Global Light Towers Market - 2019-2026
Light towers are the group of equipments with attachment of the mast and high-intensity electric lamps used for providing the lightings in the remote locations. The lighting tower has the significant use in the building & construction to provide the proper light. The lighting towers can be powered by the generators, direct electricity, diesel and solar cells. The solar powered lighting towers are booming in the market owing to rising the government subsidies for the sustainable environment. The global Light towers market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
The market is driven by the rising demand for the lighting towers for the wide range of applications including building & constructions, mining commercial and many others around the globe. According Climate Energy Group Organization in 2020, the lighting market was valued to around USD 160 billion in 2020, this includes the lighting required for the towers which are most commonly used in the building and construction sectors.
There is a rise in the innovative technology adoption for energy efficient lightings with surge in the government supports and programs have created huge opportunity for this market. For instance on 24th Jul, 2019, The San Jose Light Tower Corporation had been launched the competition worldwide for designing the world's epicenter of innovation of lighting. The Company had been announced the stipends of USD 150,000 for those who have perfect energy efficient proposals and meet with government agencies.
The global light towers market is segmented based on light type, source type, end-users and region.
In terms of light type the global Light towers market is bifurcated Metal Halide, and LED. Among these, LED segment has the highest market share in 2019 owing to increasing demand for efficient lightings with reduces the cost of operation. According to the JRC Scientific and Policy Report in 2015, the global Led lighting market has generated revenue of around USD 32.3 billion and the market is increasing at the compound annual growth rate of 12%. Further according to the International Energy Association Report in 2019, the In 2019, LED lightings including bulbs tubes, modules and luminaires sale had been reached over 10 billion units. This has huge contribution for manufacturing the light towers required at construction sites of residential and commercial.
Similarly, metal halide, segments are also growing at faster pace owing to raising the global demand for infrastructure development with government projects and launching of the advanced technology energy efficient lights all over the world. For instance on 1st March 2018, Terex Company had been launched RL4 LED which can be powered by Gas used in the light towers. This gas powered lighting tower has precise lighting performance, towable, self-powered model attached with metal halide units that boasts clean, and quiet operation.
Depending on the source type, global light towers market is divided into solar/hybrid, diesel, hydrogen fuel powered, direct power and others. Among this diesel segment has the highest market share in 2019 owing to easy to operate in the remote locations like oil and gas mining sectors with cost effective compare to other type in off-grid regions.
Similarly, solar/hybrid, hydrogen fuel powered, direct power segments are also growing at faster pace owing to increasing the government projects to build solar street lights and rising the adoption of direct power lighting towers in the construction, residential and commercial sectors. According to the global association for the off-grid solar energy industry, the World Bank Group has decided to invest for lighting powered by solar energy for the 840 million of people where grid electricity is not available.
Depending upon the end-user, the global light towers are segmented into Oil & Gas, Mining, Construction and Events & Sports. Among this construction segment has the highest market share in 2019 owing to increase in the global building & construction projects with surge in the demand for infrastructure developments. According to the We Forum Organization report in the 2016, the construction industry has been generated around USD 10 trillion of revenue and which accounts for the 6% of the global GDP.
Similarly, oil & gas, mining, and events & sports segments are also growing at faster pace owing to raising the oil and gas production & exploration activities around the globe.
By region, the global light towers market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Asia Pacific is the dominated region for the global Light towers market and expected to grow at the highest CAGR during the forecasted period due to presence of leading manufacturing players' of the lighting materials with growing population demand followed by North America region. According to the Asian Development Bank, the Asia Pacific region had been invested to around USD 26 trillion from the 2016 to 2030 years. Thus the infrastructure development had been accounted for the annual growth of USD 1.5 trillion per year. This propels the demand for the lighting towers for helping the development of the infrastructures.
North America is the also growing at faster pace for the light towers market, owing to raising the construction, mining and oil & gas sectors market. According to the Gold Organization Report in 2019, the gold mining capacity n the United States, Canada and Peru was around 200, 182 and 143 tonnes respectively. Thus the mining sector has huge requirement of the lighting tower for the helping extraction of gold.
The global Light towers market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. are the leading market players with significant market share.
Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 10th Sep 2018, United Rentals Company had been acquired BlueLine Rental for USD 2.1 billion. This acquisition had been boosted the customers of the both with construction and industrial businesses at to provide attractive returns.