Lighting plays an integral role in enhancing the mood anywhere. On this note, the global lighting-as-a-service market is set to experience a robust growth of 47.73% CAGR during the forecast period (2018–2023) and to achieve worth USD 814.59 million valuation from USD 78.37 million in 2017 in the same period. Lighting can eventually provide a stress-free ambience and relax the mood out of all worries.
Lighting-as-a-service also mentioned as (LaaS) is a third-party management of lighting system which includes service such as design and installation, other technical requirement, and maintenance. the market for lighting-as-a-service is gaining a broader traction over the years due to some of the top factors considering information and communication industry. The study identifies all the factors that could also take the market to flaunt considerably during the forecast period.
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Market Drivers & Trends
The latest technologies have enabled engineers to come up with lighter and energy efficient lights that could help in emitting moderate rays of light. With the introduction of energy efficient lighting in the various regions of the world, the demand increased for these which made the market more lucrative and reliable and gained considerable growth.
The lighting-as-a-service is in vogue due to factors of increased cost savings, spread of Internet of Things (IoT) to design smart lighting systems, and sustainable and connected lighting systems. These have thus, led to abundant adoption of Lighting-as-a-service across the world.
Furthermore, the market expansion is also recorded from the pressing needs of the commercial space owners to remain updated with the help of the latest lighting technology, which effectively met by LaaS. On the flip side, factor such as lack of awareness in concern with the lighting-as-a-service offering amongst the potential end-users might restrain the market growth in the foreseeable years.
The protruding players in the Lighting-as-a-Service Market named are Koninklijke Philips N.V. (Netherlands), General Electric Lighting (US), Zumtobel Group AG (Austria), SIB Lighting (US), Lunera Lighting (US), Igor Inc. (US), Itelecom (Chile), Cree Inc. (US), Valoya Oy (Finland), UrbanVolt (Ireland), Sparkfund (US), RCG Lighthouse (Latvia), Metrus Energy, Inc. (US), and Enlighted Inc. (US).
According to the study, the market for lighting-as-a-service has been segmented on the basis of component, installation, and application.
In terms of component, the market is segmented into luminaries & controls, software, and services.
In terms of installation, the market has included indoor and outdoor.
In terms of application, the market has been segmented into commercial, industrial, and others. Among these, the commercial segment leads the lighting-as-a-service market throughout the forecast period, while it is now expected to grab the highest CAGR during the forecast period. owing to amplified energy savings and cost reductions. These factors have accelerated the widespread adoption of lighting-as-a-service by various commercial organizations.
Detailed Regional Outlook
The regional analysis of lighting-as-a-service market is done for the key regions such as North America, Europe, Asia-Pacific, and the rest of the world.
Among these, North America is anticipated to lead the lighting-as-a-service market by 023 owing to some stringent government policies on the occasion of adoption of energy efficient lighting system, high concentration of market player as well as developed infrastructure. These are continuously supporting the market with the increasingly adopting latest lighting technologies.
The market in Europe holds the second largest market position as it shared a considerable amount of market valuation. The market is also estimated to expand at the highest CAGR during the forecast period. More factors such as rapid infrastructure development coupled with the varying government policies has also significantly led to the growing demand for lighting as a service during the forecast period.
LIST OF TABLES
Table 1 Global Lighting-As-A-Service Market, By Region, 2019–2023
Table 2 North America: Lighting-As-A-Service Market, By Country, 2019–2023
Table 3 Europe: Lighting-As-A-Service Market, By Country, 2019–2023
Table 4 Asia-Pacific: Lighting-As-A-Service Market, By Country, 2019–2023
Table 5 Middle East & Africa: Lighting-As-A-Service Market, By Country, 2019–2023
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LIST OF FIGURES
FIGURE 1 Global Lighting-As-A-Service Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Lighting-As-A-Service Market
FIGURE 4 Value Chain Of Global Lighting-As-A-Service Market
FIGURE 5 Share Of Global Lighting-As-A-Service Market In 2019, By Country (In %)
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