RESEARCH

METHODOLOGY
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RESEARCH PROCESS

Our research studies rely on a unique combination of expert-led, primary + secondary sourced, and data-
driven research techniques to produce credible industry findings. Through proprietary approaches that
combine quantitative and statistical analysis, and our analysts' in-depth expertise and experience, the
findings are presented in unbiased and practical approaches.

- Data Analysis
- Historic Data - Identification of Similar Patterns
- Influencing Factors - Market Dynamics
- Market Forecast - Market Sizing

Research Objective Research Design Data Collection Data Interpretation Data

Verification

- Scope Definition - Primary Resources Insights validation/verification via

- Market Segmentation - Secondary Resources primary and secondary sources
- Assumptions
- Limitations

RESEARCH OBJECTIVE

The research objective is to determine the current and potential market size. Multiple sources of
information and research techniques have been used to accomplish this research objective. This entails
the compilation of data from industry reports, open-source databases, polls, discussions with important
stakeholders, and analysis of past market trends. The volume, technology adoption rate, government
policies and incentives, investment structure of major players, and market rivalry are some of the variables
that are taken into account.

In addition, the report presents a realistic evaluation of the market by taking into consideration the
limitations of data accessibility and the sector's dynamic traits. Major assumptions and constraints of the
market are mentioned below:
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➢ Information Availability: As there are gaps or discrepancies in the exhaustive and adequate market
information, the research is immensely dependent on data that is currently available from business
reports, governmental sources, and other appropriate publications, along with primary sources.
➢ Changing Market Dynamics: The research study further takes into account the market's present
conditions and patterns. For the future forecast, the report has relied on historic trends and has derived
a detailed pattern of an assortment of variables, including changes in technology, governmental
regulations, and consumer preferences.

RESEARCH DESIGN

HISTORIC DATA INFLUENCING FACTORS MARKET FORECAST

• Industry Trends • Government Initiatives • Global Market Size (2021 to 2028)
o Segment • Technological Advancements • Segment Sizing
o Region/Country • Change in Input Costs o Segment
• Competitive Landscape • Macroeconomic Factors o Region/Country
• COVID-19 Impact • Speculations and Expectations • Growth Rate
• Past records • Change in substitute price • Market Share – Current Year &
• Investment Growth • Political Factors Forecast Year
• Regional Data • Social Concerns
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2.1.3. DATA COLLECTION

For qualitative and quantitative data collection, primary and secondary methods were used as presented
in the figure below.
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• D A T A T R IA N G UL A T I O N

PRIMARY DATA SECONDARY DATA

Review and analysis of primary

data that aligns with secondary
Surveys + Interviews
data sources:
- Manufacturers
- Academic +Research Papers
- Suppliers
- Government Publications
- Raw Material Producers
and Reports
- Government Bodies
- Trade and Industry
- Retailers/Distributors
Associations Documents
- Trade Organizations
- Company Reports – Annual
- Industry Experts + Financial
- News and Media Outlets

SYNTHESIZED RESULTS
o Market Size and Forecasts
o Competitive Landscape
o Drivers & Restraints
o Influencing Factors
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DATA INTERPRETATION

Following data collection, interpretation of the gathered data is carried out to obtain vital insights and draw
conclusions. For instance, via primary and secondary resources, the market share of different segments of
the market was identified. This thorough examination of the distribution of market revenue determines the
segments that are dominant, those that are trailing, and areas with high growth rates. (As shown in the figures
below)

2021 2028

Segment A
Sample
Segment B

Segment C Sample
Segment D

Segment E
2021 2022 2023 2024 2025 2026 2027 2028

• VENDOR MATRIX MODEL

The data collected, is also used to derive the competitive landscape of the market, based on our proprietary
vendor matrix model that takes into account all the deciding elements that are crucial for understanding
the positions of major market players.

CHALLENGER LEADER
BRAND POSITIONING

Company L
Company A Company B
Company I Company D

Company J
Company F
Company M Company C
Company N
Company K Company G
NICHE Company E Company H FOLLOWER

SCALABILITY
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• MARKET ATTRACTIVENESS

The correlation between market share and segment CAGR is illustrated in our market attractiveness model.
This model enables the understanding of the potential market scopes for the segments considered in the
market to provide a more accurate assessment of the emerging players.

Segment E
Segment D

Segment G
Segment C
CAGR

Segment B

Segment A

Segment F
Market Share

• PORTER’S FIVE FORCES ANALYSIS

Our Porter's Five Forces analysis analyzes the market's competitive environment, assists in identifying risks
and opportunities, and guides strategic decision-making by evaluating the market's overall growth and
profitability.
• Bargaining Power of Suppliers
• Bargaining Power of Buyers
• Threat of New Entrants
• Threat of Substitutes
• Competitive Rivalry in the Industry

The above factors are further dependent on key determinants, that influence the overall market
attractiveness. The following figure demonstrates the major components that are taken into account while
structuring our Porter’s five forces analysis.
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BARGAINING POWER OF BARGAINING POWER OF BUYERS THREAT OF NEW ENTRANTS

SUPPLIERS
Presence of
large Concentration Economies of
number of of buyers scale
suppliers
Buyer Volume
Lack of High fixed cost
Forward and frequency Ease of doing High initial
substitute for suppliers
integration of purchase business investment
products or
by suppliers
technology

Lack of
Backward
Mergers and product/ Industry and
Fragmented integration by Loyalty of
Acquisitions technology government
customer customers customers
within differentiation regulation
base
Suppliers
Switching cost
Switching to alternate Lack of skilled
cost from product/techno workforce
one supplier logy
to another

COMPETITIVE RIVALRY THREAT OF SUBSTITUTES

Presence of large
number of players Switching costs for
customers

Similar strategy
Favourable
Market Stability among different
Government Current trends
industry players
regulations

Lack of
Barriers to exit are differentiation Demand to Supply Brand loyalty of
high between players Ratio customers
and products

Price-performance
Market growth rate trade-off of
substitutes

DATA VALIDATION

After completing the market engineering process, which included calculations for market figures, market
share estimates, market projections, market breakdown, and data triangulation, significant primary
research was carried out to collect data and confirm the important figures arrived at. For the complete
market sections and sub-segments covered in this research, market estimating was carried out using both
top-down and bottom-up methods, as illustrated below.
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Market
Value

❖ Defining regions & segments

(US$ Million)
❖ Company level regional data
❖ Calculation of company-level regional and segment
shares
Calculation of Regional & ❖ Aggregation of company data for regional and
Segment Shares segment shares
❖ Validation from secondary + primary sources
❖ Identifying relevant companies
❖ Company level data
❖ Analysis of individual company
performance
❖ Company market share calculation
❖ Aggregation of company data Company Specifics: Global and Segment
Shares

Data Collection

PRIMARY SOURCES SECONDARY SOURCES

Surveys/Questionnaires, Interviews, Experimental The following are the major secondary sources
Studies, and Market Pilots and Trials with the used for the market estimations and forecasts:
following:
❖ Industry Associations, Research Institutions, ❖ Academic Research Papers and Journals
and Government Agencies ❖ Financial Reports
❖ Product Manufacturers, Suppliers, ❖ Annual Reports
Distributors, Procurement Managers, and ❖ Company Presentations
Industry Stakeholders ❖ Government Publications
❖ Retailers & Dealers, Regulatory & ❖ News and Media Sources
Certification Authorities, Trade Associations ❖ Internal and Paid Databases
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VALIDATION OF GLOBAL MARKET SIZE THROUGH PRIMARY/ SECONDARY SOURCES

PRIMARY SOURCES SECONDARY SOURCES
Surveys/questionnaires, interviews, experimental The following are the major secondary sources
studies, and market pilots and trials with the used for the market estimations and forecasts:
following:
❖ Industry Associations, Research Institutions, ❖ Academic Research Papers and Journals
and Government Agencies ❖ Financial/ Annual Reports
❖ Product Manufacturers, Suppliers, ❖ Government Publications
Distributors, Procurement Managers, and ❖ News and Media Sources
Industry Stakeholders ❖ Internal and Paid Databases

Market Value

Market Share Segmentation: Region +

❖ Analysis of macro-economic factors and Segments
market trends
❖ Market segmentation based on different
segments and regions.
❖ Segment shares through primary and
secondary sources
Segment Shares within each ❖ Estimation of each segment and region based on
Region + Country-wise
Estimation available information
❖ Country-wise share and forecasts within each region
(North America, South America, Europe, Middle East
and Africa, Asia Pacific)

Validation

❖ Validation of data via cross-referencing different sources,

industry professionals, etc.
❖ Additional research (if necessary)
❖ Refining data - for data consistency and accuracy
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