In recent years, increasing popularity of solar light towers in North America and Europe has been significantly influencing the growth of the light tower market. Since 2017, oil prices have recovered to above US$ 70 per barrel from the previous low of US$ 40 per barrel, and have shown signs of steady improvement.
This, coupled with major production cuts from OPEC countries, has made the oil & gas industry an under-supplied market, creating even more demand for oil production. With increasing investments in the oil & gas industry, demand for light towers is set to rise over the coming years.
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Installation of solar light towers and surge in the number of end-use industry platforms are opening up new avenues for the light tower market. According to a new Fact.MR study, the light tower market is poised to expand at a value CAGR of nearly 5% and account for revenue worth US$ 2 Bn by 2030-end.
Key Takeaways from Global Light Tower Market Study
- LED-based light towers are estimated to account for 52% share of total market revenue in 2024, and gain 730 BPS in their market share by 2030 over 2024.
- Solar-powered light towers continue to influence the growth strategies of market players, which are expected to contribute revenue worth US$ 410 Mn in 2024 and US$ 700 Mn by 2030, progressing at a CAGR of 5.5% during the forecast period.
- The North America light tower market is projected to hold a prominent share of the global market value, and is expected to continue its dominance during the forecast period.
- The light tower market in China is projected to resister the highest growth rate in terms of value during the forecast period. However, the Europe light tower market is slated to experience the slowest growth rate.
- The COVID-19 pandemic has resulted in decreased construction activity around the world, which is affecting the demand for light towers.
“Advancing construction industry and increasing number of infrastructure projects by regional government will facilitate numerous growth opportunities for players in the global light tower market,” says a Fact.MR analyst.
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Acquisition of Regional Players – Prime Strategy Key Players
Key players in the light tower market are focusing on the acquisition of regional players to establish their global presence and ensure quality of aftersales services provided to customers. For instance, in 2017, Generac Holding Inc. announced the acquisition of Selmec Equipos Industriales, S.A. de C.V., and its subsidiaries Enesa Energia, S.A. de C.V. and Enesa, S.A. de C.V.
Other Trends in Light Tower Market
The mining industry, much like the construction and oil & gas industries, witnessed a significant downfall during the first half of the decade. Geo-political factors, trade wars, and unstable governments are some of the important factors that have affected the industry in various countries. Mining industry forms the crux of economic drivers in countries such as Chile, Venezuela, Peru, etc. Moreover, the mining industry accounts for 33% of the total energy consumption market, globally. Recent trends have witnessed resurgence in the mining industry in major countries, and the next decade is anticipated to witness a 53% rise in mining activities, which will create increased demand for light towers.
More Valuable Insights on Light Tower Market
Fact.MR, in its new offering, presents an unbiased analysis of the global light tower market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2024-2030. The study delivers essential insights on the light tower market on the basis of lamp (halides and LEDs), power source (battery, diesel, and solar), and end-use industry (construction, mining, oil & gas, and commercial & other), across six major regions.
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