IMARC Group, a leading market research company, has recently releases report titled “Lighting as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global lighting as a service market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market. The global lighting as a service market size reached US$ 622 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 6,300 Million by 2028, exhibiting a growth rate (CAGR) of 43.5% during 2023-2028.
Lighting as a service (LaaS) represents a service-based model that provides technical and financial management services to enable an easy switchover from old-style lighting to smart lighting. They involve the use of the Internet of Things (IoT) to aid with the installation of lighting systems and recycling equipment to ensure proper maintenance of the same. LaaS does not demand upfront investments from end users and offers numerous advantages, such as zero upholding liability, continuous cost savings, and the ability to add on extra features that comprise data collection and remote management. Consequently, they are extensively used in industrial and commercial establishments.
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Lighting as a Service Market Trends and Drivers:
The escalating demand for energy-efficient lighting systems across the globe, on account of the shifting preferences of the masses towards sustainable lighting solutions from conventional lighting, is among the key elements stimulating the lighting as a service market. Moreover, continuous product innovations and the introduction of new products are also propelling the market growth. Besides this, the rising usage of light-emitting diode (LED) as an energy-efficient lighting technology is acting as another significant growth-inducing factor. Furthermore, the launch of favorable policies by government bodies of several countries for promoting power conservation is positively influencing the global market. Apart from this, the growing urbanization and industrialization levels, the emerging trend of smart homes, the inflating disposable income levels of consumers, and extensive research and development (R&D) activities conducted by the key players are anticipated to fuel the lighting as a service market over the forecasted period.
Lighting as a Service Market Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Acuity Brands Lighting Inc.
- Electricity Supply Board (ESB) Group
- Enlighted Inc.
- Every Watt Matters
- LumenServe Inc.
- RCG LightHouse
- Signify N.V.
- Stouch Lighting
- UrbanVolt.
The report has segmented the market on the basis of component, installation and end user.
Breakup by Component:
- Luminaries and Control Equipment
- Software and Communication Systems
- Maintenance Services
Breakup by Installation:
- Indoor
- Outdoor
Breakup by End User:
- Commercial
- Industrial
- Municipal
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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