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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.