How market expansion strategies helped the steel industry leader expand their service offerings in the heat pump market
14 May, 2024
4 min
Overview & Challenges
- The client’s business model revolves around the digital transformation and sustainability initiatives in production and sale of finished and semi-finished steel products.
- The client faced difficulties in assessing the outlook of global heat pump market size and segmentation analysis along with consumption of steel required in heat pumps to target their product services to new customers.
Primary Objective
- Partnering with Researchwire, the goal of the research was to perform market assessment to understand the market dynamics of steel in heat pump products.
- With a successful heat pump market analysis and conclusion, the client aims to expand their product services to new target customers and generate new revenue streams.
Research Approaches & Outcomes Obtained
- IP Landscape:
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- Our team developed various strings and keywords to shortlist relevant patents for scouting key technology for commercial, non-commercial, and industrial level heat pumps with composition of steel.
- The patent data was categorized into different buckets based on criteria such as types of heat pumps, composition, components used, applications and more.
- In-Depth Market Research:
- Researchwire conducted extensive desk research to generate hypothesis and primary research to validate the findings:
- Analysis of Supply Chain Model and Market Overview
- Market Sizing Analysis and Forecast, of 10 years, by revenue and volume sales of Heat Pumps.
- Segmentations (By types of Heat Pumps; by region) by revenue and volume sales.
- Benchmarking key players on various parameters in Heat Pump Market along with their product portfolios, market positioning and more.
- Data Analysis and Recommendations:
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- Researchwire provided a comprehensive report of the Heat Pump Market along with sales value and volume; cross competition; price of heat pumps across different geographies, bill of materials, steel intensity and much more.
- Our team also shortlisted the relevant manufacturers of Heat Pump Market for the client to seek potential collaboration opportunities to generate new revenue streams.
Result
With the thorough assessment and recommendations provided by Researchwire’s team, the client was able to expand their high-grade and low carbon steel service offerings in the Heat Pump Market in USA and Europe geographies with new customers.
