Energy Efficiency and Smart Lighting Drive Surge in Global LaaS Adoption, Revolutionizing the Lighting Industry

DUBLIN, Nov. 8, 2023 /PRNewswire/ — The “Lighting as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.

The global lighting as a service (LaaS) market has achieved remarkable growth, reaching a market size of US$ 622 million in 2022. Industry analysts anticipate an exceptional surge in the coming years, with the market projected to reach US$ 6,300 million by 2028, showcasing an astonishing Compound Annual Growth Rate (CAGR) of 43.5% during the period of 2023-2028.

Lighting as a service represents a service-based model that offers technical and financial management services, facilitating the transition from traditional lighting to smart lighting. Leveraging sensors and Internet of Things (IoT) technology, it streamlines the installation of lighting systems and recycling equipment, along with effective maintenance and management. Notably, LaaS eliminates the need for upfront investments from end users, opting for monthly charges instead of a one-time fee for lighting services.

LaaS enables lighting retrofits to be incorporated into ongoing purchase agreements, allowing the costs to be spread over several months or years. Key advantages of LaaS include reduced energy consumption, ongoing cost savings, minimal maintenance obligations, and the ability to incorporate features such as data collection, inter-device communication, and remote management.

Lighting as a Service Market Trends:

The market is primarily driven by the surging demand for energy-efficient lighting systems on a global scale. This shift can be attributed to a widespread transition from conventional lighting to sustainable lighting solutions. Continuous product innovations and new product launches are further propelling market growth.

The rapid adoption of light-emitting diode (LED) technology, known for its energy efficiency, contributes positively to the market. Favorable policies and regulations implemented by governments worldwide to promote energy conservation act as significant growth catalysts. Other contributing factors include rapid urbanization, industrialization, the rise of smart homes, increased disposable income levels, and extensive research and development (R&D) efforts by industry leaders.

Key Market Segmentation:

The comprehensive report provides insights into key trends within each sub-segment of the global lighting as a service market, offering forecasts at the global, regional, and country levels for the period 2023-2028. The market is categorized based on components, installation types, and end users.

Breakup by Component:

Luminaries and Control EquipmentSoftware and Communication SystemsMaintenance Services

Breakup by Installation:

IndoorOutdoor

Breakup by End User:

CommercialIndustrialMunicipalOthers

Breakup by Region:

North AmericaUnited StatesCanadaAsia-PacificChinaJapanIndiaSouth KoreaAustraliaIndonesiaOthersEuropeGermanyFranceUnited KingdomItalySpainRussiaOthersLatin AmericaBrazilMexicoOthersMiddle East and Africa

Competitive Landscape:

The competitive landscape of the industry features key players such as Acuity Brands Lighting Inc., Electricity Supply Board (ESB) Group, Enlighted Inc., Every Watt Matters, LumenServe Inc., RCG LightHouse, Signify N.V., Stouch Lighting, and UrbanVolt.

Key Questions Answered in This Report:

What is the current size of the global lighting as a service market?What is the projected growth rate of the global lighting as a service market from 2023 to 2028?How have COVID-19 impacts affected the global lighting as a service market?What are the key factors driving the global lighting as a service market?How is the global lighting as a service market segmented by installation type?How is the global lighting as a service market segmented by end user?Which regions play a vital role in the global lighting as a service market?Who are the key players and companies in the global lighting as a service market?

For more information about this report visit https://www.researchandmarkets.com/r/qfljdg

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