Mast Tower Market Size, Share, Growth, and Industry Analysis, By Type (Wood Mast Tower, Metal Mast Tower), By Application (Civil, Military, Industrial, Others) and Regional Forecast to 2031

Updated On: 29 April 2024

MAST TOWER MARKET REPORT OVERVIEW

The global mast tower market size expanded rapidly in 2022 and the market is projected to grow substantially by 2028, exhibiting a prodigious CAGR during the forecast period.

A mast tower is a tall structure used to support cables, antennas, and other telecommunications or transmission equipment. The importance of mast towers is that they can raise equipment high enough off the ground to provide a wide coverage area or to reach areas with certain signal strength.  The growth of the market is due to the increasing demand for wireless communication and the increase in the number of towers around the world. Additionally, the introduction of drones and other aerial vehicles is also expected to boost the growth of the mast towers market.

Moreover, advancements in design and manufacturing technologies are driving innovations in the market. The growth of the market is due to the increasing demand for wireless communication services and the increase in the number of towers around the world. Other factors driving the growth of the market include increasing infrastructure investment in various countries around the world, adoption of smart technologies such as artificial intelligence (AI) and machine learning, and increasing demand for monitoring systems. On the basis of type, the wooden segment is expected to lead the market during the forecast period due to its low cost and ease of installation compared to metal towers.

COVID-19 Impact: Restrictions Imposed On The Economy Caused Markets To Decline 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

During the 2020 COVID-19 pandemic, there was a significant slowdown in  the global market  due to the temporary suspension of most industrial activities, especially those related to construction, manufacturing, industrial solutions and other industries/sectors. However, extensive vaccination efforts that began in 2021 eased the lockdown and travel restrictions, allowing production to resume. These factors are expected to improve the market during the forecast period.

LATEST TRENDS

"Rapid Global Adoption Of Internet Services to Drive Market Growth"

In the coming years, the rapid global adoption of Internet services and the significant increase in the number of users of smartphones and smart devices are the key factors that are expected to influence the mast tower market growth further. In addition, the digital revolution sweeping many emerging economies and the growing need for the latest energy-efficient technologies to optimize electricity consumption are expected to positively impact global telecommunications tower sales figures in the coming years. Increasing number of high-rise buildings in various regions and increasing safety awareness will increase the demand for building and construction industry products during the forecast period. Additionally, increasing emphasis on reducing structural height and conserving floor space is projected to have a positive impact on industry growth during this period.

MAST TOWER MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into wood mast tower, metal mast tower.

Wood is a natural material found in the form of trees, branches and logs. It is used to make furniture, building materials and other products. Wood is one of the most important raw materials used in the manufacture of mast towers. It is also known as wood or wood pulp.

By Application

Based on application the global market can be categorized into civil, military, industrial, others. The military segment will grow at the fastest rate during the forecast period.

Rising demand for various military applications such as surveillance, navigation and communication masts is likely to fuel the market growth. The industrial segment is projected to grow strongly due to the spread of mast in various industries such as oil and gas, power generation, transportation and others.

DRIVING FACTORS

"Increasing Number Of Smartphone Users to Boost the Market"

With the number of smartphone users increasing in all remote areas, competition among service providers is also increasing. Service providers compete with others to improve network coverage. Factors such as adoption of digitization, improvement in connectivity, demand for high-speed connectivity and growing need for data are the major drivers of the market. Apart from that, the government is taking various initiatives to meet the growing demand for new networks. This can help increase opportunities in the market. The installation and operating costs of the Telecom Towers Market are high.

"Growth in HVAC equipment and growth in industrial activity to Fuel the Market"

Moderate growth in the global commercial construction industry and increasing modernization and urbanization in emerging economies has fueled the demand for cooling towers. The growth of HVAC equipment due to increased government investment in this sector will increase further market. Mast towers are widely used as part of building HVAC systems where they remove excess heat from coolers. Thus, increasing demand for HVAC equipment used in buildings and industrial applications is expected to drive the tower market globally. Climate change and technological innovations have increased the adoption of HVAC equipment. Changeable and unpredictable weather conditions due to global warming have also increased the demand for towers.

RESTRAINING FACTOR

"Limitations In Length, Weight And Chassis Space to Hinder Market Growth"

Vertical lifts have several advantages for accessing high work areas, but they have some limitations. Elevator levels are often smaller than other types of elevators. The number of workers and tools that can be accommodated on the platform at the same time may be limited due to the limited area. The maximum height of forklifts is often lower than that of boom lifts. Because of this limitation, they may be less suitable for applications that require access to very high or remote areas. Weight restrictions apply vertical mast lifts. Overloading the platform can compromise its stability and safety, which can lead to an accident. This may affect the equipment and overall usage and hinder the growth of the vertical mast lift market.

MAST TOWER MARKET REGIONAL INSIGHTS

"Asia Pacific to Dominate the Market due to Increasing Construction Activity "

Asia Pacific dominated the global mast tower market share during the forecast period. The region is expected to continue its dominant position during the forecast period due to increasing construction activity and infrastructure development projects, especially in emerging economies such as China and India. In addition, increasing demand for commercial space such as hotels and offices is expected to contribute to the growth of the regional market during the forecast period. Europe's contribution was significant in 2019, as the governments of countries such as Germany, Italy and Spain invested in the development of transport infrastructure networks, including railway stations and airport facilities, among others.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The market is significantly influenced by major players in the field, who play a key role in market dynamics and shaping consumer preferences. These key players have extensive retail networks and online platforms that provide consumers with easy access to a wide range of options. Their strong global presence and brand recognition built consumer trust and loyalty, leading to increased product uptake. The joint efforts of these major players will significantly affect the competitive situation and the future of the market.

List of Market Players Profiled

• Rohn Products LLC (U.S.)
• WADE Antenna (Canada)
• SAE Towers (U.S.)
• Reliance Industries (India)
• Hydro-Québec (Canada)
• China State Gride (China)
• BS Group (Europe)
• Skipper Limited (India)
• Alstom T&D India Limited (India)
• Power Grid Corporation of India Limited (India)
• ICOMM (India)
• V K Industry (India)
• It Telecom Tower (India)
• Karamtara (India)

INDUSTRIAL DEVELOPMENT

• August 2022: American Tower Corporation and Verizon Communications Inc. announced that they have signed a new comprehensive lease agreement that will facilitate Verizon's continued deployment of the 5G network across American Tower's extensive portfolio of US communications sites. American Tower Corporation is an American investment company and generally the sole owner of long distance and broadcast communication systems in a number of countries. It is located in Boston, Massachusetts. In 2022, it will be ranked 375th on the Fortune 500 list.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.