July 16, 2020
As per the report titled ‘Global Lighting as a Service (LaaS) Market Analysis, 2020’, available with Market Study Report LLC, global lighting as a service market is projected to register a hefty y-o-y growth rate of 45% over 2020-2025.
Global lighting as a service market (LaaS) is primarily driven by rising demand for cost-effective and energy efficient lighting solutions. Besides, introduction of low energy consuming products by manufacturers and replacement/retrofitting of old lightings with new efficient systems on account of government regulations are adding momentum to the industry growth, cites the report.
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Based on the installation type, global LaaS market is bifurcated into indoor and outdoor, wherein the former segment held majority market share in 2019. Rising adoption of smart lighting solutions in offices, homes, and malls, along with integration of Internet of Things (IoT) in lighting system with other appliances like fans and HVAC are fostering the segment growth.
Outdoor segment, on the contrary, is expected to showcase a high CAGR over the forecast duration owing to increasing construction of roads & highways globally. Further, inflow of government investment for development of public infrastructure such as parking spaces and parks is supporting the demand for outdoor lighting solutions.
Speaking of the end-use spectrum, the market is divided into commercial, municipal, and industrial. The commercial segment captured the largest market share in 2019, attributable to increasing establishment of retail stores, malls, hotels, and shopping complexes. Integration of IoT technology in commercial sector for reducing energy consumption is further infusing market growth.
On the geographical front, North America LaaS market accounted for majority share in 2019. Dense presence of lighting manufacturers and solution providers in nations like United States and Canada, in tandem with federal norms promoting upgradation to energy-efficient lighting systems are supporting the industry expansion in the region.
Meanwhile, APAC lighting as a service market is slated to witness significant gains over the study period, fueled by upsurge in smart city & smart home projects in emerging economies such as India and China, coupled with growing deployment of IoT based lighting solutions in commercial and manufacturing industries across the region.
Major players operating in global lighting as a service market are Future Energy Solutions, Itelecom USA, RCG Lighthouse, Cree Inc., IGOR Inc., Lunera Lighting, SIB Lighting, Zumtobel Group AG, Koninklijke Philips N.V, and General Electric Lighting.