Global Construction Derricks Market – Introduction
- A construction derrick is a lifting equipment, composed of a one guyed mast which is a tall thin vertical structure that depends on guys line for stability and a self-supporting tower, which is used to lift the load by adjusting its guys.
- Construction derricks move cargo or goods on a ship by lifting it in the air.
- Increasingly stringent regulations enacted by regional, national, and international organizations to ensure the competence of derrick operators through training, licensing or certification, and evaluation, are expected to boost the demand for construction derricks.
- For instance, Occupational Safety and Health Administration (OSHA) is updating the agency's standard for derricks in construction by clarifying each employer's duty to ensure the competency of derrick operators through evaluation, training, certification, and licensing. Additionally, OSHA is also altering a provision that required different levels of certification based on the rated lifting capacity of equipment.
- Construction derricks can be of different forms with height ranging from 37 to 105 feet i.e. 11.2 to 32.0 meters. Besides, it can load the goods and cargo from 3,800 to 49,650 pounds i.e. 1,724 to 22,520 kilograms.
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Global Construction Derricks Market – Dynamics
Key Drivers of the Global Construction Derricks Market
- Rising industrialization in developing and developed countries is expected to drive the construction derricks market during the forecast period
- Moreover, construction derricks are utilized in land and marine construction, which in turn is expected to boost the demand for construction derricks worldwide.
- Increasing adoption of construction derricks in construction activities across the world is expected to accelerate the growth of the construction derricks market over the forecast period 2019- 2027.
- Continuous rise in automobile production is also an important factor boosting the global construction derricks market.
- Consistent rise in demand for construction derricks due to the steady surge in demand for cars as well as heavy equipment or machinery is expected to propel the global construction derricks market during the forecast period.
Asia Pacific to hold significant share of the global construction derricks market
- In terms of region, the global construction derricks market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- Asia Pacific is expected to hold significant share of the global construction derricks market during the forecast period due to rise in construction activities owing to increasing population in the region
- The construction derricks market in Europe is anticipated to expand at a significant rate during the forecast period due to expansion of construction and manufacturing sectors in the region. This in turn is expected to propel the market in the region in the next few years.
- North America is expected to hold a prominent share of the global construction derricks market due to increasing demand for construction derricks to move heavy and large loads in construction and manufacturing industries.
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Global Construction Derricks Market – Competition Landscape
- Companies operating in the construction derricks market are increasingly investing in research and development activities to develop new and innovative techniques to manufacture construction derricks machines. The construction derricks market is highly fragmented due to the presence of numerous manufacturers in developed and developing regions. Furthermore, manufacturers are striving to gain a competitive edge by increased product differentiation.
Key Players Operating in the Global Market
The global construction derricks market is highly concentrated, with the top manufacturers accounting for approximately 25% to 30% share of the market. Key players operating in the global construction derricks market include:
- A Time Manufacturing Company
- Altec Industries, Inc.
- Derrick Construction
- Elliott Equipment Company
- ENG CRANES
- J. Keller & Associates, Inc.
- Liebherr-International Deutschland GmbH
- Polar Rig Specialties, Inc.
- Sims Crane & Equipment
- TERAMOTO Co., ltd.
- Terex Corporation
Global Construction Derricks Market – Research Scope
The global construction derricks market can be segmented based on:
- Derricks Type
- Distribution Channel
- Power Source
Global Construction Derricks Market, by Derricks Type
Based on derricks type, the global construction derricks market can be divided into:
- Breast Derrick
- Chicago boom
- Gin pole
Global Construction Derricks Market, by Distribution Channel
In terms of distribution channel, the global construction derricks market can be segmented into:
- Direct sales
- Indirect sales
Global Construction Derricks Market, by Power source
On the basis of power source, the global construction derricks market can be segmented into:
Global Construction Derricks Market, by Industry
On the basis of industry, the global construction derricks market can be segregated into:
- Media & Entertainment
- Machinery & Heavy equipment
- Marine industry
- Consumer Goods
Global Construction Derricks Market, by Region
Based on region, the global construction derricks market can be divided into:
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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