LED Lighting Market

LED Lighting Market Size by Product Type (Luminaries, and Lamps), Application (Outdoor Lightning, and Indoor Lightning) End-User (Industrial, Commercial, Residential, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13335
  • Published Date: Mar, 2023
  • Pages: 237
  • Category: Consumer Goods
  • Format: PDF
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The global LED lighting market was valued at USD 71.2 billion in 2022 and growing at a CAGR of 10.80% from 2023 to 2032. The market is expected to reach USD 198.5 billion by 2032. Increasing construction in developing countries and state laws restricting the use of inefficient lighting systems are the primary elements expected to push the market. LED lighting has extended life, no flicker, and great illumination power while consuming less energy. Similarly, LED manufacturers add specifications like occupancy sensors, Wi-Fi, and daylighting to lure consumers and improve product sales, boosting the market growth.

Market Introduction:

Light-emitting diode (LED) is a broadly used source of light in electrical equipment. It has many applications, from mobile phones to large advertising billboards. They mainly find applications in devices that show the time and display different data types. LED is a highly energy-efficient lighting technology and has the potential to transform the future of lighting in the United States fundamentally. Residential LEDs, especially ENERGY STAR-rated products, use at least 75% less energy and stay up to 25 times longer than incandescent lighting. The widespread use of LED lighting has a considerable potential impact on energy savings in the United States. By 2035, most lighting installations are expected to use LED technology. Energy savings from LED lighting could top 569 TWh annually by 2035, equal to the annual energy output of more than 92 1,000 MW power plants. A Light Emitting Diode (LED) is a semiconductor device that emits light when an electric current passes through it. The holes from p-type semiconductors recombine with electrons from n-type semiconductors to make light. The wavelength of the light released depends on the bandgap of the semiconductor material. More complicated materials with stronger molecular bonds typically have broad band gaps. Aluminum Nitride semiconductors are called ultra-wide bandgap semiconductors. LED lighting is available in various industrial and home products, and the list is increasing yearly. The fast evolution of LED technology has resulted in expanded product availability, enhanced manufacturing efficiency, and lower prices. The colour of an LED is defined by the material used in the semiconducting element. The two primary materials used in LEDs are aluminum gallium indium phosphide and indium gallium nitride alloys. Aluminum alloys are utilized to get red, orange and yellow light, and indium alloys are used to get green, blue and white light. Slight changes in the composition of these alloys change the colour of the emitted light.

LED Lighting Market Size

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Recent Development

In February 2022, Signify joined a partnership with Gerard Lighting Group, a manufacturer of electrical lighting products. The investment aimed at strengthening its position in the lighting markets of Australia and New Zealand, as well as delivering growth prospects, such as those between Pierlite's luminaire offerings and Signify's connected lighting solutions.

Market Dynamics:

Drivers

Excellent lighting quality- Unlike incandescent lights, LEDs are unidirectional. This means that LEDs emit light only in one direction, which makes it more comfortable for light to reach a selected area. This eliminates the requirement for reflectors, often used with traditional lighting fixtures, to capture and redirect the omnidirectional light emitted. The amount of light that reaches the target area is highly superior to LEDs compared to more conventional lighting, and the sunlight is also more uniformly distributed by LEDs.

Restraints:

High initial price: LEDs are currently more costly on an initial capital cost basis than most conventional lighting technologies. As of 2012, the cost per thousand lumens (kilolumen) was about USD 6. The price was expected to reach USD 2/kilolumen by 2013. At least one manufacturer claims to have reached USD 1 per kilolumen as of March 2014. The additional expense partially stems from the relatively low lumen output and the drive circuitry and power supplies.

Opportunities:

Customizability brings new prospects for the market- Due to the small shape of an individual LED, they can be placed in various patterns and used to form a wide variety of lighting fixtures with multiple shapes that can fit a higher number of applications than traditional lighting. Examples include very thin under-cabinet lighting that can be unobtrusively installed in your kitchen, linear cove lighting fixtures that emit a perfect light with no dark spot, or custom linear lighting to elevate various design pieces in the home.

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 largest market for the global LED lighting market, with a 37.5% share of the market revenue in 2022.

Asia Pacific accounted for the most significant revenue share. During the projection period, the market is anticipated to notice constant growth due to fast-growing infrastructure projects in rising markets, which are predicted to boost the need for LED lighting associated with the expanding energy-saving initiatives of regional countries. The advancement of the regional market is anticipated to be helped by the growing construction industries in Japan, India, and China, as well as the considerable number of manufacturers operating in these nations with a direction of establishing new products.

Asia Pacific Region LED Lighting Market Share in 2022 - 37.5%

 

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Product Type Segment Analysis

The product type segment is divided into luminaries, and lamps. The luminaire segment dominated the market, with a market share of around 56% in 2022. Due to the high need for luminaires, mostly from recently constructed commercial & residential buildings. Similarly, with snowballing government steps toward their adoption, the production of these luminaires is expected to rise shortly. They consist of the lights that are deployed on tunnels, streets, tracks, high bays, troffers, and others.

Application Segment Analysis

The application segment is divided into outdoor lightning, and indoor lightning. The indoor lightning segment dominated the market, with a market share of around 58% in 2022. Increase in the need for high-intensity discharge and fluorescent bulb replacements from shopping malls, retail establishments and supermarkets. LED lighting causes less heat and low cost than conventional lighting options. The segment's growth is also expected to be helped by growing demand in public institutions like schools and hospitals.

End-User Segment Analysis

The end-user segment is divided into industrial, commercial, residential, and others. The commercial segment dominated the market, with a market share of around 30% in 2022. The demand for sophisticated lighting among museums, galleries, and exhibition for improved lighting applications is one of the pushing factors for the fast growth of the commercial building industry globally. It is expected to boost market growth.

Some of the Key Market Players:
  • Zumtobel Group Ag
  • Siteco GmbH
  • Signify Holding
  • Semiconductor Co. Ltd.
  • Phillips
  • Panasonic Corporation
  • LumiGrow
  • LSI Industries Inc.
  • Hubbell
  • Digital Lumens Inc.
  • Dialight
  • Cree Lighting
  • Acuity Brands Lighting Inc.

Report Description:

Attribute Description
Market Size   Revenue (USD Billion), Volume (Units)
Market size value in 2022 USD 71.2 Billion
Market size value in 2032 USD 198.5 Billion
CAGR (2023 to 2032) 10.80%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Regional Segments The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Product Type, Application, End-User

Frequesntly Asked Questions

As per The Brainy Insights, the size of the LED lighting market was valued at USD 71.2 billion in 2022 to USD 198.5 billion by 2032.

Global LED lighting market is growing at a CAGR of 10.80% during the forecast period 2023-2032.

Asia Pacific region emerged as the largest market for the LED Lighting market.

Key players are Zumtobel Group Ag, Siteco GmbH, Signify Holding, Semiconductor Co. Ltd., Phillips, Panasonic Corporation, LumiGrow, LSI Industries Inc., Hubbell, Digital Lumens Inc., Dialight, Cree Lighting, Acuity Brands Lighting Inc.

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 Product Type
          4.3.2. Market Attractiveness Analysis by Application
          4.3.3. Market Attractiveness Analysis by End-User
          4.3.4. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Excellent lighting quality
    5.3. Restraints
          5.3.1. High initial price
    5.4. Opportunities
          5.4.1. Customizability brings new prospects for the market which are pushing market growth

6. Global LED Lighting Market Analysis and Forecast, By Product Type:
    6.1. Segment Overview
    6.2. Luminaries
    6.3. Lamps

7. Global LED Lighting Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Outdoor Lightning
    7.3. Indoor Lightning

8. Global LED Lighting Market Analysis and Forecast, By End-User
    8.1. Segment Overview
    8.2. Industrial
    8.3. Commercial
    8.4. Residential
    8.5. Others

9. Global LED Lighting Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global LED Lighting Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the LED Lighting Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Zumtobel Group Ag
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Siteco GmbH.
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Signify Holding
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Semiconductor Co. Ltd.
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Phillips
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Panasonic Corporation
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. LumiGrow.
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. LSI Industries Inc
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Hubbell
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Digital Lumens Inc.
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
    11.11. Dialight
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Product Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis
    11.12. Cree Lighting.,
          11.12.1. Business Overview
          11.12.2. Company Snapshot
          11.12.3. Company Market Share Analysis
          11.12.4. Company Product Portfolio
          11.12.5. Recent Developments
          11.12.6. SWOT Analysis
    11.13. Acuity Brands Lighting Inc
          11.13.1. Business Overview
          11.13.2. Company Snapshot
          11.13.3. Company Market Share Analysis
          11.13.4. Company Product Portfolio
          11.13.5. Recent Developments
          11.13.6. SWOT Analysis

List of Table

1. Global LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Luminaries LED Lighting Market, By Region, 2019-2032 (USD Billion) 

3. Global Lamps LED Lighting Market, By Region, 2019-2032 (USD Billion) 

4. Global LED Lighting Market, By Application, 2019-2032 (USD Billion) 

5. Global Outdoor Lightning LED Lighting Market, By Region, 2019-2032 (USD Billion) 

6. Global Indoor Lightning LED Lighting Market, By Region, 2019-2032 (USD Billion) 

7. Global LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

8. Global Industrial LED Lighting Market, By Region, 2019-2032 (USD Billion) 

9. Global Commercial LED Lighting Market, By Region, 2019-2032 (USD Billion) 

10. Global Residential LED Lighting Market, By Region, 2019-2032 (USD Billion) 

11. Global Others LED Lighting Market, By Region, 2019-2032 (USD Billion) 

12. North America LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

13. North America LED Lighting Market, By Application, 2019-2032 (USD Billion) 

14. North America LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

15. U.S. LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

16. U.S. LED Lighting Market, By Application, 2019-2032 (USD Billion) 

17. U.S. LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

18. Canada LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

19. Canada LED Lighting Market, By Application, 2019-2032 (USD Billion) 

20. Canada LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

21. Mexico LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

22. Mexico LED Lighting Market, By Application, 2019-2032 (USD Billion) 

23. Mexico LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

24. Europe LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

25. Europe LED Lighting Market, By Application, 2019-2032 (USD Billion) 

26. Europe LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

27. Germany LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

28. Germany LED Lighting Market, By Application, 2019-2032 (USD Billion) 

29. Germany LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

30. France LED Lighting Market, By Product Type 2019-2032 (USD Billion) 

31. France LED Lighting Market, By Application, 2019-2032 (USD Billion) 

32. France LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

33. U.K. LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

34. U.K. LED Lighting Market, By Application, 2019-2032 (USD Billion) 

35. U.K. LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

36. Italy LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

37. Italy LED Lighting Market, By Application, 2019-2032 (USD Billion) 

38. Italy LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

39. Spain LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

40. Spain LED Lighting Market, By Application, 2019-2032 (USD Billion) 

41. Spain LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

42. Asia Pacific LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

43. Asia Pacific LED Lighting Market, By Application, 2019-2032 (USD Billion) 

44. Asia Pacific LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

45. Japan LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

46. Japan LED Lighting Market, By Application, 2019-2032 (USD Billion) 

47. Japan LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

48. China LED Lighting Market, By Product Type 2019-2032 (USD Billion) 

49. China LED Lighting Market, By Application, 2019-2032 (USD Billion) 

50. China LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

51. India LED Lighting Market, By Product Type 2019-2032 (USD Billion) 

52. India LED Lighting Market, By Application, 2019-2032 (USD Billion) 

53. India LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

54. South America LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

55. South America LED Lighting Market, By Application, 2019-2032 (USD Billion) 

56. South America LED Lighting Market, By End-User, 2019-2032 (USD Billion)

57. Brazil LED Lighting Market, By Product Type 2019-2032 (USD Billion) 

58. Brazil LED Lighting Market, By Application, 2019-2032 (USD Billion) 

59. Brazil LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

60. Middle East and Africa LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

61. Middle East and Africa LED Lighting Market, By Application, 2019-2032 (USD Billion) 

62. Middle East and Africa LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

63. UAE LED Lighting Market, By Product Type, 2019-2032 (USD Billion) 

64. UAE LED Lighting Market, By Application, 2019-2032 (USD Billion) 

65. UAE LED Lighting Market, By End-User, 2019-2032 (USD Billion) 

66. South Africa LED Lighting Market, By Product Type 2019-2032 (USD Billion) 

67. South Africa LED Lighting Market, By Application, 2019-2032 (USD Billion) 

68. South Africa LED Lighting Market, By End-User, 2019-2032 (USD Billion)  

List of Figures 

1. Global LED Lighting Market Segmentation

2. LED Lighting 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 LED Lighting Market Attractiveness Analysis by Product Type 

9. Global LED Lighting Market Attractiveness Analysis by Application

10. Global LED Lighting Market Attractiveness Analysis by End-User 

11. Global LED Lighting Market Attractiveness Analysis by Region

12. Global LED Lighting Market: Dynamics

13. Global LED Lighting Market Share by Product Type (2022 & 2032)

14. Global LED Lighting Market Share by Application (2022 & 2032)

15. Global LED Lighting Market Share by End-User (2022 & 2032)

16. Global LED Lighting Market Share by Regions (2022 & 2032)

17. Global LED Lighting 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 LED lighting market based on below mentioned segments:

Global LED Lighting Market Product Type:

  • Luminaries
  • Lamps

Global LED Lighting Market Application:

  • Outdoor Lightning
  • Indoor Lightning

Global LED Lighting Market End-User:

  • Industrial
  • Commercial
  • Residential
  • Others

Global LED Lighting 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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