Research Methodology on Construction Lift Market
Introduction:
The Construction Lift Market is expected to register a healthy CAGR during the forecast period of 2023-2030. A construction lift can be defined as a kind of equipment used for the transfer of personnel or construction material from one place to another. It is considered an efficient and cost-effective equipment which helps streamline various construction operations. Construction lift has the capability of carrying heavy loads and providing impeccable stability. It is widely used in heavy construction such as civil engineering projects. The rising population is creating an increasing demand for infrastructure, which in turn is the driving factor for the growth of the construction lift market.
Research Methodology:
Research methodology involves the process of designing the research act that shall be used to gather the necessary facts and data to answer the research questions and prove the hypotheses. It is a method that lists the tactics that the researchers will use to answer the research questions they have posed. This research methodology focuses on secondary research through the information procurement process and primary research that will be performed to conduct this research. Moreover, this research involves gathering demand and supply side data and triangulating the same, analyzing all factors associated with the survey through factor and time-series analysis and adopting both bottom-up and top-down approaches to bring more accuracy to the study.
Secondary Research:
Secondary research is referred to as desk research as it is often done on the desk by making use of previously published travel content such as newspapers, magazines, professional journals, reports, surveys, etc. Analysis and review of the available information from databases such as Bloomberg Business, Invest Company Overview, Thomson IBES, and Factiva, among other sources, will be done to fetch the data. Additionally, the report will include insights obtained from the industry, government, trade, and business experts. The data will be collected from various online and offline databases including corporate annual reports, white papers, statistics and industry profiles, market research tools, press releases, etc.
Primary Research:
Primary research serves to provide customer insights and the viewpoint of the participants in the research. The primary research will mostly comprise surveys and interviews that will not only help in establishing an understanding of the market forces and market trends but also will make a prediction on the future performance of the Construction Lift Market. A set of questionnaires will be designed as per the objectives of the research, which will consist of questions related to the market, such as the drivers, restraints, opportunities, and threats for the Construction Lift Market.
Approaches Used:
The data collated from the secondary research, will be further verified and authenticated using a bottom-up approach, which will help in the visualization of data collected from the various sources. Thereafter, the data will be analyzed using a top-down approach to understand the market scenarios for the global Construction Lift Market. Furthermore, the contact details of various consultants and industry experts, obtained from industry-related associations, will be used to get better insights. Moreover, factor analysis and time-series analysis will be employed to analyze the market trends in the Construction Lift Market.
Data Triangulation:
Demand and Supply-side data triangulation will be used in this research in order to analyze and validate the collected facts. The data has been triangulated on the basis of the supply side, which includes the manufacturers of Construction Lifts, suppliers and distributors of raw materials used for the production of these Lifts, vendors who provide aftermarket services, and customers who purchase the final Lifts. Furthermore, demand side data has been triangulated on the basis of value chain stakeholders including traders, wholesalers, retailers, and end-users.
Conclusion:
The presented research methodology includes a detailed process that shall be followed in order to undertake the research efficiently and effectively. The purpose of this method is to maximize the probability of meeting the research objectives. The information collected and analyzed through this research methodology shall be used to validate the accuracy and reliability of the information collected from the secondary and primary research. The data collected from both research approaches shall be triangulated for the estimation of the global Construction Lift Market.
