Market Overview
Market Research Future (MRFR), in its latest “Lighting-As-A-Service (LaaS) Market” report, suggests that owing to the rise in need for energy saving, the adoption of LaaS is increasing. It is noted to boost the growth of the LaaS market in the forecast period (2018–2023). MRFR, in 2017, recorded LaaS market at USD 78.37 million. As per MRFR’s study, by 2023, the global LaaS market is likely to value at USD 814.59 million, caused by an increase in the adoption of LaaS by commercial organizations.
LaaS includes services, such as energy audit, light design, financing, installation, maintenance, and other related services. This aids in in-depth analysis of a client’s requirements and deliver light solutions with greater efficacy. Moreover, LaaS includes maintenance services that add to its effectiveness, thereby causing the global light-as-a-service market to surge in the review period. The ability of LaaS to effective curb energy consumption, thereby cut-down expenses is promoting its adoption across verticals. This is another factor that is expected to impel the growth of the worldwide LaaS market.
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Segmental Outline
The lighting-as-a-service market is studied in segments for a comprehensive understanding of the market. The market assessment is done on the basis of component, installation, and application. The application-based segments are; industrial, commercial, and others. The commercial segment is expected to dominate the lighting-as-a-service market in the forecast period. Increase in light requirement due to the expansion of commercial space is expected to drive the global market growth at a high pace. By component, the market segments are; luminaries & controls, services, and software. The luminaries and controls segment can thrive at a high CAGR due to their growing demand. Meanwhile, the expansion of the service segment is noted as an increase in the number of LaaS are observed. By installation, the LaaS market is segmented into indoor and outdoor. The growing need for light consumption for both indoor and outdoor requirements is expected to boost the growth of the global LaaS market in years to come.
Key Players
MRFR list for Lighting-as-a-Service Market key players comprises; General Electric Lighting (US), Koninklijke Philips N.V. (Netherlands), SIB Lighting (US), Zumtobel Group AG (Austria), Igor Inc. (US), Lunera Lighting (US), Cree Inc. (US), Itelecom (Chile), UrbanVolt (Ireland). Valoya Oy (Finland). These companies are undertaking activities are likely to favor the LaaS market. Diversification in the product portfolio, deals, and mergers are some common strategies are expected to benefit the global LaaS market.
Regional Outlook
In North America, the LaaS market is expected to exhibit exponential growth in the forecast period. The growing number of LED installations is expected to propel the regional lighting-as-a-service market. The US is expected for a notable contribution to the expansion of North America LaaS market. In addition, stringency in government norms for the adoption of energy-efficient lighting delivery services are expected to spur the expansion of the North America LaaS market growth. Similar market growth propellers are observed in Europe. However, another factor that is causing the expansion of the EU market is the high concentration of LaaS providers. In Asia Pacific, infrastructural developments are creating the need for modern light service delivery solutions. In addition, APAC vendors are opting for value-adding strategies that are likely to impel the Asia Pacific LaaS market. The rapid progress of different industries creating the need for high light consumption can contribute to the APAC LaaS market surge.
Industry Update
GE Current, a US-based Daintree Company, together with its parent company American Industrial Partners (AIP), announced Manish Bhandari as their new CEO. His business skills could be noteworthy for the growth of the market.
LIST OF TABLES
Table 1 Global Lighting-As-A-Service Market, By Region, 2018–2023
Table 2 North America: Lighting-As-A-Service Market, By Country, 2018–2023
Table 3 Europe: Lighting-As-A-Service Market, By Country, 2018–2023
Table 4 Asia-Pacific: Lighting-As-A-Service Market, By Country, 2018–2023
Table 5 Middle East & Africa: Lighting-As-A-Service Market, By Country, 2018–2023
Continued…….
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LIST OF FIGURES
FIGURE 1 Global Lighting-As-A-Service Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Lighting-As-A-Service Market
FIGURE 4 Value Chain Of Global Lighting-As-A-Service Market
FIGURE 5 Share Of Global Lighting-As-A-Service Market In 2017, By Country (In %)
Continued…….
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