Chillers Market

Chillers Market Size by End-use Industry (Chemical & Petrochemical, Plastic, Rubber, Medical & Pharmaceutical, Food & Beverage), By Type (Screw, Centrifugal, Scroll, Absorption, Reciprocating), Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America), Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2030

Base Year: 2020 Historical Data: 2018-19
  • Report ID: TBI-12676
  • Published Date: Mar, 2022
  • Pages: 238
  • Category: Consumer Goods
  • Format: PDF
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The global chillers market is expected to reach USD 15.56 billion by 2030, at a CAGR of 4.42% from 2021 to 2030. There is a growing demand for process cooling in industrial applications, which is a crucial factor driving the chillers market.

Market Overview:

Chillers are commonly used in the industrial sector to keep equipment temperature stable, and the environment relaxed. Compressors, evaporators, condensers, control units, power panels, and expansion valves are examples of chiller components. Global warming has resulted in numerous activities in recent years warmer temperatures in the surroundings. A chiller is a device that removes excess heat from housing, commercial, or manufacturing facility. Hotels, eateries, healthcare facilities, sports arenas, and production and commercial plants have become necessary components. Chillers provide air conditioning by removing heat from commercial and industrial structures. Because of their solar cooling applications, chillers are gaining popularity worldwide. Some chillers are openly accessible and cloistered designs, with the latter being the most common. These coolers' ability is controlled by using inlet vortices on the propellers, which blocks the flow of coolants. The compact size and elevated operating excellence of the machinery at full load are expected to boost demand. Chemicals, refrigeration equipment, air conditioning equipment, electronics, hydraulics, and defense systems are manufactured.

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Market Dynamics:

Drivers:
  • In industrial applications, there is an increasing demand for process cooling.

The growth is due to the sudden rise in demand for different industry verticals like plastic, petrochemicals, medical, and many more. Chillers are also being used in industries to keep hardware and nearby area cool. Rising demand from industries such as semiconductor materials, publications, cement industries, and the power production sector is expected to drive market growth. Government initiatives from various countries are causing an increase in construction projects, fueling the expansion of the chillers market.

As the population is on the rise, consumption of frozen foods is also rising. The beverage industry is another reason for the market's growth, as chillers are used to keep the equipment cool and prevent it from overheating. The market is majorly driven by rising demand for chillers in the manufacturing industry, as well as growing preference for district cooling. Besides that, the strong growth for passive cooling in the manufacturing industries is expected to drive market growth. And in the medical and pharmaceutical industries, chillers are used to reduce the temperature of all the machines like an x-ray machine, CAT scanners, etc.

Restraints:
  • Industrial chillers have a high setup cost.

Industrial chillers are not cost-effective when compared to traditional chillers. While setting up the chiller, operating, maintenance and Installation charges are also considered, which is greater than that of the commercial chillers. Also, there has been a gap of communication with the enterprises, which eventually restricts the growth of the chillers market.

Opportunities:
  • Absorption chiller

Chillers are used in many end-use industries like plastics, medical and pharmaceuticals, chemicals and petrochemicals, etc., which shows a potential growth. Also as the pollution is increasing these days due to the cooling process, governments are focusing on preservation of energy these days by using absorption chillers as they emit very less carbon dioxide and other hazardous gases. These factors will propel market growth opportunities.

Challenges:
  • Fluorinated greenhouse gases are subject to regulations.

Fluorinated gases regulations are one of the most significant challenges in the chiller market, affecting chillers as evaporators and condensers. In 2015, the European Union (EU) proposed substantial changes to the F-gas restrictions for reducing hydrofluorocarbon emissions (HFCs).

Segmentation Analysis:

The global chillers market has been segmented based on end-user industry, type, and regions.

  • The end-user segment includes plastic, chemical & petrochemical, rubber, food & beverage, medical & pharmaceutical. The medical & pharmaceutical segment dominated the market. It held the largest market share of 27.3% in 2020 owing to its use in various buildings, including healthcare facilities, corporate offices, data centers, public buildings, education institutes, and warehouses, to keep the temperature in the structures stable during hot weather. Chillers are used to cool the heat generated in high-density enclosed spaces in data centers. The requirement to maintain a constant temperature, humidity, air cleanliness, and air movement within data centers to avoid downtime and equipment failure is expected to boost the commercial product adoption. Chillers are also being used in plastic industries for their manufacturing sector. They are used in cooling hot plastics which are injected and stamped. For this reason, the chillers market is also shown significant growth in plastic sector leading to an increase in sales of chillers across the world.
  • Based on type, the global chillers market is segmented into screw, scroll, centrifugal, absorption, reciprocating. Screw segment dominated the market and held the largest market share of 29.61% in 2020. Rising demand for oil and gas, pharmaceuticals, chemicals, food and beverages, and the automotive sector is expected to drive this growth. Customers concerned about the environment are delaying the purchase of screw compressors that use an environmentally friendly cooling system. Additionally, features like low noise, and user-friendly touch panels have been specifically designed to cover all operations, from industrial factory applications to building air conditioning. Absorption chillers are also expected to grow in terms of revenue in the forecasted years, owing to their setup in medium and small cooling capacity with limited cost refrigerators. These coolers use a compartment and a cylinder to condense the coolant and regulate ability via variable speed, cylinder offloading, or turbocharger constructing.
Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. Asia Pacific region emerged as the most prominent global chillers market with a 32.52% share of the market revenue in 2020.

  • This is due to the recovery of various end-use industries in China, India, and Southeast Asian countries. Global Chiller manufacturers are investing in APAC countries to establish manufacturing plants to increase their market presence in the area.
  • India is a significant manufacturing process market and one of the world's largest consumers of chillers. The Indian government's emphasis on the Make in India project will drive the construction industry in India, which will increase demand for chillers in the country during the forecast period.

Asia Pacific region Chillers Market Share in 2020 - 32.52%

 

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Competitive Analysis:

The key players are now focusing on implementing strategies such as adopting new technology, mergers & acquisitions, joint venture, and partnerships to better their market position in the global chillers industry.

Daikin acquired ABCO HVACR Supply + Solutions "ABCO" in January 2021. This strategy creates a strong foundation for Daikin's extensive equipment, parts, and accessories. Furthermore, it strengthens Daikin's opportunity for local territory collaboration among ABCO branches, Daikin group companies, and Daikin's entire regional customer base.

Daikin Industries Ltd. introduced a new rotational oil-free liquid chiller with magnetic load-carrying technology in 2018. It has characteristics such as a low noise level, 32% energy efficiency, and a quick reboot. It is best suited for data center use.

Pro Chiller Systems has created new IoT-powered chillers that allow data visualization through a customized instrument panel. IoT-powered chillers can help with cost-effective management and surveillance for a range of manufacturing application areas, creating them a hot trend in the chillers market.

Hitachi has initiated an R134Aa-based moderately twin screw cylinder that is environmentally friendly. For air-conditioning implementation in various factories and building plants, high-quality touch boards with low resonance are used.

List of Key Market Players:

  • Daikin Industries
  • Carrier Corporation
  • Friulair S.R.L.
  • Trane Technology
  • MTA S.P.A.
  • Smardt Chiller Group Inc.,
  • Johnson Controls- Hitachi Air Conditioning
  • KKT Chillers,
  • Mitsubishi Electric Corporation

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities
  • Consulting And Research Firm
  • Venture capitalists
  • Third-party knowledge providers
  • Value-Added Resellers (VARs)

Report Description:

  • Global Chillers Market, Industry Analysis, Trends, Analysis and Forecast, 2021 to 2030 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2020 is considered the base year of the report. 2018 and 2019 are the historical years, and 2021 to 2030 are the forecast years. The global chillers market is based on revenue (USD Billion). The report incorporates the market study based on income. The study covers the market share revenue and market share/volume for each segment, region, and country catering to the global chillers market. The analyzed areas for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of chillers based on end- use industry and type , and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by essential organizations catering to the global chillers market. This offers vital and in-depth insights to depict the overall market scenario.
  • The report offers the detailed study for the company profiles of key organizations operating in the global chillers market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development; innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and critical financial information. This helps in evaluating the overall competition present in the market scenario.
  • The report provides an elaborative assessment of porter's five forces analysis coupled with SWOT analysis to offer business-related data and pieces of information. Porter's five forces model is analyzed to understand the overall competitive scenario prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development, which influences the company's growth and development to sustain and survive in the long run.
  • The report also focuses on the market-related driving factors, growth limitations (restraints), potential industry opportunities, significant trends, and development, which are vital for investors.
  • Potential growth prospects, along with the penetration rate analysis of the product (market-related, i.e., global chillers market), are covered to comprehend the adoption rate and evaluate the market size.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the chillers market was valued at USD 10.1 Billion in 2021 to USD 15.56 Billion by 2030.

The global chillers market is growing at a CAGR of 4.42% during the forecast period 2022-2030.

The global chillers market has been segmented based on end-user, type, and regions. The Medical & Pharmaceutical segment led the market in 2021. The screw segment led the market in 2021.

Asia Pacific region emerged as the largest market for chillers.

The market's growth will be influenced by the increase in per capita income expanding food and healthcare industries, rise in population, increase in consumption of frozen food, increase in use in the medical and pharmaceutical industries.

High industrial chillers costs and fewer long-term benefits could hamper the market growth.

The use of eco-friendly cooling equipment and an increase in the use of absorption chillers will provide considerable opportunities to the market.

Key players are Daikin Industries, Carrier Corporation, Trane Technology, Johnson Controls- Hitachi Air Conditioning, Mitsubishi Electric Corporation, Smardt Chiller Group Inc., K.K.T. Chillers, M.T.A. S.P.A., and Friulair S.R.L.

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By End-Use Industry
          4.3.2. Market Attractiveness Analysis By Type
          4.3.3. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increase in per capita income expanding food and healthcare industries.
          5.2.2. Rise in population.
          5.2.3. Increase in consumption of frozen food.
          5.2.4. Increase in use in the medical and pharmaceutical industries
    5.3. Restraints
          5.3.1. High industrial chillers costs.
          5.3.2. Less long-term benefits
    5.4. Opportunities
          5.4.1. The use of eco-friendly cooling equipment.
          5.4.2. Increase in use of absorption chillers

6. Global Chillers Market Analysis and Forecast, By End-Use Industry
    6.1. Segment Overview
    6.2. Plastic
    6.3. Chemical & Petrochemical
    6.4. Rubber
    6.5. Food & Beverage
    6.6. Medical & Pharmaceutical

7. Global Chillers Market Analysis and Forecast, By Type
    7.1. Segment Overview
    7.2. Screw
    7.3. Scroll
    7.4. Centrifugal
    7.5. Absorption
    7.6. Reciprocating

8. Global Chillers Market Analysis and Forecast, By Regional Analysis
    8.1. Segment Overview
    8.2. North America
          8.2.1. U.S.
          8.2.2. Canada
          8.2.3. Mexico
    8.3. Europe
          8.3.1. Germany
          8.3.2. France
          8.3.3. U.K.
          8.3.4. Italy
          8.3.5. Spain
    8.4. Asia-Pacific
          8.4.1. Japan
          8.4.2. China
          8.4.3. India
    8.5. South America
          8.5.1. Brazil
    8.6. Middle East and Africa
          8.6.1. UAE
          8.6.2. South Africa

9. Global Chillers Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in Global Chillers Market
          9.2.1. Global Company Market Share
          9.2.2. North America Company Market Share
          9.2.3. Europe Company Market Share
          9.2.4. APAC Company Market Share
    9.3. Competitive Situations and Trends
          9.3.1. Product Launches and Developments
          9.3.2. Partnerships, Collaborations, and Agreements
          9.3.3. Mergers & Acquisitions
          9.3.4. Expansions


10. Company Profiles
    10.1. Daikin Industries
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Product Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. Carrier Corporation
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Product Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. Trane Technology
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Product Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. Johnson Controls- Hitachi Air Conditioning
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Product Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. Mitsubishi Electric Corporation
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Product Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. Smardt Chiller Group Inc
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Product Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. K.K.T. Chillers
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Product Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. M.T.A. S.P.A.
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Product Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. Friulair S.R.L
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Product Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis
 

List of Table

1. Global Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

2. Global Plastic, Chillers Market, By Region, 2019-2030 (USD Billion) 

3. Global Chemical & Petrochemical, Chillers Market, By Region, 2019-2030 (USD Billion)

4. Global Rubber, Chillers Market, By Region, 2019-2030 (USD Billion)

5. Global Food & Beverage, Chillers Market, By Region, 2019-2030 (USD Billion)

6. Global Medical & Pharmaceutical, Chillers Market, By Region, 2019-2030 (USD Billion)

7. Global Chillers Market, By Type, 2019-2030 (USD Billion)

8. Global Screw, Chillers Market, By Region, 2019-2030 (USD Billion)

9. Global Scroll, Chillers Market, By Region, 2019-2030 (USD Billion)

10. Global Centrifugal, Chillers Market, By Region, 2019-2030 (USD Billion)

11. Global Absorption, Chillers Market, By Region, 2019-2030 (USD Billion)

12. Global Reciprocating, Chillers Market, By Region, 2019-2030 (USD Billion)

13. North America Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

14. North America Chillers Market, By Type, 2019-2030 (USD Billion)

15. U.S. Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

16. U.S. Chillers Market, By Type, 2019-2030 (USD Billion)

17. Canada Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

18. Canada Chillers Market, By Type, 2019-2030 (USD Billion)

19. Mexico Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

20. Mexico Chillers Market, By Type, 2019-2030 (USD Billion)

21. Europe Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

22. Europe Chillers Market, By Type, 2019-2030 (USD Billion)

23. Germany Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

24. Germany Chillers Market, By Type, 2019-2030 (USD Billion)

25. France Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

26. France Chillers Market, By Type, 2019-2030 (USD Billion)

27. U.K. Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

28. U.K. Chillers Market, By Type, 2019-2030 (USD Billion)

29. Italy Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

30. Italy Chillers Market, By Type, 2019-2030 (USD Billion)

31. Spain Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

32. Spain Chillers Market, By Type, 2019-2030 (USD Billion)

33. Asia Pacific Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

34. Asia Pacific Chillers Market, By Type, 2019-2030 (USD Billion)

35. Japan Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

36. Japan Chillers Market, By Type, 2019-2030 (USD Billion)

37. China Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

38. China Chillers Market, By Type, 2019-2030 (USD Billion)

39. India Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

40. India Chillers Market, By Type, 2019-2030 (USD Billion)

41. South America Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

42. South America Chillers Market, By Type, 2019-2030 (USD Billion)

43. Brazil Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

44. Brazil Chillers Market, By Type, 2019-2030 (USD Billion)

45. Middle East and Africa Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

46. Middle East and Africa Chillers Market, By Type, 2019-2030 (USD Billion)

47. UAE Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

48. UAE Chillers Market, By Type, 2019-2030 (USD Billion)

49. South Africa Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)

50. South Africa Chillers Market, By Type, 2019-2030 (USD Billion)

List of Figures 

1. Global Chillers Market Segmentation

2. Global Chillers Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Chillers Market Attractiveness Analysis By End-Use Industry

9. Global Chillers Market Attractiveness Analysis By Type 

10. Global Chillers Market Attractiveness Analysis By Region

11. Global Chillers Market: Dynamics

12. Global Chillers Market Share By End-Use Industry(2022 & 2030)

13. Global Chillers Market Share By Type (2022 & 2030)

14. Global Chillers Market Share by Regions (2022 & 2030)

15. Global Chillers Market Share by Company (2021)

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global chillers market based on below mentioned segments:

Global Chillers Market by End-User Industry:

  • Plastic
  • Chemical & Petrochemical
  • Rubber
  • Food & Beverage
  • Medical & Pharmaceutical

Global Chillers Market by Type:

  • Screw
  • Scroll
  • Centrifugal
  • Absorption
  • Reciprocating

Global Chillers Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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