Green Steel Market
Green Steel Market Forecasts to 2030 - Global Analysis By Production Technology (Hydrogen-Based Steel Production, Electric Arc Furnace (EAF), Carbon Capture and Storage (CCS), Biomass-Based Steel Production and Molten Oxide Electrolysis (MOE)), Energy Source, End User and by Geography
According to Stratistics MRC, the Global Green Steel Market is accounted for $4.02 billion in 2024 and is expected to reach $52.85 billion by 2030 growing at a CAGR of 53.6% during the forecast period. Steel made with techniques that drastically cut carbon emissions when compared to conventional steelmaking processes is referred to as green steel. In order to produce green steel, conventional coal-based processes are usually replaced with cutting-edge technologies like hydrogen-based direct reduction and renewable energy sources like solar or wind power. Moreover, green steel reduces the carbon footprint, thereby mitigating the environmental impact of the steel industry, which is among the world's leading industrial sources of carbon dioxide emissions.
According to the World Steel Association, the global steel industry is responsible for approximately 7% of all direct emissions from the use of fossil fuels, highlighting the urgent need for the adoption of green steel technologies to reduce the sector's carbon footprint.
Market Dynamics:
Driver:
Increasing consumer demand for eco-friendly products
The global trend towards sustainability is changing industrial practices as well as consumer preferences. Consumer goods, construction, and automotive end users are among the industries where end users are increasingly looking for environmentally friendly, sustainable products. Green steel is quickly replacing conventional steel as a material of choice because it has a much smaller carbon footprint. Additionally, large companies and brands that pledge to become carbon neutral and source sustainable materials for their supply chains are supporting this trend.
Restraint:
Elevated production expenses
The high production costs linked to ecologically friendly steelmaking processes are one of the main barriers to the green steel market. Significant capital investment is needed for technologies like electric arc furnaces powered by renewable energy sources and hydrogen-based direct reduction. Inputs that are currently more expensive than traditional coal and natural gas used in conventional steelmaking, like hydrogen and renewable energy, are frequently used in the production of green steel. Furthermore, the switch to producing green steel also necessitates large expenditures in new machinery, infrastructure, and R&D, which raises prices even more.
Opportunity:
Development in steel production using hydrogen
The development of technologies for producing steel based on hydrogen presents one of the green steel market's most promising prospects. When hydrogen is utilized as a reducing agent instead of carbon, steel can be produced with only water vapor as a byproduct and with very little carbon dioxide emissions. It is anticipated that as this field of study and development advances, hydrogen-based steel production will become much more efficient and economical. Moreover, the availability and affordability of hydrogen are expected to rise in tandem with rising investments in green hydrogen production and the growth of a global hydrogen economy, rendering this technology more feasible on a large scale.
Threat:
Strong rivalry with conventional steel manufacturers
Traditional steel producers pose a serious threat to the green steel market because they have established cost-effective production methods that allow them to dominate the global market. Conventional steelmaking enjoys the advantages of economies of scale, well-established supply chains, and reduced production costs because it depends on blast furnaces and carbon-based reduction processes. Additionally, it is difficult for green steel to compete on price, particularly in cost-sensitive markets, because traditional steel producers can offer their products at significantly lower prices than green steel.
Covid-19 Impact:
The market for green steel was impacted by the COVID-19 pandemic. At first, the slowdown in the world economy and problems with the supply chain caused a decrease in the demand for steel and a postponement of investments in green technologies. Financial limitations were a barrier for many steel producers, which delayed the adoption of expensive green steel production techniques. However, the pandemic additionally expedited the transition towards sustainability, given that governments and industries realized the significance of robust and environmentally conscious practices in the aftermath of the pandemic.
The Electric Arc Furnace (EAF) segment is expected to be the largest during the forecast period
The Electric Arc Furnace (EAF) market segment has the largest share in the green steel market. Because of its ability to use renewable energy sources and its efficiency in using scrap steel, EAF technology is a key player in the production of green steel. EAFs, as opposed to conventional blast furnaces, have the potential to drastically lower carbon emissions by replacing fossil fuels with electricity—ideally electricity generated by renewable sources like solar or wind energy. Moreover, this method is essential to sustainable steelmaking processes because it reduces greenhouse gas emissions and promotes a circular economy by recycling pre-existing steel.
The Wind segment is expected to have the highest CAGR during the forecast period
The wind energy segment of the green steel market is anticipated to grow at the highest CAGR. Electric arc furnaces (EAFs) and other green steel production technologies depend on a large and consistent supply of renewable electricity, which is why wind energy is growing so quickly. Wind power is a desirable alternative for lowering the carbon footprint of steel production because wind turbines convert wind energy into electricity without releasing greenhouse gases into the atmosphere. Additionally, the green steel industry is seeing a surge in the adoption and growth of wind technology due to its falling costs, favourable policies, and growing investments.
Region with largest share:
The European region has the largest market share for green steel. The region has led the world in producing green steel because of its steadfast dedication to sustainability and strict legislative frameworks that encourage carbon reduction. Carbon capture and storage (CCS) and electric arc furnaces (EAFs) are examples of cutting-edge technologies that have gained traction in Europe due to the continent's aggressive carbon emission reduction targets and significant investments in renewable energy infrastructure. Furthermore, Europe's strong industrial base and pro-green government policies reinforce its leadership in the shift to more environmentally friendly steel production.
Region with highest CAGR:
The Asia-Pacific region is expected to have the highest CAGR in the green steel market. The region's growth is being propelled by its rapid industrialization, rising steel demand, and large investments in green technologies. Focusing on incorporating sustainable practices into their steel production processes, nations like China and India are attempting to meet global emissions targets while also addressing environmental issues. Moreover, the Asia-Pacific region's green steel industry is growing at a rapid pace, partly due to government policies that support lower carbon footprints and expand renewable energy capacity.
Key players in the market
Some of the key players in Green Steel market include Boston Metal, JFE Steel Corporation, Nippon Steel Corporation, Emirates Steel Arkan Group, Ansteel Group, Nucor Corporation (Nucor Tubular Products), POSCO International, H2 Green Steel, Jindal Steel & Power Ltd, Green Steel Group Inc., Swiss Steel Group, Arcelor Mittal, JSW Steel, Salzgitter AG and Voestalpine AG.
Key Developments:
In June 2024, JSW Energy said that it has inked power purchase agreements through its subsidiaries for wind and solar projects with a cumulative capacity of 1,325 MW. This includes 1,025 MW with Solar Energy Corporation of India Ltd (SECI) and 300 MW with Gujarat Urja Vikas Nigam Ltd (GUVNL), bringing the total locked-in capacity of the company to 13.6 GW.
In January 2024, Emirates Steel Arkan (ESA) recently announced that it has signed a 5-year, $2 billion contract with Bahrain Steel Company (BSC) to supply high-grade iron-ore pellets. The companies signed the agreement during the Integrated Industrial Partnership for Sustainable Economic Growth initiative, held recently in Bahrain.
In December 2023, Nippon Steel Corporation announced that they have entered into a definitive agreement pursuant to which NSC will acquire U. S. Steel in an all-cash transaction at $55.00 per share, representing an equity value of approximately $14.1 billion plus the assumption of debt, for a total enterprise value of $14.9 billion.
Production Technologies Covered:
• Hydrogen-Based Steel Production
• Electric Arc Furnace (EAF)
• Carbon Capture and Storage (CCS)
• Biomass-Based Steel Production
• Molten Oxide Electrolysis (MOE)
Energy Sources Covered:
• Solar
• Wind
• Hydropower
• Biomass Energy
• Other Energy Sources
End Users Covered:
• Building & Construction
• Automotive
• Renewable Energy Infrastructure
• Home Appliances
• Industrial Equipment
• FMCG
• Defence
• 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 2022, 2023, 2024, 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 End User Analysis
3.7 Emerging Markets
3.8 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 Green Steel Market, By Production Technology
5.1 Introduction
5.2 Hydrogen-Based Steel Production
5.3 Electric Arc Furnace (EAF)
5.4 Carbon Capture and Storage (CCS)
5.5 Biomass-Based Steel Production
5.6 Molten Oxide Electrolysis (MOE)
6 Global Green Steel Market, By Energy Source
6.1 Introduction
6.2 Solar
6.3 Wind
6.4 Hydropower
6.5 Biomass Energy
6.6 Other Energy Sources
7 Global Green Steel Market, By End User
7.1 Introduction
7.2 Building & Construction
7.3 Automotive
7.4 Renewable Energy Infrastructure
7.5 Home Appliances
7.6 Industrial Equipment
7.7 FMCG
7.8 Defence
7.9 Other End Users
8 Global Green Steel 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 Boston Metal
10.2 JFE Steel Corporation
10.3 Nippon Steel Corporation
10.4 Emirates Steel Arkan Group
10.5 Ansteel Group
10.6 Nucor Corporation (Nucor Tubular Products)
10.7 POSCO International
10.8 H2 Green Steel
10.9 Jindal Steel & Power Ltd
10.10 Green Steel Group Inc.
10.11 Swiss Steel Group
10.12 Arcelor Mittal
10.13 JSW Steel
10.14 Salzgitter AG
10.15 Voestalpine AG
List of Tables
1 Global Green Steel Market Outlook, By Region (2022-2030) ($MN)
2 Global Green Steel Market Outlook, By Production Technology (2022-2030) ($MN)
3 Global Green Steel Market Outlook, By Hydrogen-Based Steel Production (2022-2030) ($MN)
4 Global Green Steel Market Outlook, By Electric Arc Furnace (EAF) (2022-2030) ($MN)
5 Global Green Steel Market Outlook, By Carbon Capture and Storage (CCS) (2022-2030) ($MN)
6 Global Green Steel Market Outlook, By Biomass-Based Steel Production (2022-2030) ($MN)
7 Global Green Steel Market Outlook, By Molten Oxide Electrolysis (MOE) (2022-2030) ($MN)
8 Global Green Steel Market Outlook, By Energy Source (2022-2030) ($MN)
9 Global Green Steel Market Outlook, By Solar (2022-2030) ($MN)
10 Global Green Steel Market Outlook, By Wind (2022-2030) ($MN)
11 Global Green Steel Market Outlook, By Hydropower (2022-2030) ($MN)
12 Global Green Steel Market Outlook, By Biomass Energy (2022-2030) ($MN)
13 Global Green Steel Market Outlook, By Other Energy Sources (2022-2030) ($MN)
14 Global Green Steel Market Outlook, By End User (2022-2030) ($MN)
15 Global Green Steel Market Outlook, By Building & Construction (2022-2030) ($MN)
16 Global Green Steel Market Outlook, By Automotive (2022-2030) ($MN)
17 Global Green Steel Market Outlook, By Renewable Energy Infrastructure (2022-2030) ($MN)
18 Global Green Steel Market Outlook, By Home Appliances (2022-2030) ($MN)
19 Global Green Steel Market Outlook, By Industrial Equipment (2022-2030) ($MN)
20 Global Green Steel Market Outlook, By FMCG (2022-2030) ($MN)
21 Global Green Steel Market Outlook, By Defence (2022-2030) ($MN)
22 Global Green Steel Market Outlook, By Other End Users (2022-2030) ($MN)
23 North America Green Steel Market Outlook, By Country (2022-2030) ($MN)
24 North America Green Steel Market Outlook, By Production Technology (2022-2030) ($MN)
25 North America Green Steel Market Outlook, By Hydrogen-Based Steel Production (2022-2030) ($MN)
26 North America Green Steel Market Outlook, By Electric Arc Furnace (EAF) (2022-2030) ($MN)
27 North America Green Steel Market Outlook, By Carbon Capture and Storage (CCS) (2022-2030) ($MN)
28 North America Green Steel Market Outlook, By Biomass-Based Steel Production (2022-2030) ($MN)
29 North America Green Steel Market Outlook, By Molten Oxide Electrolysis (MOE) (2022-2030) ($MN)
30 North America Green Steel Market Outlook, By Energy Source (2022-2030) ($MN)
31 North America Green Steel Market Outlook, By Solar (2022-2030) ($MN)
32 North America Green Steel Market Outlook, By Wind (2022-2030) ($MN)
33 North America Green Steel Market Outlook, By Hydropower (2022-2030) ($MN)
34 North America Green Steel Market Outlook, By Biomass Energy (2022-2030) ($MN)
35 North America Green Steel Market Outlook, By Other Energy Sources (2022-2030) ($MN)
36 North America Green Steel Market Outlook, By End User (2022-2030) ($MN)
37 North America Green Steel Market Outlook, By Building & Construction (2022-2030) ($MN)
38 North America Green Steel Market Outlook, By Automotive (2022-2030) ($MN)
39 North America Green Steel Market Outlook, By Renewable Energy Infrastructure (2022-2030) ($MN)
40 North America Green Steel Market Outlook, By Home Appliances (2022-2030) ($MN)
41 North America Green Steel Market Outlook, By Industrial Equipment (2022-2030) ($MN)
42 North America Green Steel Market Outlook, By FMCG (2022-2030) ($MN)
43 North America Green Steel Market Outlook, By Defence (2022-2030) ($MN)
44 North America Green Steel Market Outlook, By Other End Users (2022-2030) ($MN)
45 Europe Green Steel Market Outlook, By Country (2022-2030) ($MN)
46 Europe Green Steel Market Outlook, By Production Technology (2022-2030) ($MN)
47 Europe Green Steel Market Outlook, By Hydrogen-Based Steel Production (2022-2030) ($MN)
48 Europe Green Steel Market Outlook, By Electric Arc Furnace (EAF) (2022-2030) ($MN)
49 Europe Green Steel Market Outlook, By Carbon Capture and Storage (CCS) (2022-2030) ($MN)
50 Europe Green Steel Market Outlook, By Biomass-Based Steel Production (2022-2030) ($MN)
51 Europe Green Steel Market Outlook, By Molten Oxide Electrolysis (MOE) (2022-2030) ($MN)
52 Europe Green Steel Market Outlook, By Energy Source (2022-2030) ($MN)
53 Europe Green Steel Market Outlook, By Solar (2022-2030) ($MN)
54 Europe Green Steel Market Outlook, By Wind (2022-2030) ($MN)
55 Europe Green Steel Market Outlook, By Hydropower (2022-2030) ($MN)
56 Europe Green Steel Market Outlook, By Biomass Energy (2022-2030) ($MN)
57 Europe Green Steel Market Outlook, By Other Energy Sources (2022-2030) ($MN)
58 Europe Green Steel Market Outlook, By End User (2022-2030) ($MN)
59 Europe Green Steel Market Outlook, By Building & Construction (2022-2030) ($MN)
60 Europe Green Steel Market Outlook, By Automotive (2022-2030) ($MN)
61 Europe Green Steel Market Outlook, By Renewable Energy Infrastructure (2022-2030) ($MN)
62 Europe Green Steel Market Outlook, By Home Appliances (2022-2030) ($MN)
63 Europe Green Steel Market Outlook, By Industrial Equipment (2022-2030) ($MN)
64 Europe Green Steel Market Outlook, By FMCG (2022-2030) ($MN)
65 Europe Green Steel Market Outlook, By Defence (2022-2030) ($MN)
66 Europe Green Steel Market Outlook, By Other End Users (2022-2030) ($MN)
67 Asia Pacific Green Steel Market Outlook, By Country (2022-2030) ($MN)
68 Asia Pacific Green Steel Market Outlook, By Production Technology (2022-2030) ($MN)
69 Asia Pacific Green Steel Market Outlook, By Hydrogen-Based Steel Production (2022-2030) ($MN)
70 Asia Pacific Green Steel Market Outlook, By Electric Arc Furnace (EAF) (2022-2030) ($MN)
71 Asia Pacific Green Steel Market Outlook, By Carbon Capture and Storage (CCS) (2022-2030) ($MN)
72 Asia Pacific Green Steel Market Outlook, By Biomass-Based Steel Production (2022-2030) ($MN)
73 Asia Pacific Green Steel Market Outlook, By Molten Oxide Electrolysis (MOE) (2022-2030) ($MN)
74 Asia Pacific Green Steel Market Outlook, By Energy Source (2022-2030) ($MN)
75 Asia Pacific Green Steel Market Outlook, By Solar (2022-2030) ($MN)
76 Asia Pacific Green Steel Market Outlook, By Wind (2022-2030) ($MN)
77 Asia Pacific Green Steel Market Outlook, By Hydropower (2022-2030) ($MN)
78 Asia Pacific Green Steel Market Outlook, By Biomass Energy (2022-2030) ($MN)
79 Asia Pacific Green Steel Market Outlook, By Other Energy Sources (2022-2030) ($MN)
80 Asia Pacific Green Steel Market Outlook, By End User (2022-2030) ($MN)
81 Asia Pacific Green Steel Market Outlook, By Building & Construction (2022-2030) ($MN)
82 Asia Pacific Green Steel Market Outlook, By Automotive (2022-2030) ($MN)
83 Asia Pacific Green Steel Market Outlook, By Renewable Energy Infrastructure (2022-2030) ($MN)
84 Asia Pacific Green Steel Market Outlook, By Home Appliances (2022-2030) ($MN)
85 Asia Pacific Green Steel Market Outlook, By Industrial Equipment (2022-2030) ($MN)
86 Asia Pacific Green Steel Market Outlook, By FMCG (2022-2030) ($MN)
87 Asia Pacific Green Steel Market Outlook, By Defence (2022-2030) ($MN)
88 Asia Pacific Green Steel Market Outlook, By Other End Users (2022-2030) ($MN)
89 South America Green Steel Market Outlook, By Country (2022-2030) ($MN)
90 South America Green Steel Market Outlook, By Production Technology (2022-2030) ($MN)
91 South America Green Steel Market Outlook, By Hydrogen-Based Steel Production (2022-2030) ($MN)
92 South America Green Steel Market Outlook, By Electric Arc Furnace (EAF) (2022-2030) ($MN)
93 South America Green Steel Market Outlook, By Carbon Capture and Storage (CCS) (2022-2030) ($MN)
94 South America Green Steel Market Outlook, By Biomass-Based Steel Production (2022-2030) ($MN)
95 South America Green Steel Market Outlook, By Molten Oxide Electrolysis (MOE) (2022-2030) ($MN)
96 South America Green Steel Market Outlook, By Energy Source (2022-2030) ($MN)
97 South America Green Steel Market Outlook, By Solar (2022-2030) ($MN)
98 South America Green Steel Market Outlook, By Wind (2022-2030) ($MN)
99 South America Green Steel Market Outlook, By Hydropower (2022-2030) ($MN)
100 South America Green Steel Market Outlook, By Biomass Energy (2022-2030) ($MN)
101 South America Green Steel Market Outlook, By Other Energy Sources (2022-2030) ($MN)
102 South America Green Steel Market Outlook, By End User (2022-2030) ($MN)
103 South America Green Steel Market Outlook, By Building & Construction (2022-2030) ($MN)
104 South America Green Steel Market Outlook, By Automotive (2022-2030) ($MN)
105 South America Green Steel Market Outlook, By Renewable Energy Infrastructure (2022-2030) ($MN)
106 South America Green Steel Market Outlook, By Home Appliances (2022-2030) ($MN)
107 South America Green Steel Market Outlook, By Industrial Equipment (2022-2030) ($MN)
108 South America Green Steel Market Outlook, By FMCG (2022-2030) ($MN)
109 South America Green Steel Market Outlook, By Defence (2022-2030) ($MN)
110 South America Green Steel Market Outlook, By Other End Users (2022-2030) ($MN)
111 Middle East & Africa Green Steel Market Outlook, By Country (2022-2030) ($MN)
112 Middle East & Africa Green Steel Market Outlook, By Production Technology (2022-2030) ($MN)
113 Middle East & Africa Green Steel Market Outlook, By Hydrogen-Based Steel Production (2022-2030) ($MN)
114 Middle East & Africa Green Steel Market Outlook, By Electric Arc Furnace (EAF) (2022-2030) ($MN)
115 Middle East & Africa Green Steel Market Outlook, By Carbon Capture and Storage (CCS) (2022-2030) ($MN)
116 Middle East & Africa Green Steel Market Outlook, By Biomass-Based Steel Production (2022-2030) ($MN)
117 Middle East & Africa Green Steel Market Outlook, By Molten Oxide Electrolysis (MOE) (2022-2030) ($MN)
118 Middle East & Africa Green Steel Market Outlook, By Energy Source (2022-2030) ($MN)
119 Middle East & Africa Green Steel Market Outlook, By Solar (2022-2030) ($MN)
120 Middle East & Africa Green Steel Market Outlook, By Wind (2022-2030) ($MN)
121 Middle East & Africa Green Steel Market Outlook, By Hydropower (2022-2030) ($MN)
122 Middle East & Africa Green Steel Market Outlook, By Biomass Energy (2022-2030) ($MN)
123 Middle East & Africa Green Steel Market Outlook, By Other Energy Sources (2022-2030) ($MN)
124 Middle East & Africa Green Steel Market Outlook, By End User (2022-2030) ($MN)
125 Middle East & Africa Green Steel Market Outlook, By Building & Construction (2022-2030) ($MN)
126 Middle East & Africa Green Steel Market Outlook, By Automotive (2022-2030) ($MN)
127 Middle East & Africa Green Steel Market Outlook, By Renewable Energy Infrastructure (2022-2030) ($MN)
128 Middle East & Africa Green Steel Market Outlook, By Home Appliances (2022-2030) ($MN)
129 Middle East & Africa Green Steel Market Outlook, By Industrial Equipment (2022-2030) ($MN)
130 Middle East & Africa Green Steel Market Outlook, By FMCG (2022-2030) ($MN)
131 Middle East & Africa Green Steel Market Outlook, By Defence (2022-2030) ($MN)
132 Middle East & Africa Green Steel Market Outlook, By Other End Users (2022-2030) ($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.
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