July 22,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Light Towers Market.
Light Towers Market is likely to witness a CAGR of 5.7% during the forecast period. The major factor driving the light towers market is the increasing investment towards light towers operation in end-use industries such as construction, oil & gas, mining, and events & sports.
Light Tower is a permanent or stationary source of flood flight, which is ideal for use in a wide array of industries. Light tower can be categorized based on light type into metal halide and LED. These towers are powered through diesel, solar/hybrid, and direct power. They are widely used in industries such as oil & gas, mining, construction, events & sports, and others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the market type, the market is segmented as sales and rental. The rental segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. Strong demand from North America and Asia-Pacific along with the need for lower capital investment is the major factor driving the rental segment.
Based on the light type, the light towers market is segmented as metal halide and LED. The metal halide segment dominated the market in 2019, owing to increased demand from oil & gas and mining industries. On the other hand, the LED segment is expected to witness a higher growth, during the forecast period, owing to the increasing demand for energy efficient lighting systems.
Based on the fuel type, the market is segmented as diesel, solar/hybrid, and direct power. The diesel segment held the largest share of the market in 2019, owing to the fact that these light towers are operated in remote off-grid locations where access to grid power is non-existent. Further, diesel fuel is comparatively economical than other fuel sources.
In terms of regions, North America is estimated to be the largest light towers market during the forecast period. Strong investment towards infrastructure development and increasing oil & gas activities are the major factors driving the North American market. Asia-Pacific is expected to be the fastest-growing market, with China, Singapore, South Korea, Japan, and India being the major countries with lucrative growth opportunities.
Key Players:
- Generac Holding
- Terex Corporation
- Doosan Portable Power
- Wacker Neuson
- Atlas Copco
- United Rental
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Light Towers Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors