Global Lighting as a Service Market Size study & Forecast, by End-User (Commercial, Municipal, and Industrial), Installation (Indoor, and Outdoor), Component (Luminaires, Software & Communication Systems, and Maintenance Services) and Regional Analysis, 2

Global Lighting as a Service Market Size study & Forecast, by End-User (Commercial, Municipal, and Industrial), Installation (Indoor, and Outdoor), Component (Luminaires, Software & Communication Systems, and Maintenance Services) and Regional Analysis, 2022-2029

Global Lighting as a Service Market is valued at approximately USD 0.69 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 33.1 % over the forecast period 2022-2029. Lighting as a Service, an all-inclusive subscription-based pricing approach called lighting as a service charge for light services on a recurring basis rather than all at once. It is a cost-effective alternative where service providers create long-lasting and efficient lighting systems with monthly payments rather than spending money upfront on a lighting system overhaul. Third-party service providers with the necessary resources, including lighting design, installation, finance, and other services handle these systems. Lighting service vendors retain ownership of the product throughout the subscription term rather than giving it to the customers. As a result, energy use and carbon emissions are reduced. The increasing electricity demand worldwide and growing Adoption of Energy-Efficient Lighting Systems as well as strategic initiatives from leading market players are key factors accelerating the market growth.

Rising global electricity demand due to increasing consumption in residential categories and growing industrialization is contributing towards the growth of the Global Lighting as a Service Market. For instance, according to International Energy Agency (IEA) estimates – in 2020, global residential electricity demand was estimated at 7-thousand-Terawatt hour, and the residential electricity demand is projected to grow to 8-thousand-Terawatt hour by 2030 and further 11-thousand-Terawatt hour by 2040. Also, the growing integration of the Internet of Things with Lighting Systems and rapid utilization of LED as an energy-efficient lighting technology would create a lucrative growth prospects for the market over the forecast period. However, the lack of penetration of Lighting as a Service stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Lighting as a Service Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the increasing adoption of lighting as a service and the presence of leading lighting as a service vendors in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the presence of small-and medium-scale organizations, and growing demand for energy-saving lighting solutions in the region.

Major market player included in this report are:
Koninklijke Philips N.V.
General Electric Lighting (U.S.)
Zumtobel Group (Austria)
SIB Lighting (U.S.)
Lunera Lighting Inc. (U.S.)
Igor Inc. (U.S.)
Itelecom (Chile)
Cree Inc. (U.S.)
Every Watt Matters
Enlighted, Inc

Recent Developments in the Market:
 In February 2020, Houston, Texas based US LED, a provider of LED lighting solutions, launched its new Lighting as a Service (LaaS) program named Light Now. Moreover, with this new Service, US LED would enable customers to install new LED lighting solutions in their facilities without any upfront cost and would get access to LED lighting as a monthly service agreement.

Global Lighting as a Service Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered End User, Installation, Component, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By End-User
Commercial
Municipal
Industrial
By Installation
Indoor
Outdoor
By Component
Luminaires
Software & Communication Systems
Maintenance Services

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World

Companies Mentioned

Koninklijke Philips N.V.
General Electric Lighting (U.S.)
Zumtobel Group (Austria)
SIB Lighting (U.S.)
Lunera Lighting Inc. (U.S.)
Igor Inc. (U.S.)
Itelecom (Chile)
Cree Inc. (U.S.)
Every Watt Matters
Enlighted, Inc

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