NEWS PROVIDED BY
ReportBuyer
20 Apr, 2017, 17:10 ET
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[The light tower market is projected to grow at a CAGR of 6.1% from 2017 to 2022."
The light tower sales market is projected to reach USD 2.72 billion by 2022, growing at a CAGR of 6.1% from 2017 to 2022. Light towers are used by the construction industry, oil & gas sector, mining industry, and others, which includes agriculture, airports, emergency services, military, rentals, social & sports events, and motion pictures. Light towers mainly comes with two types of light, namely, metal halide lights and LED lights.
The growth of light towers is driven by a rapid growth in the construction industry, growing investment in the oil & gas sector, and restart of investment in the mining industry. The large unorganized market is a main restraint for the growth of the light tower market. High initial cost of solar-powered light towers and LED lights, is the main challenge for the solar-powered LED light tower market segment.
[Construction end-user segment is expected to grow at the highest CAGR from 2017 to 2022"
Based on end-user of light towers, the construction end-user segment is estimated to be the fastest growing segment from 2017 to 2022. A rapid growth in the construction sector in the Asia-Pacific region is expected to drive the market for global light tower. Countries such as China and India are investing heavily in the developing transport infrastructure to support their growing economies, which is expected to drive the construction end-user segment during the forecast period.
[Asia-Pacific: The largest market for light tower"
Asia-Pacific is currently the largest market for light towers followed by North America, Europe, and the Middle East & Africa. The market in the Asia-Pacific region is projected to grow at a higher rate, with China expected to dominate the market. The growth of the construction and mining sector in countries such as India, China, and Australia are expected to fuel the light tower market.