Light Tower Market size exceeded USD 6 billion in 2022 and is projected to expand at more than 6% CAGR from 2023 to 2032, on account of the escalating infrastructure development projects.
Favorable infrastructure laws are being enacted to help meet the strong demand for transportation modernization. For instance, in August 2022, the U.S. Administration awarded over USD 2.2 billion from the RAISE (Rebuilding American Infrastructure with Sustainability and Equity) program. This spending was intended to help rural and urban communities undertake projects to enhance road, bridge, and other transportation system safety, accessibility, and sustainability. Such government initiatives are likely to escalate the usage of mobile light towers suitable for construction sites.
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With the increasing requirement for commercial and industrial infrastructure, the influx of foreign direct investments has also surged worldwide. Additionally, the rising emphasis on smart city development will provide a boost to light tower construction for use as a power source. However, high installation and maintenance costs of energy-efficient lighting solutions may hinder industry growth to a certain extent. The product is also associated with additional costs incurred during the component lifecycle, thereby restricting end users from making long-term investments in lighting towers.
|Light Tower Market Size in 2022:||6.01 Billion (USD)|
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||6.1%|
|2032 Value Projection:||10.9 Billion (USD)|
|Historical Data for:||2019 to 2022|
|No. of Pages:||1,130|
|Tables, Charts & Figures:||2,197|
|Segments covered:||Channel, Product, Lighting, Power Source, Technology, Application|
|Pitfalls & Challenges:|
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Light tower market from the rental channel segment is poised to register approximately 6% growth rate through 2032, driven by the mounting production of portable light towers with ease of transport and job site mobility. Since it is often required for limited periods, consumers are shifting their preference toward rented light tower equipment for special events, generation construction, and emergency and disaster relief, among other applications. Furthermore, rapid innovation in light tower technologies and the implementation of stringent environmental safety laws will also promote the procurement of the equipment through rental channels.
Mobile light tower market is slated to depict over 6% CAGR between 2023 and2032, given the increasing availability of various resistant and sturdy light towers with high quality standards. Mobile lighting solutions are also equipped with road and site-tow trailers for use in critical working environments including construction sites. The introduction of government schemes to support infrastructure development will therefore proliferate the use of mobile lighting towers in construction as well as other critical applications.
In terms of lighting, the light tower market from metal halide segment crossed USD 1 billion in 2022, as a result of the strong focus on R&D of low-emission lighting systems due to strict government norms. Varied metal halide light towers are also being designed with an easy-to-understand and clear operating panel. Moreover, rapid advancements in LED lighting technology may lead to a shifting preference toward LED light tower units and consequently limit product deployment in the coming years. The LED mobile light tower market expand at over 6.1% CAGR between 2023 and 2032, due to the escalating infrastructure development projects.
Light tower market share from the infrastructure development application segment predicted to observe nearly 6% gains through 2032, considering the strong focus on the improvement of critical freight movement. Citing an instance, in September 2022, the U.S. government awarded USD 1.5 billion from the INFRA (Infrastructure for Rebuilding America) grant program to support multiple transportation projects across the nation. This funding was intended to cover multimodal freight, highway, and rail projects to ensure the safety and resiliency of transportation systems, eliminate supply chain bottlenecks and enhance freight movements. In addition, the escalating investment in the commercial infrastructure sector is also set to bolster light tower production.
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North America light tower market size recorded an installation of over 200,000 units in 2022. This is the result of an increase in construction projects and the high spending on the renovation of disaster-affected infrastructure. According to data from the National Oceanic and Atmospheric Administration, in 2021, the U.S. encountered total damage worth USD 145 billion due to natural disasters. Such factors will increase the influx of investments to rebuild critical infrastructure and in turn, augment the use of light towers across the region.
The competitive landscape of the light tower market comprises companies such as
These firms are focusing on product range expansions and other strategies to reinforce their market presence.
For instance, in November 2021, Doosan Portable Power unveiled small-scale generator models and the 50-Hz LVL portable light tower for the MEA markets. The product, also designed in the 60 Hz variant, was developed for the rental marketplace such as road and bridge construction sites and oil & gas drilling. This initiative enabled the company to expand its customer base and, in turn, strengthen its footprint across the industry.
The onset of the COVID-19 crisis asserted a negative influence on global industry verticals such as construction, mainly due to delays and halts in several projects. For example, infrastructure investments in Shanghai declined by close to 27.4% during the first eight months of 2020. Such business disruptions may have limited the production of critical components used across construction sites, creating roadblocks to business expansion. However, the gradual revival of the global construction sector and the resumption of business initiatives and projects post-pandemic may aid in the recovery of the industry over the forthcoming years.
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Market Insights, By Channel
Market Insights, By Product
Market Insights, By Lighting
Market Insights, By Power Source
Market Insights, By Technology
Market Insights, By Application
The above information has been provided for the following regions and countries: