Light Tower Market worth over $10 Bn by 2032

Light Tower Market size is set to surpass USD 10 billion by 2032, according to a new research report by Global Market Insights Inc.
 

The report reveals that the increasing frequency of weather-related disasters is a key driver for light tower construction. For example, in February 2022, a tropical cyclone, Batsirai, hit Madagascar, triggering inland and coastal flooding and mudslides. The rising severity of natural disasters will necessitate the rapid availability of technical rescue services, thereby bolstering the usage of rental lighting tower systems. Likewise, the adoption of disaster response strategies, including building reconstruction, will further augment the requirement for light towers across construction sites.
 

Silent operation and other operational benefits amplify stationary light tower production

Light tower market from the stationary product segment is slated to witness considerable gains by 2032, on account of the compact size, silent operation, and availability in different floodlights and height masts. Several equipment rental service providers have also been introducing renewable energy-powered stationary light tower ranges to reach sustainability targets, further contributing to product demand. However, rising preference for light towers with built-in generators and the deployment of mobile towers may restrict the development of stationary light towers to some extent.
 

LED lighting tower systems to gain traction due to energy efficiency benefits

Light tower market value from the LED lighting segment is anticipated to reach more than USD 6 billion by 2032. Compared to conventional systems such as halogen or incandescent bulbs, LED light towers have a longer lifespan, consume lesser fuel, and are easy to maintain. This lighting is also associated with energy efficiency, helping consumers in reaching their carbon emission targets. Furthermore, enhanced performance in extreme weather conditions will accelerate the product’s adoption rate in artificial lighting applications and in turn, foster industry development over the forthcoming years.
 

Increase in funding for mining projects to escalate use of diesel-powered light towers

Light tower market from the diesel power source segment accounted for USD 2 billion in 2022, owing to the low maintenance requirements, easy accessibility, and enhanced storage capacity. Diesel-powered towers are suitable for mining and other applications that require high light output. In July 2022, G Mining Ventures secured a USD 481 million financing package for the Tocantinzinho gold project in Brazil. The rise in funding for mining operations is this expected to stimulate the usage of diesel light towers across several mining sites worldwide.
 

Browse key industry insights spread across 1130 pages with 2154 market data tables & 43 figures & charts from the report, “Light Tower Market Size By Channel (Sales, Rental), By Product (Stationary, Mobile), By Lighting (Metal Halide, LED, Electric), By Power Source (Diesel, Solar, Direct), By Technology (Manual Lifting, Hydraulic Lifting), By Application (Construction, Infrastructure Development {Highway Construction, Railway Line Construction, Bridge Construction}, Oil & Gas, Mining, Military & Defense, Emergency & Disaster Relief), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2023– 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/light-tower-market
 

Rise in funding for affordable housing to propel light tower use in construction applications

Light tower market revenue from construction applications crossed USD 1 billion in 2022. This growth is attributed to the rising emphasis on affordable housing projects. For instance, in January 2022, HDFC Capital secured USD 376 million in funding from investors for Scheme 2 of its H-CARE 3 (HDFC Capital Affordable Real Estate Fund–3), to create a USD 3.1 billion affordable housing platform. Additionally, the strong demand for renovation in many industrial, residential, and commercial buildings will proliferate the need for electric light towers for use in remote construction sites.
 

Strong demand for sustainable building & construction spurs light tower adoption in Europe

Europe light tower market is poised to exhibit over 5% CAGR through 2032, driven by the introduction of stringent green building regulations. Government initiatives to help citizens make a shift toward sustainable lighting technologies have also stimulated the use of solar light towers. Likewise, stringent norms to curb GHG emissions from the building and construction sector have been implemented, hastening the development of LED lighting solutions and creating lucrative growth opportunities for light tower developers in the region.
 

Strategic product footprint expansions to influence industry dynamics

Key companies operating in the global light tower market are Caterpillar, Youngman Richardson, Aska Equipments Private Limited, Progress Solar Solutions, The Will Burt Company, Light Boy Co., Ltd., Chicago Pneumatic, HIMOINSA, Wacker Neuson SE, Multiquip, Inc., J C Bamford Excavators Ltd., United Rentals, Inc., Atlas Copco AB, Generac Power Systems, Inc., and Larson Electronics. These firms are focusing on strategic collaborations and product range expansions to reinforce their footprint in the industry.