To convert the direct speech statement "He said, 'I will go to the market.'" into indirect speech, observe the following transformations:
Reporting Verb: The reporting verb "said" is retained.
Quotation Marks: Quotation marks enclosing the direct speech are removed.
Pronoun Adjustment: The first-person pronoun 'I' in the direct speech is changed to 'he' to align with the subject.
Tense Shift: As the reporting verb "said" is in the past tense, the future tense verb "will go" is converted to "would go".
Applying these rules results in the indirect speech: He said he would go to the market.