Ocean Energy Technology Market Disruption and Future Trends

Key Insights

The global ocean energy technology market is poised for substantial expansion, driven by an increasing demand for clean and sustainable energy sources and the urgent need to decarbonize the energy sector. With an estimated market size of \$650 million in 2025, the industry is projected to grow at a Compound Annual Growth Rate (CAGR) of approximately 25% through 2033. This robust growth is fueled by advancements in wave energy converters (WECs) and tidal energy turbines, alongside supportive government policies and investments in renewable energy infrastructure. The technology's potential to provide predictable and consistent power generation, unlike intermittent solar and wind power, makes it an attractive option for grid stability and energy security. Key market drivers include climate change mitigation goals, growing awareness of marine resource potential, and technological innovations that are reducing the cost of deployment and operation.

The ocean energy sector, while promising, faces certain restraints such as high initial capital investment, the need for robust infrastructure for grid connection, and environmental concerns related to marine ecosystems. However, ongoing research and development, coupled with strategic collaborations among leading companies like Ocean Renewable Power Company (ORPC), Carnegie Clean Energy, and Nova Innovation, are actively addressing these challenges. The market is segmented by application, including power generation for grids and offshore operations, and by type, encompassing wave energy, tidal energy, and ocean thermal energy conversion (OTEC). Europe is expected to lead regional market share, owing to its extensive coastline and strong commitment to renewable energy targets, followed by North America and Asia Pacific. Emerging trends like hybrid offshore energy systems and the development of smaller, modular devices are further shaping the future landscape of ocean energy technology.

Ocean Energy Technology Research Report - Market Size, Growth & Forecast

Ocean Energy Technology: Harnessing the Power of the Oceans (2019-2033)

This comprehensive report offers an in-depth analysis of the global Ocean Energy Technology market, providing critical insights for stakeholders seeking to capitalize on this burgeoning sector. Covering the historical period of 2019-2024 and projecting growth through 2033, this report delves into market dynamics, growth trends, regional dominance, product landscapes, key drivers, challenges, emerging opportunities, and leading industry players.

Ocean Energy Technology Market Dynamics & Structure

The Ocean Energy Technology market is characterized by a moderate level of concentration, with a few key players dominating specific niches. Technological innovation remains a primary driver, fueled by ongoing research and development in areas like tidal turbines, wave energy converters, and ocean thermal energy conversion (OTEC). Robust regulatory frameworks are evolving to support the commercialization of ocean energy, including supportive policies and investment incentives. Competitive product substitutes, primarily from established renewable energy sources like solar and wind, present a challenge, though ocean energy offers unique advantages in terms of predictability and baseload potential. End-user demographics are shifting towards utility-scale projects, industrial applications, and remote island communities seeking energy independence. Merger and acquisition (M&A) trends are gradually increasing as larger energy companies explore diversification and specialized technology firms seek strategic partnerships for scaling. The market for offshore wind foundations, a related parent market valued at approximately $5,500 million in 2025, indicates a significant investment appetite for offshore renewable infrastructure. The broader renewable energy parent market, estimated at over $1,200,000 million in 2025, underscores the immense scale of the energy transition in which ocean energy is a vital component.

Market Concentration: Moderate, with increasing consolidation expected.
Innovation Drivers: Enhanced turbine efficiency, advanced control systems, and improved device survivability.
Regulatory Frameworks: Supportive government policies, feed-in tariffs, and streamlined permitting processes in key regions.
Competitive Substitutes: Solar PV and wind energy, with ocean energy differentiating through predictability.
End-User Demographics: Utilities, offshore industries, and island nations.
M&A Trends: Growing activity driven by strategic partnerships and technology acquisition.

Ocean Energy Technology Growth Trends & Insights

The global Ocean Energy Technology market is poised for significant expansion, driven by increasing concerns over climate change, energy security, and the drive for sustainable energy solutions. Market size is projected to grow from an estimated $550 million in 2025 to over $4,500 million by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of approximately 25%. Adoption rates are expected to accelerate as technological maturity increases, project costs decrease, and supportive policy environments solidify. Technological disruptions, such as advancements in modular designs and grid integration solutions, will play a crucial role in overcoming historical deployment hurdles. Consumer behavior is shifting towards greater acceptance and demand for clean energy sources, creating a favorable environment for ocean energy technologies to gain traction. The parent market for offshore renewable energy infrastructure, which is projected to reach $7,800 million by 2033, provides a strong indication of the scale of investment that can be leveraged for ocean energy projects. Furthermore, the overall global renewable energy market, anticipated to exceed $1,800,000 million by 2033, highlights the vast opportunity space for all clean energy technologies.

Market Size Evolution: Projected to grow from $550 million (2025) to over $4,500 million (2033).
Adoption Rates: Expected to increase as technology matures and costs decline.
Technological Disruptions: Focus on efficiency improvements, cost reduction, and enhanced reliability.
Consumer Behavior Shifts: Growing preference for diversified renewable energy portfolios.
CAGR: Approximately 25% during the forecast period.
Market Penetration: Increasing from niche applications to broader grid integration.

Dominant Regions, Countries, or Segments in Ocean Energy Technology

The Type: Tidal Energy segment is currently driving significant market growth, with Region: Europe leading the charge in both investment and deployment. Countries like the United Kingdom, France, and Scotland are at the forefront, supported by strong government initiatives, favorable regulatory frameworks, and extensive coastline suitable for tidal power generation. The presence of key research institutions and established players such as Ocean Renewable Power Company (ORPC), Carnegie Clean Energy, Nova Innovation, Minesto, and EMEC (European Marine Energy Centre) fosters a robust ecosystem for innovation and commercialization. The economic policies in these regions, including dedicated funding programs and the establishment of marine energy test sites, create a conducive environment for the development and testing of emerging technologies. Furthermore, the increasing demand for predictable and reliable renewable energy sources to complement intermittent renewables like solar and wind makes tidal energy a highly attractive option. The parent market for offshore wind energy, which is substantial in Europe, signifies a broader acceptance and infrastructure development for offshore marine energy technologies.

Dominant Segment: Tidal Energy (Type)
Leading Region: Europe
Key Countries: United Kingdom, France, Scotland
Drivers:
- Supportive government policies and investment incentives.
- Extensive coastline and favorable tidal resources.
- Presence of leading research institutions and industry players.
- Demand for predictable baseload renewable power.
- Development of specialized marine energy test sites.
Market Share (Tidal Energy): Estimated to hold approximately 60% of the ocean energy market in 2025.
Growth Potential: High, driven by ongoing project development and technological advancements.

Ocean Energy Technology Product Landscape

The product landscape of Ocean Energy Technology is characterized by a diverse array of innovative devices designed to harness tidal, wave, and ocean thermal energy. Tidal stream turbines, such as those developed by Nova Innovation and Minesto, are increasingly efficient and robust, offering reliable power generation. Wave energy converters (WECs) from companies like Carnegie Clean Energy, AW-Energy, and Eco Wave Power are demonstrating improved energy capture capabilities and survivability in challenging marine environments. Ocean Thermal Energy Conversion (OTEC) systems, while still in earlier stages of commercialization, hold immense potential for baseload power generation. SCHOTTEL’s contributions to turbine technology and Marine Power Systems (MPS) with their integrated wave and wind platforms highlight the drive towards hybrid solutions. These products are differentiated by their unique conversion mechanisms, deployment strategies, and ability to operate in various marine conditions, aiming to achieve competitive levelized cost of energy (LCOE).

Key Drivers, Barriers & Challenges in Ocean Energy Technology

Key Drivers:

Climate Change Mitigation: The urgent need for decarbonization and diversification of the energy mix.
Energy Security: Reducing reliance on fossil fuels and securing stable energy supplies.
Technological Advancements: Continuous innovation in device efficiency, reliability, and cost reduction.
Supportive Government Policies: Financial incentives, R&D funding, and streamlined permitting.
Predictable Power Output: The inherent consistency of tidal and wave resources compared to intermittent renewables.

Barriers & Challenges:

High Capital Costs: Significant upfront investment required for development and deployment.
Grid Connection Infrastructure: Challenges in connecting remote offshore sites to existing electricity grids.
Environmental Impact Assessments: Stringent requirements for understanding and mitigating ecological effects.
Supply Chain Development: Maturing the specialized supply chain for manufacturing, installation, and maintenance.
Regulatory Uncertainty: Evolving and sometimes fragmented regulatory frameworks across different jurisdictions.
Competitive Pressures: Competition from more established and cost-competitive renewable energy sources.

Emerging Opportunities in Ocean Energy Technology

Emerging opportunities in Ocean Energy Technology lie in the development of hybrid offshore renewable energy systems, integrating tidal and wave energy converters with offshore wind farms to optimize infrastructure and power output. The expansion of ocean energy to power offshore industries, such as aquaculture and desalination, presents a significant untapped market. Furthermore, innovative financing models and public-private partnerships are crucial for de-risking projects and attracting further investment. The increasing focus on green hydrogen production powered by ocean energy also represents a substantial future growth avenue. The deployment of advanced forecasting tools and AI for optimizing energy generation and grid integration will unlock further efficiencies.

Growth Accelerators in the Ocean Energy Technology Industry

Growth in the Ocean Energy Technology industry is being accelerated by breakthroughs in materials science, leading to more durable and cost-effective components. Strategic partnerships between technology developers, project financiers, and established energy companies are crucial for scaling up deployments. Market expansion strategies, focusing on regions with high tidal or wave energy potential and supportive policy frameworks, will be key. The development of standardized components and modular designs will help reduce manufacturing and installation costs, thereby improving the economic viability of ocean energy projects. Continued government support and international collaboration on research and development will further propel the industry forward.

Key Players Shaping the Ocean Energy Technology Market

Ocean Renewable Power Company (ORPC)
Carnegie Clean Energy
Nova Innovation
Minesto
Naval Energies
EMEC (European Marine Energy Centre)
Ocean Energy Europe
Wello
AW-Energy
SIMEC Atlantis Energy
Eco Wave Power
SCHOTTEL
Sabella
NEMOS
Marine Power Systems (MPS)
CorPower Ocean

Notable Milestones in Ocean Energy Technology Sector

2019: EMEC (European Marine Energy Centre) continues to support multiple wave and tidal energy projects with testing and validation.
2020: ORPC successfully deploys and operates its tidal energy system in Maine, USA.
2021: Carnegie Clean Energy’s CETO wave energy technology achieves significant operational milestones.
2021: Nova Innovation’s tidal turbine begins generating power into the UK grid.
2022: Minesto demonstrates enhanced performance of its kite-like tidal turbines.
2022: CorPower Ocean’s flagship wave energy device undergoes rigorous at-sea testing.
2023: AW-Energy secures funding for large-scale wave energy project development.
2023: Naval Energies showcases advancements in offshore renewable energy solutions.
2024: Marine Power Systems (MPS) announces plans for integrated offshore renewable energy platforms.

In-Depth Ocean Energy Technology Market Outlook

The future outlook for Ocean Energy Technology is exceptionally bright, fueled by a confluence of environmental imperatives, technological progress, and increasing investment. The strategic deployment of tidal, wave, and OTEC technologies, supported by evolving regulatory landscapes and robust policy frameworks, will drive significant market expansion. Growth accelerators such as the development of green hydrogen production using ocean energy, coupled with strategic collaborations and market expansion into emerging economies, will solidify ocean energy's role in the global clean energy transition. The anticipated growth within the broader parent market of offshore renewable energy infrastructure underscores the immense financial and logistical support that will be available for ocean energy initiatives. By 2033, ocean energy is expected to transition from a niche sector to a significant contributor to the global renewable energy portfolio, offering predictable, reliable, and sustainable power solutions.

Ocean Energy Technology Segmentation

1. Application
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2. Type
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Ocean Energy Technology Segmentation By Geography

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Ocean Energy Technology REPORT HIGHLIGHTS

Aspects	Details
Study Period	2019-2033
Base Year	2024
Estimated Year	2025
Forecast Period	2025-2033
Historical Period	2019-2024
Growth Rate	CAGR of XXX% from 2019-2033
Segmentation	By Application By Type By Geography

1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
- 2.1. Introduction
3. Market Dynamics
- 3.1. Introduction
- - 3.2. Market Drivers
- - 3.3. Market Restrains
- - 3.4. Market Trends
4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
5. Global Ocean Energy Technology Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by Application
  - 5.1.1.
- 5.2. Market Analysis, Insights and Forecast - by Type
  - 5.2.1.
- 5.3. Market Analysis, Insights and Forecast - by Region
  - 5.3.1.
  - 5.3.2.
  - 5.3.3.
  - 5.3.4.
  - 5.3.5.
6. undefined Ocean Energy Technology Analysis, Insights and Forecast, 2019-2031
- 6.1. Market Analysis, Insights and Forecast - by Application
  - 6.1.1.
- 6.2. Market Analysis, Insights and Forecast - by Type
  - 6.2.1.
7. undefined Ocean Energy Technology Analysis, Insights and Forecast, 2019-2031
- 7.1. Market Analysis, Insights and Forecast - by Application
  - 7.1.1.
- 7.2. Market Analysis, Insights and Forecast - by Type
  - 7.2.1.
8. undefined Ocean Energy Technology Analysis, Insights and Forecast, 2019-2031
- 8.1. Market Analysis, Insights and Forecast - by Application
  - 8.1.1.
- 8.2. Market Analysis, Insights and Forecast - by Type
  - 8.2.1.
9. undefined Ocean Energy Technology Analysis, Insights and Forecast, 2019-2031
- 9.1. Market Analysis, Insights and Forecast - by Application
  - 9.1.1.
- 9.2. Market Analysis, Insights and Forecast - by Type
  - 9.2.1.
10. undefined Ocean Energy Technology Analysis, Insights and Forecast, 2019-2031
- 10.1. Market Analysis, Insights and Forecast - by Application
  - 10.1.1.
- 10.2. Market Analysis, Insights and Forecast - by Type
  - 10.2.1.
11. Competitive Analysis
- 11.1. Global Market Share Analysis 2024
- - 11.2. Company Profiles
  - - 11.2.1 Ocean Renewable Power Company (ORPC)
      11.2.1.1. Overview
      11.2.1.2. Products
      11.2.1.3. SWOT Analysis
      11.2.1.4. Recent Developments
      11.2.1.5. Financials (Based on Availability)
    - 11.2.2 Carnegie Clean Energy
      11.2.2.1. Overview
      11.2.2.2. Products
      11.2.2.3. SWOT Analysis
      11.2.2.4. Recent Developments
      11.2.2.5. Financials (Based on Availability)
    - 11.2.3 Nova Innovation
      11.2.3.1. Overview
      11.2.3.2. Products
      11.2.3.3. SWOT Analysis
      11.2.3.4. Recent Developments
      11.2.3.5. Financials (Based on Availability)
    - 11.2.4 Minesto
      11.2.4.1. Overview
      11.2.4.2. Products
      11.2.4.3. SWOT Analysis
      11.2.4.4. Recent Developments
      11.2.4.5. Financials (Based on Availability)
    - 11.2.5 Naval Energies
      11.2.5.1. Overview
      11.2.5.2. Products
      11.2.5.3. SWOT Analysis
      11.2.5.4. Recent Developments
      11.2.5.5. Financials (Based on Availability)
    - 11.2.6 EMEC (European Marine Energy Centre)
      11.2.6.1. Overview
      11.2.6.2. Products
      11.2.6.3. SWOT Analysis
      11.2.6.4. Recent Developments
      11.2.6.5. Financials (Based on Availability)
    - 11.2.7 Ocean Energy Europe
      11.2.7.1. Overview
      11.2.7.2. Products
      11.2.7.3. SWOT Analysis
      11.2.7.4. Recent Developments
      11.2.7.5. Financials (Based on Availability)
    - 11.2.8 Wello
      11.2.8.1. Overview
      11.2.8.2. Products
      11.2.8.3. SWOT Analysis
      11.2.8.4. Recent Developments
      11.2.8.5. Financials (Based on Availability)
    - 11.2.9 AW-Energy
      11.2.9.1. Overview
      11.2.9.2. Products
      11.2.9.3. SWOT Analysis
      11.2.9.4. Recent Developments
      11.2.9.5. Financials (Based on Availability)
    - 11.2.10 SIMEC Atlantis Energy
      11.2.10.1. Overview
      11.2.10.2. Products
      11.2.10.3. SWOT Analysis
      11.2.10.4. Recent Developments
      11.2.10.5. Financials (Based on Availability)
    - 11.2.11 Eco Wave Power
      11.2.11.1. Overview
      11.2.11.2. Products
      11.2.11.3. SWOT Analysis
      11.2.11.4. Recent Developments
      11.2.11.5. Financials (Based on Availability)
    - 11.2.12 SCHOTTEL
      11.2.12.1. Overview
      11.2.12.2. Products
      11.2.12.3. SWOT Analysis
      11.2.12.4. Recent Developments
      11.2.12.5. Financials (Based on Availability)
    - 11.2.13 Sabella
      11.2.13.1. Overview
      11.2.13.2. Products
      11.2.13.3. SWOT Analysis
      11.2.13.4. Recent Developments
      11.2.13.5. Financials (Based on Availability)
    - 11.2.14 NEMOS
      11.2.14.1. Overview
      11.2.14.2. Products
      11.2.14.3. SWOT Analysis
      11.2.14.4. Recent Developments
      11.2.14.5. Financials (Based on Availability)
    - 11.2.15 Marine Power Systems (MPS)
      11.2.15.1. Overview
      11.2.15.2. Products
      11.2.15.3. SWOT Analysis
      11.2.15.4. Recent Developments
      11.2.15.5. Financials (Based on Availability)
    - 11.2.16 CorPower Ocean
      11.2.16.1. Overview
      11.2.16.2. Products
      11.2.16.3. SWOT Analysis
      11.2.16.4. Recent Developments
      11.2.16.5. Financials (Based on Availability)

List of Figures

Figure 1: Global Ocean Energy Technology Revenue Breakdown (million, %) by Region 2024 & 2032
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Figure 8: undefined Ocean Energy Technology Revenue (million), by Application 2024 & 2032
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Figure 10: undefined Ocean Energy Technology Revenue (million), by Type 2024 & 2032
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Figure 14: undefined Ocean Energy Technology Revenue (million), by Application 2024 & 2032
Figure 15: undefined Ocean Energy Technology Revenue Share (%), by Application 2024 & 2032
Figure 16: undefined Ocean Energy Technology Revenue (million), by Type 2024 & 2032
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Figure 20: undefined Ocean Energy Technology Revenue (million), by Application 2024 & 2032
Figure 21: undefined Ocean Energy Technology Revenue Share (%), by Application 2024 & 2032
Figure 22: undefined Ocean Energy Technology Revenue (million), by Type 2024 & 2032
Figure 23: undefined Ocean Energy Technology Revenue Share (%), by Type 2024 & 2032
Figure 24: undefined Ocean Energy Technology Revenue (million), by Country 2024 & 2032
Figure 25: undefined Ocean Energy Technology Revenue Share (%), by Country 2024 & 2032
Figure 26: undefined Ocean Energy Technology Revenue (million), by Application 2024 & 2032
Figure 27: undefined Ocean Energy Technology Revenue Share (%), by Application 2024 & 2032
Figure 28: undefined Ocean Energy Technology Revenue (million), by Type 2024 & 2032
Figure 29: undefined Ocean Energy Technology Revenue Share (%), by Type 2024 & 2032
Figure 30: undefined Ocean Energy Technology Revenue (million), by Country 2024 & 2032
Figure 31: undefined Ocean Energy Technology Revenue Share (%), by Country 2024 & 2032

List of Tables

Table 1: Global Ocean Energy Technology Revenue million Forecast, by Region 2019 & 2032
Table 2: Global Ocean Energy Technology Revenue million Forecast, by Application 2019 & 2032
Table 3: Global Ocean Energy Technology Revenue million Forecast, by Type 2019 & 2032
Table 4: Global Ocean Energy Technology Revenue million Forecast, by Region 2019 & 2032
Table 5: Global Ocean Energy Technology Revenue million Forecast, by Application 2019 & 2032
Table 6: Global Ocean Energy Technology Revenue million Forecast, by Type 2019 & 2032
Table 7: Global Ocean Energy Technology Revenue million Forecast, by Country 2019 & 2032
Table 8: Global Ocean Energy Technology Revenue million Forecast, by Application 2019 & 2032
Table 9: Global Ocean Energy Technology Revenue million Forecast, by Type 2019 & 2032
Table 10: Global Ocean Energy Technology Revenue million Forecast, by Country 2019 & 2032
Table 11: Global Ocean Energy Technology Revenue million Forecast, by Application 2019 & 2032
Table 12: Global Ocean Energy Technology Revenue million Forecast, by Type 2019 & 2032
Table 13: Global Ocean Energy Technology Revenue million Forecast, by Country 2019 & 2032
Table 14: Global Ocean Energy Technology Revenue million Forecast, by Application 2019 & 2032
Table 15: Global Ocean Energy Technology Revenue million Forecast, by Type 2019 & 2032
Table 16: Global Ocean Energy Technology Revenue million Forecast, by Country 2019 & 2032
Table 17: Global Ocean Energy Technology Revenue million Forecast, by Application 2019 & 2032
Table 18: Global Ocean Energy Technology Revenue million Forecast, by Type 2019 & 2032
Table 19: Global Ocean Energy Technology Revenue million Forecast, by Country 2019 & 2032

Frequently Asked Questions

1. What is the projected Compound Annual Growth Rate (CAGR) of the Ocean Energy Technology?

The projected CAGR is approximately XXX%.

2. Which companies are prominent players in the Ocean Energy Technology?

Key companies in the market include Ocean Renewable Power Company (ORPC), Carnegie Clean Energy, Nova Innovation, Minesto, Naval Energies, EMEC (European Marine Energy Centre), Ocean Energy Europe, Wello, AW-Energy, SIMEC Atlantis Energy, Eco Wave Power, SCHOTTEL, Sabella, NEMOS, Marine Power Systems (MPS), CorPower Ocean.

3. What are the main segments of the Ocean Energy Technology?

The market segments include Application, Type.

4. Can you provide details about the market size?

The market size is estimated to be USD XXX million as of 2022.

5. What are some drivers contributing to market growth?

N/A

6. What are the notable trends driving market growth?

N/A

7. Are there any restraints impacting market growth?

N/A

8. Can you provide examples of recent developments in the market?

N/A

9. What pricing options are available for accessing the report?

Pricing options include single-user, multi-user, and enterprise licenses priced at USD 2900.00, USD 4350.00, and USD 5800.00 respectively.

10. Is the market size provided in terms of value or volume?

The market size is provided in terms of value, measured in million.

11. Are there any specific market keywords associated with the report?

Yes, the market keyword associated with the report is "Ocean Energy Technology," which aids in identifying and referencing the specific market segment covered.

12. How do I determine which pricing option suits my needs best?

The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.

13. Are there any additional resources or data provided in the Ocean Energy Technology report?

While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.

14. How can I stay updated on further developments or reports in the Ocean Energy Technology?

To stay informed about further developments, trends, and reports in the Ocean Energy Technology, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.

Methodology

Step 1 - Identification of Relevant Samples Size from Population Database

Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segments, product, and application.

Note*: In applicable scenarios

Step 3 - Data Sources

Primary Research

Web Analytics
Survey Reports
Research Institute
Latest Research Reports
Opinion Leaders

Secondary Research

Annual Reports
White Paper
Latest Press Release
Industry Association
Paid Database
Investor Presentations

Step 4 - Data Triangulation

Involves using different sources of information in order to increase the validity of a study

These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.

Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.

During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence

Additionally, after gathering mixed and scattered data from a wide range of sources, data is triangulated and correlated to come up with estimated figures which are further validated through primary mediums or industry experts, opinion leaders.