Research Methodology on Solar Water Heater Market
Introduction
The purpose of this research is to gain insights into the global solar water heater market and its dynamics. Specifically, the objective of this research is to estimate the likelihood and size of the solar water heater market over the forecast period 2023 to 2030. The report also seeks to evaluate the key market players, their competitive strategies, and the benefits of the market.
The methodology adopted for this research includes detailed secondary and primary research. This helps in gathering data and analyzing them to build an understanding of the market and its key components. This research further works based on historical data coupled with the latest industry trends to provide accurate estimations of the market size over the given forecast period 2023 to 2030.
Research Design
To build a comprehensive understanding of the solar water heater market, research design approaches such as triangulation, top-down and bottom-up were adopted. The research design used was a combination of quantitative and qualitative techniques that were implemented through various stages of the research methodology.
Data Source
The data sources used in this research include industry journals, primary and secondary sources, trade publications, and other such sources. Primary data sources such as industry players and their representatives, vendors, and suppliers were consulted to gain a better understanding of the solar water heater market and its dynamics. Furthermore, secondary data was analyzed to understand customer sentiment, industry trends, and market dynamics.
Research Methodology
The research methodology utilized to determine the market share, size, and trends of the global solar water heater market involves both primary and secondary sources. The primary research was conducted by interviewing manufacturers, vendors, and dealers on the competitive landscape of the market and the intricacies of the manufacturing process of the product. The responses were then analyzed to gain a deeper insight into the dynamics and structure of the market.
Secondly, secondary research was conducted that aimed to gain insights into the market share of the major players as well as other components of the market. Various sources such as journals, articles, databases, financial reports, industry experts, surveys, and market reports were consulted to obtain market figures such as total market size, market share of market players, product price, current trends, drivers, restraints, and potential opportunities.
Market Estimation
The market size estimation was done using the top-down and bottom-up approaches. The top-down approach included the total market size being estimated through the historical data for the base year and projected to the expected market size for the forecast period 2023 to 2030. In this process, the current market size was estimated and driven by the market drivers and restraints generated from the primary and secondary research.
Meanwhile, the bottom-up approach was conducted by examining the individual application segments and assuming a growth rate based on secondary research. The bottom-up approach was used to determine the sales of the individual application segments and the projected sales for the forecast period 2023 to 2030.
Data Filtration
The research data were filtered to ensure that only reliable and authentic information was used to generate the market size. The data was checked for accuracy through different methods such as sentiment analysis, validation of the research points obtained through the primary interviews and research articles, and validation through different research databases. The research data is also verified against the inputs and assumptions made by industry experts.
Data Analysis
To analyze the market and the factors influencing the growth of the market, the data gathered from primary and secondary was used to build a market model. This model was then subjected to market analysis to identify the key trends and insights from the data. For further analysis, the data was researched to build supply and demand scenarios, forecasts, and cost trends relevant to the market. Additionally, the qualitative analysis of factors such as the competitive landscape was also studied to gain a better understanding of the market. The data was then presented in the form of tables, graphs, and charts to present the understanding of the market with utmost clarity.
Market Validation
The market estimation and validation process was conducted by comparing the model’s data with the actual market figures from several industry sources such as Bloomberg, Factiva, and World Bank. Furthermore, a detailed analysis was conducted to study the regional and global trends of the global solar water heater market to develop an accurate estimation of the market.
