Share
Lighting as a Service Market: By Components (Luminaries and Control, Software, Services), By Installation (Indoor Installation, Outdoor Installation), By Application (Commercial, Industrial, Municipal, Others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
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.
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.
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.
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.
The extensive demand for Energy Efficient Lighting Systems
Increased demand for energy-efficient lighting systems, low capital expenditure requirements, and the growing integration of Internet of Things (IoT) in lighting systems are all helping to cut global energy usage. One of the key drivers of the Lighting as a Service Market is this. Furthermore, financial incentives such as immediate ROI without any upfront capital costs, as well as government policies and laws encouraging the adoption of energy-efficient lighting systems, are pushing the lighting as a service business.
Speedy technological advances
Given the growing interest in the business model from the intelligent lighting industry, rapid improvements in technology, such as the Internet of Things, will bolster demand for Light as a Service. In the near future, this will have an impact on market growth.
The high cost associated with Service Subscription is restraining the market growth
The service's subscription program often has a greater overall cost than the self-installation option, which might be difficult to justify. In addition, the market's growth is being stifled by a lack of expertise in the latest technological lighting and lighting control solutions.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Lighting as a Service Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The major market for lighting as a service (LaaS) is in North America, followed by Western and Eastern Europe. The desire for commercial launches is driving the growth of the lighting as a service market in North America, as LaaS offers the ability to save money and reduce energy consumption globally. Eastern and Western Europe are the second and third leading regions, respectively, due to rising needs from the commercial and industrial sectors.
There was a substantial shortage of human manpower in numerous industries as a result of the epidemic. The lockout also caused the end-user markets to collapse, reducing demand in the end-user market. In addition, service industry disruptions and the months-long closure of commercial complexes have diminished the necessity for third-party LaaS services for businesses. Almost every company seeks to decrease overhead costs in order to stay afloat in the face of the pandemic. Although the market is quickly resuming and rebounding when the lockdowns are lifted, current market trends indicate that the market will soar to new heights in the next years.
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 0.6 billion |
|
Revenue forecast in 2031 |
USD 31.9 billion |
|
Growth Rate |
CAGR of 47.5% from 2021 to 2031 |
|
Base year for estimation |
2020 |
|
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Component, Installation, Application, and Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key companies profiled |
Philips NV, General Electric Lighting, Itelecom, Valoya Oy, RCG Lighthouse, Metrus Energy Inc, Zumtobel Group Ag, LEDVANCE GmbH, Lunera Lighting, and Enlighted Inc. |
Select License Type
Select License Type
FATPOS CLIENT Appriciation DURING THE PROJECT
Working with Fatpos Global, allowed us to take advantage of their knowledge and easy approach, allowing us to collect important data utilizing a variety of techniques. The results were clearly presented and explained, and FG responded to our questions with speed and expertise.
|
Swiss-based global building materials manufacturer |
The analyses and presentations Fatpos Global have produced for us have been of a very high caliber and have allowed us to proactively improve our customer relationship management. They have also done so while maintaining complete anonymity. Without any doubt, we suggest Fatpos Global to you.
|
|
Tech-powered construction company |
We appreciate the team’s punctuality, flexibility in terms of report modification, post report purchase support and pleasant reaction all around. Overall, my experience with this company was nothing but positive, and I couldn't be more grateful for their excellent service. Thank you for all that you do!
|
|
American global management consulting firm |
We are able to concentrate on the topics and implications that are most important to our clients thanks to the adaptability and responsiveness of the team at Fatpos Global. We would highly recommend this company to anyone in need of their services, and I will certainly be using them again in the future.
|
|
Headquartered in Zug, Switzerland, leading supplier of medical and surgical instrument |
To better study our client demographics, develop the ideal product-price architecture, and enhance our target marketing initiatives, we hired Fatpos Global. Every component of the project was completed, and we are very happy with the useful insights and actionable results.
|
|
Kosovan company, A leading organic fertilizers producer |
Thank you for your team's generous assistance, The final report was delivered to me, and I find it to be really helpful. Also, you may be sure that I will get in touch with you if I ever require fresh materials for market research. Gratitude once more.
|
|
German specialty chemicals company based in Cologne, Germany |
