Mobile Light Tower Market Estimate to Hit USD 3.1 Billion by 2031
Global Mobile Light Tower Market projected to grow at a CAGR of 5.2% from 2022 to 2031
WILMINGTON, DE, UNITED STATES, December 19, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, The mobile light tower market size was valued at $1.9 billion in 2021, and mobile light tower industry is estimated to reach $3.1 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.
Mobile light towers are portable lighting solutions containing an array of electric lamps affixed to the top of a mast. Light towers are positioned to shine the light on a designated area. The mast attaches to a trailer-like base that serves as an anchor to balance the tower, allowing the unit to be towed from site to site.
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North America mobile light tower market would exhibit CAGR of 4.9% during 2022-2031.
The key market players analyzed in the global mobile light tower industry report include Terex Corporation, Generac Power Systems Inc., Wacker Neuson Group, Larson Electronics LLC, Doosan Portable Power, Colorado Standby, Westquip Diesel Sales, The Will-Burt Company, Youngman Richardson & Co. Ltd, Atlas Copco AB, Inmesol Gensets SL, J C Bamford Excavators Ltd, Xylem Inc., Wanco Inc., and BMI Group.
Increased infrastructure activities are significantly contributing to the growth of the mobile light tower market. Light towers are usually used on mining sites, accident sites, construction sites, rescue solutions, and others.
Light towers are very useful equipment on infrastructure construction sites such as railways, highways, or roadways, sewers, power lines, and other infrastructure projects during night operations in remote places where insufficient light is present and good illumination is required.
Light towers on construction sites increase the safety of workers and productivity.
New product development is the key trend being followed by the companies operating in the mobile light towers market.
For instance, in 2021, Generac Power Systems, Inc., an American-based backup power generation products manufacturing company, developed a product named Generac’s V20 PRO tower, which is an all-in-one mobile lighting tower that can be operated with different fueling systems such as diesel, battery, hybrid, external power, and solar energy in a single machine. Generac’s V20 PRO tower comes with a variety of external sources for charging the battery packs, including a solar panel kit, a generator, and a mains power supply.
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In light towers, power is usually generated from diesel, solar energy, batteries, or hybrid methods to illuminate bulbs. Light towers are used in construction, infrastructure development, the oil and gas industry, mining, the military and defense, as well as in emergency and disaster relief.
By power source, the diesel segment accounted for the largest share in 2021.
By lighting type, metal halide segment was the leading segment in 2021.
By technology, manual segment was the leading segment in 2021.
By application, construction segment was the leading segment in 2021.
Impact of Covid-19 on Global Mobile Light Tower Market
The pandemic outbreak has not only caused infections and deaths but also have negative impact on the global economy. Mining companies have been severely affected by the pandemic outbreak.
Global restrictions to encourage social distancing have negative impact on mining and construction projects, which have either slowed or were put on hold for further notice.
The virus is expected to spread faster in mining and drilling areas due to gathering of employees. Therefore, this has forced the companies to suspend their operation to prevent the further spread of the novel coronavirus. The above-mentioned factor seriously affected the mobile light tower market growth.
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However, after the vaccination initiatives among the developed and developing countries has led to gradual decline over the restriction over social distancing. Furthermore, the government has invested huge revenue in order to kick start the stagnant global economy through construction and mining industries. The presence of above-mentioned initiatives and policies will provide lucrative mobile light tower market opportunities for the development of the market.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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