Global Lighting as a Service Market Size Expected to Reach US$ 13.73 Billion With CAGR 40.4% By 2028

Market Overview:

The Global Lighting as a Service Market size was valued at USD 1.27 Billion in 2021 and is projected to reach USD 13.73 Billion by 2028, growing at a CAGR of 40.4%. The Analysis Period 2023-2030.

The lighting-as-a-service (LaaS) market examines a business model where consumers don't buy lighting equipment but instead enter a contract with a fixed charge for their lighting needs. The lighting provider supplies lamps, luminaries, controls, and additional services like data analysis and financing. Installation companies, paid for by the lighting provider, handle the installation and maintenance throughout the contract. LaaS offers benefits like reduced lighting expenses, improved cash flow, and maintained lighting systems. The industry's growth is driven by the energy efficiency and lower maintenance costs of LaaS compared to traditional lighting, leading to increased demand in the foreseeable future.

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Top Key Players Covered In Lighting as a Service Market
• Igor Inc. (U.S.)
• Itelecom (Chile)
• Koninklijke Philips N.V. (Netherlands)
• General Electric Lighting (U.S.)
• Zumtobel Group AG(Austria)
• SIB Lighting (U.S.)
• Lunera Lighting (U.S.)
• Cree Inc. (U.S.)
• Future Energy Solutions (U.S.)
• Rcg Lighthouse (Latvia) and Other Major Players.

Market Dynamics:

Driver:

One of the key drivers of the LaaS market is the potential for cost savings. Consumers can avoid the upfront capital expenditure of purchasing lighting equipment by opting for a service-based model. LaaS offers energy-efficient lighting solutions, resulting in reduced energy consumption and lower operational costs over time. Additionally, The increasing emphasis on sustainability and environmental responsibility is driving the demand for energy-efficient lighting solutions. LaaS enables organizations to adopt eco-friendly lighting systems without the burden of ownership. It helps reduce carbon footprint, meet sustainability goals, and comply with environmental regulations.

Opportunities:

There is a significant opportunity for LaaS providers to retrofit existing lighting infrastructure with energy-efficient solutions. Many organizations have outdated lighting systems that can be upgraded through LaaS, providing improved lighting quality, energy savings, and reduced maintenance costs. Additionally, The integration of smart lighting systems with the Internet of Things (IoT) presents a promising opportunity. LaaS can leverage IoT connectivity to enable advanced features like occupancy sensing, daylight harvesting, and remote monitoring and control. These intelligent lighting solutions enhance energy efficiency, occupant comfort, and operational efficiency.

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Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years.

Market Segmentation

By Component
• Software
• Luminaries & Controls
• Services

By Installation
• Outdoor
• Indoor

By End-Use
• Commercial
• Industrial
• Other End-Uses

Regional Analysis In The Lighting as a Service Market
North America is predicted to be the most market for lighting as a service (LaaS), followed by Western and Eastern Europe. The lighting as a service market in North America is being driven by an increase in demand for commercial launches, as LaaS has the ability to save money and reduce energy consumption globally. Eastern and Western Europe are the second leading regions due to rising commercial and industrial demand. During the projected period, the local segment is expected to have the most demand. Municipal end users include lighting provided by local governments for open public spaces, streets, bridges, public parking areas, walkways, and highways. Emerging markets such as China, India, the Philippines, Thailand, Malaysia, and Indonesia are also driving the market, with Asia-Pacific (excluding Japan) being the fastest growing region in the world.

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By Region
• North America (US, Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Developments In The Lighting as a Service Market
In February 2020, US LED, the industry's top supplier of ultra-long-lasting LED lighting systems, recently introduced Light NowTM, a new Lighting as a Service (LaaS) offering. US LED will be able to give customers the option to install new LED lighting systems in their facilities with no upfront capital thanks to the launch of Lighting as a Service. This makes it possible for businesses to get new LED lighting as a monthly service agreement and avoid recording capital expenses.
In August 2020, The smart home lighting solutions from LEDVANCE and Bosch were announced by LEDVANCE GmbH. Customers may now apply for the Bosch Smart House System even more easily thanks to the integration of LEDVANCE Smart+ products because this high-quality solution for a secure home eliminates the need for a separate bridge.

Report includes Competitor's Landscape:
• Major trends and growth projections by region and country
• Key winning strategies followed by the competitors
• Who are the key competitors in this industry?
• What shall be the potential of this industry over the forecast tenure?
• What are the factors propelling the demand for the Action Figures and Statues?
• What are the opportunities that shall aid in significant proliferation of the market growth?
• What are the regional and country wise regulations that shall either hamper or boost the demand for Action Figures and Statues?
• How has the covid-19 impacted the growth of the market?
• Has the supply chain disruption caused changes in the entire value chain?

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