Lighting-as-a-Service Market By Component (Luminaries and Controls, Softwares and communication systems, Service), By Installation (Outdoor, Indoor), By End User (Commercial, Municipal, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031
Lighting as a service (Laas) is a simple approach to converting business to energy-efficient lighting technology without the complication of budget constraints. LaaS aims to reduce the installation and maintenance costs and facilitates the growth of the LED market, and in doing so, manufacturers and service providers are offering new financial structures, which address the pain points of their customers.
LaaS is a lighting retrofit that uses Internet of Things (IoT) and sensor technology to provide powerful, controlled, and efficient lighting. With LaaS, lighting control systems optimize the use of light, resulting in energy and cost savings and increased productivity. Installing smart lighting systems in buildings can reduce energy costs by 50%.
Increasing adoption of lighting as a service product and cost and energy saving properties of lighting as a service are factors that propel the growth of the lighting as a service market. However, lack of familiarity with new technology and lighting control products is expected to hamper the growth of the market. Furthermore, policies and regulations adopted by government to promote energy conservation is expected to provide lucrative opportunities for the lighting as a service market.
The lighting as a service market is segmented on the basis of component, installation, end user, and region. On the basis of component, the market is segmented into luminaries and controls, softwares and communication systems, and service. On the basis of installation, the market is segmented into outdoor and indoor. By end user, the market is segmented into commercial, municipal, and industrial. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players in the market are Eaton, Digital Lumens, Incorporated, Every Watt Matters, Honeywell International Inc., IGOR Inc., Koninklijke Philips N.V., Lutron Electronics Co., Inc., OSRAM GmbH, Seiko Epson Corporation, and Stouch Lighting.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global Lighting as a service market forecast along with the current & future trends to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on global Lighting as a service market trends is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Component
Luminaries and Controls
Softwares and communication systems
Service
By Installation
Outdoor
Indoor
By End User
Commercial
Municipal
Industrial
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Eaton
Digital Lumens, Incorporated.
Every Watt Matters
Honeywell International Inc.
IGOR INC.
Koninklijke Philips N.V.
Lutron Electronics Co., Inc
OSRAM GmbH.
Seiko Epson Corporation
Stouch Lighting.
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