (2021-2030) ($MN)
39 North America Geothermal Power Market Outlook, By Residential (2021-2030) ($MN)
40 North America Geothermal Power Market Outlook, By Industrial (2021-2030) ($MN)
41 North America Geothermal Power Market Outlook, By Commercial (2021-2030) ($MN)
42 North America Geothermal Power Market Outlook, By Other Applications (2021-2030) ($MN)
43 Europe Geothermal Power Market Outlook, By Country (2021-2030) ($MN)
44 Europe Geothermal Power Market Outlook, By Temperature (2021-2030) ($MN)
45 Europe Geothermal Power Market Outlook, By Low Temperature (Up to 900C) (2021-2030) ($MN)
46 Europe Geothermal Power Market Outlook, By Medium Temperature (900C – 1500C) (2021-2030) ($MN)
47 Europe Geothermal Power Market Outlook, By High Temperature (Above 1500C) (2021-2030) ($MN)
48 Europe Geothermal Power Market Outlook, By Power Output (2021-2030) ($MN)
49 Europe Geothermal Power Market Outlook, By Up to 5 MW (2021-2030) ($MN)
50 Europe Geothermal Power Market Outlook, By Above 5 MW (2021-2030) ($MN)
51 Europe Geothermal Power Market Outlook, By Technology (2021-2030) ($MN)
52 Europe Geothermal Power Market Outlook, By Binary Cycle Plants (2021-2030) ($MN)
53 Europe Geothermal Power Market Outlook, By Flash Steam Plants (2021-2030) ($MN)
54 Europe Geothermal Power Market Outlook, By Dry Steam Plants (2021-2030) ($MN)
55 Europe Geothermal Power Market Outlook, By Ground Source Heat Pumps (2021-2030) ($MN)
56 Europe Geothermal Power Market Outlook, By Direct Systems (2021-2030) ($MN)
57 Europe Geothermal Power Market Outlook, By Other Technologies (2021-2030) ($MN)
58 Europe Geothermal Power Market Outlook, By Application (2021-2030) ($MN)
59 Europe Geothermal Power Market Outlook, By Power Generation (2021-2030) ($MN)
60 Europe Geothermal Power Market Outlook, By Residential (2021-2030) ($MN)
61 Europe Geothermal Power Market Outlook, By Industrial (2021-2030) ($MN)
62 Europe Geothermal Power Market Outlook, By Commercial (2021-2030) ($MN)
63 Europe Geothermal Power Market Outlook, By Other Applications (2021-2030) ($MN)
64 Asia Pacific Geothermal Power Market Outlook, By Country (2021-2030) ($MN)
65 Asia Pacific Geothermal Power Market Outlook, By Temperature (2021-2030) ($MN)
66 Asia Pacific Geothermal Power Market Outlook, By Low Temperature (Up to 900C) (2021-2030) ($MN)
67 Asia Pacific Geothermal Power Market Outlook, By Medium Temperature (900C – 1500C) (2021-2030) ($MN)
68 Asia Pacific Geothermal Power Market Outlook, By High Temperature (Above 1500C) (2021-2030) ($MN)
69 Asia Pacific Geothermal Power Market Outlook, By Power Output (2021-2030) ($MN)
70 Asia Pacific Geothermal Power Market Outlook, By Up to 5 MW (2021-2030) ($MN)
71 Asia Pacific Geothermal Power Market Outlook, By Above 5 MW (2021-2030) ($MN)
72 Asia Pacific Geothermal Power Market Outlook, By Technology (2021-2030) ($MN)
73 Asia Pacific Geothermal Power Market Outlook, By Binary Cycle Plants (2021-2030) ($MN)
74 Asia Pacific Geothermal Power Market Outlook, By Flash Steam Plants (2021-2030) ($MN)
75 Asia Pacific Geothermal Power Market Outlook, By Dry Steam Plants (2021-2030) ($MN)
76 Asia Pacific Geothermal Power Market Outlook, By Ground Source Heat Pumps (2021-2030) ($MN)
77 Asia Pacific Geothermal Power Market Outlook, By Direct Systems (2021-2030) ($MN)
78 Asia Pacific Geothermal Power Market Outlook, By Other Technologies (2021-2030) ($MN)
79 Asia Pacific Geothermal Power Market Outlook, By Application (2021-2030) ($MN)
80 Asia Pacific Geothermal Power Market Outlook, By Power Generation (2021-2030) ($MN)
81 Asia Pacific Geothermal Power Market Outlook, By Residential (2021-2030) ($MN)
82 Asia Pacific Geothermal Power Market Outlook, By Industrial (2021-2030) ($MN)
83 Asia Pacific Geothermal Power Market Outlook, By Commercial (2021-2030) ($MN)
84 Asia Pacific Geothermal Power Market Outlook, By Other Applications (2021-2030) ($MN)
85 South America Geothermal Power Market Outlook, By Country (2021-2030) ($MN)
86 South America Geothermal Power Market Outlook, By Temperature (2021-2030) ($MN)
87 South America Geothermal Power Market Outlook, By Low Temperature (Up to 900C) (2021-2030) ($MN)
88 South America Geothermal Power Market Outlook, By Medium Temperature (900C – 1500C) (2021-2030) ($MN)
89 South America Geothermal Power Market Outlook, By High Temperature (Above 1500C) (2021-2030) ($MN)
90 South America Geothermal Power Market Outlook, By Power Output (2021-2030) ($MN)
91 South America Geothermal Power Market Outlook, By Up to 5 MW (2021-2030) ($MN)
92 South America Geothermal Power Market Outlook, By Above 5 MW (2021-2030) ($MN)
93 South America Geothermal Power Market Outlook, By Technology (2021-2030) ($MN)
94 South America Geothermal Power Market Outlook, By Binary Cycle Plants (2021-2030) ($MN)
95 South America Geothermal Power Market Outlook, By Flash Steam Plants (2021-2030) ($MN)
96 South America Geothermal Power Market Outlook, By Dry Steam Plants (2021-2030) ($MN)
97 South America Geothermal Power Market Outlook, By Ground Source Heat Pumps (2021-2030) ($MN)
98 South America Geothermal Power Market Outlook, By Direct Systems (2021-2030) ($MN)
99 South America Geothermal Power Market Outlook, By Other Technologies (2021-2030) ($MN)
100 South America Geothermal Power Market Outlook, By Application (2021-2030) ($MN)
101 South America Geothermal Power Market Outlook, By Power Generation (2021-2030) ($MN)
102 South America Geothermal Power Market Outlook, By Residential (2021-2030) ($MN)
103 South America Geothermal Power Market Outlook, By Industrial (2021-2030) ($MN)
104 South America Geothermal Power Market Outlook, By Commercial (2021-2030) ($MN)
105 South America Geothermal Power Market Outlook, By Other Applications (2021-2030) ($MN)
106 Middle East & Africa Geothermal Power Market Outlook, By Country (2021-2030) ($MN)
107 Middle East & Africa Geothermal Power Market Outlook, By Temperature (2021-2030) ($MN)
108 Middle East & Africa Geothermal Power Market Outlook, By Low Temperature (Up to 900C) (2021-2030) ($MN)
109 Middle East & Africa Geothermal Power Market Outlook, By Medium Temperature (900C – 1500C) (2021-2030) ($MN)
110 Middle East & Africa Geothermal Power Market Outlook, By High Temperature (Above 1500C) (2021-2030) ($MN)
111 Middle East & Africa Geothermal Power Market Outlook, By Power Output (2021-2030) ($MN)
112 Middle East & Africa Geothermal Power Market Outlook, By Up to 5 MW (2021-2030) ($MN)
113 Middle East & Africa Geothermal Power Market Outlook, By Above 5 MW (2021-2030) ($MN)
114 Middle East & Africa Geothermal Power Market Outlook, By Technology (2021-2030) ($MN)
115 Middle East & Africa Geothermal Power Market Outlook, By Binary Cycle Plants (2021-2030) ($MN)
116 Middle East & Africa Geothermal Power Market Outlook, By Flash Steam Plants (2021-2030) ($MN)
117 Middle East & Africa Geothermal Power Market Outlook, By Dry Steam Plants (2021-2030) ($MN)
118 Middle East & Africa Geothermal Power Market Outlook, By Ground Source Heat Pumps (2021-2030) ($MN)
119 Middle East & Africa Geothermal Power Market Outlook, By Direct Systems (2021-2030) ($MN)
120 Middle East & Africa Geothermal Power Market Outlook, By Other Technologies (2021-2030) ($MN)
121 Middle East & Africa Geothermal Power Market Outlook, By Application (2021-2030) ($MN)
122 Middle East & Africa Geothermal Power Market Outlook, By Power Generation (2021-2030) ($MN)
123 Middle East & Africa Geothermal Power Market Outlook, By Residential (2021-2030) ($MN)
124 Middle East & Africa Geothermal Power Market Outlook, By Industrial (2021-2030) ($MN)
125 Middle East & Africa Geothermal Power Market Outlook, By Commercial (2021-2030) ($MN)
126 Middle East & Africa Geothermal Power Market Outlook, By Other Applications (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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