Artificial Lift Market Huge Growth Opportunity between 2020–2025

 The global Artificial Lift Market is projected to reach USD 10.3 billion by 2025 from an estimated USD 8.0 billion in 2020, at a CAGR of 5.0% during the forecast period. Stabilized oil prices have revitalized the exploration & production expenditures globally. This has led to increased investments in the enhancement of productivity of oil & gas wells. Furthermore, the global artificial market is driven by the upsurge in the oil & gas production by countries owing to rising demand from the Asia Pacific.

 

North America is estimated to be the fastest growing market for artificial lift during the forecast period. The region has been segmented, by country, into US and Canada. The increasing shale oil & gas production in the North America region is driving the artificial lift market in this region. According to the BP statistical report for June 2019, the US is the top producer of oil, producing 15.3 billion barrels of oil, in 2018. Moreover, the country has been experiencing huge investments from upstream operators to increase the production from the depleting fields in Texas, Permian Basin, and the Gulf of Mexico, along with new drilling activities in ultra-deepwater locations in the Gulf of Mexico, which is likely to drive the North American artificial lift market.

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The offshore segment is expected to grow at the fastest rate in the global Artificial Lift Market

The offshore segment is expected to grow at the highest CAGR during the forecast period, owing to increasing new ultra-deep water offshore discoveries, and the rising rate of shallow water oilfields reaching maturity. Artificial lift methods such as hydraulic pumping, gas lift, ESP, and PCP are most prominently used in offshore oil wells. The Gulf of Mexico and the North Sea have the highest number of maturing shallow oilfields. Thus, such maturing shallow fields have created demand opportunities for artificial lift methods in the Gulf of Mexico and the North Sea regions.

The pump assisted mechanism segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

Pump assisted segment is expected to grow at a higher CAGR during the forecast period, owing to high adoption rate ESPs and rod lift pumps. The pumps are used to increase the bottom hole pressure of tubing string to lift a sufficient amount of fluid to the surface. Artificial lift methods with pump assisted systems have an operating depth ranging from 100 ft TVD to 17,000 ft TVD and average working volume ranging from 5 BPD to 30,000 BPD. For this mechanism, the operating temperature ranges from 100ºF to 500ºF. This growing demand for pump assisted systems is driven owing to multi-stage hydraulic fracturing in horizontal wells.

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The major players in the global Artificial Lift Market are Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Weatherford (Switzerland), NOV (US), Borets International (Russia), Oilserv (UAE), JJ Tech (US), Apergy (US), DistributionNow (US), Novomet (Russia), AccessESP (US), and Valiant Artificial lift Solutions (US).

Artificial Intelligence(AI): A Glimpse Into The Future of Oil & Gas Industry

 The global AI in Oil & Gas Market is expected to grow from an estimated USD 1.57 Billion in 2017 to USD 2.85 Billion by 2022, at a CAGR of 12.66%, from 2017 to 2022. This growth can be attributed to the factors such as rising adoption of the big data technology, digitalization of the Oil & Gas industry, investments in AI-related start-ups, and rising pressure to reduce production costs. Growing investments in the Oil & Gas infrastructure and increased focus toward automation and digitalization are expected to drive AI in the Oil & Gas market during the forecast period.

North America is projected to be the largest market for Artificial Intelligence in Oil and Gas market due to increasing adoption of AI technologies by oilfield operators and service providers and the strong presence of prominent AI software and system suppliers, especially in the US and Canada. The Middle East and Africa is the fastest growing market due to increasing investments in start-ups for AI implementation, which would further raise the demand for AI in the near future.

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Artificial Intelligence in Oil and Gas market functions is segmented into predictive maintenance and machinery inspection, material movement, production planning, field services, quality control, and reclamation. Predictive maintenance solutions are used in analyzing operational data such as drill maintenance or downtime and real-time decision making and then develop models that can predict equipment failure modes. Predictive maintenance is applicable across all the streams of the Oil & Gas sector and is extremely crucial in running uninterrupted operations by predicting accurate equipment status to avoid costly downturn. predicting maintenance schedules for equipment to prevent the possibility of equipment failures and, thus, save millions of dollars.

Software in AI in the Oil & Gas market are applicable in upstream Oil & Gas exploration and production activities. A rapid growth in North America is driven by high demand from the upstream Oil & Gas applications for AI in the North America, which is the main reason for a large market share held by the software segment.

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Some of the global players in this AI in Oil & Gas Market include IBM (US), Accenture (Republic of Ireland), Google (US), Microsoft Corporation (US), and Oracle (US). Together they hold a strong share of the global market.

Pipeline & Process Services Market: Surging Demand for Safe, Economical, and Reliable Infrastructure Connectivity to Transport Oil and Gas

 According to MarketsandMarkets research, the Pipeline & Process Services Market size will grow to USD 4.0 billion by 2025 (forecast year) from USD 3.1 billion in 2020 (estimated year), at a CAGR of 5.5% during the forecast period. The rising demand for crude oil & natural gas, especially from Asia Pacific, and the increasing need for safe, economical, and reliable connectivity drive the growth of the Pipeline & Process Services Market. Further, remarkable deep and ultra-deepwater discoveries of oil & gas reservoirs, the high demand for refined products, and the rapid development of midstream infrastructure will offer lucrative opportunities for the market.

 

The pipeline segment is the largest contributor in the pipeline & process services market.

The pipeline segment dominated the pipeline & process services market by asset type in 2019. The rising demand for crude oil has led to an increase in offshore exploration and drilling activities, which, in turn, has driven the growth of the market for transmission pipeline services. Whereas rapid industrialization and urbanization foster the demand for distribution pipeline services. Europe, Asia Pacific, and the Middle East are expected to be the most attractive markets for pipeline services owing to the commissioning of planned offshore oil and gas projects during the forecast period. For example, the Cyprus–Greece Gas Pipeline, a 1,900 km pipeline, is expected to have a transport capacity of 16 billion cubic meters per year from the offshore gas reserves in the Levantine Basin and the potential gas reserves in Greece. The pipeline is expected to be completed by 2025.

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The process segment is expected to be the fastest growing Pipeline & Process Services Market

The process segment of the Pipeline & Process Services Market is estimated to grow at the fastest rate during the forecast period. This is mainly because of the higher capacity additions at the gas processing facilities and LNG & FPS vessels during the forecast period. The rise in decommissioning of refineries capacities in the Europe & Sub-Saharan African region due to the shift in focus towards renewables is also growth driver of the process segment.

The pre-commissioning & commissioning services operation segment is expected to dominate the Pipeline & Process Services Market.

Pre-commissioning & commissioning services are the initial set of processes which are carried out on the pipeline & process assets before the asset is introduced with the final product. The pre-commissioning & commissioning segment accounted for the largest share of the Pipeline & Process Services Market, owing to the large volume of pipeline (km) additions in the North America and Asia Pacific regions during the forecast period.

North America: The largest Pipeline & Process Services Market.

In this report, the Pipeline & Process Services Market has been analyzed with respect to 6 regions, namely, North America, Latin America, Middle East & North Africa, Europe & Sub-Saharan Africa, Asia Pacific, and Eurasia. North America is expected to dominate the global Pipeline & Process Services Market between 2019 and 2024. Recent discovery of certain new extraction techniques has opened multiple oil & gas shale regions in extremely remote areas. The transportation of the produced crude & natural gas from these remote locations will drive the overall pipeline market in the region.

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Some of the key players in Pipeline & Process Services Market are Halliburton (US), Baker Hughes Company (US), EnerMech (UK), IKM Gruppen (Norway), and Enerpac Tool Group (UK).

Well Casing & Cementing Market: New Oilfield Discoveries Creating Immense Opportunities

 The global Well Casing & Cementing Market is projected to reach USD 11.7 billion by 2024 from an estimated USD 9.2 billion in 2019, at a CAGR of 5.0% during the forecast period. Increasing drilling activities along with shale developments in North America, Asia Pacific, and some parts of South & Central America are the driving factors for the well casing & cementing market, globally. The well completion procedure involves well casing & cementing as primary operations, which are directly affected by the rising exploration & production activities.

The offshore segment is expected to grow at the fastest rate.

The offshore segment is expected to grow at the fastest rate during the forecast period. The growth of this segment is primarily driven by the cost reduction and digitalization of the oil & gas offshore projects. This would ultimately create new revenue pockets for the well casing & cementing market during the forecast period. New oilfield discoveries in offshore regions are expected to increase the drilling operations, especially in North America, due to their planned exploration and drilling projects for the coming years. Such developments in the offshore are driving the well casing & cementing market.

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The cementing segment is expected to be the fastest growing well casing & cementing market

The cementing segment of the well casing & cementing market is estimated to grow at the fastest rate during the forecast period. This is mainly because the cost of cementing operations is lower compared to the casing activities. Moreover, the process of well cementing is challenging as it requires a more technical skillset, thus demanding appropriate equipment and manual workforce. The cementing related equipment are costlier, although the volume used is less. Additionally, the cementing services do not have any alternative, unlike casing, where liner systems can be used as a substitute. Such factors propel the growth of cementing operations in the well casing & cementing market.

The primary cementing operation segment is expected to dominate the well casing & cementing market

Primary cementing is the initial method undertaken to cement the casings and fit the equipment, giving tensile strength to the well. According to industry experts, primary cementing is a widely accepted practice, globally. The other cementing processes, which include remedial cementing and stage cementing, are undertaken only when primary cementing fails. Thus, in order to save capital and operational expenditures, primary cementing is done. Moreover, the increased horizontal drilling activities have provided market opportunities for primary cementing.

North America: The largest well casing & cementing market

In this report, the well casing & cementing market has been analyzed with respect to 6 regions, namely, North America, South & Central America, Europe, Asia Pacific, Middle East, and Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020; and to fulfill this objective, the oil production is being increased across the nation. Moreover, the US retained its position as a top oil producer in 2018, due to the shale revolution.

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The major players in the global Well Casing & Cementing Market are Halliburton (US), Schlumberger (US), BHGE (US), Weatherford (US), NOV (US), Tenaris (Luxembourg), Vallourec (France), TMK Group (Russia), Trican (Canada), Nabors Industries (Bermuda), Frank’s International (Blackhawk Specialty Tools) (Netherlands), Innovex Downhole Solutions (US), and Centek Group (UK).

Hydraulic Workover Unit Market: Enhanced production from oilfields & increased offshore exploration activities

According to the new market research report by MarketsandMarkets™, the Hydraulic Workover Unit Market size will grow to USD 11.0 billion by 2025 from USD 8.1 billion in 2020, at a post-COVID-19 CAGR of 6.3% during 2020-2025. The rising number of mature fields in Europe and the Middle East, along with rising primary energy demand from the Asia Pacific, are the driving factors for the Hydraulic Workover Unit Market globally. The hydraulic workover unit activities are fundamental requirements while well completion, production, and well abandonment, which creates opportunities for growth of the market.

Trailer-mounted segment is expected to dominate to the Hydraulic Workover Unit Market

Owing to the optimum structure and high-level integration of workover rigs, a trailer-mounted hydraulic workover unit requires less working space. Efficient drilling, cruise capability, and lateral stability are among the key features of these units. They can work under ambient temperature and are suitable for cold fields in countries such as Russia and Canada.

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The onshore segment is expected to be the fastest-growing segment of the Hydraulic Workover Unit Market

The onshore fields have been producing for more than 150 years now, and most of them are depleting at faster rates. For instance, the South Belridge Oilfield in the US, the Kuparuk River Oilfield in the US, and the Appalachian Basin of Pennsylvania are some of the oldest onshore oilfields in North America. These oilfields are experiencing a decline in production, and the asset operators are investing in various recovery methods and heavy intervention operations to expand and optimize the production from the wells. Under well intervention, hydraulic workover unit services are used to achieve the most optimum production levels.

North America likely to emerge as the largest Hydraulic Workover Unit Market

In this report, the Hydraulic Workover Unit Market has been analyzed for six regions, namely, North America, South & Central America, Europe, Asia Pacific, Middle East, and Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020, and to fulfill this objective; the oil production is being increased across the nation. Moreover, the US is the top explorer and producer of shale oil and gas. The old oil & gas fields in the Permian Basin and Bakken Ford require the intervention operations to enhance the productivity of the wells. Thus, North America dominated the Hydraulic Workover Unit Market during the forecasted period.

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The major players in the global Hydraulic Workover Unit Market are Halliburton (US), Superior Energy Services (US), Precision Drilling (Canada), Basic Energy Services (US), and Velesto Energy (Malaysia).

Oilfield Integrity Management Market: Increasing focus on Remote Monitoring of Oilfields for Process Optimization and Automation

 According to the new market research report "Oilfield Integrity Management Market by Management Type (Planning, Predictive Maintenance & Inspection, Corrosion Management, Data Management, and Monitoring System), Component (Hardware, Software, Services), Application, & Region - Global Forecast to 2025", published by MarketsandMarkets™, the Oilfield Integrity Management Market size is expected to grow from an estimated USD 12.8 billion in 2020 to USD 18.8 billion by 2025, at a CAGR of 8.1%, during the forecast period. Increasing focus on remote monitoring of oilfields for process optimization and automation and stringent government regulations regarding environmental safety are the key factors driving the oilfield integrity management industry.

The monitoring system segment is the largest contributor in the Oilfield Integrity Management Market.

The monitoring system includes machinery and equipment such as wireless sensors, analyzers, flow meters, smart well systems, SCADA systems, and DCS systems. The growth of the market is driven by its multiple advantages, such as a reduction in manual intervention, monitoring of remote locations oilfields, and collection of real-time data from sensors to detect equipment health.

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The onshore segment is expected to hold the largest market share of Oilfield Integrity Management.

The onshore application segment held the largest share of the Oilfield Integrity Management Market in 2019. North America is estimated to be the largest market for onshore oilfield integrity management during the forecast period, owing to an increase in well count globally. Furthermore, the discoveries of shale reserves are also supporting the growth of the segment in North America.

North America held the largest share of the oilfield integrity management market
North America accounted for the largest share of the oilfield integrity management market in 2019. This region has been segmented by country into the US and Canada. The oil & gas industry is a major contributor to the North American economy. According to the Commerce Department’s Bureau of Economic Analysis (BEA), in 2018, the oil & gas sector contributed USD 1.3 trillion to the GDP of the US. Similarly, Natural Resource Canada declared that in 2018, the oil & gas industry contributed 2.8% to the nominal GDP of Canada. The high energy supply and demand from the region offer lucrative opportunities to the entire oil & gas value chain. The country houses some of the top service providers such as Schlumberger, Ltd. (US), Halliburton (US), and Baker Hughes Company (US), who continuously invest in developing innovative solutions for various segments of the oil & gas industry.

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Middle East & Africa is expected to be the fastest-growing market of Oilfield Integrity Management.

The Middle East & Africa consists of major oil & gas producing countries such as Saudi Arabia, the UAE, Kuwait, Iraq, and Iran, which have some of the largest petroleum reserves in the world. According to the BP Statistical Review of World Energy June 2019, Saudi Arabia, UAE, Kuwait, Iraq, Iran, and Qatar produced a combined 30% of global oil production in 2018. These countries export most of their production to neighboring Asian countries such as China and India, which have high energy demand. Furthermore, the growth of the market in the Middle East & Africa is due to the increasing number of drilling activities and the requirement for inspection and monitoring systems to optimize the production from mature fields.

The Oilfield Integrity Management Market is dominated by a few global players, mainly from the North American region. The key players in the Oilfield Integrity Management Market include companies such as Schlumberger (US), Halliburton (US), Baker Hughes Company (US), Siemens (Germany), Emerson (US), IBM (US), and Oracle (US).

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Artificial Lift Market: Rising deepwater explorations and enhancing oil & gas production

According to the new market research report "Artificial Lift Market by Type(ESP, PCP, Rod Lift, Gas Lift, and Others); Mechanism(Pump Assisted (Positive Displacement, Dynamic Displacement), Gas Assisted); Well Type(Horizontal, Vertical); Application(Onshore, Offshore); Region - Global Forecast to 2025" The Artificial Lift Market is projected to reach USD 10.3 billion by 2025 from an estimated USD 8.0 billion in 2020, at a CAGR of 5.0% during the forecast period. Continuous shale development and the growing investments in the upstream oil and gas sector is driving the demand for Artificial Lift Market. Moreover, the rising number of mature fields in Europe and the Middle East, along with new offshore oilfield discoveries, is creating an opportunity for the Artificial Lift Market.

The offshore application segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

The offshore segment is expected to grow at the highest CAGR during the forecast period, owing to increasing new ultra-deep water offshore discoveries, and the rising rate of shallow water oilfields reaching maturity. Artificial lift methods such as hydraulic pumping, gas lift, ESP, and PCP are most prominently used in offshore oil wells. The Gulf of Mexico and the North Sea have the highest number of maturing shallow oilfields. Thus, such maturing shallow fields have created demand opportunities for artificial lift methods in the Gulf of Mexico and the North Sea regions.

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The horizontal well segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

The horizontal segment is expected to grow at the highest CAGR during the forecast period, owing to significant discoveries of shale reserves and increasing hydraulic fracturing in horizontal wells. Hence, creating opportunity for the Artificial Lift Market.  Horizontal drilling and multistage hydraulic fracturing have unlocked vast quantities of natural gas in shale reservoirs. Operators are using appropriate systems and equipment that will limit well blow-downs and lift systems to unload the wells without releasing methane continuously—thereby increasing the need for artificial lift systems that are effective in horizontal wells.

The pump assisted mechanism segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

Pump assisted segment is expected to grow at a higher CAGR during the forecast period, owing to high adoption rate ESPs and rod lift pumps. The pumps are used to increase the bottom hole pressure of tubing string to lift a sufficient amount of fluid to the surface. Artificial lift methods with pump assisted systems have an operating depth ranging from 100 ft TVD to 17,000 ft TVD and average working volume ranging from 5 BPD to 30,000 BPD. For this mechanism, the operating temperature ranges from 100ºF to 500ºF. This growing demand for pump assisted systems is driven owing to multi-stage hydraulic fracturing in horizontal wells.

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North America is expected to be the most significant and third fastest-growing region of the Artificial Lift Market

In this report, the Artificial Lift Market has been analyzed for five regions, namely, North America, South & Central America, Europe, Asia Pacific, and Middle East & Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020 and to fulfill this objective, the oil production is being increased across the nation. Moreover, the US is the top explorer and producer of shale oil and gas. The old & depleting oil & gas fields in the Permian Basin and Bakken Ford require artificial lift operations to enhance the productivity of the wells. Thus, North America dominated the Artificial Lift Market in 2019, and expected to do so during the forecast period.

The ESP segment is expected to grow at the highest CAGR from 2020 to 2025.

The ESP segment is estimated to be the fastest-growing segment of the Artificial Lift Market, by type, from 2020 to 2025. ESPs are multistage dynamic displacement centrifugal pumps. Such pumps are typically used when well depths range from 1,000 to 5,000 ft. It is the most effective artificial lift method for more than 1,000 bpd volume. It is effective in wells with low bottomhole pressure, low gas/oil ratio, low bubble point, high water cut, or low API gravity fluids. Such pumps are usually used for offshore applications because of their ability to handle high-volume wells. Hence, the rise in offshore E&P activities is expected to drive the ESP segment during the forecast period.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Artificial Lift Market.

Some of the key players are Schlumberger (US), Halliburton (US), Borets International (Russia), Weatherford (Switzerland), and Baker Hughes Company (US). The leading players are adopting various strategies to increase their share in the Artificial Lift Market. Partnerships, collaborations, alliances, and joint venture ; new product launches; and contract & agreements have been a widely adopted strategy by the major players in the Artificial Lift Market.

Pressure Vessel Market Worth $53.3 Billion by 2025

The global Pressure Vessel Market size is projected to reach USD 53.3 billion by 2025 from an estimated USD 42.7 billion in 2020, at a CAGR of 4.5% during the forecast period. Increasing the construction of refinery & chemical plants and the adoption of supercritical and ultra-supercritical power generation technology is driving the growth of the market. Moreover, the installation of new pressure vessels in aging power plants and technological advancements in materials and designs is likely to bring opportunities for the pressure vessel industry.

The unfired pressure vessel segment is expected to grow at the highest CAGR from 2020 to 2025.

Unfired pressure vessels can act as heat exchangers that can be used to cool and heat fluid when combined with another fluid. These usually consist of several adjacent chambers and tube bundles. As countries in Europe and North America is focusing on decreasing their primary energy consumption from fossil fuels, the demand for unfired pressure vessels is estimated to surge in the coming years. Hence, unfired pressure vessels are expected to witness rising demand in the coming years due to an increasing focus on heat recovery prompted by stringent emission norms.

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The steel alloy segment is expected to lead the global Pressure Vessel Market during the forecast period.

Steel alloys include carbon steel, chromium-molybdenum alloys, and stainless steel. Carbon steel is a combination of iron & steel, whereas stainless steel is an iron alloy with a minimum of 10.5% chromium. The structure, formability, and strength of stainless steel are enhanced by adding other elements to it. Stainless steel is preferred due to its high corrosion resistance. An increase in the number of industrial power projects and the replacement of existing pressure vessels are the major factors driving the growth of the market. Developing economies of the Asia Pacific and the Middle East are expected to emerge as key revenue pockets for the steel alloys Pressure Vessel Market

The chemicals & petrochemicals segment is expected to grow at the highest CAGR in the global Pressure Vessel Market during the forecast period.

Chemicals and petrochemicals are used in various industries such as fertilizers, lights, coatings & absorbents, plastic, artificial fibers, and chemical laboratories. According to the International Council of Chemical Associations (ICCA), the chemical industry was valued at USD 5.7 trillion in 2017, which was equivalent to a 7% share in the global GDP. Further, petrochemicals are witnessing increasing demand due to the rising number of construction projects in the Asia Pacific and the Middle East regions.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Pressure Vessel Market. Some of the key players are Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), IHI Corporation (Japan), and Mitsubishi Hitachi Power Systems (Japan). The leading players are adopting various strategies to increase their share in the Pressure Vessel Market. Contracts & agreements, and alliances & collaborations have been a widely adopted strategy by the major players in the pressure vessel industry.

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Arc Flash Protection Market: Remarking Enormous Growth with Recent Trends & Demand by Top Key Players

The arc flash protection market is projected to grow from an estimated USD 1.85 Billion in 2017 to USD 2.41 Billion by 2022, at a CAGR of 5.38% from 2017 to 2022. The market in North America is estimated to be the largest markets for arc flash protection system and equipment, followed by the market in Europe. This trend is expected to continue till 2022. The growth of the arc flash protection market is driven by increasing investments in electrical networks and growth of the manufacturing sector in South-East Asia.

North America: The leading market for arc flash protection

The market in North America is expected to dominate the global arc flash protection market, given the increasing awareness to reduce the electrical risk hazards at workplace in order to create a safer environment for personnel as well as the equipment. Growth in industries such as food & beverage, infrastructure and transportation, utility, and mining, is also expected to increase capital spending on safety equipment by major manufacturers. All these factors are expected to drive the North American arc flash protection market.

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The arc flash protection market in the Middle East is projected to grow at the fastest rate from 2017 to 2022. Increasing investment in the electrical infrastructure and key focus on electrical safety issues will be driving the growth of the arc flash protection market in the region during the forecast period. The region also witnessed investment in the transportation and infrastructure segment, which are also driving the arc flash protection market.

The utilities segment in the arc flash protection market is expected to be the largest market. Growing demand for electricity has resulted in significant capital spending on electrical networks to boost power generation and improve transmission and distribution quality. Increase in expenditure on electrical networks from China, India, and countries in the Middle East would drive the utilities segment.

The upgradation of existing safety equipment installed across applications in switchgears, distribution boards, motor control centers, and panel boards is expected to create new opportunities for arc flash protection equipment companies. Moreover, governments in most of the countries are investing in renewable energy-based power generation to match up with the growing energy demand. The companies are focusing on deploying High Voltage Direct Current (HVDC) systems as they are efficient for long-distance power transmission. All these factors will drive the arc flash protection market during the forecast period.

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The arc flash protection market is dominated by a few global players. Key players operating in the market include ABB, Ltd. (Switzerland), General Electric (U.S.), Schneider Electric (France), Eaton Corporation (Ireland), Siemens AG (Germany), and Littelfuse, Inc. (U.S.) among others.

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Light Tower Market Latest Industry Trends & Forecast to 2022

The light tower market is expected to grow from an estimated USD 2.02 Billion in 2017 to USD 2.72 Billion by 2022, at a CAGR of 6.1% from 2017 to 2022. This growth is mainly attributed to a rapid growth of the construction industry, especially in developing nations of the Asia-Pacific region, growing investment in the oil & gas sector, and restart of investment in the mining industry.

The light tower sales market is segmented, based on end-user into construction, mining, oil & gas, and others, which includes agriculture, airports, emergency services, military, rentals, social & sports events, and motion pictures. Construction end-user is expected to grow at the highest rate in the end-user segment. A rapid growth in the construction sector, especially in the Asia-Pacific region is expected to drive the light tower market. Countries such as China and India are investing heavily in developing transport infrastructure to support growth of their economies, and are expected to drive the construction end-user segment during the forecast period.

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The diesel-powered light towers segment is expected to hold the largest share of the light tower market, by fuel type, during the forecast period

The diesel-powered light tower segment led the light tower market in 2016 and is expected to grow at a decent pace during the forecast period. High reliability of diesel generator sets, easy availability of fuel, high storage capacity, longer running time, and simple maintenance have helped the diesel-powered light towers to grow worldwide. This segment is primarily driven by increasing demand in the construction industry in developing nations and is expected to create new revenue pockets for the light tower sales market during the forecast period.

Asia-Pacific expected to dominate the light tower market

In this report, the light tower market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The Asia-Pacific is expected to dominate the global light tower market, due to growth of the construction and mining sector in China, India, and Australia. Asia-Pacific is the largest market by size and is estimated to grow at the highest rate due to rapid growth in the construction industry, especially in China. A high investment in the construction sector in China has created a demand for portable light towers. Asia-Pasic is home to many developing nations such as India, Indonesia, Taiwan, and Malaysia. All these nations are focusing on developing their infrastructure which in turn is expected to drive the demand for light tower in the Asia-Pacific region.

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The market is dominated by few international players which holds major share of the light tower market. Major suppliers for light towers include Generac Holding, Inc. (U.S.), Atlas Copco (Sweden), Doosan Corporation (South Korea), Terex Corporation (U.S.), and Wacker Neuson (Germany).