New York City, NY, 18 December, 2019/ 24 Market Reports: The global light towers market is estimated to reach USD 6.4 billion by 2024 establishing a growth at a CAGR of 5.7% during the forecast period of 2019 and 2024. The increasing investment for light towers operation in end-use industries such as construction, mining, oil & gas, and events & sports are the factors that are driving the growth of the market during the forecast period.
The rental segment to account for the highest share in the market during the forecast period
By market type, the light towers market is segmented into sales and rental. Driven by the demand for light tower rentals in North America and Asia Pacific region the rental segment accounted for the highest share in the market during the forecast period. The need further drives the rental market for a short time/temporary use as it requires lower capital investment.
Metal halide segment, based on light type, to account for the largest share in the market during the forecast period
The metal halide and LED type of light towers are the segmentation for the light towers market based on light type. Owing to its increased demand from the oil & gas, and mining end-users, which is the major demand-generating industry for light towers, the metal halide segment accounted for the largest share in the market in 2018 and the trend is likely to continue during the forecast period. However, due to the increased energy efficiency and operational characteristics of LEDs as compared to the metal halide lights the LED segment is estimated to witness faster growth in the coming days.
Based on fuel type, diesel to hold the major share in the light tower market
Diesel, solar/hybrid, and direct power are the segmentation for the light towers market by fuel type. As the light towers are operated increasingly in remote off-grid regions where access to grid power is non-existent, the diesel segment is estimated to hold the largest share in the market. Also, compared to other fuel sources, diesel is widely available and also is cost-effective which also plays a major role in driving the growth of the market during the forecast period.
North America to hold the majority of the share in the market throughout the forecast period
North America, Europe, Asia Pacific, the Middle East & Africa, and South America are the segmentation for the light towers market based on geography. North America held the majority of the market share in the year 2018 and the trend is expected to continue throughout the forecast period. Strong investment in infrastructure development and oil & gas exploration activities in countries such as the U.S and Canada is driving the growth in the North American market during the forecast period.
The following are the major objectives of the study:
- To define, describe, and forecast the global light towers market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global light towers market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global light towers market and their future potential during next decade?
- How competitive landscape is evolving in minimally global light towers market?
