The global lighting-as-a-service (LaaS) market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. Rising need for energy-efficient lighting systems, along with the absence of any upfront investment in LaaS adoption are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the favourable government policies for adoption of energy-efficient lighting systems on a global level. According to the data collected from International Energy Agency, the energy intensity, i.e., the amount of energy used to generate a unit of GDP, of the global economy decreased by 36% between 1990 and 2018.
The market is segmented based on installation type into indoor and outdoor, out of which, the indoor segment is anticipated to grab the largest share by the end of 2021 on account of high rate of adoption of Lighting-as-a-Service in commercial establishments. Moreover, there has been a significant growth of commercial sector in developing countries, which is also projected to contribute to the growth of the segment during the forecast period.
On the basis of end-user, the municipal segment in the global lighting-as-a-service (LaaS) market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that Lighting-as-a-Service (LaaS) is being adopted by major cities because of its energy and cost saving advantages over traditional lighting systems. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the growth of many smart cities in the countries of the region which require smart lighting solutions on a large scale. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the government initiatives to adopt energy-efficient lighting solutions. Along with this, LaaS is also being adopted by commercial sector because of its cost saving potential, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the lighting-as-a-service (LaaS) market on account of extensive adoption of this model in the region. As per the analysis of International Energy Agency, by 2018, total greenhouse gases emissions in European Union have decreased by 17% since 2005, and by 23% since 1990. Energy efficiency is considered as one of the essential drivers of this.
The global lighting-as-a-service (LaaS) market is further classified on the basis of region as follows:
Our in-depth analysis of the global lighting-as-a-service (LaaS) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising need for energy-efficient lighting systems and absence of any upfront investment in LaaS adoption are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
Dumping of low-quality lighting products in the market and lack of expertise in new technology are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the growth of many smart cities in the countries of the region which require smart lighting solutions on a large scale.
The major players dominating the lighting-as-a-service (LaaS) market are Koninklijke Philips N.V., Acuity Brands, Inc., General Electric Lighting, Inc., and Lutron Electronics Company among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by installation type, end-user and region.
With respect to application, the municipal segment is anticipated to hold the largest market share owing to the fact that Lighting-as-a-Service (LaaS) is being adopted by major cities because of its energy and cost saving advantages over traditional lighting systems.
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