Light Towers Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

By Author: Statzy Market Research
Total Articles: 979
Comment this article

The Light Towers Market registered a CAGR of 7% for the forecast period 2021-2026.The need for lighting in remote operations that involve construction activities (both remote and general) and operations related to the oil and gas or mining industries, and emergency and rescue make light towers vital equipment in these industries. The market studied is driven by innovations that are focused on providing emission-less lighting, which is monitored by stringent government regulations pertaining to workforce safety. In recent times, the need for solar-powered lighting towers, to illuminate highly remote and distant villages, has witnessed a significant demand. Further, the positive outlook of the mining and construction industries are also expected to augment the market's growth, over the forecast period.

- The increasing focus on the implementation of safety standards, measures, regulations in the construction sector, which across the globe is frequently seeing the usage of technologically advanced equipment and construction methods, has led to huge changes in the way key operations are undertaken. Principally during nights ...
... or on dull days, the use of light towers, the tall, often mobile, structures adjusted with non-glare electric lights, is displaying a norm across the world.
- Light towers are very useful in road works and other applications, especially where fuel economy and mobility is dominant. The light towers find its fundamental importance in many sectors including entertainment, mining, oil and gas, construction, demolition, etc. Light towers are also used in numerous emergency and rescue operations due to their easy portable and mobility characteristics. At present, light towers are equipped with solar panels with a fuel generator as a backup option.

- The rising demand for higher energy generation is leading towards accelerated operations in the oil and gas industry which in turns is expected to drive the demand for light towers in the coming years. Escalating demand for light towers in several emergency and rescue solutions is also significantly adding to the global light tower market. Though light towers are profitable in inaccessible locations for illumination, the outgrowth of the market is not without its restraints that include necessary maintenance, battery problems, incompetent supply chain among others.

Key Market Trends

Construction Sector Expected to Record Significant Growth

- Light towers are mainly employed for outdoor remote operations or locations that are difficult to connect with the main power grid, which makes them a vital source of lighting, during construction activities. The positive outlook of the global construction industry augments the demand for light towers.

- The increasing urbanization and growing population base in the Asia-Pacific and Middle Eastern regions have augmented construction activities. Foreign Direct Investment (FDI) received in Construction Development sector (townships, housing, built-up infrastructure, and construction development projects) from April 2000 to December 2018 stood at USD 24.91 billion, according to the Department of Industrial Policy and Promotion (DIPP). India has a requirement of investment worth Rs 50 trillion (USD 777.73 billion) in infrastructure by 2022 to have sustainable development in the country.

- In Singapore, the public sector is expected to contribute SGD16 billion to SGD20 billion per year from 2020 to 2023 with similar proportions of demand coming from building projects and civil engineering works. Besides public residential developments, public sector construction demand over the medium term will continue to be supported by big infrastructure projects such as the Cross Island Line, developments at Jurong Lake District and Changi Airport Terminal 5
- In the 10th Malaysia plan, the government aims to build 78,000 affordable housing units. The above-mentioned factors are expected to contribute significantly to the growth of the light tower market, in the construction industry.

North America Poised to Account for the Largest Market Share

For sample report please visit: https://www.statzyreports.com/report/sr497282/light-towers-market

North America is expected to account for the largest market share, owing to the presence of robust end-user industries that deploy light towers. Over the forecast period, Canada is expected to drive the growth of the segment, owing to the increasing mining and construction activities in the country. The region's highly active oil and gas and aerospace industries are one of the major sources of demand, for light towers. Despite modest oil prices, which stood at an all-time high at just USD 64.90 per barrel during late 2018, which is very low when compared to USD 115 per barrel in 2011 (before the global oversupply situation), oil and gas trade in the region has increased tremendously, led by the United States.

-

The Canadian oil & gas industry is a lucrative market for light towers. The increasing demand and increasing construction activity in the Canadian oil and gas industry are expected to augment the market's growth. These trends are supported by the approval of a USD 3.5 billion worth construction of petrochemical facilities by Inter Pipeline, the Heartland Petrochemical Complex, which is expected to be operational by late 2021. This project was sanctioned about USD 200 million in royalty credits. AltaGas, a key player in the Canadian oil and gas market, announced the construction of the Ridley Export Terminal, a project that aims to export propane from Canada's West Coast, with an estimated project cost of USD 500 million. These factors are expected to drive the demand for light towers, in North America.

Competitive Landscape

The light towers market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market, which continues to hold a considerable share in the overall market, especially across developed economies in regions such as North America and Europe. In developing economies such as India and China, the market is largely unorganized, featuring the dominance of regional or local vendors. Realizing the vast growth opportunities, international players are slowly entering these unorganized markets through mergers, acquisitions, and establishing supply networks.

- April 2019 - Doosan Portable Power has expanded its authorized distributor network with the addition of a Las Vegas, Nevada, branch for Coastline Equipment.
- January 2019 - JCB announced that it's North American dealer network is expanding with the addition of Weaver JCB. A division of Weaver Ag & Lawn Equipment, Weaver JCB dealer will sell and service new and used JCB equipment from locations at 905 Nelson's Parkway in Wakarusa, Indiana and 52345 Indiana State Route 933, South Bend, Indiana.
- April 2018 - Larson Electronics LLC launched a 150W quadpod-mounted, explosion-proof LED portable light tower. The portable light tower is capable of illuminating an area of up to 9,500 ft2, with 17,500 lm of bright illumination. It is also an adjustable Cree LED light tower, designed for portability and to offer durable operation in harsh, demanding conditions (such as emergency services and harsh environments industrial applications, like mining, construction, marine, and industrial operations).

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit: https://www.statzyreports.com/report/sr497282/light-towers-market

Contact Us:
Poojan Dogra
Public Relations Manager
Statzy Market Research
Email : info@statzyreports.com
(IN) - +918484035727
(US) - +1415-871-0483
Website : www.statzyreports.com

StatzyReports is the premier global market research and business reports company based in India. StatzyReports.com functions under Statzy Market Research. We offer our expertise globally in services related to market research, business strategy consulting, surveys or questionnaire, forecast and statistical data analysis. Our experience working with major business and customer driven companies enabled us to develop some of the best winning strategies for succeeding in various global markets. Our globally renowned experts mastered the art of perfection with their unique skillset and vast experience in research and data analytics.