Multiple Launch Rocket Systems Market
Multiple Launch Rocket Systems Market Forecasts to 2028 - Global Analysis By Launch Vehicle (Tracked and Wheeled), Caliber (70-180 mm and 180-300 mm), Range (10-100 km and 100-300 km), Pod Capacity (Up to 16 and 16 to 40), Application (Hardware and Software), End User and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $804.14 MN |
|
Projected Year Value (2028) |
US $1290.31 MN |
|
CAGR (2022 - 2028) |
8.2% |
|
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 |
North America |
|
Fastest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Multiple Launch Rocket Systems Market is accounted for $804.14 million in 2022 and is expected to reach $1290.31 million by 2028 growing at a CAGR of 8.2% during the forecast period. A multiple launch rocket system (MLRS) is a versatile automatic weapon that can launch guided rockets and missiles. The launcher contains a fire control computer and is installed on a stretched chassis. A lot of firepower is delivered by MLRS to attack at great ranges and with heavy payloads at all levels of the tactical battlefield. Modern wheeled systems are currently gaining popularity in the defence and military industry on a global scale because they are lightweight, have a high degree of mobility, and are faster than tracked systems.
According to Stockholm International Peace Research Institute (SIPRI), total global military expenditure rose to $1981 billion in 2020, an increase of 2.6 percent from 2019. According to new amendments in the Motor Vehicle Act that came into force in September 2019, authorities will levy a fine of INR 1000, and the consequence can also be suspension of driving license or imprisonment for up to 3 months if a motorcycle rider is found to ride without a helmet. Also, according to Central Motor Vehicle Rules, the manufacturer must give the protective headgear at the time of purchase of the 2-wheeler.
Market Dynamics:
Driver:
Rising cross-border tensions between various countries
One of the major factors driving the market expansion is the escalating tensions across international borders, which are occurring at the same time that more governments are investing in cutting-edge weapons. These organisations are also investing in new system purchases and artillery modernization initiatives. In addition, the preference for guided munitions over unguided rocket artillery is expanding, which is helping MLRS sales. This is expected to drive the multiple launch rocket systems market during the forecast period.
Restraint:
High maintenance cost
The global Multiple Launch Rocket Systems market expected to hinder growth during the forecast period. The biggest drawback of this vehicle is the significant expense of maintenance required to keep the barrels ready to fire. Hence, its rocket system with many launches is a negative.
Opportunity:
Growth in artillery modernization programs
The market for multiple-launch rocket systems is expected to rise as a result of reasons including an increase in artillery modernization programmes, an increase in defence spending, an increase in territorial disputes, and the purchase of new multiple rocket launch systems. Technology advancements in MLRS, such as the creation of guided multiple-launch rocket systems, are another factor that is paving the way for the market expansion of multi-launch rocket systems.
Threat:
Dual-use nature
Dual-use products can be utilized for both civilian and military purposes. Because these products can be categorized for civilian use, converted to military use, or even worse, utilized for terrorism, they are subject to strict regulation. The Dual- use nature of this product is limiting the growth of the global multiple launch rocket systems market.
Covid-19 Impact:
The worldwide quarantine implemented in reaction to the COVID-19 outbreak has resulted in an economic disaster that has disrupted virtually every industry. The areospace sector is not an exception to how badly the pandemic is affecting other industries. Businesses were compelled to make challenging financial and cost-cutting decisions in the wake of the SARS-CoV-2 outbreak in order to maintain the flow of goods. The new coronavirus's immediate impact on the global industrial sector—which led to a decline in demand—led to the lockdown. Due to the economic devastation caused by the global quarantine implemented in reaction to the COVID-19 breakout, almost every business is in disarray.
The tracked multi-barrel rocket launchers segment is expected to be the largest during the forecast period
Based on the launch vehicle, the market is classified into Tracked and Wheeled. The tracked segment is projected to control the global multiple launch rocket systems market and most liable explanation for the majority of the share during the forecast period. Tracked rocket launchers are expected to dominate the Launch Vehicle section of the Global Multiple Launch Rocket Systems in the coming years, owing to the growing desire for self-loading and other autonomous characteristics such as an update in fire control systems.
The 180 mm-300 mm segment is expected to have the highest CAGR during the forecast period
Based on the caliber, the market is segmented into 70-180 mm and 180-300 mm. The 180 mm- 300 mm segment is captured to be more profitable and predicted to record a strong CAGR during the forecast period. The market for global multiple launch rocket systems is expected to be dominated by artillery with width dimensions in the region of 180 mm to 300 mm due to the growing preference for modern machinery with increased destructive capacity.
Region with highest share:
The North America region market is estimated to witness a highest share of the global multiple launch rocket systems market during the forecast period, particularly the US, accounted for the largest share of the multiple launch rocket systems market, due the reasons for the United States' superiority are mostly due to expanding artillery modernization programmes and a shift in emphasis to high mobility, lightweight artillery systems.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period. Multiple Launch Rocket Systems (MLRS) Market growth prospects in the Asia-Pacific region would be lucrative due to factors including rising military spending and escalating international conflicts.
Key players in the market
Some of the key players in multiple launch rocket systems market include BAE Systems, Norinco, Larsen & Toubro, Tata Power Sed, Avibras Indstria Aeroespacial S.A., Lockheed Martin, Hanwha, Roketsan, NPO Splav, IMI Systems
Key Developments:
In September 2022, Hanwha proposed its Chunmoo multiple rocket launcher (MRL) to Poland at the International Defence Industry Exhibition MSPO 2022 being held in Kielce.
In June 2022, Tata Advanced Systems, Larsen and Toubro deliver 100th missile launcher for IAF’s Akash project.
In July 2022, Lockheed Delivers First Upgraded Multiple Launch Rocket System to US Army.
Launch Vehicles Covered:
• Tracked
• Wheeled
Calibers Covered:
• 70-180 mm
• 180-300 mm
Range Covered:
• 10-100 km
• 100-300 km
Pod Capacities Covered:
• Up to 16
• 16 to 40
Applications Covered:
• Hardware
• Software
End Users Covered:
• Original Equipment Manufacturer (OEM)
• Ammunition Manufacturers
• Defence Services
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
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 End User 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 Multiple Launch Rocket Systems Market, By Launch Vehicle
5.1 Introduction
5.2 Tracked
5.3 Wheeled
6 Global Multiple Launch Rocket Systems Market, By Caliber
6.1 Introduction
6.2 70-180 mm
6.3 180-300 mm
7 Global Multiple Launch Rocket Systems Market, By Range
7.1 Introduction
7.2 10-100 km
7.3 100-300 km
8 Global Multiple Launch Rocket Systems Market, By Pod Capacity
8.1 Introduction
8.2 Up to 16
8.3 16 to 40
9 Global Multiple Launch Rocket Systems Market, By Application
9.1 Introduction
9.2 Hardware
9.3 Software
10 Global Multiple Launch Rocket Systems Market, By End User
10.1 Introduction
10.2 Original Equipment Manufacturer (OEM)
10.3 Ammunition Manufacturers
10.4 Defense Services
11 Global Multiple Launch Rocket Systems Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 BAE Systems
13.2 Norinco
13.3 Larsen & Toubro
13.4 Tata Power Sed
13.5 Avibras Indstria Aeroespacial S.A.
13.6 Lockheed Martin
13.7 Hanwha
13.8 Roketsan
13.9 NPO Splav
13.10 IMI Systems
List of Tables
1 Global Multiple Launch Rocket Systems Market Outlook, By Region (2020-2028) ($MN)
2 Global Multiple Launch Rocket Systems Market Outlook, By Launch Vehicle (2020-2028) ($MN)
3 Global Multiple Launch Rocket Systems Market Outlook, By Tracked (2020-2028) ($MN)
4 Global Multiple Launch Rocket Systems Market Outlook, By Wheeled (2020-2028) ($MN)
5 Global Multiple Launch Rocket Systems Market Outlook, By Caliber (2020-2028) ($MN)
6 Global Multiple Launch Rocket Systems Market Outlook, By 70-180 mm (2020-2028) ($MN)
7 Global Multiple Launch Rocket Systems Market Outlook, By 180-300 mm (2020-2028) ($MN)
8 Global Multiple Launch Rocket Systems Market Outlook, By Range (2020-2028) ($MN)
9 Global Multiple Launch Rocket Systems Market Outlook, By 10-100 km (2020-2028) ($MN)
10 Global Multiple Launch Rocket Systems Market Outlook, By 100-300 km (2020-2028) ($MN)
11 Global Multiple Launch Rocket Systems Market Outlook, By Capacity (2020-2028) ($MN)
12 Global Multiple Launch Rocket Systems Market Outlook, By Up to 16 (2020-2028) ($MN)
13 Global Multiple Launch Rocket Systems Market Outlook, By 16 to 40 (2020-2028) ($MN)
14 Global Multiple Launch Rocket Systems Market Outlook, By Application (2020-2028) ($MN)
15 Global Multiple Launch Rocket Systems Market Outlook, By Hardware (2020-2028) ($MN)
16 Global Multiple Launch Rocket Systems Market Outlook, By Software (2020-2028) ($MN)
17 Global Multiple Launch Rocket Systems Market Outlook, By End User (2020-2028) ($MN)
18 Global Multiple Launch Rocket Systems Market Outlook, By Original Equipment Manufacturer (OEM) (2020-2028) ($MN)
19 Global Multiple Launch Rocket Systems Market Outlook, By Ammunition Manufacturers (2020-2028) ($MN)
20 Global Multiple Launch Rocket Systems Market Outlook, By Defense Services (2020-2028) ($MN)
21 North America Multiple Launch Rocket Systems Market Outlook, By Country (2020-2028) ($MN)
22 North America Multiple Launch Rocket Systems Market Outlook, By Launch Vehicle (2020-2028) ($MN)
23 North America Multiple Launch Rocket Systems Market Outlook, By Tracked (2020-2028) ($MN)
24 North America Multiple Launch Rocket Systems Market Outlook, By Wheeled (2020-2028) ($MN)
25 North America Multiple Launch Rocket Systems Market Outlook, By Caliber (2020-2028) ($MN)
26 North America Multiple Launch Rocket Systems Market Outlook, By 70-180 mm (2020-2028) ($MN)
27 North America Multiple Launch Rocket Systems Market Outlook, By 180-300 mm (2020-2028) ($MN)
28 North America Multiple Launch Rocket Systems Market Outlook, By Range (2020-2028) ($MN)
29 North America Multiple Launch Rocket Systems Market Outlook, By 10-100 km (2020-2028) ($MN)
30 North America Multiple Launch Rocket Systems Market Outlook, By 100-300 km (2020-2028) ($MN)
31 North America Multiple Launch Rocket Systems Market Outlook, By Capacity (2020-2028) ($MN)
32 North America Multiple Launch Rocket Systems Market Outlook, By Up to 16 (2020-2028) ($MN)
33 North America Multiple Launch Rocket Systems Market Outlook, By 16 to 40 (2020-2028) ($MN)
34 North America Multiple Launch Rocket Systems Market Outlook, By Application (2020-2028) ($MN)
35 North America Multiple Launch Rocket Systems Market Outlook, By Hardware (2020-2028) ($MN)
36 North America Multiple Launch Rocket Systems Market Outlook, By Software (2020-2028) ($MN)
37 North America Multiple Launch Rocket Systems Market Outlook, By End User (2020-2028) ($MN)
38 North America Multiple Launch Rocket Systems Market Outlook, By Original Equipment Manufacturer (OEM) (2020-2028) ($MN)
39 North America Multiple Launch Rocket Systems Market Outlook, By Ammunition Manufacturers (2020-2028) ($MN)
40 North America Multiple Launch Rocket Systems Market Outlook, By Defense Services (2020-2028) ($MN)
41 Europe Multiple Launch Rocket Systems Market Outlook, By Country (2020-2028) ($MN)
42 Europe Multiple Launch Rocket Systems Market Outlook, By Launch Vehicle (2020-2028) ($MN)
43 Europe Multiple Launch Rocket Systems Market Outlook, By Tracked (2020-2028) ($MN)
44 Europe Multiple Launch Rocket Systems Market Outlook, By Wheeled (2020-2028) ($MN)
45 Europe Multiple Launch Rocket Systems Market Outlook, By Caliber (2020-2028) ($MN)
46 Europe Multiple Launch Rocket Systems Market Outlook, By 70-180 mm (2020-2028) ($MN)
47 Europe Multiple Launch Rocket Systems Market Outlook, By 180-300 mm (2020-2028) ($MN)
48 Europe Multiple Launch Rocket Systems Market Outlook, By Range (2020-2028) ($MN)
49 Europe Multiple Launch Rocket Systems Market Outlook, By 10-100 km (2020-2028) ($MN)
50 Europe Multiple Launch Rocket Systems Market Outlook, By 100-300 km (2020-2028) ($MN)
51 Europe Multiple Launch Rocket Systems Market Outlook, By Capacity (2020-2028) ($MN)
52 Europe Multiple Launch Rocket Systems Market Outlook, By Up to 16 (2020-2028) ($MN)
53 Europe Multiple Launch Rocket Systems Market Outlook, By 16 to 40 (2020-2028) ($MN)
54 Europe Multiple Launch Rocket Systems Market Outlook, By Application (2020-2028) ($MN)
55 Europe Multiple Launch Rocket Systems Market Outlook, By Hardware (2020-2028) ($MN)
56 Europe Multiple Launch Rocket Systems Market Outlook, By Software (2020-2028) ($MN)
57 Europe Multiple Launch Rocket Systems Market Outlook, By End User (2020-2028) ($MN)
58 Europe Multiple Launch Rocket Systems Market Outlook, By Original Equipment Manufacturer (OEM) (2020-2028) ($MN)
59 Europe Multiple Launch Rocket Systems Market Outlook, By Ammunition Manufacturers (2020-2028) ($MN)
60 Europe Multiple Launch Rocket Systems Market Outlook, By Defense Services (2020-2028) ($MN)
61 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Country (2020-2028) ($MN)
62 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Launch Vehicle (2020-2028) ($MN)
63 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Tracked (2020-2028) ($MN)
64 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Wheeled (2020-2028) ($MN)
65 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Caliber (2020-2028) ($MN)
66 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By 70-180 mm (2020-2028) ($MN)
67 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By 180-300 mm (2020-2028) ($MN)
68 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Range (2020-2028) ($MN)
69 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By 10-100 km (2020-2028) ($MN)
70 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By 100-300 km (2020-2028) ($MN)
71 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Capacity (2020-2028) ($MN)
72 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Up to 16 (2020-2028) ($MN)
73 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By 16 to 40 (2020-2028) ($MN)
74 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Application (2020-2028) ($MN)
75 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Hardware (2020-2028) ($MN)
76 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Software (2020-2028) ($MN)
77 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By End User (2020-2028) ($MN)
78 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Original Equipment Manufacturer (OEM) (2020-2028) ($MN)
79 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Ammunition Manufacturers (2020-2028) ($MN)
80 Asia Pacific Multiple Launch Rocket Systems Market Outlook, By Defense Services (2020-2028) ($MN)
81 South America Multiple Launch Rocket Systems Market Outlook, By Country (2020-2028) ($MN)
82 South America Multiple Launch Rocket Systems Market Outlook, By Launch Vehicle (2020-2028) ($MN)
83 South America Multiple Launch Rocket Systems Market Outlook, By Tracked (2020-2028) ($MN)
84 South America Multiple Launch Rocket Systems Market Outlook, By Wheeled (2020-2028) ($MN)
85 South America Multiple Launch Rocket Systems Market Outlook, By Caliber (2020-2028) ($MN)
86 South America Multiple Launch Rocket Systems Market Outlook, By 70-180 mm (2020-2028) ($MN)
87 South America Multiple Launch Rocket Systems Market Outlook, By 180-300 mm (2020-2028) ($MN)
88 South America Multiple Launch Rocket Systems Market Outlook, By Range (2020-2028) ($MN)
89 South America Multiple Launch Rocket Systems Market Outlook, By 10-100 km (2020-2028) ($MN)
90 South America Multiple Launch Rocket Systems Market Outlook, By 100-300 km (2020-2028) ($MN)
91 South America Multiple Launch Rocket Systems Market Outlook, By Capacity (2020-2028) ($MN)
92 South America Multiple Launch Rocket Systems Market Outlook, By Up to 16 (2020-2028) ($MN)
93 South America Multiple Launch Rocket Systems Market Outlook, By 16 to 40 (2020-2028) ($MN)
94 South America Multiple Launch Rocket Systems Market Outlook, By Application (2020-2028) ($MN)
95 South America Multiple Launch Rocket Systems Market Outlook, By Hardware (2020-2028) ($MN)
96 South America Multiple Launch Rocket Systems Market Outlook, By Software (2020-2028) ($MN)
97 South America Multiple Launch Rocket Systems Market Outlook, By End User (2020-2028) ($MN)
98 South America Multiple Launch Rocket Systems Market Outlook, By Original Equipment Manufacturer (OEM) (2020-2028) ($MN)
99 South America Multiple Launch Rocket Systems Market Outlook, By Ammunition Manufacturers (2020-2028) ($MN)
100 South America Multiple Launch Rocket Systems Market Outlook, By Defense Services (2020-2028) ($MN)
101 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Country (2020-2028) ($MN)
102 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Launch Vehicle (2020-2028) ($MN)
103 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Tracked (2020-2028) ($MN)
104 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Wheeled (2020-2028) ($MN)
105 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Caliber (2020-2028) ($MN)
106 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By 70-180 mm (2020-2028) ($MN)
107 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By 180-300 mm (2020-2028) ($MN)
108 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Range (2020-2028) ($MN)
109 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By 10-100 km (2020-2028) ($MN)
110 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By 100-300 km (2020-2028) ($MN)
111 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Capacity (2020-2028) ($MN)
112 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Up to 16 (2020-2028) ($MN)
113 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By 16 to 40 (2020-2028) ($MN)
114 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Application (2020-2028) ($MN)
115 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Hardware (2020-2028) ($MN)
116 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Software (2020-2028) ($MN)
117 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By End User (2020-2028) ($MN)
118 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Original Equipment Manufacturer (OEM) (2020-2028) ($MN)
119 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Ammunition Manufacturers (2020-2028) ($MN)
120 Middle East & Africa Multiple Launch Rocket Systems Market Outlook, By Defense Services (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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