Global Lighting as a Service Market is expected to foresee significant growth. North America to lead the growth!
- Himanshu Patni
- June 4, 2022
- ENERGY & POWER, NEWS
- Lighting as a Service Market, Lighting as a Service Market Growth, Lighting as a Service Market Share, Lighting as a Service Market Size, Lighting as a Service Market Trends
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The global Lighting as a Service market is expected to register a CAGR of more than 45 % over the period of 2021-2027. The lighting as a service market demand is increasing at propelling rate over the years and is expected to witness influential growth during the forecasted period as well. Factors that are attracting the market size of lighting as a service end-user as it embodies no direct prices to the user, optimizes energy consumption, continued value saving, no maintenance required coupled with add on functions and systems such as knowledge assortment, inter-device communication, and remote management are propelling the market size of lighting as a service (LaaS).
Moreover, the lighting as a service market is displaying significant growth globally due to the increasing demand for energy-efficient lighting systems and support from several governments for phasing out traditional lighting systems with energy-efficient ones. However, a lack of awareness about the value of a service-oriented model of lighting is expected to hinder Lighting as a service market growth.
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Based on the installation, the lighting as a service market is bifurcated into indoor and outdoor. The outdoor segment caters to extensive market share in the lighting as a service market. It is mainly attributed to the lighting offered by local governments for open public spaces, streets, bridges, public parking areas, walkways, and highways are also driving the market.
Based on components, the lighting as a service market is segmented into luminaries & control equipment, software & communication systems, and maintenance & other services. The software & communication systems acquired a considerable market share in the lighting as a service market. It is mainly pertaining to the combination of IoT with LaaS to provide various facilities to the users such as controlling lighting and temperature at the workplace, tracking the usage pattern of lights, reducing them whenever not needed, and considerably decreasing the building’s carbon footprints.
Based on end-user, the lighting as a service market is classified into a commercial, industrial, and municipal. The commercial segment caters to a considerable share of the lighting as a service market and is expected to witness high growth during the forecasted period. This is mainly because of significant structural impacts, namely, economic growth. Furthermore, commercial consumers will have access to their energy efficiency through lighting as a service that will, in turn, help them improve their energy consumption for multiple uses.
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For a better understanding of the market adoption of the Lighting as a Service industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, Spain, Italy, France, Rest of Europe); Asia-Pacific (China, India, Australia, Japan, Rest of Asia-Pacific), and Rest of World. North America acquired an extensive market share in the lighting as a service market and is expected to grow at an extensive rate mainly owing to government support to replace traditional lighting systems with energy-efficient lighting systems. Moreover, the growing demand for energy-saving lighting solutions by massive warehouses and production units within the US has escalated the adoption of LaaS.
Some of the major players operating in the market include Koninklijke Philips N.V., General Electric Company, Lunera, Lutron Electronics Co, RCG Lighthouse, Cree Inc., SIB Lighting, Future Energy Solutions, Eaton Corporation, Digital Lumens.
Global Lighting as a Service Market Segmentation
Market Insight, by Installation
Market Insight, by Components
- Luminaries & control equipment
- Software & communication systems
- Maintenance & Other services
Market Insight, by End-User
Market Insight, by Region
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
• Koninklijke Philips N.V.
• General Electric Company,
• Lutron Electronics Co
• RCG Lighthouse
• Cree Inc.
• SIB Lighting
• Future Energy Solutions
• Eaton Corporation
• Digital Lumens