March 23, 2022 20:00 ET | Source: FACT.MR FACT.MR
ROCKVILLE, Md., March 23, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Light Tower market is projected to grow at a compound annual rate (CAGR) of 5% between 2021 and 2031. The market is expected to reach US$ 2 Bn by the end of 2031.
The demand for Light Tower is expected to rise over the forecast period and the market was valued US$ 1.2 Bn in 2020.
Historically, between 2016 and 2020, light towers market registered a revenue of around US$ 1.2 Bn in 2020, expanding at a CAGR of approximately 4%. Changing landscapes of workplaces, innovations in light towers and the durability of light towers are expected to influence the light towers industry positively. While prospects dipped significantly in the initial months of the COVID-19 pandemic, relaxation of lockdowns in the latter half helped buoy the market through the recessionary trends.
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By lamp or light type, the LED light segment is expected to gain major traction in the upcoming period. LED lights have become popular as they do not emit toxins and provide a noise less environment. Likewise, manufacturers are emphasizing on introducing other similar sustainable light sources to power light towers, prompting a flurry of product launches and innovations.
How are Solar Light Towers Propelling Growth? The global light tower market is set to witness mounting growth in the coming years, as a result of increasing popularity of solar-equipped light towers. These towers require a one-time set-up cost and are environmentally friendly. Furthermore, the increasing number of oil inventories and processing plants will drive demand for light towers in the years to come.
As most developing and developed economies are focusing on the development of better infrastructure to support numerous activities such as transportation, energy generation, the market for light towers is expected to experience soaring demand.
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Key Segments Covered in the Light Tower Industry Survey Lamp
Competitive Landscape Key manufacturers are observed to be involved in material optimization, manufacturing technological automation, and productivity enhancement.
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Key players in the Light Tower Market
Key Takeaways from the Market Study
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