Light towers generally consist of three main components; a generator that powers the lamps, a mast, and one or more electric high-intensity lamps. The mobility for the units is usually achieved by the addition of wheels, or trailer hitches. The lighting tower has significant use in the building, construction, mining & oil & gas activities to provide the proper light. The lighting towers can be powered by generators, direct electricity, diesel, and solar cells. Growing frequency of fatal accidents specially during night construction coupled with availability of wide range of tough & resistant mobile equipment with high quality standards has encouraged the mobile light tower industry growth. Moreover, light towers also help keep the worksite well protected during idle times when there are no workers present. Dark or unlit construction sites are a prime target for vandalism or theft. Keeping the site well illuminated can therefore curb potential criminal activity and keep the site secure. The market growth is also attributed to innovations that are focused on providing emission-less lighting, which is monitored by stringent government regulations pertaining to workforce safety. In recent times, the need for solar-powered lighting towers, to illuminate highly remote and distant villages, has witnessed a significant demand. However, some of the restraints in the market include high equipment cost, battery problems, inefficient supply chain which are some factors impeding the growth of this market all over the world.
Based on market type, the market is segmented into Sales and Rental. The Rental segment grabbed XX% market share of the Global Light Towers Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 driven by the demand for light tower rentals in North America and Asia Pacific due to their low costs as compared to purchasing.
Based on light type, the market is segmented into LED & Metal Halide. In 2020, the Metal Halide segment dominated the Light Towers Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to its increased demand from the oil & gas, and mining end-users. However, in the forecasted period, the LED light tower segment is expected to be the largest and fastest-growing market due to their increased energy efficiency.
Based on fuel type, the market is classified into Diesel, Solar/Hybrid, Direct Power and others. The Diesel segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 due to light towers being operated increasingly in remote off-grid regions where access to grid power is non-existent.
Based on end user type, the market is classified into Oil & Gas, Mining, Construction, Events & Sports and others. The Construction segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 due to increased infrastructure development activities in residential, commercial, and industrial spaces globally.
For a better understanding of the market adoption of Light Towers, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), MEA and Rest of World. North America constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of strong investment in infrastructure development and oil & gas exploration activities which are driving light towers usage.
Some of the major players operating in the market include Generac Power Systems, Terex Corporation, Atlas Copco, Doosan Portable Power, Wacker Neuson etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.