Minneapolis, MN, Feb. 17, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Global Lighting As A Service Market By Components (Luminaries & Control Equipment, Software & Communication Systems And Maintenance & Other Services), By Installation (Indoor And Outdoor) And By End Use Industry (Commercial, Municipal And Industrial): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028” in its research database.
“According to the latest research study, the demand of global Lighting as a Service Market size & share in terms of revenue was valued at USD 92.31 Million in 2020 and it is expected to surpass around USD 165.85 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 7.6 during the forecast period 2022 to 2028.”
What is Lighting as a Service? How big is the Lighting as a Service Industry?
Lighting as a Service Report Coverage & Overview:
Lighting as a Service (LaaS) is a relatively new business model where customers pay a subscription fee to receive lighting services instead of buying and maintaining their own lighting equipment. The provider of the service typically designs, installs, maintains, and updates the lighting system, which can include LED fixtures, controls, sensors, and software.
LaaS is an attractive option for businesses, municipalities, and other organizations because it allows them to upgrade their lighting systems without incurring upfront costs, reduce energy consumption and costs, improve lighting quality and safety, and delegate the responsibilities of maintenance and upkeep to the service provider.
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(A free sample of this report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 205+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Zion Market Research research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Global Lighting as a Service Market: Growth Factors/Dynamics
The Lighting as a Service industry is still relatively small but is growing rapidly. The market is driven by factors such as the growing demand for energy-efficient lighting systems, the increasing adoption of smart lighting solutions, and the need for lower upfront costs and reduced maintenance requirements. The market is expected to continue to grow as more organizations recognize the benefits of LaaS and seek to adopt the model.
Increasing demand for energy efficient lighting system To Spur Growth
Owing to rising demand for the energy, the efficient lighting is expected to augment global lighting as a service market growth. Government guidelines and regulations for implementation of energy-efficient lighting systems are projected to propel the global market in the coming future. Several benefits offered by the lighting as a service include ensuring cost savings, no safeguarding charge, which is forcing countries to use lighting as a service model, no straight costs and reduction in energy consumption may foster the global lighting as a service market growth in future.
Companies focus on new business strategies to enhance the global market share by adopting new products and techniques, partnerships & collaborations, mergers & acquisitions, which may positively impact the global market in the near future. Conversely, lack of responsiveness regarding true value propositions of the lighting as service system may hinder the global lighting as a service market growth to some extent.
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Report Scope
| Report Attribute | Details |
| Market Size in 2020 | USD 92.31 Million |
| Projected Market Size in 2028 | USD 165.85 million |
| CAGR Growth Rate | 7.6 CAGR |
| Base Year | 2020 |
| Forecast Years | 2022-2028 |
| Key Market Players | Future Energy Solutions, Signify, General Electric, RCG Lighthouse, Koninklijke Philips N.V, Lutron Electronics Company Inc., Itelecom USA, Acuity Brands, Cree Inc., Eaton, Zumtobel Group, Osram, Lunera Lighting, among others. |
| Key Segment | By Components, By Installation, By End Industry User, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Segmentation Analysis / Lighting as a Service Market: Segmentation Analysis
Preview of Segment Analysis for Installation:
The indoor segment was the largest market segment in 2020, holding approximately 56.45% of the market share, and is expected to continue dominating the market during the forecast period. This is due to the increasing commercial sector in developing countries. With the rise in electricity consumption, many commercial industries are adopting the lighting as a service model, which allows them to pay only for the light and not the equipment that delivers it. While the outdoor segment is estimated to be the fastest-growing segment in the market.
Preview of End User Segment Analysis:
The commercial end-user segment is projected to grow at a CAGR of over 10% from 2021 to 2028. This growth is due to the energy savings and cost reductions offered by Lighting as a Service, which is becoming more feasible as there is a growing focus on sustainability and energy efficiency. The commercial segment includes areas used for commercial activities such as offices, stores, institutions, malls, hospitals, etc. These spaces are typically not intended for residential, industrial, or manufacturing purposes.
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The global Lighting as a Service market is segmented as follows:
The Lighting as a Service (LaaS) market can be segmented in several ways. Here are some of the most common segmentation approaches:
By Type of Service Provider: LaaS providers can be segmented by the type of company that provides the service. For example, there are lighting manufacturers that provide LaaS, energy service companies (ESCOs), and technology providers that offer smart lighting solutions.
By Type of Customer: LaaS providers can also segment their market by the type of customer they are targeting. This can include commercial, industrial, and municipal customers, as well as specific industries such as electronics, education, and hospitality.
By Type of Solution: LaaS providers can segment their market by the type of solution they offer. This can include retrofitting existing lighting systems, installing new systems, or providing indoor or outdoor lighting solutions.
By Geography: The LaaS market can be segmented by geography, as different regions have different market conditions and adoption rates. For example, the market for LaaS is growing more rapidly in North America and Europe than in other regions.
By Type of Contract: LaaS providers can also segment their market based on the type of contract they offer. For example, some providers offer a full-service package that includes installation, maintenance, and upgrades, while others may offer more limited services that are focused on specific aspects of the lighting system.
Each of these segmentation approaches can help LaaS providers identify their target market and develop more effective marketing and sales strategies. By understanding the unique needs and preferences of different customer segments, LaaS providers can tailor their offerings and pricing to maximize customer satisfaction and profitability.
Browse the full “Global Lighting As A Service Market By Components (Luminaries & Control Equipment, Software & Communication Systems And Maintenance & Other Services), By Installation (Indoor And Outdoor) And By End Use Industry (Commercial, Municipal And Industrial): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028” Report at https://www.zionmarketresearch.com/report/lighting-as-a-service-market
Competitive Landscape
Some of the main competitors dominating the global Lighting as a Service market include -
- Future Energy Solutions
- Signify
- General Electric
- RCG Lighthouse
- Koninklijke Philips N.V
- Lutron Electronics Company Inc.
- Itelecom USA
- Acuity Brands
- Cree Inc.
- Eaton
- Zumtobel Group
- Osram
- Lunera Lighting
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Lighting as a Service market is likely to expand at a CAGR of around 7.6 during the forecast period (2022-2028).
- In terms of revenue, the Lighting as a Service market size was valued at around US$ 92.31 Million in 2020 and is projected to reach US$ 165.85 million by 2028.
- Based on Installation, the indoor segment was the largest market segment in 2020, holding approximately 56.45% of the market share
- By End-user segment, the commercial end-user segment is projected to grow at a CAGR of over 10% from 2021 to 2028.
- On the basis of region, the global market for lighting as a service is expected to be led by North America during the projected period.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Lighting as a Service industry?
- What are the main driving factors propelling the Lighting as a Service Market forward?
- What are the leading companies in the Lighting as a Service Industry?
- What segments does the Lighting as a Service Market cover?
- How can I receive a free copy of the Lighting as a Service Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Components, By Installation, By End Industry User, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
Adoption of energy efficient lighting systems to show Growth in North American Region
The global lighting as a service market is geographically segmented as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia Pacific contributed for the largest market share in the global market. In addition, development of smart cities in this region is anticipated to foster the global lighting as a service market growth.
The North American region is estimated to dominate the worldwide Lighting as a Service market within the forecast period, due to the government policies & regulations regarding the adoption of efficient lighting systems across the region. The United States is one of the major countries with significant development in electricity consumption, and is adopting various plans to increase the efficiency of the lighting system in the country. There is a huge presence of key players in this region that complements the growth with strong capability of R&D and technology.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Recent Developments
Here are some recent developments in the global Lighting as a Service (LaaS) market by top industries:
Signify - In 2021, Signify announced that it had installed its 200th BrightSites smart pole in North America. The BrightSites smart poles feature energy-efficient LED lighting and a range of smart city capabilities, such as 5G wireless connectivity and environmental sensors.
General Electric - In 2020, General Electric announced a new LaaS offering for industrial customers, called the Current Foresight solution. The solution provides real-time monitoring and analytics of lighting and other energy systems, enabling customers to optimize their energy consumption and reduce costs.
Acuity Brands - In 2021, Acuity Brands announced the acquisition of LocusLabs, a provider of indoor mapping and location-based services. The acquisition is expected to enhance Acuity Brands' IoT capabilities, allowing the company to offer more advanced LaaS solutions to its customers.
Cree - In 2020, Cree announced a new partnership with Ideal Industries, a provider of electrical products and solutions. The partnership will focus on the development of a new line of SmartCast connected lighting products, aimed at commercial and industrial customers.
Eaton - In 2021, Eaton announced the launch of its new Ephesus Lumadapt sports lighting system, which features advanced LED lighting and controls. The system is designed to improve the fan experience at sporting events, while also providing energy savings and cost reductions for stadium owners.
Zumtobel Group - In 2020, Zumtobel Group announced the launch of its new IoT-enabled lighting platform, called "LITECOM infinity." The platform features a range of smart lighting and building management capabilities, enabling customers to optimize their energy consumption and reduce costs.
Future Energy Solutions - In 2020, Future Energy Solutions announced the launch of its new FLEX lighting platform, which features a range of energy-efficient LED lighting products and solutions. The platform is designed to provide customized LaaS offerings to commercial and industrial customers, based on their specific energy needs and requirements.
Osram - In 2020, Osram announced the launch of its new Horticulture Lighting system, designed for use in indoor agriculture and horticulture applications. The system features advanced LED lighting and controls, enabling growers to optimize plant growth and yield while reducing energy consumption and costs.
These recent developments demonstrate the ongoing innovation and competition in the global LaaS market, as companies strive to offer more advanced and energy-efficient solutions to their customers.
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