DUBLIN--(BUSINESS WIRE)--The "Light Towers Market by Market Type (Sales and Rental), Light Type (Metal Halide and LED), Fuel Type (Diesel, Solar/Hybrid and Direct Power), End-User (Oil & Gas, Mining, Construction, and Events & Sports) and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global light towers market size is projected to reach USD 6.1 billion by 2024 from estimated revenue of USD 4.7 billion in 2019, at a CAGR of 5.5% during the forecast period.
The factors driving the market include increasing investment in oil & gas and construction infrastructure spending across global regions such as North America, Europe, and Asia Pacific.
The rental segment is expected to dominate the light towers market
The rental segment is expected to be the largest market, by market type, during the forecast period. The growth is evident owing to the rising demand for light towers in short time/temporary projects in construction infrastructure projects, events & sports, mining, and oil & gas sectors.
Diesel segment is expected to dominate the light towers market
The diesel segment of the market, by fuel type, is estimated to be the largest during the forecast period. The growth is attributed to the easy and long reliability of diesel power light towers. In addition, in remote and off-grid applications where access to grid power is non-existent, diesel light towers are increasingly used. Solar/hybrid is the second-largest market in terms of demand for light towers.
North America to lead the global light towers market in terms of value
North America is the largest light towers industry, followed by Europe and Asia Pacific. The market is projected to be the fastest-growing market during the forecast period owing to rising investments in construction infrastructure development, oil & gas exploration activities, and mining sector operations in the US and Canada. The market is driven further by the presence of many global manufacturers and rental providers of light towers in the countries.
The global light towers market is dominated by leading players that have an extensive regional presence.
The leading players in the light towers industry include Generac Holding (US), Terex Corporation (US), Doosan Portable Power (US), Wacker Neuson (Germany), Atlas Copco (Sweden), and United Rental (US) and others.
- Increasing Investments in End-Use Industries
- Advancements in LED Technology
- Introduction of Solar and Battery-Powered Light Towers
- Fluctuating Prices of Crude Oil Fuels
- High Starting Time
- Untapped African Market
- High Cost of Light Towers
- Allmand Brothers
- Atlas Copco
- Brandon Hire Station
- Coates Hire
- Doosan Portable Power
- Generac Holding
- Ishikawa Machine Company
- Lambson's Hire
- Nixon Hire
- P&I Generators
- Quzhou Valiant Machinery Co
- Terex Corporation
- The Rental Store
- United Rentals
- Wacker Neuson
- Will-Burt Company
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