Smart Transformers Market
Smart Transformers Market Forecasts to 2030 - Global Analysis By Component (Hardware, Switches and Other Components), Application (Electric Vehicle Charging, Smart Grid and Other Applications), End User (Commercial, Industrial and Other End Users) and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $3.0 BN |
|
Projected Year Value (2030) |
US $6.9 BN |
|
CAGR (2023 - 2030) |
12.7% |
|
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 |
North America |
According to Stratistics MRC, the Global Smart Transformers Market is accounted for $3.0 billion in 2023 and is expected to reach $6.9 billion by 2030 growing at a CAGR of 12.7% during the forecast period. An essential component of smart grids, smart transformers operate independently to continuously control voltage, keep the grid connected so that remote administration is possible, and deliver data and feedback regarding the power supply. A smart transformer achieves this through a process called voltage optimization. It provides the exact amount of electricity needed and adapts rapidly to changes in the power grid, functioning as a voltage regulator to maintain the optimized voltage.
According to International Energy Agency, in 2021, USD 289 billion was spent on smart grid development, increasing from USD 262.6 billion in 2020.
Market Dynamics:
Driver:
Growing demand for efficient power grids
As urbanization, industrialization, and digitalization continue to expand worldwide, there is a heightened need for electricity to power homes, businesses, and critical infrastructure. Traditional power distribution systems often struggle to handle the complexities of modern energy demands, leading to inefficiencies, voltage fluctuations, and reliability issues. Smart transformers offer a solution by incorporating advanced monitoring, control, and optimization capabilities. These transformers enable utilities and grid operators to enhance grid efficiency, reduce losses, and improve overall reliability.
Restraint:
High initial costs
While these transformers offer advanced monitoring, control, and optimization capabilities, the upfront investment required for their deployment can be substantial. The costs include not only the purchase of smart transformer equipment but also expenses related to installation, integration with existing grid infrastructure, and implementation of communication and monitoring systems. However, for utilities and grid operators, especially those operating on tight budgets or facing financial constraints, the prospect of making such significant investments upfront may act as a deterrent to adopting smart transformer solutions.
Opportunity:
Technological advancements
Innovations in materials, electronics, and communication technologies have revolutionized the capabilities of transformers, enabling them to become smarter, more efficient, and more reliable. Advanced materials such as silicon carbide (SiC) and gallium nitride (GaN) are enhancing the efficiency and power handling capabilities of transformers, reducing losses and improving overall performance. Moreover, the integration of digital monitoring systems, sensors, and sophisticated control algorithms allows smart transformers to provide real-time insights into grid conditions, enabling utilities to optimize operations and enhance grid resilience.
Threat:
Cybersecurity concerns
As integral components of modern grid infrastructure, smart transformers are vulnerable to cyber threats such as hacking, malware, and data breaches. The interconnectedness and digitization of smart grid systems increase their exposure to potential cyber attacks, which could compromise grid reliability, data integrity, and even public safety. Utilities and grid operators must implement robust cybersecurity measures to safeguard smart transformers and the broader grid ecosystem. However, ensuring cybersecurity can be challenging due to the evolving nature of cyber threats, the complexity of smart grid networks, and the need for continuous monitoring and updates to address vulnerabilities.
Covid-19 Impact:
Initially, the market experienced disruptions due to supply chain interruptions, manufacturing delays, and project postponements caused by lockdowns and restrictions on movement. Uncertainty regarding the duration and severity of the pandemic also led to cautious spending among utilities and grid operators, affecting investment decisions in smart grid infrastructure, including smart transformers. However, as the pandemic highlighted the importance of resilient and efficient energy infrastructure, there has been a growing recognition of the role of smart transformers in enhancing grid reliability, enabling remote monitoring, and supporting remote operations and maintenance activities.
The hardware segment is expected to be the largest during the forecast period
Hardware segment commanded the largest share throughout the forecast period. Advancements in materials and electronics have led to the development of more efficient and reliable hardware components for smart transformers, such as advanced semiconductor devices, high-performance transformers, and sensors. Additionally, these technological innovations enable smart transformers to deliver enhanced functionalities, including real-time monitoring, predictive maintenance, and self-healing capabilities, thereby addressing the evolving needs of modern grid infrastructure.
The electric vehicle charging segment is expected to have the highest CAGR during the forecast period
Electric Vehicle Charging segment is poised to hold profitable growth over the projection period as the increasing adoption of electric vehicles globally is leading to a surge in demand for EV charging infrastructure, including fast chargers deployed in public spaces, workplaces, and residential areas. Smart transformers play a crucial role in supporting this infrastructure by efficiently managing the increased electricity demand from EV charging stations, ensuring grid stability, and minimizing overloads. Additionally, smart transformers equipped with advanced monitoring and control capabilities enable utilities to implement dynamic charging strategies, such as demand response and load balancing, to optimize grid operations and accommodate the variable charging patterns of EVs.
Region with largest share:
Due to the growing adoption of renewable energy sources like solar and wind power requires advanced grid technologies for efficient integration, Asia Pacific region commanded the largest share of the market over the extrapolated period. Smart transformers facilitate smooth integration of renewable energy into the grid by managing voltage fluctuations and ensuring grid stability. Many countries are dealing with aging power grid infrastructure, leading to issues such as frequent outages and voltage fluctuations. These factors are boosting the regional growth.
Region with highest CAGR:
North America region is projected to witness substantial growth during the estimated time frame as the growing adoption of electric vehicles is placing additional strain on existing power infrastructure. Smart transformers can support the charging infrastructure for EVs by managing the increased demand for electricity in an efficient and reliable manner. The market is driven by the power industry's growing digitalization and the growing need to strengthen the grid. Furthermore, North American nations are concentrating on modifying, substituting, and extending their outdated grid infrastructure in order to enhance the grid's energy efficiency, monitoring, and power quality.
Key players in the market
Some of the key players in Smart Transformers market include ABB Ltd, CG Power and Industrial Solutions Limited, Eaton Corporation PLC, GE Power, General Electric Company, Hitachi Ltd, KONCAR - Electrical Industry Inc, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG and SPX Transformer Solutions Inc.
Key Developments:
In April 2023, Eaton invests $500+ million in North American manufacturing, boosting essential technology capacity for infrastructure projects, specifically transformers. Signifying a significant step in strengthening regional manufacturing capabilities.
In February 2022, the Indian state government of Madhya Pradesh was set to expand and modernize its electricity network by deploying smart meters and smart grid technologies using EUR 140 million secured from German bank KfW. The modernization of the smart grid is expected to include all facets of technologies, including smart transformers.
Components Covered:
• Hardware
• Switches
• Converters
• Substation Automation Tools
• Other Components
Applications Covered:
• Electric Vehicle Charging
• Smart Grid
• Other Applications
End Users Covered:
• Commercial
• Industrial
• 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 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 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 Smart Transformers Market, By Component
5.1 Introduction
5.2 Hardware
5.3 Switches
5.3.1 Power Diodes
5.3.2 Silicon Carbide (SIC) Power Mosfets
5.4 Converters
5.4.1 AC to AC Converters
5.4.2 DC to AC Converters
5.4.3 DC to DC Converters
5.4.4 AC to DC Converters
5.5 Substation Automation Tools
5.6 Other Components
6 Global Smart Transformers Market, By Application
6.1 Introduction
6.2 Electric Vehicle Charging
6.3 Smart Grid
6.4 Other Applications
7 Global Smart Transformers Market, By End User
7.1 Introduction
7.2 Commercial
7.3 Industrial
7.4 Other End Users
8 Global Smart Transformers 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
8.4.8 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 ABB Ltd
10.2 CG Power and Industrial Solutions Limited
10.3 Eaton Corporation PLC
10.4 GE Power
10.5 General Electric Company
10.6 Hitachi Ltd
10.7 KONCAR - Electrical Industry Inc
10.8 Mitsubishi Electric Corporation
10.9 Schneider Electric SE
10.10 Siemens AG
10.11 SPX Transformer Solutions Inc.
List of Tables
1 Global Smart Transformers Market Outlook, By Region (2021-2030) ($MN)
2 Global Smart Transformers Market Outlook, By Component (2021-2030) ($MN)
3 Global Smart Transformers Market Outlook, By Hardware (2021-2030) ($MN)
4 Global Smart Transformers Market Outlook, By Switches (2021-2030) ($MN)
5 Global Smart Transformers Market Outlook, By Power Diodes (2021-2030) ($MN)
6 Global Smart Transformers Market Outlook, By Silicon Carbide (SIC) Power Mosfets (2021-2030) ($MN)
7 Global Smart Transformers Market Outlook, By Converters (2021-2030) ($MN)
8 Global Smart Transformers Market Outlook, By AC to AC Converters (2021-2030) ($MN)
9 Global Smart Transformers Market Outlook, By DC to AC Converters (2021-2030) ($MN)
10 Global Smart Transformers Market Outlook, By DC to DC Converters (2021-2030) ($MN)
11 Global Smart Transformers Market Outlook, By AC to DC Converters (2021-2030) ($MN)
12 Global Smart Transformers Market Outlook, By Substation Automation Tools (2021-2030) ($MN)
13 Global Smart Transformers Market Outlook, By Other Components (2021-2030) ($MN)
14 Global Smart Transformers Market Outlook, By Application (2021-2030) ($MN)
15 Global Smart Transformers Market Outlook, By Electric Vehicle Charging (2021-2030) ($MN)
16 Global Smart Transformers Market Outlook, By Smart Grid (2021-2030) ($MN)
17 Global Smart Transformers Market Outlook, By Other Applications (2021-2030) ($MN)
18 Global Smart Transformers Market Outlook, By End User (2021-2030) ($MN)
19 Global Smart Transformers Market Outlook, By Commercial (2021-2030) ($MN)
20 Global Smart Transformers Market Outlook, By Industrial (2021-2030) ($MN)
21 Global Smart Transformers Market Outlook, By Other End Users (2021-2030) ($MN)
22 North America Smart Transformers Market Outlook, By Country (2021-2030) ($MN)
23 North America Smart Transformers Market Outlook, By Component (2021-2030) ($MN)
24 North America Smart Transformers Market Outlook, By Hardware (2021-2030) ($MN)
25 North America Smart Transformers Market Outlook, By Switches (2021-2030) ($MN)
26 North America Smart Transformers Market Outlook, By Power Diodes (2021-2030) ($MN)
27 North America Smart Transformers Market Outlook, By Silicon Carbide (SIC) Power Mosfets (2021-2030) ($MN)
28 North America Smart Transformers Market Outlook, By Converters (2021-2030) ($MN)
29 North America Smart Transformers Market Outlook, By AC to AC Converters (2021-2030) ($MN)
30 North America Smart Transformers Market Outlook, By DC to AC Converters (2021-2030) ($MN)
31 North America Smart Transformers Market Outlook, By DC to DC Converters (2021-2030) ($MN)
32 North America Smart Transformers Market Outlook, By AC to DC Converters (2021-2030) ($MN)
33 North America Smart Transformers Market Outlook, By Substation Automation Tools (2021-2030) ($MN)
34 North America Smart Transformers Market Outlook, By Other Components (2021-2030) ($MN)
35 North America Smart Transformers Market Outlook, By Application (2021-2030) ($MN)
36 North America Smart Transformers Market Outlook, By Electric Vehicle Charging (2021-2030) ($MN)
37 North America Smart Transformers Market Outlook, By Smart Grid (2021-2030) ($MN)
38 North America Smart Transformers Market Outlook, By Other Applications (2021-2030) ($MN)
39 North America Smart Transformers Market Outlook, By End User (2021-2030) ($MN)
40 North America Smart Transformers Market Outlook, By Commercial (2021-2030) ($MN)
41 North America Smart Transformers Market Outlook, By Industrial (2021-2030) ($MN)
42 North America Smart Transformers Market Outlook, By Other End Users (2021-2030) ($MN)
43 Europe Smart Transformers Market Outlook, By Country (2021-2030) ($MN)
44 Europe Smart Transformers Market Outlook, By Component (2021-2030) ($MN)
45 Europe Smart Transformers Market Outlook, By Hardware (2021-2030) ($MN)
46 Europe Smart Transformers Market Outlook, By Switches (2021-2030) ($MN)
47 Europe Smart Transformers Market Outlook, By Power Diodes (2021-2030) ($MN)
48 Europe Smart Transformers Market Outlook, By Silicon Carbide (SIC) Power Mosfets (2021-2030) ($MN)
49 Europe Smart Transformers Market Outlook, By Converters (2021-2030) ($MN)
50 Europe Smart Transformers Market Outlook, By AC to AC Converters (2021-2030) ($MN)
51 Europe Smart Transformers Market Outlook, By DC to AC Converters (2021-2030) ($MN)
52 Europe Smart Transformers Market Outlook, By DC to DC Converters (2021-2030) ($MN)
53 Europe Smart Transformers Market Outlook, By AC to DC Converters (2021-2030) ($MN)
54 Europe Smart Transformers Market Outlook, By Substation Automation Tools (2021-2030) ($MN)
55 Europe Smart Transformers Market Outlook, By Other Components (2021-2030) ($MN)
56 Europe Smart Transformers Market Outlook, By Application (2021-2030) ($MN)
57 Europe Smart Transformers Market Outlook, By Electric Vehicle Charging (2021-2030) ($MN)
58 Europe Smart Transformers Market Outlook, By Smart Grid (2021-2030) ($MN)
59 Europe Smart Transformers Market Outlook, By Other Applications (2021-2030) ($MN)
60 Europe Smart Transformers Market Outlook, By End User (2021-2030) ($MN)
61 Europe Smart Transformers Market Outlook, By Commercial (2021-2030) ($MN)
62 Europe Smart Transformers Market Outlook, By Industrial (2021-2030) ($MN)
63 Europe Smart Transformers Market Outlook, By Other End Users (2021-2030) ($MN)
64 Asia Pacific Smart Transformers Market Outlook, By Country (2021-2030) ($MN)
65 Asia Pacific Smart Transformers Market Outlook, By Component (2021-2030) ($MN)
66 Asia Pacific Smart Transformers Market Outlook, By Hardware (2021-2030) ($MN)
67 Asia Pacific Smart Transformers Market Outlook, By Switches (2021-2030) ($MN)
68 Asia Pacific Smart Transformers Market Outlook, By Power Diodes (2021-2030) ($MN)
69 Asia Pacific Smart Transformers Market Outlook, By Silicon Carbide (SIC) Power Mosfets (2021-2030) ($MN)
70 Asia Pacific Smart Transformers Market Outlook, By Converters (2021-2030) ($MN)
71 Asia Pacific Smart Transformers Market Outlook, By AC to AC Converters (2021-2030) ($MN)
72 Asia Pacific Smart Transformers Market Outlook, By DC to AC Converters (2021-2030) ($MN)
73 Asia Pacific Smart Transformers Market Outlook, By DC to DC Converters (2021-2030) ($MN)
74 Asia Pacific Smart Transformers Market Outlook, By AC to DC Converters (2021-2030) ($MN)
75 Asia Pacific Smart Transformers Market Outlook, By Substation Automation Tools (2021-2030) ($MN)
76 Asia Pacific Smart Transformers Market Outlook, By Other Components (2021-2030) ($MN)
77 Asia Pacific Smart Transformers Market Outlook, By Application (2021-2030) ($MN)
78 Asia Pacific Smart Transformers Market Outlook, By Electric Vehicle Charging (2021-2030) ($MN)
79 Asia Pacific Smart Transformers Market Outlook, By Smart Grid (2021-2030) ($MN)
80 Asia Pacific Smart Transformers Market Outlook, By Other Applications (2021-2030) ($MN)
81 Asia Pacific Smart Transformers Market Outlook, By End User (2021-2030) ($MN)
82 Asia Pacific Smart Transformers Market Outlook, By Commercial (2021-2030) ($MN)
83 Asia Pacific Smart Transformers Market Outlook, By Industrial (2021-2030) ($MN)
84 Asia Pacific Smart Transformers Market Outlook, By Other End Users (2021-2030) ($MN)
85 South America Smart Transformers Market Outlook, By Country (2021-2030) ($MN)
86 South America Smart Transformers Market Outlook, By Component (2021-2030) ($MN)
87 South America Smart Transformers Market Outlook, By Hardware (2021-2030) ($MN)
88 South America Smart Transformers Market Outlook, By Switches (2021-2030) ($MN)
89 South America Smart Transformers Market Outlook, By Power Diodes (2021-2030) ($MN)
90 South America Smart Transformers Market Outlook, By Silicon Carbide (SIC) Power Mosfets (2021-2030) ($MN)
91 South America Smart Transformers Market Outlook, By Converters (2021-2030) ($MN)
92 South America Smart Transformers Market Outlook, By AC to AC Converters (2021-2030) ($MN)
93 South America Smart Transformers Market Outlook, By DC to AC Converters (2021-2030) ($MN)
94 South America Smart Transformers Market Outlook, By DC to DC Converters (2021-2030) ($MN)
95 South America Smart Transformers Market Outlook, By AC to DC Converters (2021-2030) ($MN)
96 South America Smart Transformers Market Outlook, By Substation Automation Tools (2021-2030) ($MN)
97 South America Smart Transformers Market Outlook, By Other Components (2021-2030) ($MN)
98 South America Smart Transformers Market Outlook, By Application (2021-2030) ($MN)
99 South America Smart Transformers Market Outlook, By Electric Vehicle Charging (2021-2030) ($MN)
100 South America Smart Transformers Market Outlook, By Smart Grid (2021-2030) ($MN)
101 South America Smart Transformers Market Outlook, By Other Applications (2021-2030) ($MN)
102 South America Smart Transformers Market Outlook, By End User (2021-2030) ($MN)
103 South America Smart Transformers Market Outlook, By Commercial (2021-2030) ($MN)
104 South America Smart Transformers Market Outlook, By Industrial (2021-2030) ($MN)
105 South America Smart Transformers Market Outlook, By Other End Users (2021-2030) ($MN)
106 Middle East & Africa Smart Transformers Market Outlook, By Country (2021-2030) ($MN)
107 Middle East & Africa Smart Transformers Market Outlook, By Component (2021-2030) ($MN)
108 Middle East & Africa Smart Transformers Market Outlook, By Hardware (2021-2030) ($MN)
109 Middle East & Africa Smart Transformers Market Outlook, By Switches (2021-2030) ($MN)
110 Middle East & Africa Smart Transformers Market Outlook, By Power Diodes (2021-2030) ($MN)
111 Middle East & Africa Smart Transformers Market Outlook, By Silicon Carbide (SIC) Power Mosfets (2021-2030) ($MN)
112 Middle East & Africa Smart Transformers Market Outlook, By Converters (2021-2030) ($MN)
113 Middle East & Africa Smart Transformers Market Outlook, By AC to AC Converters (2021-2030) ($MN)
114 Middle East & Africa Smart Transformers Market Outlook, By DC to AC Converters (2021-2030) ($MN)
115 Middle East & Africa Smart Transformers Market Outlook, By DC to DC Converters (2021-2030) ($MN)
116 Middle East & Africa Smart Transformers Market Outlook, By AC to DC Converters (2021-2030) ($MN)
117 Middle East & Africa Smart Transformers Market Outlook, By Substation Automation Tools (2021-2030) ($MN)
118 Middle East & Africa Smart Transformers Market Outlook, By Other Components (2021-2030) ($MN)
119 Middle East & Africa Smart Transformers Market Outlook, By Application (2021-2030) ($MN)
120 Middle East & Africa Smart Transformers Market Outlook, By Electric Vehicle Charging (2021-2030) ($MN)
121 Middle East & Africa Smart Transformers Market Outlook, By Smart Grid (2021-2030) ($MN)
122 Middle East & Africa Smart Transformers Market Outlook, By Other Applications (2021-2030) ($MN)
123 Middle East & Africa Smart Transformers Market Outlook, By End User (2021-2030) ($MN)
124 Middle East & Africa Smart Transformers Market Outlook, By Commercial (2021-2030) ($MN)
125 Middle East & Africa Smart Transformers Market Outlook, By Industrial (2021-2030) ($MN)
126 Middle East & Africa Smart Transformers Market Outlook, By Other End Users (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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