Light Tower Market
Light Tower Market Analysis By Lamp (Halides, LEDs), By Power Source (Battery Powered, Diesel Powered, Solar Powered Light Towers), By End Use Industry (Construction, Mining, Oil & Gas) - Global Market Insights 2021 to 2031
Market Outlook for Light Tower
Recent data from Fact.MR states that the market for light towers gained a market revenue of around US$ 1.2 Bn in 2020. Increase in the use of renewable energy resources for the functioning of light towers and the efficiency of light towers at different sights is expected to boost market revenue. The light towers sale is expected to surpass a CAGR of 5% in the forecast period.
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Key Points Covered in Light Towers Industry Survey
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Light Tower Market and How to Navigate
- Recommendation on Key Winning Strategies
Light Towers Revenue Analysis 2016-2020 v/s Future Outlook 2021-2031
According to Fact.MR, a market research and business intelligence provider, over the last five years, the market revenue for light towers gained a market revenue of around US$ 1.2 Bn in 2020, expanding at around 4% CAGR.
Technological advancements is prompting new inventions in the light towers industry. With the enforcement of sustainable solutions for various fields by the governments, the light tower industry is focusing on using renewable energy resources that are durable and wouldn’t harm the environment.
In addition, use of fuels such as diesel along with more renewable alternatives such as battery powered light towers are also contributing positively to the revenue of light towers. Thus, the market is anticipated to surpass a CAGR of 5% with a market revenue that is expected to surpass US$ 2 Bn in the projected forecast period 2021-2031.
An Adaptive Approach to Modern-day Research Needs
How are Solar Light Towers Propelling Growth?
The global light tower market is set to witness mounting growth in the coming years, as a result of increasing popularity of solar-equipped light towers. These towers require a one-time set-up cost and are environmentally friendly. Furthermore, the increasing number of oil inventories and processing plants will drive demand for light towers in the years to come.
As most developing and developed economies are focusing on the development of better infrastructure to support numerous activities such as transportation, energy generation, the market for light towers is expected to experience soaring demand.
How Will Remote Location Industrial Activities Accelerate Growth for Light Towers?
The oil and mining industry faces challenges at workstations as they are situated in locations that are not easily accessible. In addition, unfavourable and harsh environments hamper work progress. At such locations, light towers serve as the best option as they provide light for long periods of time.
The growing construction industry has further propelled the sales of light towers. The ever-widening spaces in urban areas and constantly changing infrastructure demands light towers that would help to speed up the construction process. Thus, with the help of light towers, workers are able to work after sunset in winters and rainy seasons too.
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Light Towers - Future of Entertainment Industry?
The entertainment industry that includes film shooting and sports stadiums is relying on light towers due to its usability factor. Light towers cover a wide range of space while covering an event.
In addition, manufacturers of light towers are focusing on reducing noise emission while shooting or recording an event. This, in turn, has impacted the light tower industry positively.
Why is U.S a Lucrative Market for Light Towers?
U.S is likely to be the most lucrative region for light tower sales, backed by strong growth of construction, oil & gas, and mining industries. In particular, the U.S. light tower industry is poised to progress at a CAGR of 5% and create an absolute $ opportunity of US$ 190 Mn over the forecast period.
Key companies active in the light tower market are increasingly viewing North America from a target market perspective, on the back of increasing popularity of solar-based light towers in the region.
What is the Future of Light Towers in the Asian Region?
There is an energy transition underway, with the developing world increasing its role as the main market for energy consumption. Much of this increase in energy demand is concentrated in developing regions of Asia (India, China, and others), where rising prosperity and improving living standards support increasing energy consumption per head.
China, as the world’s largest market, will accounts for over a quarter of the growth in global energy demand. China is expected to surpass a CAGR of 8% in the forecast period.
Why are LED Light Towers Experiencing High Growth?
LED lights possess a greater resistance to vibrations. In addition, the durability factor of the LED lights makes them efficient in harsh working conditions. A revenue share worth 52% is projected for the LED light tower segment until 2031.
LED lights also work for a longer period of time in comparison to other light types. LED light manufacturers have made the product affordable. Thus, these factors are propelling the growth of LED lights.
Why are Solar Based Light Towers Gaining Popularity?
With the advancing construction industry, demand for light towers is also gaining traction as a result of urbanization and automated light controlling technology. Battery, diesel, and solar-powered light towers are among the popular choices for installation across cities and oil inventories.
Increasing attention towards the usage of renewable energy resources will facilitate numerous opportunities for solar powered light houses during the forecast period. The market for solar-based light towers is poised to expand at a CAGR of 4.7% from 2021 to 2031. However, diesel-based light towers will dominate the global light tower market by accounting for more than 50% share by the end of 2031.
Which End-use Industry will Upsurge the Demand for Light Towers?
In the recent past, the construction industry has witnessed slow growth due to a global economic slowdown during 2013-2016. However, the past couple of years has seen global economic conditions stabilizing. This has led to elevated spending in the construction industry, as new projects in the field of communications, power transmission, oil & gas, and infrastructure are increasing around the world.
This, in turn, has been creating demand for light towers. The construction industry, as an end-use industry for light towers, is projected to expand at a CAGR of 3.4% during the forecast period, creating a value opportunity of US$ 195 Mn by 2031-end.
Collaboration of key players with regional authorities for the development of infrastructure and lighting systems is set to remain as the main strategy for regional as well as global players. Furthermore, focus on the expansion of business through increasing sales offices and distribution centres to enhance presence across new and potential geographic clusters will be beneficial.
Key manufacturers are observed to be involved in material optimization, manufacturing technological automation, and productivity enhancement.
- For instance, in 2018, Wacker Neuson SE and MHE-Demag entered into an agreement to pursue growth opportunities in Southeast Asia.
- Likewise, in August 2021, Generac Power Systems announced the expansion of its corporate operations into the Village of Pewaukee with the purchase of a new building. The new site will serve as the company Customer Contact Centre and help cater to queries regarding light tower products
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Segments Covered
- Battery Powered Light Towers
- Diesel Powered Light Towers
- Solar Powered Light Towers
End Use Industry
- Light Towers for Construction
- Light Towers for Mining
- Light Towers for Oil & Gas
- Light Towers for Commercial & Other End Use Industries
- FAQs -
According to Fact.MR, the light towers industry registered around US$ 1.2 Bn in 2020.
The light tower industry is expected to surpass a CAGR of 5% from 20201-2031
The light towers market is expected to surpass US$ 2 Bn by 2031.
From 2016 to 2020, sales of light towers expanded at a CAGR of 4% according to Fact.MR
Use of LED lights, efficiency of light towers working for a longer time are the key trends driving the demand for light towers sales.
The U.S is expected to be the largest market for light towers, generating an opportunity worth US$ 190 Mn by 2031
United Rental, Generac Holding and Wacker Neuson are some prominent players in the light towers market.
U.S Canada, India and China are the top countries driving demand for light towers.
The LED lights hold the largest share for light towers sales, expanding at over 5% CAGR
China is expected to surpass a CAGR of 8% in the forecast period.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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