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A light tower is a mobile equipment that has one or more high-intensity electric lamps that are used in various applications such as defense, agriculture, construction, industrial, and other applications. The rapid pace of introduction of new product development with energy-efficient lighting and optimum fuel consumption is the major factor that helps to drive the market.
The light tower market is segmented into type, power source, end-user, and geography. Based on the type, the market is categorized into LED light tower and metal halide light tower. Advancement in technology plays a crucial role in the light tower market, such as the growing adoption of LED technology for the light tower that has helped the market to grow. Based on the power source, the market is divided into diesel-powered, solar-powered, and directly powered sources. Based on end-user, the market is segmented into oil and gas, mining, construction, and others. Increasing oil & gas production and exploration activities had increased the demand for light towers from the oil & gas sector during the forecast period.
The introduction of solar & battery-powered light towers and advancement in technology for adopting LED technology for light towers are the major drivers, increasing the demand for light towers during the forecast period. Increasing investments in infrastructure development projects are also attributed to driving the light tower market. Increasing investment in the Asia-Pacific oil & gas industry and significant growth in the construction sector are promising opportunities for growing the light tower market during the forecast period.
Key Market Driver -
Development of Solar and Battery-Powered Light Towers and Increasing Investment in End-use Industries
Key Market Restraint -
Large Unorganized Market is a Primary Restraint for the Growth of the Market
The major players in the light tower market are Generac Power Systems, Terex Corporation, Wacker Neuson, Atlas Copco, Larson Electronics, Doosan Portable Power, Colorado Standby, INMESOL S.L.U, JCB, and Xylem Inc.
The light tower market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is dominating the market, which is majorly from US and Canada, as these countries are experiencing strong investment in infrastructure development and oil & gas exploration activities, which drives the demand for the light tower market. The growth in the market is followed by Europe and the Middle East & Africa region owing to an increase in oil production & exploration activities and the introduction of solar and battery-powered light towers, which increases the demand for light tower during the forecast period. Asia-Pacific is also boosting the market demand due to increasing focus on the infrastructure and construction sector by adopting advanced LED technology for light towers. Latin America is also growing its market share due to increasing investments from end-user industries and growing oil & gas exploration projects. Hence, a significant increase in demand from the oil & gas sector accelerates the demand for the light tower market during the forecast period.
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