Light Tower Market Insights
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, increasing number of oil inventories and processing plants will drive demand for light towers in the years to come.
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. Africa’s energy consumption remains small relative to its size. As energy consumption increases with respect to infrastructure developed in respective countries, along with use of renewable energy resources, it will aid the expansion of the light tower market size.
As most developing and developed economies are focusing on the development of better infrastructure to support numerous activities such as transportation, energy generation, and many more, the light tower market is expected to experience ascending demand.
Light Tower Market Analysis by Power Source
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 2020 to 2030. However, diesel-based light towers will dominate the global light tower market by accounting for more than 50% share by the end of 2030.
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End-use Industry Insights of Light Tower Market
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 2030-end.
Regional Outlook of Light Tower Market
North America is seen as the most lucrative region in the light tower market, backed by strong growth of construction, oil & gas, and mining industries. Regional trends and sports regulatory policies play an important role in the development of North America’s light tower market share. In particular, the U.S. light tower market 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. Furthermore, the Europe light tower market is expected to create an absolute $ opportunity of US$ 150 Mn by 2030. However, the Asia Pacific region is seen as an emerging market with ascending construction and mining industries in China, South Korea, Japan, Australia, New Zealand, and India.
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Light Tower Market Competitive Analysis: Key Players to Focus on Geographical Expansion & Collaboration with Regional Authorities
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 centers 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, Wacker Neuson SE and MHE-Demag entered into an agreement to pursue growth opportunities in Southeast Asia.
COVID-19 Impact on Light Tower Market
The spread of the coronavirus has crippled the entire world. Nearly all countries have imposed lockdowns and strict social distancing measures. This has resulted in disruptions of the supply chain. Instructions to follow social distancing has resulted in shutting of construction activity, resulting in descending demand for light towers. This factor has impacted the demand for light towers significantly, with growth set to gradually pick pace post pandemic.
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The Analyst’s Viewpoint
“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”.
Light Tower Market: Scope of the Report
Fact.MR published an exclusive forecast report on the light tower market for the period of 2020-2030. The foremost objective of the light tower market report is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the light tower market. Also, the light tower market study addresses key dynamics that are expected to diversify the adoption and future prominence of light towers.
The report on the light tower market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the light tower market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the light tower market, including drivers, restraints, opportunities, trends and pricing analysis, along with key buying factors.
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Light Tower Market: Segmentation
Fact.MR has studied the light tower market with detailed segmentation on the basis of lamp, power source, end-use industry, and key regions.
- Oil & Gas
- Commercial & Others
- North America
- Latin America
Light Tower Market – Report Scope
A recent study by Fact.MR on the light tower market offers a 10-year forecast from 2020-2030. The study analyzes crucial trends that are currently determining the growth of the light tower market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players, along with key stakeholders as well as emerging players associated with the manufacturing of light towers. The study also provides the dynamics that are expected to influence the future status of the light tower market over the forecast period.
A detailed assessment of value chain analysis, business executions, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the light tower market enhances the reliability of this comprehensive research study.
Light Tower Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, policy & regulatory landscape, revenue generation, and sales in the light tower market across the globe.
A comprehensive estimate of the light tower market has also been considered through an optimistic scenario as well as a conservative scenario regarding the sales of light towers over the forecast period. Price point comparisons by regions with global average prices are also considered in the study.
Light Tower Market: Analysis on Market Size Evaluation
The study provides each market segment in terms of value (US$ Mn) analysis in the Light Tower market.
Market estimates at global and regional levels for light towers are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent light tower market segments along with market attractiveness evaluation has been incorporated in the report. Another key feature of the light tower market report is the analysis of all key segments in terms of absolute dollar. Absolute dollar opportunity is critical in assessing the level of opportunity that a manufacturer can look to achieve, as well as identify potential resources from sales and delivery perspectives in the light tower market.
Light Tower Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which help deliver projections on regional markets. This chapter include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the light tower market during the forecast period.
Country-specific valuations on the demand for light towers have been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of prominence in regions and countries. Regional markets Y-o-Y growth estimates have also incorporated in the report.
Detail breakup in terms of value for emerging countries has also been included in the report.
Light Tower Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers in the light tower market, along with their detailed profiles. Essential and up-to-date data related to market players who are principally engaged in the production of light towers has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.
Company profiles have been combined in the report, which include essentials such as product portfolios, along with an all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus providing readers with actionable insights, which help in thoughtfully presenting market status and predicting the competition levels in the light tower market space.
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