Over 50% of Global Light Towers Demand Spurred by LED-powered Lamps: Fact.MR Study
Published : 16 Aug 2021 Industry: Industrial Goods
According to Fact.MR, the light towers market is expected to register a CAGR of 5% in the forecast period ranging from 2021 to 2031, surpassing US$ 2 Bn in value terms. Manufacturers of light towers are focusing on adopting renewable energy resources or solutions that would not harm the environment.
Historically, between 2016 and 2020, light towers market registered a revenue of around US$ 1.2 Bn in 2020, expanding at a CAGR of approximately 4%. Changing landscapes of workplaces, innovations in light towers and the durability of light towers are expected to influence the light towers industry positively. While prospects dipped significantly in the initial months of the COVID-19 pandemic, relaxation of lockdowns in the latter half helped buoy the market through the recessionary trends.
By lamp or light type, the LED light segment is expected to gain major traction in the upcoming period. LED lights have become popular as they do not emit toxins and provide a noise less environment. Likewise, manufacturers are emphasizing on introducing other similar sustainable light sources to power light towers, prompting a flurry of product launches and innovations.
Key Takeaways from the Market Study
- Global market for light towers to add 1.6x the value by 2031 compared to 2021
- By lamp, LED based light towers to yield revenue worth 52% of the global market through 2031
- By power source, solar powered light towers is poised to expand at a CAGR of 4.7%
- Diesel powered light towers to hold a dominant market share, capturing more than half of the total market
- By end use industry, construction to generate opportunity worth US$ 195 Mn by 2031
- The U.S is expected to register a CAGR of 5% in the forecast period, creating an absolute opportunity worth US$ 190 Mn.
- China is expected to surpass a CAGR of 8% in the forecast period
“The light tower market will continue to witness strong growth as an aftereffect of mounting popularity for solar-based light towers in North America, Europe, and emerging new markets in the Asia Pacific region,” says the Fact.MR analyst.
- In 2019, Atlas Copco, the company has invented battery powered light towers that work efficiently for one week. In addition, these light towers are lighter and easier to transport.
- United Rental, Generac Holding, Wacker Neuson, Doosan Portable Power. Terex Corporation, Atlas Copco are the prominent players in the light towers market.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global light towers market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of lamp (halides and LEDs), power source (battery, diesel and solar) and end use industry (construction, mining, oil & gas and commercial & others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive