Pune, June 05, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, an international business & consultancy firm has recently published a research report on the “Lighting as a Service Market”. The total global market size for the Lighting as a Service Market was valued at USD 0.652 Bn in 2022 and is expected to grow at a CAGR of 44.8 percent over the forecast period to reach USD 8.7 Bn by 2029.
| Market Size in 2022 | USD 0.652 Bn |
| Market Size in 2029 | USD 8.7 Bn |
| CAGR | 44.8 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 265 |
| No. of Tables | 129 |
| No. of Charts and Figures | 121 |
| Segment Covered | By Type, Technology, End-User and Region. |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2023−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Lighting as a Service Market Report Scope and Research Methodology
The report covers a competitive analysis of Lighting as a Service Market drivers, restraints, opportunities and other growth factors. The report gives an industry competitive analysis including the company profile, market growth strategies, status, and other key factors, which are supposed to affect the business positively or negatively and will provide an easy and clear business view of the industry to the decision-makers. Also, the report gives in-depth details on mergers and acquisitions, government deals, brand promotion, partnerships, J&V, and recent technology development and product advancement in the market. The swot analysis is used for determining the industry’s strengths and weaknesses and the bottom-up approach was used to estimate the Lighting as a Service Market size.
Lighting as a Service Market Overview
Lighting as a Service (LaaS) is a service-based model, which provides financial and technical management services. The growing use of IoT is influencing the installation of lighting systems and access to client-specific targeted lighting needs and designs solutions.
Increasing demand for energy-efficient lighting systems and shipping toward sustainable lighting solutions to drive the market growth
The Lighting as a Service Market growth is primarily driven by businesses and organizations focused on sustainability and energy-efficiency lighting solutions, particularly LED lighting solutions. The lighting system is used in commercial and residential sectors such as offices, stores, malls, institutions, hospitals and others. Lighting as a Service gives financial advantages including a fast return on investment with no upfront capital and government subsidies for the installation of this lighting solution that uses minimum energy. The development in technologies is expected to boost market growth. With the rise in the adoption of lighting as a service product, government policies and regulations are influencing key factors for the market. Also, acceptance of energy-efficient lighting systems and convergence into the internet of things as well as lighting systems, economic and smart cities development are expected to drive the global Lighting as a Service Market over the forecast period. However, a rise in data privacy and security concerns and less awareness and understating of LaaS is expected to restrain the Lighting as a Service Market growth.
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The huge adoption of Lighting as a Service solution in the Asia Pacific to fuel the regional market growth
Asia Pacific dominated the global Lighting as a Service Market share in 2022 and is expected to grow at a significant CAGR throughout the forecast period. The regional market growth is fuelled by industry or business infrastructure development, modernization and urbanization and government initiatives for promoting energy-efficient solutions as well as government regulations and rules for using such solutions. The changing economy with growing disposable income and consumer demand for smart lighting solutions or devices for various end-use applications is expected to drive the Asia Pacific Lighting as a Service Market growth potential across the world.
Lighting as a Service Market Segmentation
By Type:
• Hardware
• Software & Services
• Installation & Design Services
• Financing & Maintenance Services
Based on the Type, the hardware segment to hold the market over the forecast period
Based on the Component, the hardware segment dominated the Lighting as a Service Market share in 2022. Hardware works as a lighting fixture and controls the system. The segment growth is fuelling due to the growing demand for sustainable and energy-efficient technologies. However, the software as a service segment is expected to sustain its position in the global market over the forecast period. This growth is being by increasing the adoption of IoT enabled lighting systems and product cost-efficiency services. Such factors are responsible for the segment growth in the Lighting as a Service Market.
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By Technology:
• LED Lighting
• Fluorescent Lighting
• Other
Based on the Technology, the LED Lighting segment to dominate the market over the forecast period
Based on Technology, the LED lighting segment accounted for the Lighting as a Service Market share in 2022. This LED lighting offers a better product, fluorescent lighting and other advancement. The market growth for LED lighting is basically its cost-effectiveness, benefits and more consumer preference for energy-efficient light with great technological advantages. Such factors are expected to boost the segment growth in the Lighting as a Service Market.
By End-User
• Commercial
• Industrial
• Residential
• Municipal/Public
Lighting as a Service Key Players include:
• Acuity Brands
• Ameresco
• Cree, Inc.
• Digital Lumens
• Eaton
• General Electric
• Honeywell
• Illumitex
• Infineon Technologies
• Legrand
• Lutron Electronics
• Lunera Lighting
• NXP Semiconductors
• Philips Lighting
• RCG Lighthouse
• Schneider Electric
• Signify
• SIB Lighting
• Soraa
• Sylvania
• Zumtobel Group
• Zumtobel Group AG
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Key questions answered in the Lighting as a Service Market are:
- What is lighting as a Service?
- What was the Lighting as a Service Market size in 2022?
- What is the expected Lighting as a Service Market size by 2029?
- What is the growth rate of the Lighting as a Service Market?
- What are the key benefits of the Lighting as a Service Market?
- What are the new trends in Lighting as a Service?
- What are the driving, opportunity and restraining factors in the global Lighting as a Service Market?
- Which segment dominated the Lighting as a Service Market growth?
- What is the demand pattern for the Lighting as a Service Market?
- Which are the factors expected to drive the Lighting as a Service Market growth?
- Which factors are expected to restrain the Lighting as a Service Market growth?
- Which region held the largest share of the Lighting as a Service Market?
- Who are the key players in the Lighting as a Service Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by Type, Technology, End-Users and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is a leading Electronics research firm that has also published the following reports:
Lighting Transformer Market: The total market size was valued at USD 2.1 Bn in 2022 and the total revenue is expected to grow at a CAGR of 5.4 percent from 2023 to 2029, reaching USD 3 Bn. The increase in government policies for improving energy-efficient lighting is expected to be a key driver for market growth.
Linear Lighting Market: The total market size was valued at USD 21.8 Bn in 2022 and the total revenue is expected to grow at a CAGR of 11.42 percent from 2023 to 2029, reaching USD 46.5 Bn. The rising demand for high-performance and aesthetically pleasing linear lighting is expected to drive market growth.
Specialty Lighting Market: The total market size was valued at USD 7.14 Bn in 2022 and the total revenue is expected to grow at a CAGR of 5.56 percent from 2023 to 2029, reaching USD 10.42 Bn. The increasing number of events such as music, sports, tours, etc. are expected to drive market growth.
Intelligent Street Lighting Systems Market: The total market size was valued at USD 11.91 Bn in 2021 and the total revenue is expected to grow at a CAGR of 14.33 percent from 2022 to 2029, reaching USD 34.76 Bn. The growing demand for smart infrastructure and electric connections is expected to drive market growth.
Luminaire and Lighting Control Market: The total market size was valued at USD 81.81 Bn in 2022 and the total revenue is expected to grow at a CAGR of 6.5 percent from 2023 to 2029, reaching USD 127.13 Bn. Modernization and rapid urbanization are expected to drive market growth.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic Industries, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified Type estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
