The Light Towers by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Light Towers, The light towers market size has grown strongly in recent years. It will grow from $5.07 billion in 2023 to $5.36 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rapid industrialization, strong economic growth in emerging markets, rise in disposable income, growth in the construction sector.
The light towers market size is expected to see steady growth in the next few years. It will grow to $6.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to rising urbanization, increasing investment for light towers operation, increasing investment in infrastructure development project, and increase in oil and gas production and exploration activities. Major trends in the forecast period include focusing on fuel saving for the sustainable use of resources and to increase their global customer base, increasingly focusing on developing light towers using solar radiation as an energy source, providing silent and cleaner operations, focusing on product innovation to stay in the competitive market, with plenty of opportunities, focusing on light towers with voice annunciator to expand in the market, focusing on launch of light towers with monitoring sensor to improve overall equipment effectiveness (oee) on the production line.
Increased infrastructure activities are significantly contributing to the growth of the light tower market. Light towers are usually used on mining sites, accident sites, construction sites, rescue solutions, and others. Light towers are very useful equipment on infrastructure construction sites such as railways, highways, or roadways, sewers, power lines, and other infrastructure projects during night operations in remote places where insufficient light is present and good illumination is required. Light towers on construction sites increase the safety of workers and productivity. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3 percent compared to 2020. Additionally, according to the US Census Bureau, The value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2 percent. Therefore, the increasing infrastructure activities drive the growth of the light tower market.
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The light towers market covered in this report is segmented –
1) By Product: Stationery, Mobile
2) By Fuel Type: Solar or Hybrid, Diesel, Direct Power
3) By Technology: Manual Lifting, Hydraulic Lifting
4) By Lighting: Metal Halide, LED, Electric
5) By End-User: Oil & Gas, Mining, Construction, Events & Sports, Other End Users
New product development is the key trend being followed by the companies operating in the light tower market. This is due to the presence of a large number of light tower manufacturing companies as well as their extending their growth in new areas to be a leader in the market. For instance, in 2021, Generac Power Systems, Inc., an American-based backup power generation products manufacturing company, developed a product named Generac’s V20 PRO tower, which is an all-in-one mobile lighting tower that can be operated with different fuelling systems such as diesel, battery, hybrid, external power, and solar energy in a single machine. Generac’s V20 PRO tower comes with a variety of external sources for charging the battery packs, including a solar panel kit, a generator, and a mains power supply.
The light towers market report table of contents includes:
1. Executive Summary
2. Light Towers Market Characteristics
3. Light Towers Market Trends And Strategies
4. Light Towers Market – Macro Economic Scenario
5. Global Light Towers Market Size and Growth
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26. South America Light Towers Market
27. Brazil Light Towers Market
28. Middle East Light Towers Market
29. Africa Light Towers Market
30. Light Towers Market Competitive Landscape And Company Profiles
Top Major Players:
- Atlas Copco
- Generac Holdings Inc
- Wacker Neuson Group
- Terex Corporation
- JLG Industries Inc
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