Why is Light Tower Witnessing Significant Demand in the Global Market, Fact.MR

Rockville, United States, 2021-Feb-23 — /EPR Network/ —

The light tower market is slated to witness mounting growth at a 5% CAGR during the assessment period, 2020-2030. Increasing investments in the oil & gas sector are likely to boost demand for the light tower market in the approaching years.

“Progressing construction sector and rising number of infrastructure projects by the regional government are poised to facilitate plentiful growth prospects for manufacturers in the light tower market.” says the Fact.MR report.

Light Tower Market – Key Takeaways

  • In terms of power source, the diesel category will remain dominant in the global market by holding over 50% of market share by 2030 end.
  • Based on end-use, the construction industry will gain traction in the global market, recording a 3.4% CAGR throughout 2020-2030
  • Based on the lamp, the LED category will reflect impressive growth in the light tower market during 2020-2030.
  • North America will remain at the forefront progressing at a 5% CAGR over the assessment period.

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Light Tower Market – Driving Factors

  • The growing popularity of solar equipped light towers are gaining traction in the global market as it necessitates a one-time set-up cost and is eco-friendly.
  • A growing number of processing plants and oil inventories will boost the demand for light towers in the approaching years.
  • With the on-going energy transition, the developing world plays a prominent role as the chief market for energy consumption aiding market growth.
  • Better infrastructure development to support several activities such as energy generation, transportation, and many others, the market will experience soaring demand.

Light Tower Market – Constraints

  • Necessary maintenance and battery problems challenge the light tower market growth.
  • Incompetent supply chain slowdowns the growth pace and hurts future growth prospects.

Anticipated Market Impact by COVID-19 Outbreak

The light tower market growth has been impacted due to the COVID-19 outbreak that has stultified the entire world. Strict social distancing norms, nationwide lockdowns have resulted in supply chain disruption and shutdown of construction activity, thus plunging the demand for light towers.

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Competition Landscape

Major companies identified in the light tower market are United Rental, Atlas Copco, Wacker Neuson, Doosan Portable Power, Terex Corporation, and Generac Holding.

More on the Report

The FACT.MR’s market research report provides in-depth insights into the Light Tower market. The market is scrutinized based on lamp (halides and LEDs), power source (battery, diesel, and solar), and end-use industry (construction, mining, oil & gas, and commercial & other), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).

Media Release: https://www.factmr.com/media-release/1647/light-towers-market-trends

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