In the past decade, a major increase in the market for renting light towers is anticipated. The ever increasing demand for energy and the requirement for energy-efficient lighting solutions across a range of end-use industries are cited as causes for this. Portable light towers are available for rent on the light tower market, and they are used for a range of purposes including concerts, athletic events, mine sites, and construction sites.
COVID-19 Impact and Market Status
Nearly major businesses operating in the world have been hit by the COVID-19 pandemic, and this is also true of the market for renting light towers. End-use industries like construction, mining, and events & sports, which have been badly damaged by the global economic slump, have seen a fall in demand for light towers as a result of the COVID-19 epidemic. The expansion of the market for renting light towers has also been hampered by a lack of raw materials and personnel. The light tower rental business is anticipated to pick up steam in the upcoming months, though, as governments all over the world loosen lockdown regulations and industries gradually resume operations.
The Rental Market Type to Emerge as the Most Prominent Segment
The rental and sales segments of the world market for light towers are based on type. In light of this, a greater CAGR for the Rental segment is anticipated during the forecast period. This is a result of the greater demand for short-term rentals compared to long-term rentals from various end-users like the mining, construction, and oil & gas industries. Furthermore, compared to long-term rentals, short-term leases are simpler to secure.
The Halide Type to Emerge as the Most Lucrative Segment
The market is divided into Metal Halide & LED categories based on Types. Because it produces high-quality light, can be utilised over a long distance, and is more shock-resistant than other types of lights, the Metal Halide sector of these types currently has the biggest market share. Additionally, they may be utilised in any weather and are more resilient.
The Diesel Fuel Segment is the Most Popular Fuel Type
The market is divided into three sub-segments based on fuel type: diesel, solar/hybrid, and direct power. The market for diesel fuel type is anticipated to experience the highest CAGR growth among these fuel types over the projection period. Diesel-powered light towers offer a better level of portability than other fuel types and may be utilised for a longer amount of time, which is a major factor in this rise. Additionally, they require less upkeep than other fuel kinds.
The Oil and gas followed by Construction Segment appears as the most emerging End-User
The market is further divided into the end-user categories of Oil & Gas, Mining, Construction, Event & Sports. Because the exploration and production activities in the oil and gas sector necessitate a sizable number of light towers for night operations as well as for working in remote locations, the oil and gas industry is the end-user segment that generates the highest revenue in the global light tower rental market. Due to the increased infrastructural building activities occurring worldwide, the construction industry is one of the main users of light tower rentals.
North America region to render Adequate Financing Avenues
The market is divided into five regions based on geography: Europe, South America, Asia Pacific, North America and Middle East & Africa. North America is one of these regions, and it is projected that throughout the forecast period it would rise at a substantial CAGR. The presence of major market participants and strict government laws relating to environmental issues are elements that are credited to this region's success. Additionally, the U.S. is one of the main markets for light towers due to the country's rising need for event illumination and increased construction activities.
A light tower is rented for a set period under the term "light tower rental." A light tower is a tall, transportable structure that has one or more strong lights on it that can be used to light up a space at night or in low light. The kind of light tower you choose will depend on your particular demands. There are many different kinds of light towers available for rental.
Lighting towers come in a wide range of styles and sizes from rental providers. The most frequently rented light towers are those used for events, mining activities, and building projects. Additionally, it is possible to rent portable light towers. These are frequently employed in dire circumstances like power shortages and environmental catastrophes.
According to estimates, the market for renting light towers would increase from USD 1.09 billion in 2019 to USD 1.61 billion by 2029, growing at a CAGR of 5.0%. The market expansion may be attributable to the rising demand for light towers in the event & sports, oil & gas, mining, and construction industries. Due to the rising demand for light towers from nations like China and India, Asia Pacific is anticipated to see the fastest growth throughout the forecast period.
The lack of experienced workers for light tower operation and maintenance is a barrier to the global market for renting out light towers. Additionally, the initial cost of light tower rentals is relatively high, which could limit the market's expansion to some extent. Yet, it is projected that the price of light towers will fall over the forecast period due to technological improvement.
Recent Developments of the Global Light Tower Rental Market
- Atlas Copco introduced the G 25+ mobile generator in May 2019 with a 15% increase in fuel efficiency. The company's position in the market for renting light towers is anticipated to improve with the introduction of this product.
- New JCB telehandlers featuring working s up to 18 metres were unveiled in September 2019. The introduction of this product is anticipated to aid the business in growing its clientele in the market for light tower rentals.
Light Tower Rental Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||USD 1.61 billion|
|Growth Rate||CAGR of 5.0 % during 2021-2029|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Atlas Copco Renting LLC, Sunbelt Rentals Inc., Terex Corporation, Aggreko plc, Generac Holdings Inc., United Rentals Inc., Wacker Neuson SE, Herc Rentals Inc., and JCB Service Provider Ltd|
Market’s Key Players
Atlas Copco Renting LLC, Sunbelt Rentals Inc., Terex Corporation, Aggreko plc, Generac Holdings Inc., United Rentals Inc., Wacker Neuson SE, Herc Rentals Inc., and JCB Service Provider Ltd. are important market participants in the rental of light towers worldwide. To acquire a competitive edge in the worldwide light tower rental market, several of the leading companies are additionally anticipated to implement strategies like alliances and new product advancements.