North America Satellite Manufacturing Market Size
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 167.37 Billion |
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Market Size (2029) | USD 252.45 Billion |
|
Largest Share by Orbit Class | LEO |
|
|
CAGR (2024 - 2029) | 8.57 % |
|
Largest Share by Country | United States |
|
|
Market Concentration | High |
Major Players |
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|
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*Disclaimer: Major Players sorted in alphabetical order. |
North America Satellite Manufacturing Market Analysis
The North America Satellite Manufacturing Market size is estimated at USD 167.37 billion in 2024, and is expected to reach USD 252.45 billion by 2029, growing at a CAGR of 8.57% during the forecast period (2024-2029).
167.37 Billion
Market Size in 2024 (USD)
252.45 Billion
Market Size in 2029 (USD)
22.17 %
CAGR (2017-2023)
8.57 %
CAGR (2024-2029)
Largest Market by Satellite Mass
87.56 %
value share, 100-500kg, 2022
Minisatellites that offer a higher capacity for enterprise data (retail, banking), oil, gas, mining, and governments in developed countries are in high demand. Demand for minisatellites with LEOs is on the rise due to their expanded capacity.
Largest Market by Application
87.45 %
value share, Communication, 2022
Governments, space agencies, defense agencies, private defense contractors, and private space industry players are emphasizing the enhancement of communication network capabilities for various public and military reconnaissance applications.
Largest Market by Orbit Class
95.71 %
value share, LEO, 2022
LEO satellites are increasingly being adopted in modern communication technologies as they play an important role in Earth observation applications.
Largest Market by Propulsion Tech
73.93 %
value share, Liquid Fuel, 2022
Because of its high efficiency, reliability, and long lifespan, liquid fuel-based propulsion technology is becoming an ideal choice for space missions. It can be used in various orbit classes for satellites.
Leading Market Player
85.92 %
market share, Space Exploration Technologies Corp., 2022
SpaceX is the leading player in the global satellite launch vehicle market and maintains its market share globally through its Starlink project. The company produces 120 satellites per month.
LEO satellites are driving demand in the North America satellite manufacturing market
- During launch, a satellite or spacecraft is usually placed into one of many special orbits around the Earth, or it can be launched into an interplanetary journey. There are three types of Earth orbit: geostationary orbit (GEO), medium Earth orbit (MEO), and low Earth orbit (LEO). Many weather and communication satellites tend to have high Earth orbits farther from the surface. Satellites in medium Earth orbit include navigational and specialized satellites designed to monitor a specific area. Most science satellites, including NASA's Earth Observation System, are in low Earth orbit.
- Different satellites manufactured and launched in this region have different applications. For instance, during 2017-2022, out of the seven satellites launched in the MEO orbit, most were built for navigation/global positioning purposes. Similarly, out of the 32 satellites in the GEO orbit, most were deployed for communication and Earth observation purposes. Around 3,000+ LEO satellites owned by North American organizations were launched during this period.
- The growing use of satellites in areas such as electronic intelligence, Earth science/meteorology, laser imaging, and optical imaging is expected to drive the North American satellite manufacturing market during the forecast period. By orbit class, the market is expected to register a CAGR of 68% during the forecast period, and LEO satellites are expected to dominate the market.
Understand The Key Trends Shaping This Market
The increased importance of satellite miniaturization has aided growth in the region
- The North American satellite manufacturing market is characterized by the presence of several players. However, the market is dominated by only a few players because of their wide range of product offerings. Private companies like SpaceX, Blue Origin, and Boeing are investing heavily in space technology and driving innovation in the industry. Space organizations like NASA have partnered with private players like SpaceX in the production and launch of satellites in the region.
- In addition, the satellite manufacturing industry is driven by demand for satellites for applications ranging from military surveillance, communications, and navigation to Earth observation. As a result, the demand for satellites from the civilian/government, commercial, and military sectors is increasing. During 2017-2022, 4,351 satellites were launched in the region. The number of satellites launched from 2021 to 2022 grew by 61%, while it grew by 40% from 2020 to 2021.
- In terms of the number of satellites operated by a country, the United States is the leading country, with over 2900+ satellites launched during 2017-2022, followed by Canada and Mexico. Major technological changes, such as miniaturization and the introduction of reusable satellite launch systems, are expected to open new opportunities in the North American satellite manufacturing market during the forecast period. The market is expected to surge by 68% in the forecast period, and the United States is anticipated to dominate the market.
North America Satellite Manufacturing Market Trends
Rising Demand for Satellite Miniaturization in North America
- The ability of small satellites to perform nearly all of the functions of traditional satellites at a fraction of their cost has increased the viability of building, launching, and operating small satellite constellations. Small satellites are being preferred for scientific research and military and defense sector applications. Small satellites typically have shorter development cycles, and smaller development teams can be produced on the same production line and are cheaper to launch into orbit. Revolutionary technological advancements facilitated the miniaturization of electronics, reducing the satellite bus size and mass over time for manufacturers. During the historical period, a total of 580 nanosatellites were placed into orbit by various players in the region.
- The demand from North America is primarily driven by the United States, which manufactures the largest number of small satellites each year. The country's launches have increased over the last three years, which shows the country's huge potential. In addition, the ongoing investments in startups and the nano and microsatellite development projects are expected to boost growth in the region.
- Currently, NASA is involved in several projects aimed at developing these satellites. NASA is making use of CubeSats for conducting advanced exploration, demonstrating newly emerging technologies for conducting scientific research and educational investigations. The Canadian government is emphasizing the development of necessary skill sets for nanosatellite development at the university level. For instance, Wyvern, a Canadian startup, aims at providing relatively low-cost access to hyperspectral imaging taken from a low Earth orbit with the help of CubeSats.
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Understand The Key Trends Shaping This Market
Investment Opportunities in the North American Satellite Manufacturing Market
- In North America, government expenditure for space programs hit a record of approximately USD 24.8 billion in 2022. The region is the epicentre of space innovation and research, with the presence of the world's biggest space agency, NASA. In 2022, the US government spent nearly USD 62 billion on its space programs, making it the highest spender on space in the world. In the United States, federal agencies receive funding from Congress every year worth USD 32.33 billion for their subsidiaries.
- In January 2023, according to the Canadian government, the Canadian space sector added USD 2.3 billion to the Canadian GDP and employed 10,000 people. The government reported that 90% of Canadian space firms are small- and medium-sized businesses. The Canadian Space Agency (CSA) budget is modest, and the estimated budgetary spending for 2022-23 was USD 329 million.
- Space agencies spend available budgetary resources by making financial promises called obligations. For instance, until February 2023, the National Aeronautics and Space Administration (NASA) distributed USD 333 million as research grants. The Canadian Space Agency (CSA) announced an opportunity for the Canadian space science community to advance its knowledge of space in atmospheric and Earth-system science, lunar gateway/Artemis technology application, planetary exploration, space astronomy, and solar-terrestrial science. In April 2022, three grants totalling USD 132,831 thousand were awarded to Canadian universities to support projects that use data collected by AstroSat to understand better how stars are formed.
Understand The Key Trends Shaping This Market
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Medium and Micro Satellites are Poised to Create Demand in the Market
North America Satellite Manufacturing Industry Overview
The North America Satellite Manufacturing Market is fairly consolidated, with the top five companies occupying 98.41%. The major players in this market are Capella Space Corp., Lockheed Martin Corporation, Maxar Technologies Inc., Northrop Grumman Corporation and Space Exploration Technologies Corp. (sorted alphabetically).
North America Satellite Manufacturing Market Leaders
Capella Space Corp.
Lockheed Martin Corporation
Maxar Technologies Inc.
Northrop Grumman Corporation
Space Exploration Technologies Corp.
Other important companies include Planet Labs Inc., Spire Global, Inc., Swarm Technologies, Inc., Thales.
*Disclaimer: Major Players sorted in alphabetical order.
Need More Details on Market Players and Competitors?
North America Satellite Manufacturing Market News
- December 2023: Planet Labs has built 12 Dove nanosatellites for Planet. These satellites are launched from Vostochny Cosmodrome.
- November 2023: Thales Alenia Space signed a contract with Inmarsat for the construction of Inmarsat-5 satellite. The satellite was launched aboard Ariane-5ECA
- July 2023: Planet Labs has built 48 Dove satellites. These satellites are launched from Baikonur Cosmodrome.
Free with this Report
We offer a comprehensive set of global and local metrics that illustrate the fundamentals of the satellites industry. Clients can access in-depth market analysis of various satellites and launch vehicles through granular level segmental information supported by a repository of market data, trends, and expert analysis. Data and analysis on satellite launches, satellite mass, application of satellites, spending on space programs, propulsion systems, end users, etc., are available in the form of comprehensive reports as well as excel based data worksheets.
North America Satellite Manufacturing Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Satellite Miniaturization
2.2. Satellite Mass
2.3. Spending On Space Programs
2.4. Regulatory Framework
2.4.1. Canada
2.4.2. United States
2.5. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)
3.1. Application
3.1.1. Communication
3.1.2. Earth Observation
3.1.3. Navigation
3.1.4. Space Observation
3.1.5. Others
3.2. Satellite Mass
3.2.1. 10-100kg
3.2.2. 100-500kg
3.2.3. 500-1000kg
3.2.4. Below 10 Kg
3.2.5. above 1000kg
3.3. Orbit Class
3.3.1. Eliptical
3.3.2. GEO
3.3.3. LEO
3.3.4. MEO
3.4. End User
3.4.1. Commercial
3.4.2. Military & Government
3.4.3. Other
3.5. Satellite Subsystem
3.5.1. Propulsion Hardware and Propellant
3.5.2. Satellite Bus & Subsystems
3.5.3. Solar Array & Power Hardware
3.5.4. Structures, Harness & Mechanisms
3.6. Propulsion Tech
3.6.1. Electric
3.6.2. Gas based
3.6.3. Liquid Fuel
3.7. Country
3.7.1. Canada
3.7.2. United States
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
4.4.1. Capella Space Corp.
4.4.2. Lockheed Martin Corporation
4.4.3. Maxar Technologies Inc.
4.4.4. Northrop Grumman Corporation
4.4.5. Planet Labs Inc.
4.4.6. Space Exploration Technologies Corp.
4.4.7. Spire Global, Inc.
4.4.8. Swarm Technologies, Inc.
4.4.9. Thales
5. KEY STRATEGIC QUESTIONS FOR SATELLITE CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter's Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- MINIATURE SATELLITES (BELOW 10KG), NUMBER OF LAUNCHES, NORTH AMERICA, 2017 - 2022
- Figure 2:
- SATELLITE MASS (ABOVE 10KG) BY REGION, NUMBER OF SATELLITES LAUNCHED, NORTH AMERICA, 2017 - 2022
- Figure 3:
- SPENDING ON SPACE PROGRAMS BY REGION, USD, NORTH AMERICA, 2017 - 2022
- Figure 4:
- NORTH AMERICA SATELLITE MANUFACTURING MARKET, VALUE, USD, 2017 - 2029
- Figure 5:
- VALUE OF SATELLITE MANUFACTURING MARKET BY APPLICATION, USD, NORTH AMERICA, 2017 - 2029
- Figure 6:
- VALUE SHARE OF SATELLITE MANUFACTURING MARKET BY APPLICATION, %, NORTH AMERICA, 2017 VS 2023 VS 2029
- Figure 7:
- VALUE OF COMMUNICATION MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 8:
- VALUE OF EARTH OBSERVATION MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 9:
- VALUE OF NAVIGATION MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 10:
- VALUE OF SPACE OBSERVATION MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 11:
- VALUE OF OTHERS MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 12:
- VALUE OF SATELLITE MANUFACTURING MARKET BY SATELLITE MASS, USD, NORTH AMERICA, 2017 - 2029
- Figure 13:
- VALUE SHARE OF SATELLITE MANUFACTURING MARKET BY SATELLITE MASS, %, NORTH AMERICA, 2017 VS 2023 VS 2029
- Figure 14:
- VALUE OF 10-100KG MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 15:
- VALUE OF 100-500KG MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 16:
- VALUE OF 500-1000KG MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 17:
- VALUE OF BELOW 10 KG MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 18:
- VALUE OF ABOVE 1000KG MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 19:
- VALUE OF SATELLITE MANUFACTURING MARKET BY ORBIT CLASS, USD, NORTH AMERICA, 2017 - 2029
- Figure 20:
- VALUE SHARE OF SATELLITE MANUFACTURING MARKET BY ORBIT CLASS, %, NORTH AMERICA, 2017 VS 2023 VS 2029
- Figure 21:
- VALUE OF ELIPTICAL MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 22:
- VALUE OF GEO MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 23:
- VALUE OF LEO MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 24:
- VALUE OF MEO MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 25:
- VALUE OF SATELLITE MANUFACTURING MARKET BY END USER, USD, NORTH AMERICA, 2017 - 2029
- Figure 26:
- VALUE SHARE OF SATELLITE MANUFACTURING MARKET BY END USER, %, NORTH AMERICA, 2017 VS 2023 VS 2029
- Figure 27:
- VALUE OF COMMERCIAL MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 28:
- VALUE OF MILITARY & GOVERNMENT MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 29:
- VALUE OF OTHER MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 30:
- VALUE OF SATELLITE MANUFACTURING MARKET BY SATELLITE SUBSYSTEM, USD, NORTH AMERICA, 2017 - 2029
- Figure 31:
- VALUE SHARE OF SATELLITE MANUFACTURING MARKET BY SATELLITE SUBSYSTEM, %, NORTH AMERICA, 2017 VS 2023 VS 2029
- Figure 32:
- VALUE OF PROPULSION HARDWARE AND PROPELLANT MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 33:
- VALUE OF SATELLITE BUS & SUBSYSTEMS MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 34:
- VALUE OF SOLAR ARRAY & POWER HARDWARE MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 35:
- VALUE OF STRUCTURES, HARNESS & MECHANISMS MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 36:
- VALUE OF SATELLITE MANUFACTURING MARKET BY PROPULSION TECH, USD, NORTH AMERICA, 2017 - 2029
- Figure 37:
- VALUE SHARE OF SATELLITE MANUFACTURING MARKET BY PROPULSION TECH, %, NORTH AMERICA, 2017 VS 2023 VS 2029
- Figure 38:
- VALUE OF ELECTRIC MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 39:
- VALUE OF GAS BASED MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 40:
- VALUE OF LIQUID FUEL MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 41:
- VALUE OF SATELLITE MANUFACTURING MARKET BY COUNTRY, USD, NORTH AMERICA, 2017 - 2029
- Figure 42:
- VALUE SHARE OF SATELLITE MANUFACTURING MARKET BY COUNTRY, %, NORTH AMERICA, 2017 VS 2023 VS 2029
- Figure 43:
- VALUE OF SATELLITE MANUFACTURING MARKET, USD, CANADA, 2017 - 2029
- Figure 44:
- VALUE SHARE OF SATELLITE MANUFACTURING MARKET BY APPLICATION, %, CANADA, 2017 - 2029
- Figure 45:
- VALUE OF SATELLITE MANUFACTURING MARKET, USD, UNITED STATES, 2017 - 2029
- Figure 46:
- VALUE SHARE OF SATELLITE MANUFACTURING MARKET BY APPLICATION, %, UNITED STATES, 2017 - 2029
- Figure 47:
- NUMBER OF STRATEGIC MOVES OF MOST ACTIVE COMPANIES, NORTH AMERICA SATELLITE MANUFACTURING MARKET, NORTH AMERICA, 2017 - 2029
- Figure 48:
- TOTAL NUMBER OF STRATEGIC MOVES OF COMPANIES, NORTH AMERICA SATELLITE MANUFACTURING MARKET, NORTH AMERICA, 2017 - 2029
- Figure 49:
- MARKET SHARE OF NORTH AMERICA SATELLITE MANUFACTURING MARKET, %, NORTH AMERICA, 2022
North America Satellite Manufacturing Industry Segmentation
Communication, Earth Observation, Navigation, Space Observation, Others are covered as segments by Application. 10-100kg, 100-500kg, 500-1000kg, Below 10 Kg, above 1000kg are covered as segments by Satellite Mass. Eliptical, GEO, LEO, MEO are covered as segments by Orbit Class. Commercial, Military & Government are covered as segments by End User. Propulsion Hardware and Propellant, Satellite Bus & Subsystems, Solar Array & Power Hardware, Structures, Harness & Mechanisms are covered as segments by Satellite Subsystem. Electric, Gas based, Liquid Fuel are covered as segments by Propulsion Tech. Canada, United States are covered as segments by Country.
- During launch, a satellite or spacecraft is usually placed into one of many special orbits around the Earth, or it can be launched into an interplanetary journey. There are three types of Earth orbit: geostationary orbit (GEO), medium Earth orbit (MEO), and low Earth orbit (LEO). Many weather and communication satellites tend to have high Earth orbits farther from the surface. Satellites in medium Earth orbit include navigational and specialized satellites designed to monitor a specific area. Most science satellites, including NASA's Earth Observation System, are in low Earth orbit.
- Different satellites manufactured and launched in this region have different applications. For instance, during 2017-2022, out of the seven satellites launched in the MEO orbit, most were built for navigation/global positioning purposes. Similarly, out of the 32 satellites in the GEO orbit, most were deployed for communication and Earth observation purposes. Around 3,000+ LEO satellites owned by North American organizations were launched during this period.
- The growing use of satellites in areas such as electronic intelligence, Earth science/meteorology, laser imaging, and optical imaging is expected to drive the North American satellite manufacturing market during the forecast period. By orbit class, the market is expected to register a CAGR of 68% during the forecast period, and LEO satellites are expected to dominate the market.
| Application | |
| Communication | |
| Earth Observation | |
| Navigation | |
| Space Observation | |
| Others |
| Satellite Mass | |
| 10-100kg | |
| 100-500kg | |
| 500-1000kg | |
| Below 10 Kg | |
| above 1000kg |
| Orbit Class | |
| Eliptical | |
| GEO | |
| LEO | |
| MEO |
| End User | |
| Commercial | |
| Military & Government | |
| Other |
| Satellite Subsystem | |
| Propulsion Hardware and Propellant | |
| Satellite Bus & Subsystems | |
| Solar Array & Power Hardware | |
| Structures, Harness & Mechanisms |
| Propulsion Tech | |
| Electric | |
| Gas based | |
| Liquid Fuel |
| Country | |
| Canada | |
| United States |
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Market Definition
- Application - Various applications or purposes of the satellites are classified into communication, earth observation, space observation, navigation, and others. The purposes listed are those self-reported by the satellite’s operator.
- End User - The primary users or end users of the satellite is described as civil (academic, amateur), commercial, government (meteorological, scientific, etc.), military. Satellites can be multi-use, for both commercial and military applications.
- Launch Vehicle MTOW - The launch vehicle MTOW (maximum take-off weight) means the maximum weight of the launch vehicle during take-off, including the weight of payload, equipment and fuel.
- Orbit Class - The satellite orbits are divided into three broad classes namely GEO, LEO, and MEO. Satellites in elliptical orbits have apogees and perigees that differ significantly from each other and categorized satellite orbits with eccentricity 0.14 and higher as elliptical.
- Propulsion tech - Under this segment, different types of satellite propulsion systems have been classified as electric, liquid-fuel and gas-based propulsion systems.
- Satellite Mass - Under this segment, different types of satellite propulsion systems have been classified as electric, liquid-fuel and gas-based propulsion systems.
- Satellite Subsystem - All the components and subsystems which includes propellants, buses, solar panels, other hardware of satellites are included under this segment.
| Keyword | Definition |
|---|---|
| Attitude Control | The orientation of the satellite relative to the Earth and the sun. |
| INTELSAT | The International Telecommunications Satellite Organization operates a network of satellites for international transmission. |
| Geostationary Earth Orbit (GEO) | Geostationary satellites in Earth orbit 35,786 km (22,282 mi) above the equator in the same direction and at the same speed as the earth rotates on its axis, making them appear fixed in the sky. |
| Low Earth Orbit (LEO) | Low Earth Orbit satellites orbit from 160-2000km above the earth, take approximately 1.5 hours for a full orbit and only cover a portion of the earth’s surface. |
| Medium Earth Orbit (MEO) | MEO satellites are located above LEO and below GEO satellites and typically travel in an elliptical orbit over the North and South Pole or in an equatorial orbit. |
| Very Small Aperture Terminal (VSAT) | Very Small Aperture Terminal is an antenna that is typically less than 3 meters in diameter |
| CubeSat | CubeSat is a class of miniature satellites based on a form factor consisting of 10 cm cubes. CubeSats weigh no more than 2 kg per unit and typically use commercially available components for their construction and electronics. |
| Small Satellite Launch Vehicles (SSLVs) | Small Satellite Launch Vehicle (SSLV) is a three-stage Launch Vehicle configured with three Solid Propulsion Stages and a liquid propulsion-based Velocity Trimming Module (VTM) as a terminal stage |
| Space Mining | Asteroid mining is the hypothesis of extracting material from asteroids and other asteroids, including near-Earth objects. |
| Nano Satellites | Nanosatellites are loosely defined as any satellite weighing less than 10 kilograms. |
| Automatic Identification System (AIS) | Automatic identification system (AIS) is an automatic tracking system used to identify and locate ships by exchanging electronic data with other nearby ships, AIS base stations, and satellites. Satellite AIS (S-AIS) is the term used to describe when a satellite is used to detect AIS signatures. |
| Reusable launch vehicles (RLVs) | Reusable launch vehicle (RLV) means a launch vehicle that is designed to return to Earth substantially intact and therefore may be launched more than one time or that contains vehicle stages that may be recovered by a launch operator for future use in the operation of a substantially similar launch vehicle. |
| Apogee | The point in an elliptical satellite orbit which is farthest from the surface of the earth. Geosynchronous satellites which maintain circular orbits around the earth are first launched into highly elliptical orbits with apogees of 22,237 miles. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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