The Light Towers Market Is Expected To Reach $4 Billion By 2026 Due To The Rise In Infrastructure Activities
The Business Research Company's light towers market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Aug. 30, 2022 /PRNewswire/ -- Increased infrastructure activities are significantly contributing to the growth of the light towers 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 2020, according to the CDP-ICLEI Unified Reporting System, approximately 304 infrastructure projects are under way across 97 cities in the United States. These projects include transportation; energy-efficient buildings; retrofit projects; and others. Therefore, the increasing infrastructure activities are driving the light towers market growth.
The global light towers market size is expected to grow from $3.03 billion in 2021 to $3.22 billion in 2022 at a compound annual growth rate (CAGR) of 6.24%. The global light towers market share is expected to reach $4.11 billion in 2026 at a CAGR of 6.35%.
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New Product Developments Are A Key Trend In The Light Towers Market
As per the light towers market outlook, new product development is the key trend being followed by the companies operating in the light towers market. This is due to the presence of a large number of light tower manufacturing companies as well as to 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.
Key Players In The Light Towers Market
Major players in the light towers market are Generac Mobile Products, Terex Corporation, Doosan Portable Power, Wacker Neuson SE, Atlas Copco (India) Ltd, United Rentals Inc., The Will-Burt Company, Aska Equipments Limited, Larson Electronic LLC, Olikara Lighting Towers Pvt Ltd, Allmand Bros. Inc., Xylem, Chicago Pneumatic, J.C. Bamford Excavators Ltd., Colorado Standby, Youngman Richardson, WANCO INC., and Multiquip Inc.
Light Towers Market Segmentation
The global light towers market data is segmented -
1) By Product: Stationary, Mobile
2) By Fuel Type: Solar/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
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