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The Lighting as a Service Market size was valued at USD 1.23 Billion in 2023 and is expected to reach USD 16.34 Billion by 2032 and grow at a CAGR of 33.3% over the forecast period 2024-2032.
Lighting as a Service is the process of providing technical, financial, and management services. It is capable of providing services that include lighting system installation, recycling equipment, lighting system installation, and maintenance and administration. With the incorporation of advancements in technology such as IoT, this system moves the focus of traditional lighting to smart lighting. The reaction improves energy efficiency, regulates smart loads, and reduces costs. The market is divided into three components: software and communication systems, maintenance services, and luminaires. The market is divided into Commercial, Industrial, Municipal, and other end-users.
LED lighting is displacing conventional incumbent technologies, and lighting as a service is increasing its market as technology advances throughout the world. To suit client demand, the lighting sector is quickly adopting and updating current solutions involved in a modern lighting system. These services may also include recycling of equipment, installation of a lighting system, and ongoing maintenance and administration, and many businesses provide a combination of these services to better serve customers and retain them for a longer period of time.
KEY DRIVERS:
Model with Zero Capital Costs and Improved Financial Benefits.
Government Policies and Regulations for Energy-Efficient Lighting System Adoption.
RESTRAINTS:
Unawareness of the Value of a Service-Oriented Lighting Model.
OPPORTUNITY:
Internet of Things (IoT) and Lighting System Integration
Smart City Development.
CHALLENGES:
Low-quality led products are flooding the market, and their performance is poor.
The new coronavirus epidemic and related containment efforts have severely harmed commercial real estate demand, particularly in the hotel, retail, and office sectors. During the crisis, businesses were forced to close due to reduced store hours and empty office buildings, which hampered the global adoption of LaaS for commercial applications. However, the considerable rebound of the housing industry, as seen by increased new house development in locations such as the Southern United States, has boosted sales of lighting fixtures for residential applications. Furthermore, an increase in house improvement activities has increased the need for lighting systems. Given the continual rise in the domestic lighting business, factors like these might help the Lighting as a Service market develops in the near future.
MARKET ESTIMATION:
The Lighting as a Service market is now in its infancy, and organizations’ lack of understanding has hampered its growth. However, the combination of loT and LaaS is expected to provide market potential, which has significantly fueled the Software segment's market development. With loT-based Lighting as Service systems, users of various degrees may personalize lighting and temperature in their workstations via a smartphone app, resulting in a better work environment. The IoT-based LaaS will let facility managers track light consumption trends, eliminating them where they are not needed and significantly lowering the building's carbon impact.
In terms of installation, the exterior part is calculated to be the market's fastest expanding segment. The indoor segment has a significant market share in 2022 and has the potential to dominate the market over time due to the rapid adoption of LaaS in company offices and commercial venues. The expanding business sector in emerging nations is the primary engine behind the rise of indoor lighting as a service segment.
The company or commercial segment leads the LaaS market, owing to their increased migration to the subscription model of LaaS rather than owning and maintaining the lighting infrastructure. The municipal sector, which is projected to come under the Other group, is expected to have the highest CAGR due to the adoption of Laas by large cities and cities that are drawn by its energy-saving benefits over traditional lighting systems.
On The Basis of Components
Luminaries and control
Software
Services
On The Basis of Installation
Indoor installation
Outdoor installation
On The Basis of Application
Commercial
Industrial
Municipal
Others
REGIONAL ANALYSIS:
Because of increased government initiatives to replace old lighting systems with energy-efficient lighting systems, North America is likely to be one of the main areas driving the growth of the worldwide market over the forecast period. The development of smart cities in the United States and Canada is expected to encourage the use of lighting as a service and contribute to market growth. As a result, the rise in demand for lighting systems that improve system efficiency and lower costs are some of the factors driving the market growth. After North America, the Asia Pacific area is predicted to rise rapidly throughout the projection period. This is due to the rapid creation of sustainable lighting systems by regional producers. Furthermore, rising home improvement spending and solid demand for lighting fixtures and lamps in countries such as Australia are likely to promote the region's adoption of the LaaS business model, consequently favoring market expansion.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key players are Cree Inc., Eaton Corporation plc, Future Energy Solutions, Igor Inc., Itelecom USA, Koninklijke Philips N.V., Lunera Lighting, RCG Lighthouse, SIB Lighting, Zumtobel Group AG, and other players
| Report Attributes | Details |
| Market Size in 2023 | US$ 1.23 Bn |
| Market Size by 2032 | US$ 16.34 Bn |
| CAGR | CAGR of 33.3% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By components (Luminaries and control, Software, and Services) • By Installation (Indoor installation and Outdoor installation) • By Application (Commercial, Industrial, Municipal, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Cree Inc., Eaton Corporation plc, Future Energy Solutions, Igor Inc., Itelecom USA, Koninklijke Philips N.V., Lunera Lighting, RCG Lighthouse, SIB Lighting, Zumtobel Group AG |
| Key Drivers | • Model with Zero Capital Costs and Improved Financial Benefits. • Government Policies and Regulations for Energy-Efficient Lighting System Adoption. |
| Market Opportunity | • Internet of Things and Lighting System Integration • Smart City Development |
Ans: - The Lighting as a Service Market size was valued at USD 1.23 Bn in 2023.
Ans: - The Lighting as a Service market is to grow at CAGR of 33.3% over the forecast period 2024-2032.
Ans: - North America is likely to be one of the main areas driving the growth of the worldwide market over the forecast period.
Ans: - The major key players are Cree Inc., Eaton Corporation plc, Future Energy Solutions, Igor Inc., Itelecom USA, Koninklijke Philips N.V., Lunera Lighting, RCG Lighthouse, SIB Lighting, Zumtobel Group AG.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Lighting as a Service Market Segmentation, by Components
8.1 Luminaries and control
8.2 Software
8.3 Services
9. Lighting as a Service Market Segmentation, by Installation
9.1 Indoor installation
9.2 Outdoor installation
10. Lighting as a Service Market Segmentation, by Application
10.1 Commercial
10.2 Industrial
10.3 Municipal
10.4 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Cree Inc.
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Eaton Corporation plc
12.3 Future Energy Solutions
12.4 Igor Inc.
12.5 Itelecom USA
12.6 Koninklijke Philips N.V.
12.7 Lunera Lighting
12.8 RCG Lighthouse
12.9 SIB Lighting
12.10 Zumtobel Group AG
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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