Lighting as a Service Market Size is projected to reach USD

New York, United States, June 12, 2023 (GLOBE NEWSWIRE) -- Lighting as a service (LaaS) is a service-based model that offers technical and financial management services to help with the transition from traditional to smart lighting. The use of sensors and Internet of Things (IoT) technology assists in the installation of lighting systems and recycling equipment, as well as their maintenance and management. Furthermore, it does not necessitate any upfront investments from end users because it charges a monthly fee rather than a one-time fee for light services. Customers are charged for lighting retrofits as part of an ongoing purchase agreement, which allows the cost to be spread out over several months or years. Among the primary advantages of lighting as a service are lower energy consumption, ongoing cost savings, no maintenance liability, and the ability to add features such as data collection, inter-device communication, and remote management.

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Rapid Industrialization and Urbanization Drive the Market Growth.

Rapid industrialization and urbanization in economically developed countries are one of the most important market drivers for LaaS. In emerging nations of the developing world, there is a growing demand for LaaS. In the realm of urban and municipal development, the demand for LED lighting is growing due to its low energy consumption. Several commercial complexes, offices, public squares, etc., are driving the growth of the lighting-as-a-service industry. The global LaaS market is expanding, with a phenomenal response from emerging markets as well.

Growth of Commercial End User Segment Creates Lucrative Growth Opportunities for Market Growth.

This market is anticipated to experience lucrative growth opportunities within the commercial end-user segment. Lighting as a service provides energy savings and lower energy bills, which is appealing to commercial end users, given the growing emphasis on energy conservation and sustainability. The indoor installation segment is anticipated to continue to lead in the near future, as it has in recent years. The rapid growth of the commercial sector in developing nations is fostering the expansion of this market's indoor segment.

Report Scope

Report Metric	Details
Market Size by 2031	USD 9060.29 million
Market Size in 2022	USD 616.5 million
CAGR	34.8%
Historical Data	2020-2021
Base Year	2022
Forecast Period	2023-2031
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Component, Application, Installation
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	Koninklijke Philips, ABB(Cooper Industries), General Electric, Osram, SIB Lighting, Cree, RCG Lighthouse, Digital Lumens, Lutron, Future Energy Solutions, Lunera Lighting, Itelecom USA, Legrand S.A, Igor Inc
Key Market Opportunities	Growth of Commercial End User Segment
Key Market Drivers	Rapid Industrialization and Urbanization

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Regional Analysis

On the basis of geography, the Global Lighting as a Service Market has been segmented into North America, Europe, Asia Pacific, and LAMEA.

North America is anticipated to be one of the leading regions contributing to the growth of the global market during the forecast period, Due to increasing government efforts to replace traditional lighting systems with energy-efficient lighting systems. The expanding availability of systems that allow users to program and control lights via connectivity with sensors and networks is a factor in the growing use of LaaS and LED technologies.

Asia-Pacific is expected to experience significant growth during the forecast period, second only to North America. The lighting as a service market in Asia-Pacific is experiencing healthy growth as governments of developing nations such as India and China endorse energy-efficient lighting. Numerous LED chip and package factories in China, South Korea, Japan, and Taiwan contribute to the region's rising demand.

Europe is experiencing the most rapid growth in the lighting as a service market, driven by the widespread adoption of LaaS in European nations like the United Kingdom and Germany. The market share of lighting as a service in Latin America is the smallest, but increased efforts to reduce carbon footprint are driving demand for LaaS.

Key Highlights

The global lighting as a service market size is projected to reach USD 9060.29 million by 2031, growing at a CAGR of 34.8 % from 2023 to 2031.
The global Lighting as a Service Market is segmented into Components, Applications, and Installation.
The market is segmented by Component into Luminaries and Controls, Software, and Services.
The market is segmented by Application into Commercial, Industrial, and Others.
The market is segmented by Installation into Indoor and Outdoor.
Based on Geography, the market has been segmented into North America, Europe, Asia Pacific, and LAMEA.

Prominent global and regional companies engaged in the Lighting as a Service Market are

Koninklijke Philips
ABB(Cooper Industries)
General Electric
Osram
SIB Lighting
Cree
RCG Lighthouse
Digital Lumens
Lutron
Future Energy Solutions
Lunera Lighting
Itelecom USA
Legrand S.A
Igor Inc

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Segmentation of Lighting as a Service Market

By Component

Luminaries and Controls
Software
Service

By Application

Commercial
Industrial
Others

By Installation

Indoor
Outdoor

By Region

North America

The U.S.
Canada
Mexico

Europe

Germany
France
The U.K.
Italy
Spain
Netherlands
Russia
The Rest of Europe

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Malaysia
Singapore
Vietnam

Central and South America and the Caribbean

Brazil
Argentina
Colombia
The Rest of Central and South America and the Caribbean

The Middle East

Saudi Arabia
The UAE
Oman
Bahrain
The Rest of the Middle East

Africa

Nigeria
South Africa
Ghana
Tanzania
The Rest of Africa

TABLE OF CONTENT

Executive Summary
Research Scope & Segmentation
1. Research Objectives
2. Market Definition
3. Limitations & Assumptions
4. Market Scope & Segmentation
5. Currency & Pricing Considered
Market Opportunity Assessment
1. Emerging Regions / Countries
2. Emerging Companies
3. Emerging Applications / End Use
4. Investment Landscape
5. New Business Models / Revenue Streams
6. TAM
Market Trends
1. Drivers
2. Market Warning Factors
3. Latest Macro Economic Indicators
4. Geopolitical Impact
5. Human Factors
6. Technology Factors
Market Assessment
1. Porters Five Forces Analysis
2. Value Chain Analysis
3. Raw Material Analysis
4. Sales And Distribution Channel Analysis
5. Trade Analysis
6. Average Pricing Analysis
7. Case Study Analysis
8. Patent Analysis
9. M & A Agreements & Collabration Analysis
10. Export Import Analysis
11. Cost Structure Analysis
ESG TRENDS
Global Lighting As A Service (Laas) Market Size Analysis
1. Global Lighting As A Service (LaaS) Market Introduction
2. By Component
  1. Introduction
    1. Component By Value
  2. Luminaries And Controls
    1. By Value
  3. Software
    1. By Value
  4. Service
    1. By Value
3. By Application
  1. Introduction
    1. Application By Value
  2. Commercial
    1. By Value
  3. Industrial
    1. By Value
  4. Others
    1. By Value
4. By Installation
  1. Introduction
    1. Installation By Value
  2. Indoor
    1. By Value
  3. Outdoor
    1. By Value
North America Market Analysis
1. Introduction
2. By Component
  1. Introduction
    1. Component By Value
  2. Luminaries And Controls
    1. By Value
  3. Software
    1. By Value
  4. Service
    1. By Value
3. By Application
  1. Introduction
    1. Application By Value
  2. Commercial
    1. By Value
  3. Industrial
    1. By Value
  4. Others
    1. By Value
4. By Installation
  1. Introduction
    1. Installation By Value
  2. Indoor
    1. By Value
  3. Outdoor
    1. By Value
5. U.S.
6. Canada
Europe Market Analysis
1. Introduction
2. By Component
  1. Introduction
    1. Component By Value
  2. Luminaries And Controls
    1. By Value
  3. Software
    1. By Value
  4. Service
    1. By Value
3. By Application
  1. Introduction
    1. Application By Value
  2. Commercial
    1. By Value
  3. Industrial
    1. By Value
  4. Others
    1. By Value
4. By Installation
  1. Introduction
    1. Installation By Value
  2. Indoor
    1. By Value
  3. Outdoor
    1. By Value
5. U.K.
6. Germany
7. France
8. Spain
9. Italy
10. Russia
11. Nordic
12. Benelux
13. Rest Of Europe
APAC Market Analysis
1. Introduction
2. By Component
  1. Introduction
    1. Component By Value
  2. Luminaries And Controls
    1. By Value
  3. Software
    1. By Value
  4. Service
    1. By Value
3. By Application
  1. Introduction
    1. Application By Value
  2. Commercial
    1. By Value
  3. Industrial
    1. By Value
  4. Others
    1. By Value
4. By Installation
  1. Introduction
    1. Installation By Value
  2. Indoor
    1. By Value
  3. Outdoor
    1. By Value
5. China
6. Korea
7. Japan
8. India
9. Australia
10. Taiwan
11. South East Asia
12. Rest Of Asia-Pacific
Middle East And Africa Market Analysis
1. Introduction
2. By Component
  1. Introduction
    1. Component By Value
  2. Luminaries And Controls
    1. By Value
  3. Software
    1. By Value
  4. Service
    1. By Value
3. By Application
  1. Introduction
    1. Application By Value
  2. Commercial
    1. By Value
  3. Industrial
    1. By Value
  4. Others
    1. By Value
4. By Installation
  1. Introduction
    1. Installation By Value
  2. Indoor
    1. By Value
  3. Outdoor
    1. By Value
5. UAE
6. Turkey
7. Saudi Arabia
8. South Africa
9. Egypt
10. Nigeria
11. Rest Of MEA
LATAM Market Analysis
1. Introduction
2. By Component
  1. Introduction
    1. Component By Value
  2. Luminaries And Controls
    1. By Value
  3. Software
    1. By Value
  4. Service
    1. By Value
3. By Application
  1. Introduction
    1. Application By Value
  2. Commercial
    1. By Value
  3. Industrial
    1. By Value
  4. Others
    1. By Value
4. By Installation
  1. Introduction
    1. Installation By Value
  2. Indoor
    1. By Value
  3. Outdoor
    1. By Value
5. Brazil
6. Argentina
7. Chile
8. Colombia
9. Rest Of LATAM
Competitive Assessment
1. Adoption Matrix
2. Lighting As A Service (LaaS) Market Share By Manufacturers
3. Lighting As A Service (LaaS) Market Ranking By Revenue For Manufacturers
4. Average Price By Manufacturers
5. Vendor Footprint Analysis
Market Players Assessment
1. Koninklijke Philips
  1. Overview
  2. Business Information
  3. Revenue
  4. ASP
  5. Gross Margin
  6. Swot Analysis
  7. Recent Developmments
2. ABB(Cooper Industries)
3. General Electric
4. Osram
5. SIB Lighting
6. Cree
7. RCG Lighthouse
8. Digital Lumens
9. Lutron
10. Future Energy Solutions
11. Lunera Lighting
12. Itelecom USA
13. Legrand S.A
14. Igor Inc
Research Methodology
1. Research Data
  1. Secondary Data
    1. Major Secondary Sources
    2. Key Data From Secondary Sources
  2. Primary Data
    1. Key Data From Primary Sources
    2. Breakdown Of Primaries
  3. Secondary And Primary Research
    1. Key Industry Insights
2. Market Size Estimation
  1. Bottom-Up Approach
  2. Top-Down Approach
  3. Market Projection
3. Research Assumptions
  1. Assumptions
4. Limitations
5. Risk Assessment
APPENDIX
1. Discussion Guide
2. Customization Options
3. Related Reports
DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/lighting-as-a-service-laas-market/toc

Recent Development

In 2020, Signify NV introduced its innovative LED Top lighting system with a streamlined switch. This advanced lighting system can reduce greenhouse energy consumption by fifty percent.
In 2020, Enlighted Inc. introduced its brand-new surface sensor technology for commercial end-users and intelligent buildings.

News Media

Global Organic LED Market Grows at a Staggering CAGR of 21.5%

Global LED Lighting Market Grows at a Staggering CAGR of 13.4%

Global Intelligent Lighting Controls Market to Grow at a CAGR of 17.6% by 2030

Global Commercial Lighting Market Size USD 64.67 Million By 2031 | CAGR of 5.80%

Industrial Lighting Market Share Worth USD 1990 Million By 2030 | CAGR of 5%

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Lighting as a Service Market Size is projected to reach USD 9.06 billion by 2031, growing at a CAGR of 34.8%: Straits Research

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Lighting as a Service Market Size is projected to reach USD 9.06 billion by 2031, growing at a CAGR of 34.8%: Straits Research

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