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Global Lighting as a Service Market is expected to reach $3,473.41 million by 2027 growing at a CAGR of 45.7% during 2019 to 2027.
Some of the key players profiled in the Lighting as a Service Market include Acuity Brands Lighting, Inc, Cree Inc., Facility Solutions Group, Future Energy Solutions, General Electric Lighting, Philips N.V., Koninklijke Philips N.V, Lunera Lighting, Lutron Electronics Co., Inc, SIB Energy, LLC, UrbanVolt, Zumtobel Group AG, Igor Inc., Itelecom, Cooper Industries, Inc and Every Watt Matters.
Government policies & regulations for the adoption of energy-efficient lighting systems, zero capital cost model & improved financial benefits are the major factors driving the market growth. However, lack of awareness about the value of a service-oriented model of lighting, and difficulty in affordable financing are factors restraining the market growth.
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Lighting as a service (LaaS) is referred to as the third-party management of lighting systems which includes services such as design and installation, other technical requirements, and maintenance. Lighting as a service is 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-users side.
Based on the end user, the commercial segment is going to have high growth during the forecast period due to factors such as increased energy savings and overall cost reductions accelerating the widespread adoption of lighting-as-a-service by various commercial organizations.
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By geography, North America is going to have lucrative growth during the forecast period owing to the rapid development of smart cities in the U.S. has surged the need for energy-efficient lighting systems, growing demand for energy-saving lighting solutions by large warehouses and manufacturing units.
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Components Covered: • Luminaires & Control Equipment • Transmitters and Receivers • Maintenance Services • Software & Communication Systems • Microprocessors and Microcontrollers • Switches and Dimmers • Light-Emitting Diode (LED) Drivers
• Sensors
Services Covered: • Recycling of Equipment • Lighting System Installation
• Maintenance and Management
Installations Covered: • Indoor
• Outdoor
End Users Covered: • Industrial • Municipal • Residential
• Commercial
Regions Covered:
• North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o South Korea o Rest of Asia Pacific • South America o Argentina o Brazil o Chile o Rest of South America • Middle East & Africa o Saudi Arabia o UAE o Qatar o South Africa
o Rest of Middle East & Africa
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– Supply chain trends mapping the latest technological advancements
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