Lighting as a Service Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Installation (Indoor and Outdoor); Components (Luminaries & control equipment, Software & communication systems, Maintenance & Other services); End-User (Commercial, Industrial, and Municipal); and Region/Country

Detailed Analysis of COVID-19 Impact on the Lighting as a Service Market

Pages:

212

Table:

38

Figure:

121

Report ID:

UMEP21829

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description

Lighting as a Service Market 2
Lighting as a Service Market 2

LaaS (Light as a Service) is a two-year project co-funded by the UK-based agency name Innovate UK. Lighting as a service refers to a better version of lighting that enables the move from old-style lighting to smart lighting with the help of sensors and Internet of Things (IoT) technology, this reduces the cost and enhances the efficiency of energy without any investment from the end-user’s side. Factors that are positively influencing the market size of LaaS such as shifting preference toward sustainable lighting solutions and the emergence of LED as energy-efficient lighting technology. In addition, the soaring construction of smart cities across the emerging economies is also fueling the market size of lighting as a service.

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Moreover, various Lighting as a Service provider, such as Renewable Partnerships, have been offering LED lighting solutions with no associated investment costs to reduce carbon dioxide emissions coupled with rapid advances in technology including IoT will further augment the demand for Lighting as a Service market.

The global Lighting as a Service market is expected to register a CAGR of more than 45 % throughout 2021-2027. 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.

Koninklijke Philips N.V., General Electric Company, Lunera, Lutron Electronics Co, RCG Lighthouse, Cree Inc., SIB Lighting, Future Energy Solutions, Eaton Corporation, and Digital Lumens. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

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Insights Presented in the Report

“Amongst installation, the outdoor category accounted for the majority share in the market in 2020”

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.

“Amongst components, software & communication systems are expected to witness highest CAGR during the forecast period”

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-users, a commercial segment expected to witness extensive CAGR during the forecast period”

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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“North America to witness significant growth during the forecast period”

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.

Moreover, in North America, the lighting as a service market is driven by the rise in the demand for commercial launches, as LaaS has a cost-saving potential and offer a reduction in energy consumption worldwide. For instance, according to the American Council for an Energy-Efficient Economy, these establishments account for about 19% of the energy consumed in the US.  More than half the energy used by commercial buildings goes toward heating and lighting.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
  • The report presents a quick review of overall industry performance at one glance.
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
  • The study comprehensively covers the market across different segments.
  • Deep dive regional level analysis of the industry.

Customization Options:

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1.1.Market Definitions
1.2.Limitation 
1.3.Stake Holders
1.4.Currency used in Report

 

2.1.Research Process of the Lighting as a Service Market
2.2.Research Methodology of the Lighting as a Service Market
2.3.Forecasting Method
2.4.Respondent Profile
2.5.Main Objective of the Lighting as a Service Market Study

 

3MARKET SYNOPSIS

 

4EXECUTIVE SUMMARY

 

5GLOBAL LIGHTING AS A SERVICE MARKET COVID-19 IMPACT

 

6GLOBAL LIGHTING AS A SERVICE MARKET REVENUE 2019-2027F

 

7.1.Indoor 
7.2.Outdoor 

 

8.1.Luminaries & control equipment
8.2. Software & communication systems
8.3.Maintenance & Other services

 

9.1.Commercial
9.2.Industrial 
9.3.Municipal 

 

10.1.North America  
 10.1.1.United States
 10.1.2.Canada 
 10.1.3.Rest of North America
10.2.Europe   
 10.2.1.Germany 
 10.2.2.France 
 10.2.3.Spain 
 10.2.4.Italy 
 10.2.5.United Kingdom
 10.2.6.Rest of Europe
10.3.Asia Pacific  
 10.3.1.China 
 10.3.2.India 
 10.3.3.Australia 
 10.3.4.Japan 
 10.3.5.Rest of Asia Pacific
10.4.Rest Of the World  

 

11.1.Market Drivers
11.2.Market Challenges
11.3.Impact Analysis

 

12LIGHTING AS A SERVICE MARKET OPPORTUNITIES

 

13LIGHTING AS A SERVICE MARKET TRENDS

 

14LEGAL & REGULATORY FRAMEWORK

 

15.1.Demand Side Analysis 
15.2.Supply Side Analysis 
 15.2.1.Top Product Launches
 15.2.2.Top Business Partnerships
 15.2.3.Top Business Expansions, Investments, and Divestitures
 15.2.4.Top Merger and Acquisitions

 

16VALUE CHAIN ANALYSIS

 

17.1.Competitive Landscape
 17.1.1.Company Shares, By Revenue

 

18.1.Koninklijke Philips N.V.
18.2.General Electric Company,
18.3.Lunera 
18.4.Lutron Electronics Co
18.5.RCG Lighthouse
18.6.Cree Inc. 
18.7.SIB Lighting
18.8.Future Energy Solutions
18.9.Eaton Corporation
18.10.Digital Lumens

 

19DISCLAIMER

 

Research Methodology

Research Methodology for the Global Lighting as a Service Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global lighting as a service market were the three major steps undertaken to create and analyze the adoption of Lighting as a Service in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global lighting as a service market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of lighting as a service market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the lighting as a service market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as installation, components, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of lighting as a service market. Further, we conducted factor analysis using dependent and independent variables such as various installation, components, and end-users of lighting as a service. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Lighting as a Service market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global lighting as a service market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of revenue (USD) and the adoption rate of Lighting as a Service market across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the global lighting as a service market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Lighting as a Service Market 1
Lighting as a Service Market 1

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global lighting as a service market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of installation, components, and end-user in the global Lighting as a Service market.

The main objective of the Global Lighting as a Service Market Study

The current & future market trends of the global Lighting as a Service market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of the lighting as a service market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of installation, components, and end-user.
  • Define and analysis of the regulatory framework for the lighting as a service market industry.
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
  • Analyze the current and forecast market size of the lighting as a service market for the major region.
  • Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
  • Company profiles of the lighting as a service market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry

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