Global Light Towers Market (2020 to 2025) - High Potential in African Market Due to Large Proven Mineral Reserves - ResearchAndMarkets.com
The major players in the light tower market are Generac Holding, Wacker Neuson, Terex Corporation, Doosan Portable Power, Atlas Copco.
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 2025" report has been added to ResearchAndMarkets.com's offering.
The global light tower market is estimated to grow from USD 4,326 million in 2020 to USD 5,696 million by 2025, at a CAGR of 5.7%.
The factors driving the market include growing investments in end-user industries such as oil & gas, mining, construction, and events & sports. The major players in the light tower market are Generac Holding, Wacker Neuson, Terex Corporation, Doosan Portable Power, Atlas Copco. The factors driving the market include increasing investment in oil & gas and construction infrastructure spending across global regions such as North America, Europe, and the Asia Pacific.
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 the 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.
Market Dynamics
Drivers
- Increasing Investments in End-Use Industries Including Oil & Gas and Construction
- Advancements in Led Technology That Are Making the Product More Energy Efficient
- Introduction of Solar and Battery-Powered Light Towers
Restraints
- Fluctuating Prices of Crude Oil Fuels
- High Starting Time of Metal Halide Lights
Opportunities
- High Potential of African Market Due to Large Proven Mineral Reserves
Challenges
- High Installation and Rental Cost of Light Towers
Companies Mentioned
- Allmand Brothers
- Atlas Copco
- Brandon Hire Station
- Coates Hire
- Doosan Portable Power
- Generac Holding
- Himoinsa
- Ishikawa Machine Company
- JCB
- Lambson's Hire
- Mhm
- Multiquip
- Nixon Hire
- P&I Generators
- Quzhou Valiant Machinery Co
- Terex Corporation
- The Rental Store
- United Rentals
- Wacker Neuson
- Wanco
- Will-Burt Company
- Xylem
- Yanmar
For more information about this report visit https://www.researchandmarkets.com/r/5f2x0n
View source version on businesswire.com: https://www.businesswire.com/news/home/20210120005362/en/