The new report by Expert Market Research titled, ‘Global Lighting as a Service Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global lighting as a service market, assessing the market based on its segments like end use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 50%
The increasing demand for energy-efficient lighting systems, the lack of a capital expenditure requirement, and the growing convergence of the Internet of Things (IoT) in lighting systems are all contributing to the global market for lighting as service development. The rise of smart cities throughout the world is predicted to be a major contributor to the expansion of lighting as a service business.
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Furthermore, the financial benefits provided by LaaS, such as immediate return on investment, no upfront capital expense, and the introduction of favorable government policies and laws encouraging the adoption of energy-efficient lighting systems, are stimulating the industry. Furthermore, the increased implementation of smart lighting in commercial locations is favourably impacting the growth of the lighting as a service industry (LaaS).
Furthermore, the market’s growth is being influenced by a movement in consumer preference toward sustainable lighting solutions and the emergence of LED as an energy-efficient lighting technology. As a result, these are some of the driving forces for the market’s expansion.
Due to increased government efforts targeted at replacing old lighting systems with energy-efficient lighting systems, North America is predicted to be one of the major areas enhancing the worldwide market’s growth over the forecast period. The rise of smart cities in the United States and Canada is expected to accelerate the adoption of lighting as a service (LaaS) and boost market growth. As a result, the rise in demand for lighting systems that improve system efficiency and lower costs are some of the factors driving market growth.
Industry Definition and Major Segments
Lighting as a service (LaaS), also known as light as a service, is a service-based model for providing technical, financial, and managerial services, such as lighting system installation, recycling equipment, maintenance, and management. It’s a subscription-based strategy that costs for light service rather than a one-time fee. LaaS improves energy efficiency, manages smart loads, and provides cost-effectiveness.
On the basis of end-use, the market can be divided into:
- Commercial
- Outdoor
- Industrial
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Market Trends
Due to increased government efforts targeted at replacing old lighting systems with energy-efficient lighting systems, North America is predicted to be one of the major areas enhancing the worldwide market’s growth over the forecast period. The rise of smart cities in the United States and Canada is expected to accelerate the adoption of lighting as a service (LaaS) and boost market growth. As a result, the rise in demand for lighting systems that improve system efficiency and lower costs are some of the factors driving market growth.
Following North America, the Asia Pacific region is predicted to grow at a rapid pace during the next few years. This is due to the rapid creation of sustainable lighting systems by regional producers. Furthermore, rising spending on home improvements and strong demand for lighting fixtures and lamps in countries such as Australia are likely to drive the adoption of the LaaS business model in the area, boosting market growth.
Key Market Players
The major players in the market are Every Watt Matters, Stouch Lighting, Electricity Supply Board (ESB) Group, LumenServe Inc, RCG Lighthouse, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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