Hydrogen Combustion Engine Market
Hydrogen Combustion Engine Market Forecasts to 2030 - Global Analysis By Type (Internal Combustion Engine and External Combustion Engine), Propulsion (Hybrid and Electric), Installation, Technology, Application and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $18.22 BN |
|
Projected Year Value (2030) |
US $44.31 BN |
|
CAGR (2023 - 2030) |
9.7% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Hydrogen Combustion Engine Market is accounted for $18.22 billion in 2023 and is expected to reach $44.31 billion by 2030 growing at a CAGR of 9.7% during the forecast period. A hydrogen combustion engine, also known as hydrogen internal combustion engine (H2 ICE), is a type of internal combustion engine that uses hydrogen as its primary fuel source. It operates on a similar principle to a gasoline or diesel engine, but instead of burning fossil fuels, it burns hydrogen gas to generate power. In a hydrogen combustion engine, hydrogen is injected into the engine's cylinders, mixed with air, and then ignited by a spark plug.
According to the U.S. Department of Energy in 2018, around 68,500 fuel cell units were shipped for different applications, globally, generating $2.3 billion fuel cell revenue.
Market Dynamics:
Driver:
Rising transitions to renewable energy sources:
Hydrogen is considered a clean energy carrier because when it is combusted in an engine, the only by-product is water vapour. It can be produced from a variety of feedstocks, including renewable sources, natural gas with carbon capture and storage (CCS), and even nuclear energy. Many governments around the world are implementing policies and providing financial incentives to promote the use of hydrogen technologies, including hydrogen combustion engines. These measures may include subsidies, tax incentives, grants, and regulatory support, which can drive market growth and adoption.
Restraint:
Lack of consumer awareness
Misconceptions or lack of knowledge about hydrogen combustion technology can lead to negative perceptions. Many consumers may not have access to reliable and comprehensive information about hydrogen combustion technology. This lack of educational resources can make it difficult for them to make informed decisions about adopting this technology. This lack of demand can lead to slower adoption rates and hinder market growth.
Opportunity:
Growing usage in transportation & power generation sectors
Hydrogen combustion engines can be utilized in stationary power generation applications, providing a reliable source of electricity for remote or off-grid areas. This can be particularly important in regions with limited access to conventional power sources. Also, hydrogen combustion engines can be used in various transportation applications, including heavy-duty vehicles like buses and trucks, as well as in marine and rail transport. This presents a significant opportunity for market growth, especially in the commercial transportation sector.
Threat:
High production costs
High production costs can result in higher retail prices for hydrogen combustion engines and vehicles. This may make them less affordable for consumers, reducing the demand for such vehicles. This may deter investment in research, development, and production of these engines. Further, it may divert resources away from research and development efforts, potentially leading to slower advancements in hydrogen combustion engine technology. Additionally, risk of market failure, higher dependence on subsidies and limited scale of production hampers the market demand.
Covid-19 Impact
The COVID-19 pandemic had several potential impacts on the hydrogen combustion engine market. Lockdowns, restrictions, and safety measures delayed research and development activities related to hydrogen combustion engines. The sectors that typically utilize hydrogen combustion engines, such as transportation and power generation, have experienced fluctuations in demand and operational disruptions. Further, some governments have adjusted their policies and incentives related to clean energy technologies, including hydrogen combustion engines, in response to the pandemic which supported the market growth from hindering.
The internal combustion engine segment is expected to be the largest during the forecast period
The internal combustion engine segment is estimated to have a lucrative growth. They serve as backup power sources for critical facilities, such as hospitals, data centers, and emergency services, ensuring continued operation during power outages. Internal hydrogen combustion engines can also be used to provide reliable power. Its benefits such as low emissions, efficiency, energy density, versatility, quick refueling and flexibility in fuel sources are boosting the segment demand.
The hybrid segment is expected to have the highest CAGR during the forecast period
The hybrid segment is anticipated to witness the highest CAGR growth during the forecast period. A hybrid hydrogen combustion engine combines the use of hydrogen as a fuel source with a traditional combustion engine. Hybrid hydrogen combustion engines can be designed to operate on both hydrogen and conventional fuels like gasoline or diesel. This provides flexibility, allowing the vehicle to operate in areas where hydrogen refueling infrastructure may be limited. It has the potential to play a significant role in the transition towards more sustainable and environmentally-friendly transportation and energy systems.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing interest and investments in hydrogen technologies. Many countries in the Asia-Pacific region have announced ambitious hydrogen strategies and policies to promote the development and adoption of hydrogen technologies. Countries like Japan and South Korea have shown particular interest in hydrogen-powered transportation as a means to reduce emissions. Also, Asia-Pacific is home to some of the world's largest automotive manufacturers. The region’s growing R&D activities and environmental concerns are fuelling the market growth.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period. The hydrogen combustion engine market in Europe is a dynamic and evolving sector within the broader alternative fuel vehicle industry. Many European countries have set ambitious goals for reducing carbon emissions and promoting sustainable transportation. European governments and industry stakeholders have been investing in research and development efforts to advance hydrogen combustion engine technology. The region’s rising incentives, subsidies, and policies aimed at promoting hydrogen-based technologies and projects focused on improving efficiency, reducing costs, & enhancing safety are boosting the market growth.
Key players in the market
Some of the key players profiled in the Hydrogen Combustion Engine Market include Thales Group, Austro Engine, Bell Textron Inc, Deere Company, AVID Technology Group, Reliance Industries Limited (RIL), Adgero SARL, Ulemco, Siemens, ElringKlinger AG, J.C. Bamford Excavators Limited (JCB), Ricardo PLC, FEV Group, Rio Tinto, Komatsu, Honda, Toyota, Apus Group, Cummins and BMW.
Key Developments:
In March 2023, JCB debuted its hydrogen combustion engine at the Conexpo 2023 show in Las Vegas. The engine is the company's solution for zero carbon emissions for construction and agricultural equipment. The new hydrogen combustion engine is a promising development in the quest for sustainable and efficient heavy machinery.
In February 2023, Reliance Industries Limited (RIL) and Ashok Leyland unveiled India's first Hydrogen Internal Combustion Engine (H2-ICE) technology solution for heavy duty trucks at the India Energy Week in Bengaluru. The truck was flagged off by Prime Minister Narendra Modi.
Types Covered:
• Internal Combustion Engine
• External Combustion Engine
Propulsions Covered:
• Hybrid
• Electric
Installations Covered:
• Retrofit
• Original Equipment Manufacturer (OEM)
Technologies Covered:
• Proton Membrane Exchange
• Phosphoric Acid Fuel Cell
• Other Technologies
Applications Covered:
• Railways
• Airways
• Roadways
• Marine
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
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 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 Hydrogen Combustion Engine Market, By Type
5.1 Introduction
5.2 Internal Combustion Engine
5.3 External Combustion Engine
6 Global Hydrogen Combustion Engine Market, By Propulsion
6.1 Introduction
6.2 Hybrid
6.3 Electric
7 Global Hydrogen Combustion Engine Market, By Installation
7.1 Introduction
7.2 Retrofit
7.3 Original Equipment Manufacturer (OEM)
8 Global Hydrogen Combustion Engine Market, By Technology
8.1 Introduction
8.2 Proton Membrane Exchange
8.3 Phosphoric Acid Fuel Cell
8.4 Other Technologies
9 Global Hydrogen Combustion Engine Market, By Application
9.1 Introduction
9.2 Railways
9.3 Airways
9.4 Roadways
9.5 Marine
10 Global Hydrogen Combustion Engine Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Thales Group
12.2 Austro Engine
12.3 Bell Textron Inc
12.4 Deere Company
12.5 AVID Technology Group
12.6 Reliance Industries Limited (RIL)
12.7 Adgero SARL
12.8 Ulemco
12.9 Siemens
12.10 ElringKlinger AG
12.11 J.C. Bamford Excavators Limited (JCB)
12.12 Ricardo PLC
12.13 FEV Group
12.14 Rio Tinto
12.15 Komatsu
12.16 Honda
12.17 Toyota
12.18 Apus Group
12.19 Cummins
12.20 BMW
List of Tables
1 Global Hydrogen Combustion Engine Market Outlook, By Region (2021-2030) ($MN)
2 Global Hydrogen Combustion Engine Market Outlook, By Type (2021-2030) ($MN)
3 Global Hydrogen Combustion Engine Market Outlook, By Internal Combustion Engine (2021-2030) ($MN)
4 Global Hydrogen Combustion Engine Market Outlook, By External Combustion Engine (2021-2030) ($MN)
5 Global Hydrogen Combustion Engine Market Outlook, By Propulsion (2021-2030) ($MN)
6 Global Hydrogen Combustion Engine Market Outlook, By Hybrid (2021-2030) ($MN)
7 Global Hydrogen Combustion Engine Market Outlook, By Electric (2021-2030) ($MN)
8 Global Hydrogen Combustion Engine Market Outlook, By Installation (2021-2030) ($MN)
9 Global Hydrogen Combustion Engine Market Outlook, By Retrofit (2021-2030) ($MN)
10 Global Hydrogen Combustion Engine Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
11 Global Hydrogen Combustion Engine Market Outlook, By Technology (2021-2030) ($MN)
12 Global Hydrogen Combustion Engine Market Outlook, By Proton Membrane Exchange (2021-2030) ($MN)
13 Global Hydrogen Combustion Engine Market Outlook, By Phosphoric Acid Fuel Cell (2021-2030) ($MN)
14 Global Hydrogen Combustion Engine Market Outlook, By Other Technologies (2021-2030) ($MN)
15 Global Hydrogen Combustion Engine Market Outlook, By Application (2021-2030) ($MN)
16 Global Hydrogen Combustion Engine Market Outlook, By Railways (2021-2030) ($MN)
17 Global Hydrogen Combustion Engine Market Outlook, By Airways (2021-2030) ($MN)
18 Global Hydrogen Combustion Engine Market Outlook, By Roadways (2021-2030) ($MN)
19 Global Hydrogen Combustion Engine Market Outlook, By Marine (2021-2030) ($MN)
20 North America Hydrogen Combustion Engine Market Outlook, By Country (2021-2030) ($MN)
21 North America Hydrogen Combustion Engine Market Outlook, By Type (2021-2030) ($MN)
22 North America Hydrogen Combustion Engine Market Outlook, By Internal Combustion Engine (2021-2030) ($MN)
23 North America Hydrogen Combustion Engine Market Outlook, By External Combustion Engine (2021-2030) ($MN)
24 North America Hydrogen Combustion Engine Market Outlook, By Propulsion (2021-2030) ($MN)
25 North America Hydrogen Combustion Engine Market Outlook, By Hybrid (2021-2030) ($MN)
26 North America Hydrogen Combustion Engine Market Outlook, By Electric (2021-2030) ($MN)
27 North America Hydrogen Combustion Engine Market Outlook, By Installation (2021-2030) ($MN)
28 North America Hydrogen Combustion Engine Market Outlook, By Retrofit (2021-2030) ($MN)
29 North America Hydrogen Combustion Engine Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
30 North America Hydrogen Combustion Engine Market Outlook, By Technology (2021-2030) ($MN)
31 North America Hydrogen Combustion Engine Market Outlook, By Proton Membrane Exchange (2021-2030) ($MN)
32 North America Hydrogen Combustion Engine Market Outlook, By Phosphoric Acid Fuel Cell (2021-2030) ($MN)
33 North America Hydrogen Combustion Engine Market Outlook, By Other Technologies (2021-2030) ($MN)
34 North America Hydrogen Combustion Engine Market Outlook, By Application (2021-2030) ($MN)
35 North America Hydrogen Combustion Engine Market Outlook, By Railways (2021-2030) ($MN)
36 North America Hydrogen Combustion Engine Market Outlook, By Airways (2021-2030) ($MN)
37 North America Hydrogen Combustion Engine Market Outlook, By Roadways (2021-2030) ($MN)
38 North America Hydrogen Combustion Engine Market Outlook, By Marine (2021-2030) ($MN)
39 Europe Hydrogen Combustion Engine Market Outlook, By Country (2021-2030) ($MN)
40 Europe Hydrogen Combustion Engine Market Outlook, By Type (2021-2030) ($MN)
41 Europe Hydrogen Combustion Engine Market Outlook, By Internal Combustion Engine (2021-2030) ($MN)
42 Europe Hydrogen Combustion Engine Market Outlook, By External Combustion Engine (2021-2030) ($MN)
43 Europe Hydrogen Combustion Engine Market Outlook, By Propulsion (2021-2030) ($MN)
44 Europe Hydrogen Combustion Engine Market Outlook, By Hybrid (2021-2030) ($MN)
45 Europe Hydrogen Combustion Engine Market Outlook, By Electric (2021-2030) ($MN)
46 Europe Hydrogen Combustion Engine Market Outlook, By Installation (2021-2030) ($MN)
47 Europe Hydrogen Combustion Engine Market Outlook, By Retrofit (2021-2030) ($MN)
48 Europe Hydrogen Combustion Engine Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
49 Europe Hydrogen Combustion Engine Market Outlook, By Technology (2021-2030) ($MN)
50 Europe Hydrogen Combustion Engine Market Outlook, By Proton Membrane Exchange (2021-2030) ($MN)
51 Europe Hydrogen Combustion Engine Market Outlook, By Phosphoric Acid Fuel Cell (2021-2030) ($MN)
52 Europe Hydrogen Combustion Engine Market Outlook, By Other Technologies (2021-2030) ($MN)
53 Europe Hydrogen Combustion Engine Market Outlook, By Application (2021-2030) ($MN)
54 Europe Hydrogen Combustion Engine Market Outlook, By Railways (2021-2030) ($MN)
55 Europe Hydrogen Combustion Engine Market Outlook, By Airways (2021-2030) ($MN)
56 Europe Hydrogen Combustion Engine Market Outlook, By Roadways (2021-2030) ($MN)
57 Europe Hydrogen Combustion Engine Market Outlook, By Marine (2021-2030) ($MN)
58 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Country (2021-2030) ($MN)
59 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Type (2021-2030) ($MN)
60 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Internal Combustion Engine (2021-2030) ($MN)
61 Asia Pacific Hydrogen Combustion Engine Market Outlook, By External Combustion Engine (2021-2030) ($MN)
62 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Propulsion (2021-2030) ($MN)
63 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Hybrid (2021-2030) ($MN)
64 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Electric (2021-2030) ($MN)
65 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Installation (2021-2030) ($MN)
66 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Retrofit (2021-2030) ($MN)
67 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
68 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Technology (2021-2030) ($MN)
69 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Proton Membrane Exchange (2021-2030) ($MN)
70 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Phosphoric Acid Fuel Cell (2021-2030) ($MN)
71 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Other Technologies (2021-2030) ($MN)
72 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Application (2021-2030) ($MN)
73 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Railways (2021-2030) ($MN)
74 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Airways (2021-2030) ($MN)
75 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Roadways (2021-2030) ($MN)
76 Asia Pacific Hydrogen Combustion Engine Market Outlook, By Marine (2021-2030) ($MN)
77 South America Hydrogen Combustion Engine Market Outlook, By Country (2021-2030) ($MN)
78 South America Hydrogen Combustion Engine Market Outlook, By Type (2021-2030) ($MN)
79 South America Hydrogen Combustion Engine Market Outlook, By Internal Combustion Engine (2021-2030) ($MN)
80 South America Hydrogen Combustion Engine Market Outlook, By External Combustion Engine (2021-2030) ($MN)
81 South America Hydrogen Combustion Engine Market Outlook, By Propulsion (2021-2030) ($MN)
82 South America Hydrogen Combustion Engine Market Outlook, By Hybrid (2021-2030) ($MN)
83 South America Hydrogen Combustion Engine Market Outlook, By Electric (2021-2030) ($MN)
84 South America Hydrogen Combustion Engine Market Outlook, By Installation (2021-2030) ($MN)
85 South America Hydrogen Combustion Engine Market Outlook, By Retrofit (2021-2030) ($MN)
86 South America Hydrogen Combustion Engine Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
87 South America Hydrogen Combustion Engine Market Outlook, By Technology (2021-2030) ($MN)
88 South America Hydrogen Combustion Engine Market Outlook, By Proton Membrane Exchange (2021-2030) ($MN)
89 South America Hydrogen Combustion Engine Market Outlook, By Phosphoric Acid Fuel Cell (2021-2030) ($MN)
90 South America Hydrogen Combustion Engine Market Outlook, By Other Technologies (2021-2030) ($MN)
91 South America Hydrogen Combustion Engine Market Outlook, By Application (2021-2030) ($MN)
92 South America Hydrogen Combustion Engine Market Outlook, By Railways (2021-2030) ($MN)
93 South America Hydrogen Combustion Engine Market Outlook, By Airways (2021-2030) ($MN)
94 South America Hydrogen Combustion Engine Market Outlook, By Roadways (2021-2030) ($MN)
95 South America Hydrogen Combustion Engine Market Outlook, By Marine (2021-2030) ($MN)
96 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Country (2021-2030) ($MN)
97 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Type (2021-2030) ($MN)
98 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Internal Combustion Engine (2021-2030) ($MN)
99 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By External Combustion Engine (2021-2030) ($MN)
100 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Propulsion (2021-2030) ($MN)
101 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Hybrid (2021-2030) ($MN)
102 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Electric (2021-2030) ($MN)
103 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Installation (2021-2030) ($MN)
104 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Retrofit (2021-2030) ($MN)
105 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
106 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Technology (2021-2030) ($MN)
107 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Proton Membrane Exchange (2021-2030) ($MN)
108 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Phosphoric Acid Fuel Cell (2021-2030) ($MN)
109 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Other Technologies (2021-2030) ($MN)
110 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Application (2021-2030) ($MN)
111 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Railways (2021-2030) ($MN)
112 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Airways (2021-2030) ($MN)
113 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Roadways (2021-2030) ($MN)
114 Middle East & Africa Hydrogen Combustion Engine Market Outlook, By Marine (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.
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