Research Methodology on Process Automation Instrumentation Market
The present study was conducted to seek a comprehensive evaluation of the major trends, drivers, restraints, opportunities, and competitive landscape related to the Global Process Automation & Instrumentation Market.
A comprehensive list of research sources such as databases, journals, and other companies offering related products was considered to obtain relevant information about the study. The study focused on both primary research and secondary sources of information to attain viable data. Furthermore, primary research also includes interactions with industry leaders and senior-level executives in the process automation & instrumentation industry. The present research includes procedures such as secondary research and in-depth interviews with key personnel & stakeholders across nations including China, Japan, India, the US, the UK, Brazil, and Europe. Online surveys & interviews were used for obtaining detailed insights and historic records.
The secondary sources that were utilized for the study include fact-based research from various sources including market research reports, scientific journals, trade magazines, white papers, government websites, and newspapers. The data is consolidated and analyzed using statistical tools like regression analysis, correlation studies, and other analytical tools. Besides, interviews and surveys, the research findings also depend on macroeconomic/microeconomic conditions such as industrial production, gross domestic product (GDP), manufacturing inventory, new product launches, pricing analysis, import/export and demand/supply dynamics etc.
Moreover, the study also catered to historical analysis in order to understand the market forces in the forecast period 2023 to 2030. Several industry delimitations have been used to analyse and envisage the current scene and future growth of the market. The delimitations used for the study include time frame, geography, type,
End-user and application. This research took into account four stages of the industry: assessment, analysis, market forecasting & modelling.
The figures contained in this study have been derived and validated through research, as well as credible sources such as reputed agencies and professional bodies, annual reports, and through interviews or surveys. The data is obtained via interviews and surveys conducted with industry leaders, active participants, professionals, and experts. A deductive approach was chosen to gain useful deductions on the market that were then used to assess & validate the information obtained through primary & secondary sources.
An attempt was made to identify a comprehensive outlook of the relevant technology advancements and other related trends that shape the market worldwide. The key players focused on in the study include ABB Ltd., Schneider Electric SE, Emerson Electric Co., Siemens AG, Yokogawa Electric Corporation, Rockwell Automation, Honeywell International Inc., and Others. Also, the research analyst held discussions with leading professionals in the industry.
For the purpose of the current research, a combination of both primary and secondary research techniques has been employed. For collecting the information, different approaches such as email interaction, phone interviews, desk research, extensive secondary research, and primary interviews have been used. The analysis includes data from in-depth interviews, surveys and findings obtained from secondary sources such as reports and industry associations. The qualitative data includes the views shared by industry leaders and experts along with other industry stakeholders. Quantitative data was gathered from various platforms such as existing databases and journals.
Furthermore, to increase the relevancy and rigour of the market data, key players were contacted along with their customers, suppliers and vendors in order to derive opinions and insights. The study aims to forecast the market with respect to segments including end-user, type and region using forecast estimations including compound annual growth rate (CAGR). The extensive market pattern analysis took into account a variety of macroeconomic and microeconomic parameters that ultimately shaped the market scenarios.
In the end, the triangulation approach has been used to validate the market numbers obtained from the primary research and secondary research. The data was compiled and analyzed to obtain accurate and reliable estimations. The reliability of the research is validated with the data collected from reputed industry portals such as Hoovers, Bloomberg BusinessWeek, Factiva, and others. Moreover, the company profiles, product offerings, and developments in the area of process automation and instrumentation have been considered.
