The changing dynamics Light Towers Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Light Towers Market.
It was estimated prior to this unanticipated outbreak Light Towers Market will reach CAGR of 5.7% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Light Towers Market Insights
Light Towers Market is likely to witness a CAGR of 5.7% during the forecast period. The major factor driving the light towers market is the increasing investment towards light towers operation in end-use industries such as construction, oil & gas, mining, and events & sports.
Market Share Analysis
Light Towers Market Share: By Market Type
Based on the market type, the market is segmented as sales and rental. The rental segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. Strong demand from North America and Asia-Pacific along with the need for lower capital investment is the major factor driving the rental segment.
Light Towers Market Share: By Light Type
Based on the light type, the light towers market is segmented as metal halide and LED. The metal halide segment dominated the market in 2019, owing to increased demand from oil & gas and mining industries. On the other hand, the LED segment is expected to witness a higher growth, during the forecast period, owing to the increasing demand for energy efficient lighting systems.
Light Towers Market Share: By Fuel Type
Based on the fuel type, the market is segmented as diesel, solar/hybrid, and direct power. The diesel segment held the largest share of the market in 2019, owing to the fact that these light towers are operated in remote off-grid locations where access to grid power is non-existent. Further, diesel fuel is comparatively economical than other fuel sources.
Light Towers Market Share: By Region
In terms of regions, North America is estimated to be the largest light towers market during the forecast period. Strong investment towards infrastructure development and increasing oil & gas activities are the major factors driving the North American market. Asia-Pacific is expected to be the fastest-growing market, with China, Singapore, South Korea, Japan, and India being the major countries with lucrative growth opportunities.