(EnergyIndustry.Net, January 07, 2020 ) According to the new market research report “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” published by MarketsandMarkets™, the global Light Towers Market size is expected to grow from estimated revenue of USD 4.7 billion in 2019 to USD 6.1 billion by 2024, at a CAGR of 5.5%. Increasing investments in oil & gas exploration and construction infrastructure development across regions such as North America, Europe, and Asia Pacific is driving the demand for light towers. The market is segmented by end-user, market type, light type, fuel type, and region.
Construction: The largest end-user segment of the light towers industry
The market is segmented, by end-user, into construction, oil & gas, mining, events and sports, and others. The construction segment accounted for the largest Light Towers Market share in 2018. The construction sector is driven by the increased infrastructure development activities in residential, commercial, and industrial spaces. In addition, transport infrastructure improvements and maintenance activities require light towers for safe and efficient operations at night. This is expected to drive the construction sector demand across regions such as North America, Europe, and Asia Pacific.
The LED segment is estimated to have the highest growth rate in the Light Towers Market, by light type
The market is segmented, by light type, into metal halides and LED type light towers. The metal halide segment is estimated to lead the market in terms of market size; however, the LED segment is expected to be the fastest-growing market. The growth of the segment is mainly because of its rising demand for clean and efficient operations using light towers and the need to reduce carbon footprint.
North America is expected to dominate the global Light Towers Market
North America was the largest light towers industry in 2018, driven mainly by activities in the US and Canada. Increasing investment for oil & gas exploration activities and CAPEX spending is the key market driver, where US has a favorable supportive policy for the growth of the sector. This further drives the demand for light towers and creates growth opportunities for all major light tower rental and manufacturers in the region. Europe is the second-largest market, following North America closely, with several construction infrastructure investments and developments taking place.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top manufacturers in the Light Towers Market. These players include Generac Holding (US), Terex Corporation (US), Doosan Portable Power (US), Wacker Neuson (Germany), Atlas Copco (Sweden), and United Rental (US).
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