Research Nester has released a report titled “Europe Lighting-as-a-Service (LaaS) Market – Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the Europe Lighting-as-a-Service (LaaS) market in terms of market segmentation by installation, components, technology, and by end user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The Europe LaaS market has been segmented on the basis of component into hardware, software and services. Factors such as the emergence of wireless hardware lighting solutions in the market to simplify the challenges related to wiring structures and the increasing developments observed in the energy & utility industry, for instance, replacement of conventional use of metal halide (MH) lamps with the use of LED lamps to save energy are anticipated to drive the growth of the hardware segment. Additionally, increasing need for advanced technology-based solutions in the lighting industry and the growing implementation of software for lighting solutions is anticipated to drive the growth of the software segment.
The Europe LaaS market is anticipated to achieve a CAGR of 26.5% during the forecast period, i.e. 2020-2028. Increasing number of small and large projects across several end user verticals, increasing construction of smart cities in Europe, growing construction activity in the region, along with the increasing use of LED and HID in the lighting industry are some of the factors anticipated to promote towards the growth of the Europe LaaS market. Additionally, the market also registered a value of EUR 250.0 million in the year 2019 and further cross a value of EUR 2016.2 million by the end of 2028.
Increasing Need for Energy Efficient and Cost Saving Lighting
Every organization wants to lower their operational costs and maximize their profits. Out of all the operating expenses, one of the major shares is consumed by the maintenance of light and lighting equipment. The flexible subscription methods of LaaS model allows business organizations to significantly lower their operational costs and maximize profits. Additionally, rising need amongst business organizations for cost effective alternatives, advancements in lighting technology, and the paradigm shift towards smart lighting technology among others are some of the factors anticipated to drive the growth of the Europe LaaS market in the coming years.
However, concerns regarding the lack of awareness amongst end users, coupled with the low replacement rates of the installed lighting systems, available of counterfeit and low-quality products are some of the factors anticipated to lower the growth of the Europe LaaS market.
This report also provides the existing competitive scenario of some of the key players of the Europe LaaS market, which includes company profiling of Koninklijke Philips N.V. (AMS: PHIA), Illuxtron International, GE Lighting (NYSE: GE), OMS spol. s r.o., Halla, a.s. (KRX: 014790), ADUROLIGHT, Osram Licht AG (ETR: OSR), OPPLE Lighting Co., Ltd. (SHA: 603515) and Cree Lighting (NASDAQ: CREE). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Europe LaaS market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.