Industrial Cooling Systems Market

Industrial Cooling Systems Market Size by Product Type (Evaporative Cooling, Hybrid Cooling, Air Cooling, Water Cooling), Function (Stationary Cooling, Transport Cooling), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2020-21
  • Report ID: TBI-13341
  • Published Date: Mar, 2023
  • Pages: 235
  • Category: Machinery & Equipment
  • Format: PDF
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The global industrial cooling systems market was valued at USD 17.45 billion in 2022 and growing at a CAGR of 6.41% from 2023 to 2032. The market is expected to reach USD 32.48 billion by 2032. North America is expected to increase the fastest during the forecast period.

Market Introduction:

Industrial cooling systems are machinery items or components installed in workspaces to cool the air. These systems are commonly used in the metalworking, automotive, and chemical industries. These cooling systems use vapour compression to avoid the damaging effects of excessive heat produced by various industrial equipment and components. The health of workers, the efficiency of the machinery, and the condition of the manufactured goods or inventory products are all negatively impacted by excessive heat in a manufacturing process. Cooling equipment is required to keep different parts, production procedures, and machinery operating at their ideal temperatures. Industrial equipment's productivity increases and maintenance expenses decrease by preventing overheating. Nuclear and thermal power plants are experiencing a sharp rise in the demand for cooling equipment. The market for industrial cooling systems is expected to grow in the following years due to the anticipated increase in demand for energy-efficient cooling systems that combine with technological advancements. Products used for cooling air are referred to as industrial cooling systems. Process cooling, significant cooling, industrial refrigeration, and thermal energy storage are some common types of industrial cooling systems. Chillers are used in process cooling to remove heat produced during production processes. It is because of its capacity to cool applications at all loads and temperatures. Process chilling is necessary for several industries, including food and beverages, medicines, and chemicals. To keep operations at particular temperatures for continued production, adequate ventilation, cooling, and air conditioning systems are required. In mining operations, manufacturing facilities, structures, and data centres, cooling and ventilation systems are utilized to clean and purify the air and control humidity. Moreover, refrigeration is most frequently used to keep specific products at predetermined cold temperatures during production, storage, and transportation. Dairy processing, food and beverage refrigeration warehouses, vaccine shipping, and speciality chemicals are a few examples. Products or parts of machinery used to cool the air at a workstation are known as industrial cooling systems. To prevent appliances from overheating, cooling systems are necessary for many industries. An industrial cooling system controls the temperature inside a building. Several cooling systems are employed to prevent industrial processes from overheating and exothermic reactions as well as component and machine overheating. The automotive industry is predicted to have a significant growth in demand for cooling equipment over the projected timeline due to the growing necessity for such systems to manage the temperature of machines, components, and equipment on the manufacturing site. The automotive industry uses top-notch cooling equipment to create an effective manufacturing system and profit from the cost and efficiency benefits. The automotive industry is encouraged to replace older cooling systems with various innovative and technological innovations and continuous cooling system improvements.

Industrial Cooling Systems Market Size

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Market Dynamics:

Drivers

Increased demand among end users- The market is projected to grow with the adoption of more energy-efficient evaporative cooling systems. Evaporative cooling systems are frequently used in production plants because of their high-efficiency level. According to forecasts, the use of cooling systems will increase in the automotive, chemical, metallurgy, energy, and power industries. The market for industrial cooling systems will rise faster due to the extreme climatic conditions and excellent performance of these systems worldwide. Some market development factors anticipated to support expansion include the rising demand for effective cooling systems and technical advancements.

Restraints:

Cost of investment and water requirement- The need for a large amount of water and high investment costs will hamper the market expansion for industrial cooling systems.

Opportunities:

New developments, rules, and regulations- During the forecast period, the market players will have lucrative opportunities due to improvements in the industrial cooling system, growing government policies for sustainable methods, and significant investments in research and development activities that further improve the applications of products. The market for industrial cooling systems will continue to rise due to rigorous environmental restrictions and growing consumer awareness of its advantages.

Challenges:

Cost of raw materials- Demand and supply have been impacted by the increasing number of limitations imposed globally due to the pandemic. Also, the market for industrial cooling systems would suffer from variations in the cost of raw materials. As a result, this will slow the market's growth for industrial cooling systems.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia-Pacific emerged as the highest in the global industrial cooling systems market, with a share of 35.76% and valued at USD 6.24 billion in 2022. The developing food and beverage sectors in countries including China, India, Japan, South Korea, and Indonesia are expected to boost demand for reliable cooling systems. Requirements for food quality, cost efficiency, and increasing online food demand are all encouraging the adoption of modern cooling solutions, which is helping to fuel the market expansion for industrial cooling systems.

North America, however, will hold a substantial share of the global market due to its vast industrialization. South America, the Middle East, and Africa are expected to experience strong market growth for industrial cooling systems due to the region's urbanization and increased energy consumption. Modern industrial cooling systems will replace outdated industrial chillers due to Europe's crucial and dependable infrastructure, ensuring consistent demand.

Asia-Pacific Region Industrial Cooling Systems Market Share in 2022 - 35.76%

 

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Product Type Segment Analysis

The product type segment is divided into evaporative cooling, hybrid cooling, air cooling, and water cooling. The evaporative cooling segment had the highest market share of 28.65% and was valued at USD 4.99 billion in 2022 in the industrial cooling systems market. The cooling system produces cool-tempered air by converting hot, dry air through a series of evaporative processes. The evaporative cooling segment, which in 2022 accounted for the highest share of the global industrial cooling system market, led the market by product type due to their higher economic value and efficiency than refrigerated systems.

However, the air cooling segment is predicted to grow at the highest CAGR of 9.53% over the forecast period due to rising government efforts in emerging nations like India and increased demand for industrial air-cooling systems.

Function Segment Analysis

The function segment is divided into stationary cooling and transport cooling. The stationary cooling segment had the highest market share of 58.43% and was valued at USD 10.19 billion in 2022 in the industrial cooling systems market. This is due to an increase in the purchasing power of middle-class populations and an increase in internet usage in emerging markets.

However, the transport cooling segment is predicted to grow at the highest CAGR of 8.26% over the forecast period because the food processing industry is growing, and there is a requirement for strict temperature control while transporting pharmaceutical and biotech materials.

Some of the Key Market Players:
  • Baltimore Aircoil Company
  • Emerson Electric Co.
  • Hamon Group S.A.
  • Schneider Electric SE
  • Star Cooling Tower Pvt Ltd.
  • Airedale International Air Conditioning Ltd.
  • GEA Group Aktiengesellschaft
  • SPX Corporation
  • Johnson Controls International PLC
  • Brentwood Industries, Inc.

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 17.45 Billion
Market size value in 2032 USD 32.48 Billion
CAGR (2023 to 2032) 6.41%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Regional Segments The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa.
Segments Product Type, Function

Frequesntly Asked Questions

As per The Brainy Insights, the size of the industrial cooling systems market was valued at USD 17.45 billion in 2022 & USD 32.48 billion by 2032.

Global industrial cooling systems market is growing at a CAGR of 6.41% during the forecast period 2023-2032.

Asia-Pacific region emerged as the largest market for the industrial cooling systems.

Increased demand among end users is a significant driving factor for the growth of the industrial cooling systems market.

Cost of investment and water requirement are a significant restraining factors for the industrial cooling systems market.

New developments, rules, and regulations are some significant opportunities for the growth of the industrial cooling systems market.

Cost of raw materials is a significant challenge for the growth of the industrial cooling systems market.

1. Introduction
    1.1. Objective 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 Product Type
          4.3.2. Market Attractiveness Analysis By Function
          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. Increased demand among end users
    5.3. Restraints
          5.3.1. Cost of investment and water requirement
    5.4. Opportunities
          5.4.1. New developments, rules, and regulations
    5.5. Challenges
          5.5.1. Cost of raw materials

6. Global Industrial Cooling Systems Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Evaporative Cooling
    6.3. Hybrid Cooling
    6.4. Air Cooling
    6.5. Water Cooling

7. Global Industrial Cooling Systems Market Analysis and Forecast, By Function
    7.1. Segment Overview
    7.2. Stationary Cooling
    7.3. Transport Cooling

8. Global Industrial Cooling Systems 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 Industrial Cooling Systems Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in the Industrial Cooling Systems 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. Baltimore Aircoil Company
          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. Emerson Electric Co.
          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. Hamon Group S.A.
          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. Schneider Electric SE
          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. Star Cooling Tower Pvt Ltd.
          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. Airedale International Air Conditioning Ltd.
          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. GEA Group Aktiengesellschaft
          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. SPX Corporation
          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. Johnson Controls International PLC
          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
    10.10. Brentwood Industries, Inc.
          10.10.1. Business Overview
          10.10.2. Company Snapshot
          10.10.3. Company Market Share Analysis
          10.10.4. Company Product Portfolio
          10.10.5. Recent Developments
          10.10.6. SWOT Analysis
 

List of Table

1. Global Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Evaporative Cooling, Industrial Cooling Systems Market, By Region, 2019-2032 (USD Billion) 

3. Global Hybrid Cooling, Industrial Cooling Systems Market, By Region, 2019-2032 (USD Billion)

4. Global Air Cooling, Industrial Cooling Systems Market, By Region, 2019-2032 (USD Billion)

5. Global Water Cooling, Industrial Cooling Systems Market, By Region, 2019-2032 (USD Billion)

6. Global Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

7. Global Stationary Cooling, Industrial Cooling Systems Market, By Region, 2019-2032 (USD Billion) 

8. Global Transport Cooling, Industrial Cooling Systems Market, By Region, 2019-2032 (USD Billion) 

9. Global Industrial Cooling Systems Market, By Region, 2019-2032 (USD Billion) 

10. North America Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

11. North America Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion)

12. U.S. Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

13. U.S. Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

14. Canada Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

15. Canada Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

16. Mexico Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

17. Mexico Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

18. Europe Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

19. Europe Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

20. Germany Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

21. Germany Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

22. France Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

23. France Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

24. U.K. Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

25. U.K. Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

26. Italy Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

27. Italy Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

28. Spain Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

29. Spain Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

30. Asia Pacific Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

31. Asia Pacific Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

32. Japan Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

33. Japan Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

34. China Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

35. China Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

36. India Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

37. India Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

38. South America Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

39. South America Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

40. Brazil Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

41. Brazil Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

42. Middle East and Africa Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

43. Middle East and Africa Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

44. UAE Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

45. UAE Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

46. South Africa Industrial Cooling Systems Market, By Product Type, 2019-2032 (USD Billion) 

47. South Africa Industrial Cooling Systems Market, By Function, 2019-2032 (USD Billion) 

List of Figures 

1. Global Industrial Cooling Systems Market Segmentation

2. Industrial Cooling Systems 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 Industrial Cooling Systems Market Attractiveness Analysis By Product Type

9. Global Industrial Cooling Systems Market Attractiveness Analysis By Function

10. Global Industrial Cooling Systems Market Attractiveness Analysis By Region

11. Global Industrial Cooling Systems Market: Dynamics

12. Global Industrial Cooling Systems Market Share by Product Type (2023 & 2032)

13. Global Industrial Cooling Systems Market Share by Function (2023 & 2032)

14. Global Industrial Cooling Systems Market Share by Regions (2023 & 2032)

15. Global Industrial Cooling Systems Market Share by Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global industrial cooling systems based on below mentioned segments:

Global Industrial Cooling Systems by Product Type:

  • Evaporative Cooling
  • Hybrid Cooling
  • Air Cooling
  • Water Cooling

Global Industrial Cooling Systems by Function:

  • Stationary Cooling
  • Transport Cooling

Global Industrial Cooling Systems 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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