The Global Lighting as a Service report, published by Report Ocean, presents a comprehensive analysis of the product’s/service industry, examining both historical patterns and future prospects from 2023 to 2031. This report serves as a valuable reference for businesses seeking to formulate effective strategies for the coming years, offering insights into the performance of organizations and the overall market in the previous year.
Global Lighting as a Service Market is valued at approximately USD 0.69 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 33.1 % over the forecast period 2022-2029. Lighting as a Service, an all-inclusive subscription-based pricing approach called lighting as a service charge for light services on a recurring basis rather than all at once. It is a cost-effective alternative where service providers create long-lasting and efficient lighting systems with monthly payments rather than spending money upfront on a lighting system overhaul.
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Third-party service providers with the necessary resources, including lighting design, installation, finance, and other services handle these systems. Lighting service vendors retain ownership of the product throughout the subscription term rather than giving it to the customers. As a result, energy use and carbon emissions are reduced. The increasing electricity demand worldwide and growing Adoption of Energy-Efficient Lighting Systems as well as strategic initiatives from leading market players are key factors accelerating the market growth.
Rising global electricity demand due to increasing consumption in residential categories and growing industrialization is contributing towards the growth of the Global Lighting as a Service Market.
For instance, according to International Energy Agency (IEA) estimates – in 2020, global residential electricity demand was estimated at 7-thousand-Terawatt hour, and the residential electricity demand is projected to grow to 8-thousand-Terawatt hour by 2030 and further 11-thousand-Terawatt hour by 2040.
Also, the growing integration of the Internet of Things with Lighting Systems and rapid utilization of LED as an energy-efficient lighting technology would create a lucrative growth prospects for the market over the forecast period. However, the lack of penetration of Lighting as a Service stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Lighting as a Service Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the increasing adoption of lighting as a service and the presence of leading lighting as a service vendors in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the presence of small-and medium-scale organizations, and growing demand for energy-saving lighting solutions in the region.
Major market players included in this report are:
Koninklijke Philips N.V.
General Electric Lighting (U.S.)
Zumtobel Group (Austria)
SIB Lighting (U.S.)
Lunera Lighting Inc. (U.S.)
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Igor Inc. (U.S.)
Itelecom (Chile)
Cree Inc. (U.S.)
Every Watt Matters
Enlighted, Inc
Recent Developments in the Market:
In February 2020, Houston, Texas based US LED, a provider of LED lighting solutions, launched its new Lighting as a Service (LaaS) program named Light Now. Moreover, with this new Service, US LED would enable customers to install new LED lighting solutions in their facilities without any upfront cost and would get access to LED lighting as a monthly service agreement.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End-User
Commercial
Municipal
Industrial
By Installation
Indoor
Outdoor
By Component
Luminaires
Software & Communication Systems
Maintenance Services
By Region:
North America
U.S.
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Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
Highlights of the Market Report:
- Comprehensive overview of the market along with analysis of the changing dynamics of the market
- Growth Assessment of various market segments throughout the forecast period
- Regional and global analysis of the market players, including their market share and global position
- Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
- Impact of the technological developments and R&D advancements on the Humanoid Robot market
- Information about profit-making strategies and developmental strategies of major companies and manufacturers
- Insightful information for the new entrants willing to enter the market
- Details and insights about business expansion strategies, product launches, and other collaborations
- The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
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