The growth of the global Light tower market is majorly driven by the increasing construction industry, growing emphasis on sustainability and the adoption of renewable energy sources, and high demand for solar light towers.
PORTLAND, Ore., Aug. 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Light Tower Market By Type (LED light tower and Metal halide light tower), By Fuel Type (Diesel powered, Solar powered, and Directly powered), By End-use Industry (Oil and gas, Mining, Construction, and Others), By Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the light towers market was valued at $3.6 billion in 2022 and is estimated to reach $5.9 billion by 2032, exhibiting a CAGR of 5.2% from 2023 to 2032.
A light tower, also referred to as an illumination tower or lighting tower, stands as a tall structure equipped with potent luminaries designed to furnish transient or enduring illumination across various contexts. These towers find widespread application on construction sites, outdoor gatherings, sports arenas, emergency scenarios, and similar situations demanding expansive illumination coverage. The significance of light towers extends to emergency responses and recuperation efforts in times of calamity. These structures are deployed to promptly illuminate areas prone to power failures, natural catastrophes, or accidents, proving indispensable for rescue operations.
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Prime determinants of growth
The growth of the global Light tower market is majorly driven by the increasing construction industry, growing emphasis on sustainability and the adoption of renewable energy sources, and high demand for solar light towers. However, the high initial cost of light towers restricts the market growth to some extent. Nevertheless, a rise in the use of light towers in the oil and gas industry is estimated to provide remunerative growth opportunities in the upcoming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $3.6 billion |
Market Size in 2032 | $5.9 billion |
CAGR | 5.2 % |
No. of Pages in Report | 261 |
Segments covered | Light Type, Fuel Type, End-use Industry, and Region. |
Drivers | Growth in the construction industry |
High demand for solar light tower | |
Opportunities | Rise in the use of light towers in the oil and gas industry |
Restraints | High initial cost of light towers |
The diesel-powered segment maintained its lead position during the forecast period.
Based on type, the diesel-powered segment accounted for the largest share in 2022, contributing to more than half of the global Light tower market revenue and is estimated to rule the roost throughout the forecast timeframe. This is due to diesel fuel offering a high energy density, allowing diesel-powered light towers to operate for extended periods without refueling. This feature is especially beneficial for applications that require continuous lighting over long durations, such as construction sites, outdoor events, or emergency situations. However, the solar-powered segment is anticipated to grow at the highest CAGR of 5.7% during the forecast period.
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The construction segment maintained its lead position during the forecast period.
On the basis of the end-use industry, the construction segment dominated the largest market share in 2022 contributing to nearly two-fifths of the global Light tower market revenue and is projected to maintain its dominance during the forecast period. With construction projects taking place around the clock, there is a growing demand for reliable and efficient lighting solutions, including light towers. However, the oil and gas segment is anticipated to grow at the highest CAGR of 5.6% during the forecast period.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global Light tower market and is estimated to rule the roost throughout the forecast timeframe. This is due to the highly developed electronic sector in U.S. and continuous investments done in the region through the years to advance the electronic sector. However, the Asia-Pacific region is anticipated to grow at the highest CAGR of 5.7% during the forecast period.
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Leading Market Players: -
- Doosan Portable Power
- Wacker Neuson SE
- Atlas Copco AB
- United Rentals, Inc.
- Larson Electronics
- Inmesol gensets S.L.U
- Xylem
- Progress Solar Solutions
- Aska Equipments Private Limited
- Olikara Lighting Towers Pvt Ltd.
The report provides a detailed analysis of these key players in the global Light tower market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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