This expansion can be ascribed to increased investment in light tower operations in end-use sectors such as mining, oil & gas, construction, and events & sports.
The global Light Tower market worth US$ 2 Bn by 2031, growing at a CAGR of 5%
The global economy has been severely impacted by the coronavirus pandemic, which has resulted in the suspension of commercial and industrial operations around the world. Following the subsequent waves of virus spread, global restrictions such as lockdowns and strict curfews imposed by respective government authorities have caused the commissioning of several mining, construction, and oil and gas projects to be delayed. However, the availability of multiple verified vaccines globally, combined with effective national immunisation programmes, has accelerated the chances of a market revival.
Not only has the coronavirus pandemic resulted in infections and deaths, but it has also wreaked havoc on the global economy. The COVID-19 outbreak has had a significant impact on mining companies.
Mining projects have been slowed or put on hold until further notice as a result of global restrictions to encourage social distancing. Because of the concentration of employees in mining and drilling areas, the virus is expected to spread faster. As a result, companies are likely to be forced to halt operations in order to prevent the virus from spreading further.
During 2021-28, Rental Segment to Sustain Highest Revenue
Based on market type, the light tower sector is separated into two segments: sales and renting. Due to increasing demand for light tower rentals in North America and Asia Pacific, the rental market type segment got the most market share in 2019. The demand for short-term/temporary rentals fuels the rental market because it requires less capital investment.
The LED segment is projected to be the fastest-growing segment
The market for light towers is divided into two categories: metal halide and LED light towers. The LED light tower category, on the other hand, is predicted to be the largest and fastest-growing market in the future due to the higher energy efficiency and operating features of LEDs compared to metal halide lights.
Based on market type, the light tower sector is separated into two segments: sales and renting. Due to increasing demand for light tower rentals in North America and Asia Pacific, the rental market type segment got the most market share in 2019.
Because light towers are increasingly used in remote off-grid areas where grid power is unavailable, the diesel segment has the largest market share. Furthermore, compared to other fuel sources, diesel is widely available and cost-effective, which drives the market for diesel-powered light towers.
In 2021-28 North America to Emerge as the Biggest Regional Market
IN historic years, North America claimed the largest market share and it is expected to repeat the trend in the coming years as well. Because they are substantially investing in infrastructure development and oil and gas exploration, countries like the United States and Canada are driving the North American market.
A portable light tower with one or more high-intensity electric lights and a mast is known as a light tower. The light is mounted on a mast that is attached to a trailer that is powered by a diesel generator. The light tower market is propelled forward by technological advancements that aim to provide emission-free lighting. Light towers are primarily used to illuminate work areas that are typically isolated and off the main power grid. Furthermore, light towers are equipped with metal halide bulbs, which are powered by a diesel generator. Light towers are essential in road construction and other applications, especially when fuel economy and mobility are important. Construction, mining, oil and gas, entertainment, and demolition are just a few of the sectors that employ them. Furthermore, as safety concerns in the building sector develop, as does the need to prevent injuries or accidents on construction sites, the light tower market is likely to grow dramatically.
The light towers market is predicted to increase considerably throughout the forecast period. This increase can be attributed to increased investment in light towers across a variety of industries, including construction, mining, oil and gas, and events and sports. Furthermore, a greater emphasis on the execution of safety measures and regulations in the building industry throughout the world stimulates the use of technologically sophisticated equipment and construction methods, which adds to the global light tower market's growth. Furthermore, the light tower market is expected to benefit from an increase in infrastructure investment, primarily due to rapid transportation development and the refurbishment of existing structures, over the forecast period. Furthermore, the market is expected to be driven by tough working conditions in the oil and gas and mining industries, as well as government regulations. Various constraints, including battery issues, high maintenance costs, and an inefficient supply chain, are projected to stifle market growth.
Because of their long service life and ability to switch on/off instantly, LED lights to continue to gain popularity in the construction and mining industries. Furthermore, when compared to metal-halide lights, LEDs have a longer life cycle, resulting in better performance. The market for light towers was valued at USD 4.27 billion in 2020, and it is predicted to increase at a CAGR of 6% from 2018 to 2028, reaching USD 6.76 billion by 2028.
Generac Holdings, Terex Corporation, Doosan Portable Power, Wacker Neuson, Atlas Copco, and United Rentals are the major players. In the market for diesel and LED light towers, Generac Holding (US) is a major player. The corporation uses both organic and inorganic techniques to increase its worldwide market share. In July 2021, Generac Mobile, for example, introduced a new light tower product. The new MLTS LED light tower delivered bright, even illumination, intuitive controls, and minimum maintenance needs for optimum profit. LED lights with a 10-year life expectancy are included in the package.
United Rentals is another major player in the market (US). WesternOne Rentals & Sales has been acquired by United Rentals. As a consequence of the acquisition, United Rentals was able to increase its service to construction and industrial clients in British Columbia, Alberta, and Manitoba.
- Lind Equipment will release the All-in-One Beacon LED Tower in March 2020. Lind Equipment focuses on the North American market, with rental activities accounting for roughly 90% of sales.
- The Night-Lite GR-Series light tower series was introduced by Allmand Bros. Inc. in February 2020. It has a small design and a variety of powertrain options, including air-cooled diesel, gasoline, and a towable chain unit.
- Wanco Inc. launched its "next-generation" tiny light tower in January 2020, with features aimed at improving safety and lowering running costs. With the WALi Compact, up to 18 units may be loaded onto a single truck, taking up less space in the yard or on the project site.
- June 2021 - Generac Mobile has designed a "all-in-one" mobile lighting tower that can operate on diesel, battery, hybrid, mains electricity, and solar power.
Light Tower Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 6.76 billion|
|Growth Rate||CAGR of 6 % during 2021-2028|
|Segment Covered||Type, Light Type, Application, Fuel Type, Power Source, End User, Product, Technology, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Generac Holdings, Terex Corporation, Doosan Portable Power, Wacker Neuson, Atlas Copco, and United Rentals|
The Global Light Tower Market Segmentation
Market Type Overview, 2018-2028 (USD Billion)
Light Type Overview, 2018-2028 (USD Billion)
- Metal Halide
Fuel Type Overview, 2018-2028 (USD Billion)
- Direct Power
Power Source Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Infrastructure development
- Highway construction
- Railway line construction
- Bridge construction
- Oil & gas
- Military & defense
- Emergency & disaster relief
Technology Overview, 2018-2028 (USD Billion)
- Manual lifting
- Hydraulic lifting
Product Overview, 2018-2028 (USD Billion)
End-User Overview, 2018-2028 (USD Billion)
- Oil & Gas
- Events & Sports
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa