Market Overview
The increasing focus on the implementation of safety standards, measures, regulations in the construction sector, which across the globe is frequently seeing the usage of technologically advanced equipment and construction methods, has led to huge changes in the way key operations are undertaken. Principally during nights or on dull days, the use of light towers, the tall, often mobile, structures adjusted with non-glare electric lights, is displaying a norm across the world.
Light towers are also used in various emergency and rescue operations due to its easy portable and mobility features. Currently light towers are equipped with solar panels with a fuel generator as a backup option. Owing to its various beneficiary features like increased on-site and remote safety, the light towers are witnessing significant demand from several end use industries. The light tower market is anticipated to grow in the forecast period owing to driving factors such as rapidly growing construction industry and increased focus on the safety and efficiency of workers.
In addition, growing frequency of fatal accidents specially during night operations coupled with availability of wide range of tough & resistant mobile equipment with high quality standards will encourage the product installation. These light towers are equipped with distinct kinds of road and site-tow trailers for utilization in the critical working environments. With the demand for light towers witnessing a sharp rise, it is highly evident that competition between the manufacturers will get intensified, in terms of offering the handiest products at affordable rates.
Market Dynamics
Drivers
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Growing Outdoor Construction Activities Spurring Adoption of Light Towers
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Need for low electricity consumption and Government subsidies on LED lights
Restraints
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Uncertainty in Oil Prices and High Initial Cost of Solar-powered Light Towers
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Low Consumer Awareness and Trade Policies. On LED’s
Market Segmentation
The global LED market valued USD 1,778.84 million in 2019 and is estimated to reach USD 2,939.65 million by 2027, growing at a CAGR of 6.63% during 2020-2027.
LED light tower segment is expected to be the largest and fastest-growing market due to the increased energy efficiency and operational characteristics of LEDs as compared to the metal halide lights. End users, with an objective of having greater coverage of light, are showing a marked preference for LED lights and moving away from metal halide lights. LED lights continue to gain considerable prominence among contractors owing to their exceptional service life and instant switch on/switch off capabilities.
Another major feature of LED light responsible for its growing popularity is its longer life cycle as compared to that of a metal halide light, which results in enhanced performance. LED lights are also being highly sought-after on the back of their superlative fuel efficiency, twice as that of metal halide lights, which makes them capable of operating twice as long on the same quantity of fuel. In addition, LED light tower segment will grow on account of rising focus toward environment safety along with the need to adopt energy efficient and low emission structures. LED lamps does not contain any filaments that increases the resistance to vibrations which is a crucial element in mining industry.
Geographical Analysis
North America light tower market was valued USD 1,022.22 million in 2019 and is expected to reach USD 1,572.79 million by 2027 with a CAGR of 5.64% during the forecast period (2020-2027).
The light tower market in North America is exhibiting healthy growth owing to the presence of major end users such as construction industry, oil and gas, and mining industry. Construction is a major contributor to the U.S. economy. The industry has more than 680,000 employers with over 7 million employees and creates nearly USD 1.3 trillion worth of structures each year.
The engineering and construction (E&C) industry in the US has had a robust year, and E&C firms have been positioned as active participants in building the smart, connected future. Overall market growth is expected to continue through 2019 as construction spending follows the overall GDP growth rate.
According to a recent study, the building construction industry in the United States is expected to record a CAGR of 5% to reach USD 1,428.5 billion by 2024.
Thus, the rising construction activities in the country will boost the light towers market further during the forecast period.
In addition, Canada is also contributing a significant share to the North American light tower market. Canada is expected to drive the growth of the segment, due to the increasing mining and construction projects in the country such as Canada House, Canada Water Plot, and North Wacker. Along with this, the growth of the lighting tower market is attributed to oil and gas and aerospace industry expansion projects in the country.
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