Global Light Towers Market is expected to foresee significant growth. North America to lead the growth
Global Light Towers Market is expected to reach the market valuation of US$ xx billion by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027) from US$ xx billion in 2020. Light towers are towable, mobile equipment equipped with one or more high power electric lamps with telescopic mast assembly. The mast may be fixed or adjustable in its operations, which is attached to a trailer consisting of a generator set to power the light panels. Light towers are used for illuminating the area of work, which is usually remote and off the main power grid. The lamps used in light towers are usually made of metal halide and the power generator runs through diesel engine. However, recent years have marked the emergence of newer alternatives for power supply such as battery, hydrogen, or solar power, in addition to the integration of more efficient LED lighting solutions.
The growth of Light Towers Market expanded significantly over recent years, underpinned by increasing investment in the construction and oil & gas sectors, innovative technology adoption for energy-efficient lightings, and their proven reliability, efficiency, and easy installation techniques for many end user activities. In recent times, the need for solar-powered lighting towers, to illuminate highly remote and distant villages, has witnessed a significant demand.
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The lighting tower has significant use in the building, construction, mining & oil & gas activities to provide the proper light. The lighting towers can be powered by generators, direct electricity, diesel, and solar cells. Growing frequency of fatal accidents specially during night construction coupled with availability of wide range of tough & resistant mobile equipment with high quality standards has encouraged the mobile light tower industry growth.
Based on market type, the market is segmented into Sales and Rental. The Rental segment grabbed XX% market share of the Global Light Towers Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 driven by the demand for light tower rentals in North America and Asia Pacific due to their low costs as compared to purchasing.
Based on light type, the market is segmented into LED & Metal Halide. In 2020, the Metal Halide segment dominated the Light Towers Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to its increased demand from the oil & gas, and mining end-users. However, in the forecasted period, the LED light tower segment is expected to be the largest and fastest-growing market due to their increased energy efficiency.
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The unprecedented rise of the global health emergency caused by COVID-19 pandemic has negatively affected the financial conditions of different sectors and countries. Various countries across the globe have observed investment deficits owing to the halt in revenue-generating industrial operations. Additionally, several small and medium organizations have also been significantly impacted by the pandemic resulting in various problems such as no cash flows and unavailability of skilled professionals.
Under the COVID-19 scenario, there has been a decline in the construction projects due to their working process which includes close contact & physical presence of workers. Construction enterprises and workers are particularly vulnerable to the drastic decline in economic activity resulting from the pandemic. Increased health risks associated with COVID-19 have exacerbated decent work deficits in the sector and so does the demand for the light towers.
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Additionally, the report provides detailed initiatives that are being taken in the field of Light Towers market. The market is classified into distinct regions including North America, Europe, Asia Pacific, MEA, and the Rest of World. North America dominated the Global Light Towers Market, accounting for nearly xx% share in 2020 due to strong investment in infrastructure development and oil & gas exploration activities which are driving light towers usage.
Global Light Towers Market Segmentation
Market Insight, by Market Type
Market Insight, by Light
- Metal Halide
Market Insight, by Fuel
- Direct Power
Market Insight, by End User
- Oil & Gas
- Events & Sports
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
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