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Shining a Light: Global Light Towers Market Trends 2024
Light Towers Market Drivers
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According to The Business Research Company's, The light towers market size has grown strongly in recent years. It will grow from $5.07 billion in 2023 to $5.36 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rapid industrialization, strong economic growth in emerging markets, rise in disposable income, growth in the construction sector.
The light towers market size is expected to see steady growth in the next few years. It will grow to $6.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to rising urbanization, increasing investment for light towers operation, increasing investment in infrastructure development project, and increase in oil and gas production and exploration activities. Major trends in the forecast period include focusing on fuel saving for the sustainable use of resources and to increase their global customer base, increasingly focusing on developing light towers using solar radiation as an energy source, providing silent and cleaner operations, focusing on product innovation to stay in the competitive market, with plenty of opportunities, focusing on light towers with voice annunciator to expand in the market, focusing on launch of light towers with monitoring sensor to improve overall equipment effectiveness (oee) on the production line.
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Market Drivers and Trends:
Increased infrastructure activities are significantly contributing to the growth of the light tower 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 June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3 percent compared to 2020. Additionally, according to the US Census Bureau, The value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2 percent. Therefore, the increasing infrastructure activities drive the growth of the light tower market.
New product development is the key trend being followed by the companies operating in the light tower market. This is due to the presence of a large number of light tower manufacturing companies as well as 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.
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Major Key Players of the Market:
Vale S.A, Rio Tinto, BHP, Fortescue Metals Group Ltd., Anglo American Plc, National Mineral Development Corporation, Metinvest, Angang Steel Company Limited, Ferrexpo, Atlas Iron, Sesa Goa Iron Ore, Sumitomo Metal Industries Ltd, M.S India Iron Ore Mines Private Limited, Vedanta Limited, Kudremukh Iron Ore Company, MSPL Limited, ITOCHU Corporation, Marubeni Corporation, Baoshan Iron & Steel Co Ltd, Ansteel Group Corporation Limited, Minmetals Land Limited, Zijin Mining Group Company Limited, Luossavaara-Kiirunavaara Aktiebolag, Sydvaranger AS, Rana Gruber AS, Beowulf Mining plc, SIMEC Group, Metalloinvest MC LLC, Severstal Group, Evraz Group SA, NLMK Group, Mechel, Black Iron, ArcelorMittal SA, POSCO, Amaroq Minerals Ltd, Greenland Resources Inc, Bluejay Mining Plc, Redpath Mining Inc, Agnico Eagle Mines Limited, United States Steel Corporation, Cleveland-Cliffs Inc, CSN MINERACAO, Kinross Brasil Mineracao SA, AndesMinerals SA, Coro Mining Corp, Ma'aden, Chadormalu Mining & Industrial Co, Golgohar Mining & Industrial Co, KOC Holding AS, Iran Central Iron Ore Co, Kumba Iron Ore Limited, Sedibeng Iron Ore, Assmang, Richards Bay Minerals, African Natural Resources and Mines Limited, Tshipi Borwa Mine, Khumani Mine, Sishen Mine
Light Towers Market 2024 Key Insights:
• The light towers market size is expected to see steady growth in the next few years. It will grow to $6.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Surge In Infrastructure Activities Boosts Growth Of Light Tower Market
• Light Tower Market Witnesses Growth Through Emphasis On New Product Development
• North America and Asia-Pacific were the largest regions in the light tower market in 2023
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