Light Tower Rental Market Size By Lighting (Metal Halide, LED, Electric), By Power Source (Diesel, Solar, Direct), By Technology (Manual Lifting, Hydraulic Lifting), Application & Global Forecast, 2023 - 2032

Light Tower Rental Market Size By Lighting (Metal Halide, LED, Electric), By Power Source (Diesel, Solar, Direct), By Technology (Manual Lifting, Hydraulic Lifting), Application & Global Forecast, 2023 - 2032

Global Light Tower Rental Market could grow remarkably over 2023-2032, driven by a surge in outdoor events such as concerts, festivals, sporting events, and weddings that often require temporary lighting arrangements to ensure safety, visibility, and ambiance. In addition, a growing focus on smart city projects across the globe will fuel product adoption.

Rising investments in infrastructural development for clean city projects and commendable growth in construction activities in various countries will stimulate service adoption. Moreover, the expanding industrial and commercial infrastructure has further boosted the utilization of FDI across the construction sector, positively impacting the light tower rental market growth.

The key market players are engaging in strategic acquisitions and partnerships to stay ahead of the competition. For instance, in February 2023, Cooper Equipment Rentals, a provider of heavy construction equipment, acquired Hub Equipment rental company. The company intended to expand its product offerings to companies such as CAT, Volvo, Hitachi, John Deere, and Komatsu, among others.

The light tower rental market is classified based on lighting, power source, technology, application, and region.

With respect to lighting, the industry is divided into metal halide, LED electric, and others. The metal halide segment is expected to garner USD 1.8 billion in revenue by 2032. The ongoing R&D initiatives focused on providing emission-less lighting systems will favor the adoption of metal halide-based light towers. Additionally, the strict government norms pertaining to workforce safety will accelerate business growth over the coming years.

Regarding technology, the light tower rental market is classified into manual lifting and hydraulic lifting. The manual lifting segment is primed to depict considerable growth through 2032. Manual systems have a relatively simple technique to lift the mast by twisting a handle & locking it in place. These units are substantially utilized across applications, including mining, emergency, and disaster relief, as these lights are easy to handle and can be deployed quickly in case of emergency.

The light tower rental industry is categorized into construction, infrastructure development, oil & gas, mining, military & defense, and emergency & disaster relief. The market size from the mining segment surpassed USD 240 million in 2022. The high reliability, low maintenance, easy availability of fuel & storage, and durability have strengthened the product demand base in the mining sector. Moreover, the rising demand for raw materials, including ferrous and nonferrous metals from various industries, will drive product adoption over the next ten years.

Regionally, the North America light tower rental market will witness over 5.5% CAGR between 2023 and 2032. The escalating rollouts of construction projects, in line with the growing need to maintain smooth operations irrespective of weather and time extremities, bolster the need for light towers. The increasing spending on refurbishments of disaster-affected infrastructure is boosting product uptake. As per National Oceanic and Atmospheric Administration, the U.S. witnessed a total damage of $2.4 trillion through natural disasters in 2022, which will require an influx of investments from private and public players to rebuild the infrastructure in the near future.