Rockville, MD, August 29, 2024 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global Market for the rental of light poles is expected to reach a value of 751.9 million US dollars in 2024 and is expected to grow at a CAGR of 3.6% in the forecast period (2024 to 2034).
Temporary lighting solutions are becoming increasingly important across various industries, significantly influencing the growth of the light tower rental market. These solutions offer flexibility, cost-effectiveness and increased safety, making them essential for operations in sectors such as construction, entertainment and emergency response. Ongoing construction of roads, bridges and buildings requires reliable temporary lighting to ensure safety and productivity in low-light conditions. This demand for temporary lighting solutions is a key driver of the rental market, as companies often prefer to rent rather than purchase expensive equipment for short-term needs.
Temporary lighting is critical for outdoor events, concerts and festivals as it improves visibility and creates an engaging atmosphere. The flexibility of rental options allows event organizers to scale their lighting solutions to meet the specific needs of each event, further driving the growth of the rental market. For example, Knightscope has signed a new contract to provide 8 K1 Blue Light Towers to a college in Nevada in July 2024. The towers, which are equipped with solar panels, mass notification speakers and front panel cameras, will increase campus safety. The client has also subscribed to a full-service maintenance plan and Knightscope Emergency Management System (KEMS) software.
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Key findings from the market study
- The global market for light tower rental is expected to grow at 6% CAGR and reach 1,070.9 million US dollars until 2034
- The market created an absolute $ opportunity of 319.0 million US dollars grows at an average annual growth rate of 6% between 2024 and 2034
- North America is a significant region with an estimated market share of 9% in 2034
- The predominant 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.
- The Events & Entertainment sectors are expected to grow at an average annual growth rate of 6% Creating an absolute $ opportunity of 62.9 million US dollars between 2024 and 2034
- In North America and East Asia, there is an absolute chance of 135.9 million US dollars together
“The introduction of sustainable solutions such as solar light towers will drive the market” says an analyst from Fact.MR.
Leading players drive innovation in the light tower rental market
Major industry participants such as 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 notable players.
Market development
The key players in the global light tower rental market are focusing on expansion activities, technological advancements, product innovations, strategic partnerships and collaborations, and regulatory compliance to gain a significant share in the industry.
For example, in June 2023, Atlas Copco launched its first hybrid light tower, the HiLight BI+ 4. In the HiLight BI+ 4, lithium-ion batteries are integrated into a low-consumption Stage V diesel engine that can draw power from the diesel engine, lithium-ion batteries, mains power or a hybrid option. When using the dimming function, the towers’ seven-hour battery autonomy at full capacity can be extended to almost 20 hours. This enables silent and emission-free operation on a single charge.
News from the light tower rental industry:
- UK-based manufacturer and equipment rental company TCP Group, which operates 500 mobile light towers powered by hydrogen fuel cells in its fleet, reached a major milestone on August 20, 2024. In 2010, TCP and British gas supplier BOC collaborated to develop the TCP Ecolite TH200. It is powered by a HYMERA fuel cell designed to generate green energy through a chemical reaction with bottled hydrogen and oxygen in the ambient air. The aim of the collaboration is to replace diesel fuel in light towers with hydrogen fuel cells, revolutionizing lighting solutions for construction site operations.
- Generac introduced the GLT Series light towers in January 2024 as part of a global branding plan designed to increase consumer awareness of the company and its products. The deliberate approach is to offer the latest light tower styles in a consistent style and give customers access to a single, global platform. Generac claims that this approach not only increases the variety of items offered, but also improves the ability to provide customers with comprehensive customer service.
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Further valuable insights into the offer
In its new offering, Fact.MR presents an unbiased analysis of the global light tower rental market, providing historical data for the years 2019 to 2023 and forecast statistics for the years 2024 to 2034.
The study provides key insights on energy source (battery, diesel, solar and hybrid), lamp (halide and LED), lessor (independent rental companies, online rental platforms and equipment dealers), rental duration (short term (daily or weekly), medium term (monthly), long term (annual / leases)), end use (construction, mining, oil and gas, commercial, events and entertainment and others) in key regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific and Middle East and Africa).
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