Continuous technological advancements in the LED lights and the increasing application of the LED lights in various industry verticals are the two major factors that are boosting the demand of the market over the coming years.
Dublin, Ireland – July 14, 2020 /MarketersMedia/ —
The primary factors boosting the growth of the light towers market include the various advancements in LED technology, the emergence of solar energy and battery-powered towers, and the increasing investments by numerous end-user industries. Light towers are majorly employed for outdoor remote operations or locations that are difficult to connect with the main power grid. This factor makes the light tower an essential source of lightning during construction activities. According to the light towers market report, various remote operations comprise of different operations such as mining operations, emergency, rescue operations, and oil & gas industry operations. The mining and oil & gas sites, being away from the main power grid, generate power locally by using heavy-duty generators. The increasing requirement for light towers in these operations is important for illuminating any desired location onsite for any specific operation. The growing number of infrastructure activities such as bridge construction, highway construction, railway line & maintenance, and other civil activities is a major factor that is responsible for the expansion of the light tower market size. On the other edge, the regular fluctuations in the prices of crude oil will hamper the growth of the market.
On the basis of the market type, the rental segment is projected to maintain its dominance over the six years. This is attributed to the accelerating demand for light tower rentals, especially in the North America and Asia-Pacific regions. In addition to this, the demand for rental market increases for short time/ temporary use driven by the low capital investment factor.
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Based on the light type, the LED segment is predicted to witness considerable growth over the forecast period due to the strong demand for LED lights among the mining and oil & gas end-users. The LED light tower offers improved energy efficiency as compared to the metal halide lights and decreases the overall electricity consumption, which would surge the growth of the segment in the market.
On the basis of the fuel type, the diesel fuel type segment is expected to maintain its dominance over the forecast period. The light towers are being increasingly used in various remote off-grid regions where access to grid power is non-existent. Furthermore, diesel is widely available and highly cost-effective as compared to other fuel sources. All these factors are attracting a large number of consumers to opt for this segment.
On the basis of the region, the North American region is projected to lead the light towers market over the coming years. The increasing deployment of light towers in various robust end-use industries is the major factor that is driving the growth of the market in this region. Moreover, the increasing number of construction and mining activities in Canada is further boosting the demand of the market.
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The key players of the light towers market include Doosan Portable Power, Wacker Neuson Corporation, Generac Holding Inc, Terex Corporation, Atlas Copco Ltd, Generac Holding Inc, Terex Corporation, United Rental Inc, Larson Electronic LLC, and Aska Equipments Limited, among others.
The research report on the light towers market provides an in-depth analysis of the market revenue based on market type, light type, fuel type, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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