New York, United States, June 12, 2023 (GLOBE NEWSWIRE) -- Lighting as a service (LaaS) is a service-based model that offers technical and financial management services to help with the transition from traditional to smart lighting. The use of sensors and Internet of Things (IoT) technology assists in the installation of lighting systems and recycling equipment, as well as their maintenance and management. Furthermore, it does not necessitate any upfront investments from end users because it charges a monthly fee rather than a one-time fee for light services. Customers are charged for lighting retrofits as part of an ongoing purchase agreement, which allows the cost to be spread out over several months or years. Among the primary advantages of lighting as a service are lower energy consumption, ongoing cost savings, no maintenance liability, and the ability to add features such as data collection, inter-device communication, and remote management.
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Rapid Industrialization and Urbanization Drive the Market Growth.
Rapid industrialization and urbanization in economically developed countries are one of the most important market drivers for LaaS. In emerging nations of the developing world, there is a growing demand for LaaS. In the realm of urban and municipal development, the demand for LED lighting is growing due to its low energy consumption. Several commercial complexes, offices, public squares, etc., are driving the growth of the lighting-as-a-service industry. The global LaaS market is expanding, with a phenomenal response from emerging markets as well.
Growth of Commercial End User Segment Creates Lucrative Growth Opportunities for Market Growth.
This market is anticipated to experience lucrative growth opportunities within the commercial end-user segment. Lighting as a service provides energy savings and lower energy bills, which is appealing to commercial end users, given the growing emphasis on energy conservation and sustainability. The indoor installation segment is anticipated to continue to lead in the near future, as it has in recent years. The rapid growth of the commercial sector in developing nations is fostering the expansion of this market's indoor segment.
Report Scope
Report Metric | Details |
Market Size by 2031 | USD 9060.29 million |
Market Size in 2022 | USD 616.5 million |
CAGR | 34.8% |
Historical Data | 2020-2021 |
Base Year | 2022 |
Forecast Period | 2023-2031 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Application, Installation |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | Koninklijke Philips, ABB(Cooper Industries), General Electric, Osram, SIB Lighting, Cree, RCG Lighthouse, Digital Lumens, Lutron, Future Energy Solutions, Lunera Lighting, Itelecom USA, Legrand S.A, Igor Inc |
Key Market Opportunities | Growth of Commercial End User Segment |
Key Market Drivers | Rapid Industrialization and Urbanization |
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Regional Analysis
On the basis of geography, the Global Lighting as a Service Market has been segmented into North America, Europe, Asia Pacific, and LAMEA.
North America is anticipated to be one of the leading regions contributing to the growth of the global market during the forecast period, Due to increasing government efforts to replace traditional lighting systems with energy-efficient lighting systems. The expanding availability of systems that allow users to program and control lights via connectivity with sensors and networks is a factor in the growing use of LaaS and LED technologies.
Asia-Pacific is expected to experience significant growth during the forecast period, second only to North America. The lighting as a service market in Asia-Pacific is experiencing healthy growth as governments of developing nations such as India and China endorse energy-efficient lighting. Numerous LED chip and package factories in China, South Korea, Japan, and Taiwan contribute to the region's rising demand.
Europe is experiencing the most rapid growth in the lighting as a service market, driven by the widespread adoption of LaaS in European nations like the United Kingdom and Germany. The market share of lighting as a service in Latin America is the smallest, but increased efforts to reduce carbon footprint are driving demand for LaaS.
Key Highlights
- The global lighting as a service market size is projected to reach USD 9060.29 million by 2031, growing at a CAGR of 34.8 % from 2023 to 2031.
- The global Lighting as a Service Market is segmented into Components, Applications, and Installation.
- The market is segmented by Component into Luminaries and Controls, Software, and Services.
- The market is segmented by Application into Commercial, Industrial, and Others.
- The market is segmented by Installation into Indoor and Outdoor.
- Based on Geography, the market has been segmented into North America, Europe, Asia Pacific, and LAMEA.
Prominent global and regional companies engaged in the Lighting as a Service Market are
- Koninklijke Philips
- ABB(Cooper Industries)
- General Electric
- Osram
- SIB Lighting
- Cree
- RCG Lighthouse
- Digital Lumens
- Lutron
- Future Energy Solutions
- Lunera Lighting
- Itelecom USA
- Legrand S.A
- Igor Inc
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Segmentation of Lighting as a Service Market
By Component
- Luminaries and Controls
- Software
- Service
By Application
- Commercial
- Industrial
- Others
By Installation
- Indoor
- Outdoor
By Region
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- France
- The U.K.
- Italy
- Spain
- Netherlands
- Russia
- The Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Malaysia
- Singapore
- Vietnam
Central and South America and the Caribbean
- Brazil
- Argentina
- Colombia
- The Rest of Central and South America and the Caribbean
The Middle East
- Saudi Arabia
- The UAE
- Oman
- Bahrain
- The Rest of the Middle East
Africa
- Nigeria
- South Africa
- Ghana
- Tanzania
- The Rest of Africa
TABLE OF CONTENT
- Executive Summary
- Research Scope & Segmentation
- Research Objectives
- Market Definition
- Limitations & Assumptions
- Market Scope & Segmentation
- Currency & Pricing Considered
- Market Opportunity Assessment
- Emerging Regions / Countries
- Emerging Companies
- Emerging Applications / End Use
- Investment Landscape
- New Business Models / Revenue Streams
- TAM
- Market Trends
- Drivers
- Market Warning Factors
- Latest Macro Economic Indicators
- Geopolitical Impact
- Human Factors
- Technology Factors
- Market Assessment
- Porters Five Forces Analysis
- Value Chain Analysis
- Raw Material Analysis
- Sales And Distribution Channel Analysis
- Trade Analysis
- Average Pricing Analysis
- Case Study Analysis
- Patent Analysis
- M & A Agreements & Collabration Analysis
- Export Import Analysis
- Cost Structure Analysis
- ESG TRENDS
- Global Lighting As A Service (Laas) Market Size Analysis
- Global Lighting As A Service (LaaS) Market Introduction
- By Component
- Introduction
- Component By Value
- Luminaries And Controls
- By Value
- Software
- By Value
- Service
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Commercial
- By Value
- Industrial
- By Value
- Others
- By Value
- Introduction
- By Installation
- Introduction
- Installation By Value
- Indoor
- By Value
- Outdoor
- By Value
- Introduction
- North America Market Analysis
- Introduction
- By Component
- Introduction
- Component By Value
- Luminaries And Controls
- By Value
- Software
- By Value
- Service
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Commercial
- By Value
- Industrial
- By Value
- Others
- By Value
- Introduction
- By Installation
- Introduction
- Installation By Value
- Indoor
- By Value
- Outdoor
- By Value
- Introduction
- U.S.
- Canada
- Europe Market Analysis
- Introduction
- By Component
- Introduction
- Component By Value
- Luminaries And Controls
- By Value
- Software
- By Value
- Service
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Commercial
- By Value
- Industrial
- By Value
- Others
- By Value
- Introduction
- By Installation
- Introduction
- Installation By Value
- Indoor
- By Value
- Outdoor
- By Value
- Introduction
- U.K.
- Germany
- France
- Spain
- Italy
- Russia
- Nordic
- Benelux
- Rest Of Europe
- APAC Market Analysis
- Introduction
- By Component
- Introduction
- Component By Value
- Luminaries And Controls
- By Value
- Software
- By Value
- Service
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Commercial
- By Value
- Industrial
- By Value
- Others
- By Value
- Introduction
- By Installation
- Introduction
- Installation By Value
- Indoor
- By Value
- Outdoor
- By Value
- Introduction
- China
- Korea
- Japan
- India
- Australia
- Taiwan
- South East Asia
- Rest Of Asia-Pacific
- Middle East And Africa Market Analysis
- Introduction
- By Component
- Introduction
- Component By Value
- Luminaries And Controls
- By Value
- Software
- By Value
- Service
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Commercial
- By Value
- Industrial
- By Value
- Others
- By Value
- Introduction
- By Installation
- Introduction
- Installation By Value
- Indoor
- By Value
- Outdoor
- By Value
- Introduction
- UAE
- Turkey
- Saudi Arabia
- South Africa
- Egypt
- Nigeria
- Rest Of MEA
- LATAM Market Analysis
- Introduction
- By Component
- Introduction
- Component By Value
- Luminaries And Controls
- By Value
- Software
- By Value
- Service
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Commercial
- By Value
- Industrial
- By Value
- Others
- By Value
- Introduction
- By Installation
- Introduction
- Installation By Value
- Indoor
- By Value
- Outdoor
- By Value
- Introduction
- Brazil
- Argentina
- Chile
- Colombia
- Rest Of LATAM
- Competitive Assessment
- Adoption Matrix
- Lighting As A Service (LaaS) Market Share By Manufacturers
- Lighting As A Service (LaaS) Market Ranking By Revenue For Manufacturers
- Average Price By Manufacturers
- Vendor Footprint Analysis
- Market Players Assessment
- Koninklijke Philips
- Overview
- Business Information
- Revenue
- ASP
- Gross Margin
- Swot Analysis
- Recent Developmments
- ABB(Cooper Industries)
- General Electric
- Osram
- SIB Lighting
- Cree
- RCG Lighthouse
- Digital Lumens
- Lutron
- Future Energy Solutions
- Lunera Lighting
- Itelecom USA
- Legrand S.A
- Igor Inc
- Koninklijke Philips
- Research Methodology
- Research Data
- Secondary Data
- Major Secondary Sources
- Key Data From Secondary Sources
- Primary Data
- Key Data From Primary Sources
- Breakdown Of Primaries
- Secondary And Primary Research
- Key Industry Insights
- Secondary Data
- Market Size Estimation
- Bottom-Up Approach
- Top-Down Approach
- Market Projection
- Research Assumptions
- Assumptions
- Limitations
- Risk Assessment
- Research Data
- APPENDIX
- Discussion Guide
- Customization Options
- Related Reports
- DISCLAIMER
Table of Content and Figure @ https://straitsresearch.com/report/lighting-as-a-service-laas-market/toc
Recent Development
- In 2020, Signify NV introduced its innovative LED Top lighting system with a streamlined switch. This advanced lighting system can reduce greenhouse energy consumption by fifty percent.
- In 2020, Enlighted Inc. introduced its brand-new surface sensor technology for commercial end-users and intelligent buildings.
News Media
Global Organic LED Market Grows at a Staggering CAGR of 21.5%
Global LED Lighting Market Grows at a Staggering CAGR of 13.4%
Global Intelligent Lighting Controls Market to Grow at a CAGR of 17.6% by 2030
Global Commercial Lighting Market Size USD 64.67 Million By 2031 | CAGR of 5.80%
Industrial Lighting Market Share Worth USD 1990 Million By 2030 | CAGR of 5%
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