Lighting-as-a-Service Market Research Report, by Component (Luminaries Controls, Software, Services), Installation (Indoor, Outdoor), Application (Commercial, Industrial, Others) - Global Forecast till 2027
Market Highlights
Lighting-as-a-Service (LaaS) alludes to the lighting framework management services that are moved to an outsider. The re-appropriated services incorporate plan and installation, other technical prerequisite, and maintenance. It also incorporates the reusing or disposal of the related lighting apparatuses and gear at the finish of its life. This model not simply gives lighting framework that meet the public authority mandates and standards yet additionally enables the commercial space to remain updated with the latest lighting innovation. To cater to the necessities of the end-clients rather than one-time payment strategy, the market players offer membership model to convey these services.
Lighting-as-a-service market is supposed to develop from USD 78.37 million of every 2017 to USD 814.59 million by 2023, at a compound annual growth rate (CAGR) of 47.73% during the forecast time frame. The developing need energy productive lighting, increased cost savings, spread of Internet of Things (IoT) to configuration smart, sustainable and associated lighting frameworks are a portion of the factors driving the growth of lighting-as-a-service market.
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Segmentation:
Lighting-as-a-Service (LaaS) Market has been considered for component, installation as well as application.
The component-wise sections are software, services and luminaries controls.
Depending on installation, the market segments can be indoor as well as outdoor.
The various application areas covered in the market study include industrial, commercial, and more.
Regional Insight
The geographical dissection of the market for Lighting-as-a-Service comprises Europe, North America, Asia Pacific/APAC, as well as RoW/the rest of the world.
Between 2018 and 2023, North America could be the market leader for lighting-as-a-service, as a result of the presence of strict government regulations with regard to use of lighting systems that facilitate energy saving. This has compelled companies to uptake energy efficient lighting systems, which favors the regional market to a large extent. The dense population of leading vendors in the United States and the presence of an advanced infrastructure that enables fast penetration of the latest lighting technologies can also result in market expansion in the region. The high number of smart cities in the region along with the accelerated deployment of IoT for designing as well as functioning of lighting products can be a significant boosting factor in the market.
Europe, in addition to be the second leading market, can also procure the highest expansion rate in the years to come. The market thrives on the back of the escalating developments in the infrastructure and the surge in government policies that promote the sales of lighting as a service. The frequent technological advancements like IoT connected devices and the surging demand for energy-efficient and smart lighting services have also provided the regional market with massive impetus.
Leading Market Competitors
Some of the leading market competitors that have been listed in the MRFR report include UrbanVolt (Ireland), Enlighted Inc. (US), Sparkfund (US), Lunera Lighting (US), Metrus Energy, Inc. (US), Itelecom (Chile), Cree Inc. (US), Valoya Oy (Finland), General Electric Lighting (US), Koninklijke Philips N.V. (Netherlands), Igor Inc. (US), Zumtobel Group AG (Austria), RCG Lighthouse (Latvia), SIB Lighting (US), to mention a few.
Favorable regulations imposed by governments everywhere have promoted the demand for energy efficient lighting systems, which has resulted in the development of Lumiere infrastructure. This scenario promises a host of lucrative opportunities for the leading players, who are focused on enhancing their presence in untapped regions. To do so, most of these companies are entering partnerships, agreements and launching new and advanced products to boost their market position.
To cite a reference, in June 2020, Hardware Resources launched TandemLED, which is a white LED lighting technology that offers users with the ability to adjust the LED lights from 2,700K (Warm White) to 5,000K (Daylight White), in addition to every white color temperature that comes in between.
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Lighting-as-a-Service Market Research Report, by Component (Luminaries Controls, Software, Services), Installation (Indoor, Outdoor), Application (Commercial, Industrial, Others) - Global Forecast till 2027
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