Market Overview
- The Global Light Towers Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
- Light towers are the group of equipment with the attachment of the mast and high-intensity electric lamps used for providing the lightings in the remote locations. The lighting tower has significant use in the building & construction to provide the proper light. The lighting towers can be powered by generators, direct electricity, diesel, and solar cells. The solar-powered lighting towers are booming in the market owing to rising the government subsidies for a sustainable environment.
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Market Dynamics:
- The market is driven by the rising demand for the lighting towers for a wide range of applications including building & construction, mining commercial, and many others around the globe. According to Climate Energy Group Organization in 2020, the lighting market was valued at around USD 160 billion in 2020, this includes the lighting required for the towers which are most commonly used in the building and construction sectors.
- There is a rise in the innovative technology adoption for energy-efficient lightings with a surge in government supports and programs have created huge opportunities for this market. For instance, on 24th Jul 2019, The San Jose Light Tower Corporation had been launched the competition worldwide for designing the world's epicenter of innovation of lighting. The Company had been announced the stipends of USD 150,000 for those who have perfect energy-efficient proposals and meet with government agencies.
Segment Analysis
- The global light towers market is segmented based on light type, source type, end-users, and region.
- In terms of light type, the global Light towers market is bifurcated Metal Halide and LED. Among these, the LED segment has the highest market share in 2019 owing to increasing demand for efficient lightings which reduces the cost of operation. According to the JRC Scientific and Policy Report in 2015, the global Led lighting market has generated revenue of around USD 32.3 billion, and the market is increasing at the compound annual growth rate of 12%. Further according to the International Energy Association Report in 2019, 2019, LED lightings including bulbs tubes, modules, and luminaires sale had been reached over 10 billion units. This has a huge contribution to manufacturing the light towers required at construction sites of residential and commercial.
- Similarly, metal halide, segments are also growing at a faster pace owing to raising the global demand for infrastructure development with government projects and the launching of the advanced technology energy-efficient lights all over the world. For instance on 1st March 2018, Terex Company had been launched RL4 LED which can be powered by Gas used in the light towers. This gas-powered lighting tower has precise lighting performance, a towable, self-powered model attached with metal halide units that boast clean, and quiet operation.
- Depending on the source type, the global light towers market is divided into solar/hybrid, diesel, hydrogen fuel-powered, direct power, and others. Among this diesel, the segment has the highest market share in 2019 owing to its easy to operate in remote locations like oil and gas mining sectors with cost-effective compare to other types in off-grid regions.
- Similarly, solar/hybrid, hydrogen fuel-powered, direct power segments are also growing at a faster pace owing to increasing the government projects to build solar streetlights and rising the adoption of direct power lighting towers in the construction, residential and commercial sectors. According to the global association for the off-grid solar energy industry, the World Bank Group has decided to invest in lighting powered by solar energy for the 840 million people where grid electricity is not available.
- Depending upon the end-user, the global light towers are segmented into Oil & Gas, Mining, Construction, and Events & Sports. Among this construction, the segment has the highest market share in 2019 owing to an increase in the global building & construction projects with a surge in the demand for infrastructure developments. According to the We Forum Organization report in 2016, the construction industry has been generated around USD 10 trillion of revenue and which accounts for 6% of the global GDP.
- Similarly, oil & gas, mining, and events & sports segments are also growing at a faster pace owing to raising the oil and gas production & exploration activities around the globe.
Geographical Analysis
- By region, the global light towers market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Asia Pacific is the dominant region for the global Light towers market and is expected to grow at the highest CAGR during the forecasted period due to the presence of leading manufacturing players’ of the lighting materials with growing population demand followed by North America region. According to the Asian Development Bank, the Asia Pacific region had been invested to around USD 26 trillion from 2016 to 2030 years. Thus the infrastructure development had been accounted for the annual growth of USD 1.5 trillion per year. This propels the demand for the lighting towers for helping the development of the infrastructures.
- North America is also growing at a faster pace for the light towers market, owing to raising the construction, mining, and oil & gas sectors market. According to the Gold Organization Report in 2019, the gold mining capacity in the United States, Canada, and Peru was around 200, 182, and 143 tonnes, respectively. Thus the mining sector has a huge requirement of the lighting tower for the helping extraction of gold.
Competitive Analysis
- The global Light Towers market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. are the leading market players with significant market share.
- Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 10th Sep 2018, United Rentals Company had been acquired BlueLine Rental for USD 2.1 billion. This acquisition had been boosted the customers of both construction and industrial businesses to provide attractive returns.
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