The report on the light towers market covers comprehensive information and insights about the light towers market trends, dynamics, recent developments, value (US$ Mn) and volume (units) projections and competition in the global light towers market for the study period 2019 to 2027.
The global light towers market is estimated to reach a value of over US$ 2,080.5 Mn by 2027 end, registering a CAGR of 4.7% between 2019 and 2027. Rising investments in the oil and gas industry, recovery of the mining industry recovery and elevated spending in the construction industry are some of the factors expected to drive significant growth in the demand for light towers.
Post the downturn in oil & gas prices during 2014–2016, the light towers market has been witnessing a decline in demand globally, which is impacting the revenues of major companies. Since 2017, oil prices have recovered to above US$ 70/barrel from the previous low of US$ 40/ barrel and have shown signs of steady improvement, although not at previous heights. This, coupled with major production cuts from OPEC countries, has made it an under-supplied market, creating demand for oil production. With rising investments in the oil & gas industry, the demand for light towers is set to increase in the coming years.
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Recovery of Mining Industry to Uphold Demand for Light Towers
The global market for light towers is anticipated to expand at a rate of 4.7% over the forecast period. The mining industry, similar to construction and oil & gas industries, is expected to witness a significant downfall during the first half of the decade. Trade wars, geo-political factors and unstable political conditions have been affecting the industry in various countries. The mining industry forms the crux of economic drivers in Latin American countries such as Chile and Venezuela.
Solar light towers are emerging light tower solutions across industries, due to their energy saving and low maintenance features. Attributing to the increasing concerns regarding global warming, major companies are trying to reduce their carbon footprint and seeking environment-friendly light towers in their portfolio. This is set to create a huge opportunity bubble for the solar light towers segment.
Manufacturers Focus on Eco-Friendly Product Offerings to Meet Government Standards
Manufacturers of light towers are developing hybrid lighting tower solutions such as solar and diesel powered light towers. Increased customer and supplier consolidation and emphasis on environment safety are some of the few upcoming trends driving the light towers market. Light towers are also being used in small commercial events where portable battery light towers can satisfy the lighting requirements. Significant growth in the demand from construction and mining sectors, coupled with the demand for eco-friendly lighting solutions, is also projected to drive the demand for light towers.
Global warming is a looming concern in the present day. A large number of industries are taking strides to reduce their carbon footprint to contribute their part to this ever-growing threat. This has led to a practice of using environment-friendly applications across their products. For instance, in 2017, the U.S. entered the Paris Agreement within UNFCC (United Nations Framework Convention on Climate Change) to reduce the emission of greenhouse gases. In an effort to curb the global temperature rise during this century to below 20 degrees centigrade. In the light towers market, this has led to an increase in the demand for solar light towers as they are fuelled by an environment-friendly and renewable source of energy. Attributing to these factors, the solar light towers segment is expected to witness significant demand in the coming years
An Overview of the Light Towers Market Structure
The global light towers market is highly consolidated with three major players, i.e. Generac Holdings Inc., Wacker Neuson SE and Atlas Copco AB accounting for approximately 39 – 41% of the global light towers market. Other players such as Allightsykes Pty Ltd, Multiquip Inc., Doosan Corporation, Inmesol Gensets, S.L. and Terex Corporation are also projected to represent significant shares in the global light towers market.