Light towers are primarily used for projects on construction sites that involve high operational risk especially in the night. Traditionally, light towers have not yet hit the benchmark in terms of technological advancements, however, electric models, paralleling capabilities and LED technology are gaining popularity and taking lighting capabilities to the next level.
The rapid growth of construction activities in developed and developing nations, as well as increasing energy demand and growth in the mining sector will boost the demand for light towers around the globe. New report reveals that light tower market will experience a 1.6-time growth to hit a valuation of US$ 2.3 billion by 2029.
The report finds that the diesel fuel accounted for over half of the market revenue in 2018 owing to high reliability, easy availability, ease of fuel storage, higher running time and easy maintenance. It said, “The year 2018 ended with an infrastructural investment gap of about US$ 400 billion, wherein the worldwide infrastructure investment demand was close US$ 3 trillion and actual investment was US$ 2.6 trillion. The investment gap is anticipated to take considerable shape and improve economic activity over the coming years, which will create a surplus opportunity for infrastructural equipment suppliers.”
Light tower market is expected to create a value opportunity of around US$ 830 Mn during the forecast period, adding 1.6 times more value in 2029 as compared to 2019.
According to the Fact.MR report, “The Asia Pacific Region is expected to rise with the fastest CAGR over the long-term forecast period of 2019-2029 as the region is home to the world’s fastest growing economies like China and India. Also, construction and mining activity in the region is at its peak, attracting new investments in the region.”
Major players in the market including Wacker Neuson SE, Terex Corporation, Atlas Copco AB, Allightsykes Pty Ltd, Generac Holdings Inc., Doosan Infracore Co., Ltd, Multiquip Inc., The Will-Burt Company, Allmand Brothers Inc., Wanco, Inc., Westquip Diesel Sales LTD, Inmesol Gensets, S.L. among others who are focusing on innovative product launches and acquisitions for strengthening their hold in the global light towers market. For instance,
- Allightsykes Pty Ltd launched SLT-900, a solar lighting tower in November 2018, which offers an array of standout benefits including zero noise and zero emissions.
- Wacker Neuson and MHE-Demag entered into an agreement to pursue growth opportunities in Southeast Asia in March 2018, while Wacker Neuson also entered into a partnership with Everdigm and expanded its International presence in the Far East.
- In March 2019, Generac acquired Neurio Technology Inc. Neurio Technology Inc. provides hardware and software solutions to equip users with intelligence to manage and control electrical loads, solar systems and batteries to optimize energy consumption and increase savings.
- Atlas Copco introduced a renewed version of the exclusive ultra-quiet LED light tower called HiLight B5+ light tower in the year 2018. With noise levels as low as 55 dB, this product is meant to be used for deployment in urban and residential areas.