The latest research study “Lighting as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global lighting as a service market size reached US$ 408.8 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 4,529.44 Million by 2027, exhibiting a growth rate (CAGR) of 45.70% during 2022-2027.
Lighting as a service or LaaS represents service-based business models that provide financial and technical management services to facilitate an easy switchover from old-style lighting to smart lighting technology. They involve the usage of the internet of things (IoT) to assist with the installation of lighting systems along with recycling equipment to ensure proper maintenance and management of the same. Lighting as a service systems do not demand upfront investments from end users and instead are based on subscription charges to be paid on a monthly basis. They offer numerous advantages, such as reduced energy consumption, zero maintenance liability, continual cost savings, and the ability to add on extra features that include data collection, remote management, inter-device communication, etc. Consequently, lighting as a service solutions are extensively utilized in industrial, residential, and commercial establishments across the globe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Lighting as a Service Market Trends and Drivers:
The escalating need for energy-efficient lighting systems, on account of the shifting preferences among the masses toward sustainable lighting solutions is primarily driving the lighting as a service market. In addition to this, the increasing technological advancements and the introduction of innovative products by leading market players are acting as significant growth-inducing factors. Moreover, the growing utilization of light-emitting diodes (LEDs) is also positively influencing the global market. Besides this, the elevating environmental concerns and the launch of various favorable policies and initiatives by government bodies across countries aimed at promoting energy conservation are further stimulating the market growth. The emerging trend of SMART homes and expanding urbanization, especially in developing countries, are expected to augment the lighting as a service market over the forecasted period.
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Lighting as a Service Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Acuity Brands Lighting Inc., Electricity Supply Board (ESB) Group, Enlighted Inc., Every Watt Matters, LumenServe Inc., RCG LightHouse, Signify N.V., Stouch Lighting and UrbanVolt.
The report has segmented the market on the basis of component, installation and end user.
Breakup by Component:
- Luminaries and Control Equipment
- Software and Communication Systems
- Maintenance Services
Breakup by Installation:
- Indoor
- Outdoor
Breakup by End User:
- Commercial
- Industrial
- Municipal
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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