ROCKVILLE, Md., March 23, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Light Tower market is projected to grow at a compound annual rate (CAGR) of 5% between 2021 and 2031. The market is expected to reach US$ 2 Bn by the end of 2031.
The demand for Light Tower is expected to rise over the forecast period and the market was valued US$ 1.2 Bn in 2020.
Historically, between 2016 and 2020, light towers market registered a revenue of around US$ 1.2 Bn in 2020, expanding at a CAGR of approximately 4%. Changing landscapes of workplaces, innovations in light towers and the durability of light towers are expected to influence the light towers industry positively. While prospects dipped significantly in the initial months of the COVID-19 pandemic, relaxation of lockdowns in the latter half helped buoy the market through the recessionary trends.
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By lamp or light type, the LED light segment is expected to gain major traction in the upcoming period. LED lights have become popular as they do not emit toxins and provide a noise less environment. Likewise, manufacturers are emphasizing on introducing other similar sustainable light sources to power light towers, prompting a flurry of product launches and innovations.
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.
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Key Segments Covered in the Light Tower Industry Survey
Lamp
- Halides
- LEDs
Power Source
- 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
Competitive Landscape
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.
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Key players in the Light Tower Market
- United Rental
- Generac Holding
- Wacker Neuson
- Doosan Portable Power
- Terex Corporation
- Atlas Copco
Key Takeaways from the Market Study
- Global market for light towers to add 1.6x the value by 2031 compared to 2021
- By lamp, LED based light towers to yield revenue worth 52% of the global market through 2031
- By power source, solar powered light towers is poised to expand at a CAGR of 4.7%
- Diesel powered light towers to hold a dominant market share, capturing more than half of the total market
- By end use industry, construction to generate opportunity worth US$ 195 Mn by 2031
- The U.S is expected to register a CAGR of 5% in the forecast period, creating an absolute opportunity worth US$ 190 Mn.
- China is expected to surpass a CAGR of 8% in the forecast period.
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