New York, July 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lighting as a Service Market: By Components, By Installation, By Application, And Region – Global Analysis of Market Size, Share & Trends For 2019–2021 And Forecasts To 2031" - https://www.reportlinker.com/p06461238/?utm_source=GNW
PRODUCT OVERVIEW
Lighting as a service (LaaS) is a subscription-based business model for light services rather than a one-time payment. It is overseen by third parties, specifically specialist service providers, and may include services such as lighting design, financing, installation, and maintenance. Customers can outsource lighting portions of their business for a set period using this strategy. Throughout the term of the subscription contract, it retains ownership of the equipment. As a result, it is an environmentally responsible business method that allows for a longer product lifecycle with many lifecycles.
MARKET HIGHLIGHTS
Global Lighting as a Service Market is expected to grow with a CAGR of 47.5% by 2031
Global Lighting as a Service Market to surpass USD 31.9 billion by 2031 from USD 0.6 billion in 2021 at a CAGR of 47.5% in the coming years, i.e., 2021-2031. The growing need for energy-efficient lighting systems is the key driver for the Lighting as a Service Market. The growing incorporation of the Internet of Things (IoT) in the lighting system has resulted in lower energy usage in various parts of the world, making it very popular.
GLOBAL LIGHTING AS A SERVICE MARKET: SEGMENTS
Outdoor segment leads the market with the highest CAGR during 2021-31
By installation, the Lighting as a Service is divided into Indoor Installation and Outdoor Installation. The outdoor category is predicted to be the market’s fastest expanding section. In 2015, the indoor category had the biggest market share, and it is likely to continue to do so throughout the projection period. The expansion of the indoor sector in the lighting as a service market is primarily driven by the growing commercial sector in developing countries.
Commercial segment is expected to grow considerably during 2021-31
Based on Application, the Lighting as a service is categorized into Commercial, Industrial, Municipal, and Others. In past years, the commercial sector dominated the end-user segment, and this trend is likely to continue during the forecast period. During the projection period, the municipal segment is expected to outperform the market concerning growth rate.
MARKET DYNAMICS
Drivers
The extensive demand for Energy Efficient Lighting Systems
Speedy technological advances
Restraint
The high cost associated with Service Subscription is restraining the market growth
GLOBAL LIGHTING AS A SERVICE MARKET:
Key Players
• Philips NV
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
• General Electric Lighting
• Itelecom
• Valoya Oy
• RCG Lighthouse
• Metrus Energy Inc
• Zumtobel Group Ag
• LEDVANCE GmbH
• Lunera Lighting
• Enlighted Inc.
• Other Prominent Players
GLOBAL LIGHTING AS A SERVICE MARKET REPORT ALSO CONTAINS ANALYSIS ON:
Lighting as a Service Market Segments:
• By Components
o Luminaries and Control
o Software
o Services
• By Installation
o Indoor Installation
o Outdoor Installation
• By Application
o Commercial
o Industrial
o Municipal
o Others
• Lighting as a Service Market Dynamics
• Lighting as a Service Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 3-month post-sales analyst support.
Read the full report: https://www.reportlinker.com/p06461238/?utm_source=GNW
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