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At a CAGR of 5.5% The Light Towers Market to Reach $6.1 billion by 2024 | Generac Holding, Terex Corporation , Doosan Portable Power, Wacker Neuson, Atlas Copco, United Rental

11-27-2020 11:06 AM CET | Industry, Real Estate & Construction

Press release from: MarketsandMarkets

At a CAGR of 5.5% The Light Towers Market to Reach $6.1 billion

According to the new market research report "Light Towers Market by Market Type (Sales and Rental), Light Type (Metal Halide and LED), Fuel Type (Diesel, Solar/Hybrid and Direct Power), End-User (Oil & Gas, Mining, Construction, and Events & Sports) and Region - Global Forecast to 2024" The global light towers market size is expected to grow from estimated revenue of USD 4.7 billion in 2019 to USD 6.1 billion by 2024, at a CAGR of 5.5%.

Browse 144 Market Data Tables and 36 Figures spread through 162 Pages and in-depth TOC on "Light Towers Market - Global Forecast to 2024"

https://www.marketsandmarkets.com/Market-Reports/light-tower-market-227191154.html

Increasing investments in oil & gas exploration and construction infrastructure development across regions such as North America, Europe, and Asia Pacific is driving the demand for light towers. The market is segmented by end-user, market type, light type, fuel type, and region.

Construction: The largest end-user segment of the light towers industry

The market is segmented, by end-user, into construction, oil & gas, mining, events and sports, and others. The construction segment accounted for the largest light towers market share in 2018. The construction sector is driven by the increased infrastructure development activities in residential, commercial, and industrial spaces. In addition, transport infrastructure improvements and maintenance activities require light towers for safe and efficient operations at night. This is expected to drive the construction sector demand across regions such as North America, Europe, and Asia Pacific.

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The LED segment is estimated to have the highest growth rate in the light towers market, by light type

The market is segmented, by light type, into metal halides and LED type light towers. The metal halide segment is estimated to lead the market in terms of market size; however, the LED segment is expected to be the fastest-growing market. The growth of the segment is mainly because of its rising demand for clean and efficient operations using light towers and the need to reduce carbon footprint.

This research report categorizes the light towers market by market type, light type, fuel type, end-user, and region.
By Market Type

Sales
Rental

By Light Type

Metal Halide
LED

By Fuel Type

Diesel
Solar/Hybrid
Direct Power

By End-User

Oil & Gas
Mining
Construction
Events & Sports
Others

By Region

Europe
North America
Asia Pacific
Middle East & Africa
South America

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North America is expected to dominate the global light towers market

North America was the largest light towers industry in 2018, driven mainly by activities in the US and Canada. Increasing investment for oil & gas exploration activities and CAPEX spending is the key market driver, where US has a favorable supportive policy for the growth of the sector. This further drives the demand for light towers and creates growth opportunities for all major light tower rental and manufacturers in the region. Europe is the second-largest market, following North America closely, with several construction infrastructure investments and developments taking place.

Key Market Players

The major players in the light towers market are Generac Holding (US), Terex Corporation (US), Doosan Portable Power (US), Wacker Neuson (Germany), Atlas Copco (Sweden), and United Rental (US).

Generac Holding (US) is a key player in the diesel and LED light towers market. The company actively focuses on both organic and inorganic strategies to increase its global market share. For instance, in July 2019, Generac Mobile introduced a new product in its light tower offerings. The new MLTS LED light tower provided powerful, even lighting, simplified controls, and low maintenance requirements for maximized profit. The product boasts LED lights with a 10–year life expectancy.

Another major player in the market is United Rentals (US). United Rentals completed the acquisition of WesternOne Rentals & Sales. The acquisition helped United Rentals in enhancing its service to construction and industrial customers in the provinces of Alberta, British Columbia, and Manitoba.

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

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