Rockville, MD, Aug. 29, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global light tower rental market is estimated to reach a valuation of US$ 751.9 million in 2024 and is expected to grow at a CAGR of 3.6% during the forecast period of (2024 to 2034).
Temporary lighting solutions are increasingly vital across various industries, significantly influencing the growth of the light tower rental market. These solutions offer flexibility, cost-effectiveness, and enhanced safety, making them essential for operations in sectors such as construction, entertainment, and emergency response. The ongoing construction of roads, bridges, and buildings necessitates reliable temporary lighting to ensure safety and productivity during low-light conditions. This demand for temporary lighting solutions is a major driver of the rental market, as companies often prefer to rent rather than purchase expensive equipment for short-term needs
Temporary lighting is crucial for outdoor events, concerts, and festivals, where it enhances visibility and creates an engaging atmosphere. The flexibility of rental options allows event organizers to scale their lighting solutions according to the specific requirements of each event, further boosting the rental market's growth. For instance, on July 2024, Knightscope has secured a new contract to provide 8 K1 Blue Light Towers to a college in Nevada. The towers, equipped with solar panels, mass notification speakers, and faceplate cameras, will enhance campus safety. The client has also subscribed to a full-service maintenance plan and the Knightscope Emergency Management System (KEMS) software.
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Key Takeaways from Market Study
- The global light tower rental market is projected to grow at 6% CAGR and reach US$ 1,070.9 million by 2034
- The market created an absolute $ opportunity of US$ 319.0 million growing at a CAGR of 6% between 2024 to 2034
- North America is a prominent region that is estimated to hold a market share of 9% in 2034
- Predominating market players include Aggreko, Alexander Equipment Rental, Inc., American Rentals, Atlas Copco, BigRentz, Caterpillar, Durante Rentals, Generac, Herc Rental, Larson Electronics, Loxam group, Sunbelt Rentals, Terex Corporation, United Rentals and Wacker Neuson.
- Events & Entertainment under Industry are estimated to grow at a CAGR of 6% creating an absolute $ opportunity of US$ 62.9 million between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 135.9 million collectively
“Adoption of sustainable solutions such as solar light towers will drive the market” says a Fact.MR analyst.
Leading Players Driving Innovation in the Light Tower Rental Market
Key industry participants like Aggreko; Alexander Equipment Rental, Inc.; American Rentals; Atlas Copco; BigRentz; Catterpillar; Durante Rentals; Generac; Herc Rental; Larson Electronics; Loxam group; Sunbelt Rentals; Terex Corporation; United Rentals; Wacker Neuson; Other Prominent Players.
Market Development
Global Light Tower Rental market key players are focusing on expansion activities, technological advancement, product innovations, strategic partnerships and collaborations, and regulatory compliances to acquire significant share in the industry.
For example, on June 2023, Atlas Copco has launched its first hybrid light tower, the HiLight BI+ 4. Lithium-ion batteries are integrated with a low-consumption Stage V diesel engine in the HiLight BI+ 4, which may draw power from the diesel engine, lithium-ion batteries, mains electricity, or a hybrid option. When using the dimming feature, the towers' seven-hour battery autonomy may be extended to nearly 20 hours when operating at full capacity. This allows for silent and emission-free operation on a single charge.
Light Tower Rental Industry News:
- Operating 500 hydrogen fuel-cell mobile lighting towers in its fleet, the UK-based manufacturer and plant rental company TCP Group marked a key milestone on August 20, 2024. In 2010, TCP and UK gas provider BOC collaborated to create the TCP Ecolite TH200. It runs on a HYMERA fuel cell, which is said to create green energy by reacting chemically with bottled hydrogen and oxygen in the surrounding air. The collaboration wants to replace diesel fuel in lighting towers with hydrogen fuel cells, revolutionizing the lighting solutions available to site operations.
- Generac unveiled the GLT Series of lighting towers in January 2024 as a part of a global branding plan meant to raise consumer familiarity with the company and its products. The deliberate approach is to provide the newest lighting tower kinds in a uniform style and grant customers access to a single, global platform. In addition to increasing the variety of items it offers, Generac claims that this approach will improve its ability to offer customers comprehensive after-sale support.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global Light Tower Rental market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the Power Source (Battery, Diesel, Solar, and Hybrid), Lamp (Halide and LED), Rental Provider (Independent Rental Companies, Online Rental Platforms, and Equipment Dealerships), Rental Duration (Short-term (Daily or Weekly), Medium-term (Monthly), Long-term (Yearly / Lease Agreements)), End Use (Construction, Mining, Oil & Gas, Commercial, Events & Entertainment, and Others) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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