Research Methodology on Geothermal Power Market
1. Introduction
The published research report by MRFR seeks to analyse and explain the primary research that was conducted to establish the market size and market share of the global geothermal power market as outlined in Market Research Future’s (MRFR) report, “Geothermal Power Market– Global Analysis 2023-2030". This methodology provides an in-depth understanding of the research methods undertaken to generate the findings of the report. It summarises the details related to the scope of the research, the research design, data collection methods and the analytical tools used to analyse the findings.
2. Objectives of the Research
The primary aim of this research is to discover the current patterns of demand, recent market trends and growth potential of the global geothermal power market. The research embodied the core objective of identifying the potential of the geothermal power market in terms of its growth rate, market share, size, recent developments and new opportunities.
3. Scope of the Research
The scope of this research is designed to cover the global geothermal power market in terms of value, volume and revenue. Further, it provides forecast figures with respect to the size, revenue and growth rate until 2030. The research also covers various leaders such as manufacturers, industry experts and investors, who are the key stakeholders in the geothermal power sector. Furthermore, the report compiles data on various participants involved in the geothermal power industry, such as investors, suppliers and manufacturers.
4. Research Design
MRFR’s research report systematically incorporates primary and secondary research to differentiate the existing market dynamics and expansion. The secondary research comprises different statistical databases such as the United Nations Framework on Climate Change (UNFCC), World Bank and International Energy Agency (IEA). To further corroborate the information acquired from secondary research, primary research is conducted through interviews and surveys with the major participants in the industry, such as manufacturers, distributors, investors, stakeholders and other well-informed sources.
5. Data Collection
The data collection and market intelligence are conducted in a very systematic manner to ensure accuracy. The collected data is then scrutinised, weighed and examined to generate the primary market intelligence report. The data is collected from valid sources such as industry websites, the latest press releases, patent and trademark databases, scientific journals, the International Union for Geothermal Resources, the Economic and Social Commission for Asia and the Pacific (ESCAP), and international conferences and workshops. Other sources such as World Trade Organization (WTO), Indian Wind Power Association (IWPA), Global Wind Energy Council (GWEC), and Frost & Sullivan also contributed significantly to the data.
6. Analytical Tools
The collected market data and information are analysed by adopting various sophisticated analytical tools such as Porter’s Five Forces Analysis model and SWOT Analysis. Market dynamics such as drivers and restraints are categorised using the SWOT Analysis tool to provide a comprehensive assessment of the potential developments in the market. Porter’s Five Forces Analysis model is used for market segmentation and comparative market study.
7. Conclusion
The market research methodology adopted by MRFR for the global geothermal power market report demonstrates a comprehensive process that enables the collection and analysis of vital data from all relevant sources and participants. The research incorporates the most effective methods such as primary and secondary research, Porter’s Five Forces Analysis model and SWOT Analysis. The coverage of the report is restricted to certain countries, and the macro and socio-economic factors were excluded from the scope of research.
