Thermal Energy Storage Market
Thermal Energy Storage Market Forecasts to 2028 - Global Analysis By Storage Material (Water, Molten Salt, Phase Change Material (PCM) and Other Storage Materials), Technology (Sensible, Latent and Thermochemical), Application (Power Generation, Heating and Cooling), End User(Residential, Commercial & Industrial and Utilities), and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $25.39 BN |
|
Projected Year Value (2028) |
US $46.23 BN |
|
CAGR (2022 - 2028) |
10.5% |
|
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 Thermal Energy Storage Market is accounted for $25.39 billion in 2022 and is expected to reach $46.23 billion by 2028 growing at a CAGR of 10.5% during the forecast period. The technology known as thermal energy storage (TES) uses heat or cold to store thermal energy in a storage media. It is sometimes referred to as "heat storage," which is a quick and extremely effective way to transmit energy without using chemicals. By melting, vaporising, melting, vaporising, or solidifying material, the system stores energy, this becomes accessible when the process is reversed. This is one of the most practical green energy-saving ideas. It temporarily stores thermal energy in a hot or cold state for use in a later stage.
According to the U.S. accounted for 33% of the 18 under construction projects and 41% of the total 1,361 operational projects globally.
Market Dynamics:
Driver:
Demand for energy storage foe supplementing ever-increasing solar energy generation
Some of the most prominent objectives for governments, energy authorities, and utilities around the world include the decarbonisation of the energy industry and the reduction of carbon emissions in order to stop the global climate change. According to IRENA, accelerating the deployment of renewable energy sources can help achieve over 90% of the energy-related carbon dioxide (CO2) emission reductions necessary to meet the Paris Climate targets. These factors also include electrification and increasing the energy efficiency of the electric grid. Due to a recovery in the hydropower industry, generation growth has returned to its long-term pattern. Solar energy generation is still expanding quickly, surpassing biofuels to reach third place among renewable electricity generation sources. The adoption of solar energy has seen an average annual growth rate of 49% worldwide thanks to strong government policy mechanisms, an investment tax credit for solar power, and rising public and public sector demand for clean energy in all major economies.
Restraint:
Competition from battery storage and pumped-storage
For utilities and power plant operators considering deployment in the near future, being able to distinguish between the benefits of battery and thermal energy storage two of the most popular solutions are essential. The installation will assist commercial facility use electricity as economically as feasible if the right technology is used. Thermal energy storage is the simplest approach for a building to lower peak electric demand, although batteries are fantastic for supplying backup power for lighting, elevators, and computers. It would be extremely inefficient and expensive to store energy in a battery only to have it changed once again to produce instantaneous cooling, which accounts for a third of energy costs in the summer. In contrast, thermal storage alone cannot support the entire building load. Despite the fact that thermal energy storage requires less money for projects, it is less preferable to battery and pumped-hydro storage due to their less effective economies of scale. These alternatives so prevent the market for thermal energy storage from expanding.
Opportunity:
Decentralization of renewable energy sector
Decentralized renewable energy deployment is driving the energy sector's disruptive revolution. The rapidly expanding decentralised renewable energy technologies are probably going to transform the way the energy industry is organised, moving toward a multi-operator system where giant utilities work with captive customers and small utilities. For 30% of those who now have access to electricity, renewable energy distributed through the grid, mini-grids, and off-grid installations has been the source of power. End users and the power system as a whole can profit from industrial bulk consumption, self-consumption, and the usage of distributed storage. As a result, prospects for thermal energy storage technologies are anticipated to grow over the next few years. To see significant adoption, however, storage project costs must be decreased and made cost-effective at scale.
Threat:
High initial set-up costs varying with technology
Application, size, and thermal insulation technology all affect how much thermal energy storage systems cost. Thermal storage systems based on phase change materials and thermo chemical storage typically cost more than the cost of the storage capacity they offer. Approximately 30% to 40% of the entire system cost goes toward the cost of storage systems. In the near future, it is projected that thermal energy storage technologies will become more competitive as research into energy storage technologies continues to reduce the upfront capital requirement.
Covid-19 Impact
The global economy and a number of industry sectors have been significantly impacted by COVID 19. Due to competitors' inability to get raw materials, the thermal energy storage market has seen a minor decline. The protracted lockdown made it impossible to deliver the finished goods as well. Countries reduced demand for the electricity and power industry by concentrating on the primary industries. According to the IEA, the growth of renewable electricity capacity will decrease by 13% in 2020. Utilities' new investments will decline by up to 15% during the predicted period as long as uncertainty persists. However, given that a steady supply of electricity is essential for economic growth, we might anticipate a rebound in the market value for thermal energy storage once the economic gloom subsides.
The sensible heat regenerative segment is expected to be the largest during the forecast period
The sensible heat regenerative segment is estimated to have a lucrative growth, due to the causes that can be linked to the use of thermal energy storage systems based on molten salt in concentrated solar power (CSP) plants. The demand for the sensible heat regenerative thermal energy storage segment is increasing as a result of the availability of reversible charging and discharging capability for an indefinite number of cycles.
The industrial segment is expected to have the highest CAGR during the forecast period
The industrial segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the need for HVAC systems, which in turn will drive the industrial segment, will be fuelled by factors related to the rising expenditure on infrastructure construction and development. The need for this market is also being fuelled by the expanding use of these systems across numerous industries, which use significant amounts of hot water for economic reasons.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to less of a need for larger generation equipment during high demand periods. The expansion of the U.S. market will be aided by a favourable outlook for the production of electricity using renewable sources and rising research and development efforts for energy storage systems. In order to establish a future with sustainable energy, the U.S. government is actively investing in renewable energy facilities, will be eligible for a multi-year extension of tax credits, according to the IEA. Regional demand for thermal energy storage is therefore increasing as a result of government environmental laws that support the construction and operation of renewable energy facilities and power stations.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to This is justified by the region's large customer base, quick growth in the thermal energy storage industry, and the presence of important players. Additionally, the presence of economies that are developing and expanding, such as those in Germany, France, Italy, Spain, and the UK, increases the demand for thermal energy storage heating and cooling. Applications are expected to support the expansion of the thermal energy storage market in Europe. The European Union's government has created a mechanism that stores and distributes energy in accordance with the population density in a certain area are propelling the market growth.
Key players in the market
Some of the key players profiled in the Thermal Energy Storage Market include BrightSource Energy Inc., Abengoa SA, Aalborg CSP AS, Baltimore Aircoil Company, SaltX Technology Holding AB, Burns & McDonnell, Terrafore Technologies LLC, SR Energy, Trane Technologies PLC, Vantaa Energy, Energy Technologies Institute (ETI), Highview Power Storage, Scottish & Southern Energy (SSE), UK Power Networks and PNU Power
Key Developments:
In Dec 2022, Baltimore Aircoil Company Announces Release of its First Environmental, Social, and Governance (ESG) Report. The ESG Report highlights the key initiatives, accomplishments, and targets necessary to achieve BAC’s vision of reinventing cooling to sustain the world.
In Feb 2022, Baltimore Aircoil Company, Inc. Introduces the TrilliumSeries™ Adiabatic Cooler. This adiabatic cooler is ideal for applications that demand a combination of energy efficiency and limited water use. BAC’s innovative design maximizes both water and energy efficiency, ultimately minimizing costs. In addition, the TrilliumSeries Cooler is designed to make installation and ongoing maintenance simple.
In June 2020, Aalborg CSP acquires unique Pit Thermal Energy Storage (PTES) technology. The PTES technology is vital, in terms of developing a future-proof energy system, where energy storage is a key element in the infrastructure that will help ensure the green energy transition.
In March 2020, Aalborg CSP announced that they are successfully restarting heat exchanger production in China – the world’s largest solar thermal plant overcoming coronavirus. The use of masks for all personnel as well as sending everyone with symptoms home has been a decisive part of the Chinese industry's strategy. China is thus returning to its normal state, and Danish renewable energy specialist, Aalborg CSP, sees light ahead.
Storage Materials Covered:
• Water
• Molten Salt
• Phase Change Material (PCM)
• Other Storage Materials
Technologies Covered:
• Sensible
• Latent
• Thermochemical
Applications Covered:
• Power Generation
• Heating
• Cooling
End Users Covered:
• Residential
• Commercial & Industrial
• Utilities
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 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 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 Thermal Energy Storage Market, By Storage Material
5.1 Introduction
5.2 Water
5.3 Molten Salt
5.4 Phase Change Material (PCM)
5.5 Other Storage Materials
6 Global Thermal Energy Storage Market, By Technology
6.1 Introduction
6.2 Sensible
6.3 Latent
6.4 Thermochemical
7 Global Thermal Energy Storage Market, By Application
7.1 Introduction
7.2 Power Generation
7.3 Heating
7.4 Cooling
8 Global Thermal Energy Storage Market, By End User
8.1 Introduction
8.2 Residential
8.3 Commercial & Industrial
8.4 Utilities
9 Global Thermal Energy Storage 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 BrightSource Energy Inc.
11.2 Abengoa SA
11.3 Aalborg CSP AS
11.4 Baltimore Aircoil Company
11.5 SaltX Technology Holding AB
11.6 Burns & McDonnell
11.7 Terrafore Technologies LLC
11.8 SR Energy
11.9 Trane Technologies PLC
11.10 Vantaa Energy
11.11 Energy Technologies Institute (ETI)
11.12 Highview Power Storage
11.13 Scottish & Southern Energy (SSE)
11.14 UK Power Networks
11.15 PNU Power
List of Tables
1 Global Thermal Energy Storage Market Outlook, By Region (2020-2028) ($MN)
2 Global Thermal Energy Storage Market Outlook, By Storage Material (2020-2028) ($MN)
3 Global Thermal Energy Storage Market Outlook, By Water (2020-2028) ($MN)
4 Global Thermal Energy Storage Market Outlook, By Molten Salt (2020-2028) ($MN)
5 Global Thermal Energy Storage Market Outlook, By Phase Change Material (PCM) (2020-2028) ($MN)
6 Global Thermal Energy Storage Market Outlook, By Other Storage Materials (2020-2028) ($MN)
7 Global Thermal Energy Storage Market Outlook, By Technology (2020-2028) ($MN)
8 Global Thermal Energy Storage Market Outlook, By Sensible (2020-2028) ($MN)
9 Global Thermal Energy Storage Market Outlook, By Latent (2020-2028) ($MN)
10 Global Thermal Energy Storage Market Outlook, By Thermochemical (2020-2028) ($MN)
11 Global Thermal Energy Storage Market Outlook, By Application (2020-2028) ($MN)
12 Global Thermal Energy Storage Market Outlook, By Power Generation (2020-2028) ($MN)
13 Global Thermal Energy Storage Market Outlook, By Heating (2020-2028) ($MN)
14 Global Thermal Energy Storage Market Outlook, By Cooling (2020-2028) ($MN)
15 Global Thermal Energy Storage Market Outlook, By End User (2020-2028) ($MN)
16 Global Thermal Energy Storage Market Outlook, By Residential (2020-2028) ($MN)
17 Global Thermal Energy Storage Market Outlook, By Commercial & Industrial (2020-2028) ($MN)
18 Global Thermal Energy Storage Market Outlook, By Utilities (2020-2028) ($MN)
19 North America Thermal Energy Storage Market Outlook, By Country (2020-2028) ($MN)
20 North America Thermal Energy Storage Market Outlook, By Storage Material (2020-2028) ($MN)
21 North America Thermal Energy Storage Market Outlook, By Water (2020-2028) ($MN)
22 North America Thermal Energy Storage Market Outlook, By Molten Salt (2020-2028) ($MN)
23 North America Thermal Energy Storage Market Outlook, By Phase Change Material (PCM) (2020-2028) ($MN)
24 North America Thermal Energy Storage Market Outlook, By Other Storage Materials (2020-2028) ($MN)
25 North America Thermal Energy Storage Market Outlook, By Technology (2020-2028) ($MN)
26 North America Thermal Energy Storage Market Outlook, By Sensible (2020-2028) ($MN)
27 North America Thermal Energy Storage Market Outlook, By Latent (2020-2028) ($MN)
28 North America Thermal Energy Storage Market Outlook, By Thermochemical (2020-2028) ($MN)
29 North America Thermal Energy Storage Market Outlook, By Application (2020-2028) ($MN)
30 North America Thermal Energy Storage Market Outlook, By Power Generation (2020-2028) ($MN)
31 North America Thermal Energy Storage Market Outlook, By Heating (2020-2028) ($MN)
32 North America Thermal Energy Storage Market Outlook, By Cooling (2020-2028) ($MN)
33 North America Thermal Energy Storage Market Outlook, By End User (2020-2028) ($MN)
34 North America Thermal Energy Storage Market Outlook, By Residential (2020-2028) ($MN)
35 North America Thermal Energy Storage Market Outlook, By Commercial & Industrial (2020-2028) ($MN)
36 North America Thermal Energy Storage Market Outlook, By Utilities (2020-2028) ($MN)
37 Europe Thermal Energy Storage Market Outlook, By Country (2020-2028) ($MN)
38 Europe Thermal Energy Storage Market Outlook, By Storage Material (2020-2028) ($MN)
39 Europe Thermal Energy Storage Market Outlook, By Water (2020-2028) ($MN)
40 Europe Thermal Energy Storage Market Outlook, By Molten Salt (2020-2028) ($MN)
41 Europe Thermal Energy Storage Market Outlook, By Phase Change Material (PCM) (2020-2028) ($MN)
42 Europe Thermal Energy Storage Market Outlook, By Other Storage Materials (2020-2028) ($MN)
43 Europe Thermal Energy Storage Market Outlook, By Technology (2020-2028) ($MN)
44 Europe Thermal Energy Storage Market Outlook, By Sensible (2020-2028) ($MN)
45 Europe Thermal Energy Storage Market Outlook, By Latent (2020-2028) ($MN)
46 Europe Thermal Energy Storage Market Outlook, By Thermochemical (2020-2028) ($MN)
47 Europe Thermal Energy Storage Market Outlook, By Application (2020-2028) ($MN)
48 Europe Thermal Energy Storage Market Outlook, By Power Generation (2020-2028) ($MN)
49 Europe Thermal Energy Storage Market Outlook, By Heating (2020-2028) ($MN)
50 Europe Thermal Energy Storage Market Outlook, By Cooling (2020-2028) ($MN)
51 Europe Thermal Energy Storage Market Outlook, By End User (2020-2028) ($MN)
52 Europe Thermal Energy Storage Market Outlook, By Residential (2020-2028) ($MN)
53 Europe Thermal Energy Storage Market Outlook, By Country (2020-2028) ($MN)
54 Europe Thermal Energy Storage Market Outlook, By Storage Material (2020-2028) ($MN)
55 Asia Pacific Thermal Energy Storage Market Outlook, By Country (2020-2028) ($MN)
56 Asia Pacific Thermal Energy Storage Market Outlook, By Storage Material (2020-2028) ($MN)
57 Asia Pacific Thermal Energy Storage Market Outlook, By Water (2020-2028) ($MN)
58 Asia Pacific Thermal Energy Storage Market Outlook, By Molten Salt (2020-2028) ($MN)
59 Asia Pacific Thermal Energy Storage Market Outlook, By Phase Change Material (PCM) (2020-2028) ($MN)
60 Asia Pacific Thermal Energy Storage Market Outlook, By Other Storage Materials (2020-2028) ($MN)
61 Asia Pacific Thermal Energy Storage Market Outlook, By Technology (2020-2028) ($MN)
62 Asia Pacific Thermal Energy Storage Market Outlook, By Sensible (2020-2028) ($MN)
63 Asia Pacific Thermal Energy Storage Market Outlook, By Latent (2020-2028) ($MN)
64 Asia Pacific Thermal Energy Storage Market Outlook, By Thermochemical (2020-2028) ($MN)
65 Asia Pacific Thermal Energy Storage Market Outlook, By Application (2020-2028) ($MN)
66 Asia Pacific Thermal Energy Storage Market Outlook, By Power Generation (2020-2028) ($MN)
67 Asia Pacific Thermal Energy Storage Market Outlook, By Heating (2020-2028) ($MN)
68 Asia Pacific Thermal Energy Storage Market Outlook, By Cooling (2020-2028) ($MN)
69 Asia Pacific Thermal Energy Storage Market Outlook, By End User (2020-2028) ($MN)
70 Asia Pacific Thermal Energy Storage Market Outlook, By Residential (2020-2028) ($MN)
71 Asia Pacific Thermal Energy Storage Market Outlook, By Commercial & Industrial (2020-2028) ($MN)
72 Asia Pacific Thermal Energy Storage Market Outlook, By Utilities (2020-2028) ($MN)
73 South America Thermal Energy Storage Market Outlook, By Country (2020-2028) ($MN)
74 South America Thermal Energy Storage Market Outlook, By Storage Material (2020-2028) ($MN)
75 South America Thermal Energy Storage Market Outlook, By Water (2020-2028) ($MN)
76 South America Thermal Energy Storage Market Outlook, By Molten Salt (2020-2028) ($MN)
77 South America Thermal Energy Storage Market Outlook, By Phase Change Material (PCM) (2020-2028) ($MN)
78 South America Thermal Energy Storage Market Outlook, By Other Storage Materials (2020-2028) ($MN)
79 South America Thermal Energy Storage Market Outlook, By Technology (2020-2028) ($MN)
80 South America Thermal Energy Storage Market Outlook, By Sensible (2020-2028) ($MN)
81 South America Thermal Energy Storage Market Outlook, By Latent (2020-2028) ($MN)
82 South America Thermal Energy Storage Market Outlook, By Thermochemical (2020-2028) ($MN)
83 South America Thermal Energy Storage Market Outlook, By Application (2020-2028) ($MN)
84 South America Thermal Energy Storage Market Outlook, By Power Generation (2020-2028) ($MN)
85 South America Thermal Energy Storage Market Outlook, By Heating (2020-2028) ($MN)
86 South America Thermal Energy Storage Market Outlook, By Cooling (2020-2028) ($MN)
87 South America Thermal Energy Storage Market Outlook, By End User (2020-2028) ($MN)
88 South America Thermal Energy Storage Market Outlook, By Residential (2020-2028) ($MN)
89 South America Thermal Energy Storage Market Outlook, By Commercial & Industrial (2020-2028) ($MN)
90 South America Thermal Energy Storage Market Outlook, By Utilities (2020-2028) ($MN)
91 Middle East & Africa Thermal Energy Storage Market Outlook, By Country (2020-2028) ($MN)
92 Middle East & Africa Thermal Energy Storage Market Outlook, By Storage Material (2020-2028) ($MN)
93 Middle East & Africa Thermal Energy Storage Market Outlook, By Water (2020-2028) ($MN)
94 Middle East & Africa Thermal Energy Storage Market Outlook, By Molten Salt (2020-2028) ($MN)
95 Middle East & Africa Thermal Energy Storage Market Outlook, By Phase Change Material (PCM) (2020-2028) ($MN)
96 Middle East & Africa Thermal Energy Storage Market Outlook, By Other Storage Materials (2020-2028) ($MN)
97 Middle East & Africa Thermal Energy Storage Market Outlook, By Technology (2020-2028) ($MN)
98 Middle East & Africa Thermal Energy Storage Market Outlook, By Sensible (2020-2028) ($MN)
99 Middle East & Africa Thermal Energy Storage Market Outlook, By Latent (2020-2028) ($MN)
100 Middle East & Africa Thermal Energy Storage Market Outlook, By Thermochemical (2020-2028) ($MN)
101 Middle East & Africa Thermal Energy Storage Market Outlook, By Application (2020-2028) ($MN)
102 Middle East & Africa Thermal Energy Storage Market Outlook, By Power Generation (2020-2028) ($MN)
103 Middle East & Africa Thermal Energy Storage Market Outlook, By Heating (2020-2028) ($MN)
104 Middle East & Africa Thermal Energy Storage Market Outlook, By Cooling (2020-2028) ($MN)
105 Middle East & Africa Thermal Energy Storage Market Outlook, By End User (2020-2028) ($MN)
106 Middle East & Africa Thermal Energy Storage Market Outlook, By Residential (2020-2028) ($MN)
107 Middle East & Africa Thermal Energy Storage Market Outlook, By Commercial & Industrial (2020-2028) ($MN)
108 Middle East & Africa Thermal Energy Storage Market Outlook, By Utilities (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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