Heat Pump Water Heater Market
Heat Pump Water Heater Market Forecasts to 2028 - Global Analysis By Type (Geothermal heat pump and Air source heat pump), Storage Tank Capacity (Up to 500 LT, 500 LT to 1000 LT and Above 1000 LT), Rated Capacity (Up to 10 kW, 10-20 kW, 20-30 kW, 30-100 kW, 100-150 kW and Above 150 kW), Application and Geography
According to Stratistics MRC, the Global Heat Pump Water Heater Market is accounted for $1.65 billion in 2022 and is expected to reach $2.74 billion by 2028 growing at a CAGR of 8.8% during the forecast period. Heat pump water heaters use electricity to transmit heat from one location to another, making water heating 2-3 times more energy-efficient than traditional water heating techniques. Heat pump water heaters collect heat from the surrounding air and dump it at a higher temperature into a tank to heat water. They have gained popularity in the home market segment and are frequently used in the industrial sector to minimise energy consumption and comply with global environmental regulations.
According to the report published by the united Nations Environment Programme, there is a lack of awareness among the contractors regarding the International Organization for Standardization (ISO) standards for heat pumps.
Market Dynamics:
Driver:
Reduction in CO2 emission
Because of rising CO2 emissions, several countries are attempting to lower their primary energy demand and establish regulations to limit greenhouse gas emissions. Heat pump water heaters are one of the most promising solutions for lowering greenhouse gas emissions. A heat pump water heater is an energy-efficient approach to supply warmth via aerothermal and geothermal technologies. Heat pump water heaters use low-temperature ambient heat from the air, water, and earth to raise the water temperature through energy input, mostly from electricity. As a result, adopting heat pump water heater systems rather than fossil fuel-based systems can dramatically reduce carbon emissions connected with energy use and generation. This is driving an increase in the number of heat pump water heater systems installed instead of fossil commercial and industrial markets.
Restraint:
Strict regulations
The global heat pump water heater market is facing a difficulty due to a lack of knowledge among potential consumers. It has been discovered that many end customers are unaware that heat pumps and water heaters use renewable energy and are substantially more efficient than other typical equipment. This has resulted in a decreased rate of heat pump adoption. As a result, universities and governments worldwide must raise knowledge about the favourable environmental consequences of heat pumps and water heaters. As a result, the lack of awareness will limit the expansion of the market under consideration throughout the projection period.
Opportunity:
Integration of IoT with heat pump water heaters
Internet of Things (IoT)-enabled heat pump water heater systems are intended to provide real-time monitoring, predictive maintenance, and remote diagnostics for heat pump water heaters. IoT-enabled heat pump water heater systems include smart thermostats that aid in monitoring environmental changes and interacting with the heat pump water heater equipment. Heat pump water systems can use data to continuously enhance performance and save energy thanks to cutting-edge software. Integration with IoT aids in the detection of anomalies in heat pump water heaters, resulting in lower system failure. As a result, the integration of IoT with heat pump water heaters provides considerable prospects for market growth.
Threat:
High installation cost
Heat pump heater systems are utilised in the residential, commercial, and industrial sectors to increase energy efficiency, minimise energy costs, and reduce carbon emissions. There are two types of heat pump water heaters: aerothermal heat pumps and geothermal heat pumps. The cost of installing heat pump water heater equipment for residential, commercial, and industrial applications is determined by a variety of factors. For example, the installation cost of all heat pump systems in the residential application is determined by the size of the residence, additional ductwork, kind of equipment, and British Thermal Unit (BTU) value of the equipment. The cost of installing a heat pump water heater is also determined by the complexity, kind, brand, and size of the heat pump. Thus, the high installation cost is a challenge that can hamper the growth of the heat pump market.
Covid-19 Impact
The COVID 19 pandemic had a detrimental influence on the heat pump water heater market because, as a result of the global adoption of lockdowns to prevent the spread of the COVID 19 pandemic, construction and hospitality activities for both residential and commercial segments came to a standstill or were cancelled. The upkeep of pre-existing structures was also postponed. On the other hand, the supply chain was disrupted, impeding the movement of people, materials, and money needed to restore the growth of the global commercial heat pump water heater market. All of these reasons contributed to a drop in commercial heat pump water heater sales and revenue.
The Up to 500 LT segment is expected to be the largest during the forecast period
The Up to 500 LT segment is estimated to have a lucrative growth, because to their ease of use and installation. They provide plenty of hot water for practically all modest commercial and household applications. As a result, water heaters with this capacity are appropriate for applications requiring less hot water in small business establishments and the residential sector, which includes residences and multifamily structures. Up to 500 LT capacity are utilised in the hospitality sector for vacation homes and motels to assure continuous availability of hot water for bathing, personal laundry, and other purposes.
The residential segment is expected to have the highest CAGR during the forecast period
The residential segment is anticipated to witness the fastest CAGR growth during the forecast period. Heat pump water heaters are in high demand due to the growing demand for energy-efficient solutions that are specifically developed for hot water generation applications in homes and apartments. The demand for heat pump water heaters in the residential sector is likely to rise as a result of favourable government initiatives and tax breaks for the installation of energy-saving equipment.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the rising adaptation of energy-efficient products. The region is home to a number of growing economies, including China, India, New Zealand, and Malaysia. These countries are undertaking a variety of activities to increase the installation of heat pump water heaters in order to improve energy efficiency and reduce environmental pollution. In addition, numerous major competitors in the heat pump water heater market, including A.O. Smith Corporation, Midea Group, and others, have production sites in China, India, and Thailand.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the increasing demand for energy-efficient heat pump water heaters as governments geared up to achieve their target of reducing greenhouse gas (GHG) emissions. Furthermore, Europe has established minimum energy performance requirements for new structures, substantial building renovations, and building element replacement or retrofit (heating and cooling systems, roofs, and walls). The cold climatic conditions prevalent in European countries have contributed to the growth of the heat pump water heater market in Europe.
Key players in the market
Some of the key players profiled in the Heat Pump Water Heater Market include Panasonic Corporation, Rheem Manufacturing Company, Samsung, LG Electronics, Bradford White Corporation, SmartHeat Deutschland GmbH, Lochinvar, Thermex Corporation, Mitsubishi Electric Trane HVAC US LLC, Ariston Holding N.V., DAIKIN INDUSTRIES, Ltd., STIEBEL ELTRON GmbH & Co. KG, Glen Dimplex Group, Rinnai Corporation, Vaillant Group, Hubbell Heaters and Nyle Systems
Key Developments:
In August 2020, Panasonic Corporation underwent a strategic alliance with Systemair for the launch of a variety of heating and cooling products.
In July 2020, Daikin SmartSource, a dedicated outdoor air system (DOAS) was launched to avail consumers of energy-efficient and cost-effective temperature control using fresh air.
Types Covered:
• Geothermal heat pump
• Air source heat pump
Storage Tank Capacities Covered:
• Up to 500 LT
• 500 LT to 1000 LT
• Above 1000 LT
Rated Capacities Covered:
• Up to 10 kW
• 10-20 kW
• 20-30 kW
• 30-100 kW
• 100-150 kW
• Above 150 kW
Applications Covered:
• Commercial
• Residential
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 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 Heat Pump Water Heater Market, By Type
5.1 Introduction
5.2 Geothermal heat pump
5.3 Air source heat pump
6 Global Heat Pump Water Heater Market, By Storage Tank Capacity
6.1 Introduction
6.2 Up to 500 LT
6.3 500 LT to 1000 LT
6.4 Above 1000 LT
7 Global Heat Pump Water Heater Market, By Rated Capacity
7.1 Introduction
7.2 Up to 10 kW
7.3 10-20 kW
7.4 20-30 kW
7.5 30-100 kW
7.6 100-150 kW
7.7 Above 150 kW
8 Global Heat Pump Water Heater Market, By Application
8.1 Introduction
8.2 Commercial
8.3 Residential
8.3.1 Multi family
8.3.2 Single family
9 Global Heat Pump Water Heater 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 Panasonic Corporation
11.2 Rheem Manufacturing Company
11.3 Samsung
11.4 LG Electronics
11.5 Bradford White Corporation
11.6 SmartHeat Deutschland GmbH
11.7 Lochinvar
11.8 Thermex Corporation
11.9 Mitsubishi Electric Trane HVAC US LLC
11.10 Ariston Holding N.V.
11.11 DAIKIN INDUSTRIES, Ltd.
11.12 STIEBEL ELTRON GmbH & Co. KG
11.13 Glen Dimplex Group
11.14 Rinnai Corporation
11.15 Vaillant Group
11.16 Hubbell Heaters
11.17 Nyle Systems
List of Tables
1 Global Heat Pump Water Heater Market Outlook, By Region (2020-2028) ($MN)
2 Global Heat Pump Water Heater Market Outlook, By Type (2020-2028) ($MN)
3 Global Heat Pump Water Heater Market Outlook, By Geothermal heat pump (2020-2028) ($MN)
4 Global Heat Pump Water Heater Market Outlook, By Air source heat pump (2020-2028) ($MN)
5 Global Heat Pump Water Heater Market Outlook, By Storage Tank Capacity (2020-2028) ($MN)
6 Global Heat Pump Water Heater Market Outlook, By Up to 500 LT (2020-2028) ($MN)
7 Global Heat Pump Water Heater Market Outlook, By 500 LT to 1000 LT (2020-2028) ($MN)
8 Global Heat Pump Water Heater Market Outlook, By Above 1000 LT (2020-2028) ($MN)
9 Global Heat Pump Water Heater Market Outlook, By Rated Capacity (2020-2028) ($MN)
10 Global Heat Pump Water Heater Market Outlook, By Up to 10 kW (2020-2028) ($MN)
11 Global Heat Pump Water Heater Market Outlook, By 10-20 kW (2020-2028) ($MN)
12 Global Heat Pump Water Heater Market Outlook, By 20-30 kW (2020-2028) ($MN)
13 Global Heat Pump Water Heater Market Outlook, By 30-100 kW (2020-2028) ($MN)
14 Global Heat Pump Water Heater Market Outlook, By 100-150 kW (2020-2028) ($MN)
15 Global Heat Pump Water Heater Market Outlook, By Above 150 kW (2020-2028) ($MN)
16 Global Heat Pump Water Heater Market Outlook, By Application (2020-2028) ($MN)
17 Global Heat Pump Water Heater Market Outlook, By Commercial (2020-2028) ($MN)
18 Global Heat Pump Water Heater Market Outlook, By Residential (2020-2028) ($MN)
19 Global Heat Pump Water Heater Market Outlook, By Multi family (2020-2028) ($MN)
20 Global Heat Pump Water Heater Market Outlook, By Single family (2020-2028) ($MN)
21 North America Heat Pump Water Heater Market Outlook, By Country (2020-2028) ($MN)
22 North America Heat Pump Water Heater Market Outlook, By Type (2020-2028) ($MN)
23 North America Heat Pump Water Heater Market Outlook, By Geothermal heat pump (2020-2028) ($MN)
24 North America Heat Pump Water Heater Market Outlook, By Air source heat pump (2020-2028) ($MN)
25 North America Heat Pump Water Heater Market Outlook, By Storage Tank Capacity (2020-2028) ($MN)
26 North America Heat Pump Water Heater Market Outlook, By Up to 500 LT (2020-2028) ($MN)
27 North America Heat Pump Water Heater Market Outlook, By 500 LT to 1000 LT (2020-2028) ($MN)
28 North America Heat Pump Water Heater Market Outlook, By Above 1000 LT (2020-2028) ($MN)
29 North America Heat Pump Water Heater Market Outlook, By Rated Capacity (2020-2028) ($MN)
30 North America Heat Pump Water Heater Market Outlook, By Up to 10 kW (2020-2028) ($MN)
31 North America Heat Pump Water Heater Market Outlook, By 10-20 kW (2020-2028) ($MN)
32 North America Heat Pump Water Heater Market Outlook, By 20-30 kW (2020-2028) ($MN)
33 North America Heat Pump Water Heater Market Outlook, By 30-100 kW (2020-2028) ($MN)
34 North America Heat Pump Water Heater Market Outlook, By 100-150 kW (2020-2028) ($MN)
35 North America Heat Pump Water Heater Market Outlook, By Above 150 kW (2020-2028) ($MN)
36 North America Heat Pump Water Heater Market Outlook, By Application (2020-2028) ($MN)
37 North America Heat Pump Water Heater Market Outlook, By Commercial (2020-2028) ($MN)
38 North America Heat Pump Water Heater Market Outlook, By Residential (2020-2028) ($MN)
39 North America Heat Pump Water Heater Market Outlook, By Multi family (2020-2028) ($MN)
40 North America Heat Pump Water Heater Market Outlook, By Single family (2020-2028) ($MN)
41 Europe Heat Pump Water Heater Market Outlook, By Country (2020-2028) ($MN)
42 Europe Heat Pump Water Heater Market Outlook, By Type (2020-2028) ($MN)
43 Europe Heat Pump Water Heater Market Outlook, By Geothermal heat pump (2020-2028) ($MN)
44 Europe Heat Pump Water Heater Market Outlook, By Air source heat pump (2020-2028) ($MN)
45 Europe Heat Pump Water Heater Market Outlook, By Storage Tank Capacity (2020-2028) ($MN)
46 Europe Heat Pump Water Heater Market Outlook, By Up to 500 LT (2020-2028) ($MN)
47 Europe Heat Pump Water Heater Market Outlook, By 500 LT to 1000 LT (2020-2028) ($MN)
48 Europe Heat Pump Water Heater Market Outlook, By Above 1000 LT (2020-2028) ($MN)
49 Europe Heat Pump Water Heater Market Outlook, By Rated Capacity (2020-2028) ($MN)
50 Europe Heat Pump Water Heater Market Outlook, By Up to 10 kW (2020-2028) ($MN)
51 Europe Heat Pump Water Heater Market Outlook, By 10-20 kW (2020-2028) ($MN)
52 Europe Heat Pump Water Heater Market Outlook, By 20-30 kW (2020-2028) ($MN)
53 Europe Heat Pump Water Heater Market Outlook, By 30-100 kW (2020-2028) ($MN)
54 Europe Heat Pump Water Heater Market Outlook, By 100-150 kW (2020-2028) ($MN)
55 Europe Heat Pump Water Heater Market Outlook, By Above 150 kW (2020-2028) ($MN)
56 Europe Heat Pump Water Heater Market Outlook, By Application (2020-2028) ($MN)
57 Europe Heat Pump Water Heater Market Outlook, By Commercial (2020-2028) ($MN)
58 Europe Heat Pump Water Heater Market Outlook, By Residential (2020-2028) ($MN)
59 Europe Heat Pump Water Heater Market Outlook, By Multi family (2020-2028) ($MN)
60 Europe Heat Pump Water Heater Market Outlook, By Single family (2020-2028) ($MN)
61 Asia Pacific Heat Pump Water Heater Market Outlook, By Country (2020-2028) ($MN)
62 Asia Pacific Heat Pump Water Heater Market Outlook, By Type (2020-2028) ($MN)
63 Asia Pacific Heat Pump Water Heater Market Outlook, By Geothermal heat pump (2020-2028) ($MN)
64 Asia Pacific Heat Pump Water Heater Market Outlook, By Air source heat pump (2020-2028) ($MN)
65 Asia Pacific Heat Pump Water Heater Market Outlook, By Storage Tank Capacity (2020-2028) ($MN)
66 Asia Pacific Heat Pump Water Heater Market Outlook, By Up to 500 LT (2020-2028) ($MN)
67 Asia Pacific Heat Pump Water Heater Market Outlook, By 500 LT to 1000 LT (2020-2028) ($MN)
68 Asia Pacific Heat Pump Water Heater Market Outlook, By Above 1000 LT (2020-2028) ($MN)
69 Asia Pacific Heat Pump Water Heater Market Outlook, By Rated Capacity (2020-2028) ($MN)
70 Asia Pacific Heat Pump Water Heater Market Outlook, By Up to 10 kW (2020-2028) ($MN)
71 Asia Pacific Heat Pump Water Heater Market Outlook, By 10-20 kW (2020-2028) ($MN)
72 Asia Pacific Heat Pump Water Heater Market Outlook, By 20-30 kW (2020-2028) ($MN)
73 Asia Pacific Heat Pump Water Heater Market Outlook, By 30-100 kW (2020-2028) ($MN)
74 Asia Pacific Heat Pump Water Heater Market Outlook, By 100-150 kW (2020-2028) ($MN)
75 Asia Pacific Heat Pump Water Heater Market Outlook, By Above 150 kW (2020-2028) ($MN)
76 Asia Pacific Heat Pump Water Heater Market Outlook, By Application (2020-2028) ($MN)
77 Asia Pacific Heat Pump Water Heater Market Outlook, By Commercial (2020-2028) ($MN)
78 Asia Pacific Heat Pump Water Heater Market Outlook, By Residential (2020-2028) ($MN)
79 Asia Pacific Heat Pump Water Heater Market Outlook, By Multi family (2020-2028) ($MN)
80 Asia Pacific Heat Pump Water Heater Market Outlook, By Single family (2020-2028) ($MN)
81 South America Heat Pump Water Heater Market Outlook, By Country (2020-2028) ($MN)
82 South America Heat Pump Water Heater Market Outlook, By Type (2020-2028) ($MN)
83 South America Heat Pump Water Heater Market Outlook, By Geothermal heat pump (2020-2028) ($MN)
84 South America Heat Pump Water Heater Market Outlook, By Air source heat pump (2020-2028) ($MN)
85 South America Heat Pump Water Heater Market Outlook, By Storage Tank Capacity (2020-2028) ($MN)
86 South America Heat Pump Water Heater Market Outlook, By Up to 500 LT (2020-2028) ($MN)
87 South America Heat Pump Water Heater Market Outlook, By 500 LT to 1000 LT (2020-2028) ($MN)
88 South America Heat Pump Water Heater Market Outlook, By Above 1000 LT (2020-2028) ($MN)
89 South America Heat Pump Water Heater Market Outlook, By Rated Capacity (2020-2028) ($MN)
90 South America Heat Pump Water Heater Market Outlook, By Up to 10 kW (2020-2028) ($MN)
91 South America Heat Pump Water Heater Market Outlook, By 10-20 kW (2020-2028) ($MN)
92 South America Heat Pump Water Heater Market Outlook, By 20-30 kW (2020-2028) ($MN)
93 South America Heat Pump Water Heater Market Outlook, By 30-100 kW (2020-2028) ($MN)
94 South America Heat Pump Water Heater Market Outlook, By 100-150 kW (2020-2028) ($MN)
95 South America Heat Pump Water Heater Market Outlook, By Above 150 kW (2020-2028) ($MN)
96 South America Heat Pump Water Heater Market Outlook, By Application (2020-2028) ($MN)
97 South America Heat Pump Water Heater Market Outlook, By Commercial (2020-2028) ($MN)
98 South America Heat Pump Water Heater Market Outlook, By Residential (2020-2028) ($MN)
99 South America Heat Pump Water Heater Market Outlook, By Multi family (2020-2028) ($MN)
100 South America Heat Pump Water Heater Market Outlook, By Single family (2020-2028) ($MN)
101 Middle East & Africa Heat Pump Water Heater Market Outlook, By Country (2020-2028) ($MN)
102 Middle East & Africa Heat Pump Water Heater Market Outlook, By Type (2020-2028) ($MN)
103 Middle East & Africa Heat Pump Water Heater Market Outlook, By Geothermal heat pump (2020-2028) ($MN)
104 Middle East & Africa Heat Pump Water Heater Market Outlook, By Air source heat pump (2020-2028) ($MN)
105 Middle East & Africa Heat Pump Water Heater Market Outlook, By Storage Tank Capacity (2020-2028) ($MN)
106 Middle East & Africa Heat Pump Water Heater Market Outlook, By Up to 500 LT (2020-2028) ($MN)
107 Middle East & Africa Heat Pump Water Heater Market Outlook, By 500 LT to 1000 LT (2020-2028) ($MN)
108 Middle East & Africa Heat Pump Water Heater Market Outlook, By Above 1000 LT (2020-2028) ($MN)
109 Middle East & Africa Heat Pump Water Heater Market Outlook, By Rated Capacity (2020-2028) ($MN)
110 Middle East & Africa Heat Pump Water Heater Market Outlook, By Up to 10 kW (2020-2028) ($MN)
111 Middle East & Africa Heat Pump Water Heater Market Outlook, By 10-20 kW (2020-2028) ($MN)
112 Middle East & Africa Heat Pump Water Heater Market Outlook, By 20-30 kW (2020-2028) ($MN)
113 Middle East & Africa Heat Pump Water Heater Market Outlook, By 30-100 kW (2020-2028) ($MN)
114 Middle East & Africa Heat Pump Water Heater Market Outlook, By 100-150 kW (2020-2028) ($MN)
115 Middle East & Africa Heat Pump Water Heater Market Outlook, By Above 150 kW (2020-2028) ($MN)
116 Middle East & Africa Heat Pump Water Heater Market Outlook, By Application (2020-2028) ($MN)
117 Middle East & Africa Heat Pump Water Heater Market Outlook, By Commercial (2020-2028) ($MN)
118 Middle East & Africa Heat Pump Water Heater Market Outlook, By Residential (2020-2028) ($MN)
119 Middle East & Africa Heat Pump Water Heater Market Outlook, By Multi family (2020-2028) ($MN)
120 Middle East & Africa Heat Pump Water Heater Market Outlook, By Single family (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.
For more details about research methodology, kindly write to us at info@strategymrc.com
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