The global light towers market size is projected to reach USD 5.7 billion by 2025 from an estimated USD 4.3 billion in 2020, at a CAGR of 5.7% during the forecast period. Growing investment in construction projects and oil & gas exploration activities are key factors likely to drive the light towers industry during the forecast period.
The light towers market is served by a mix of large international players with their presence and capabilities across different regions as well as local players that have a strong foothold in the domestic markets. The key players operating in the market include Generac Holding (US), Terex Corporation (US), Doosan Portable Power (US), Wacker Neuson (Germany), Atlas Copco (Sweden), and United Rental (US).
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The major strategies adopted by the players in the light towers market include contracts & agreements, new product launches, and mergers & acquisitions. Mergers & acquisitions was the most commonly adopted strategy from 2016 to 2020. Contracts & agreements have also emerged as a key strategy, as companies look to strengthen their service offerings and geographic market reach by offering their product.
North America is estimated to be the fastest-growing light towers market from 2017 to 2024. The growth is attributed to the increasing demand from the construction, oil & gas, and mining sectors. A robust regulatory environment with set guidelines and support from government agencies for the operations of the end-use industries are important factors for the growth of the light towers industry in the region. In addition, major manufacturers and rental providers are highly concentrated in North America, specifically in the US and Canada.
The market is segmented, by fuel type, into diesel, solar/hybrid, and direct power. The diesel segment held the largest light towers market share in 2019. The demand for the solar/hybrid segment could increase in the coming years as this finds use in the events & sports sector due to the high demand for noiseless and less polluting operations.
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The market is segmented, by light type, into metal halides and LED. In terms of value, the metal halide held the largest share in 2018 as major demand for light towers comes from the oil & gas and mining sectors because of the need for better illumination during night time operations.
The light towers market is segmented, by market type, into sales and rental. The rental segment is expected to be the largest market during the forecast period. The need for short-time/temporary application for light towers in end-use sectors is expected to drive the growth of the rental market.
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