The efficient lighting is anticipated to augment global Lighting As A Service Market growth, owing to the rising demand for energy. Additionally, government regulations and guidelines for implementation of energy-efficient lighting systems are estimated to drive the global market over the forecast period. Furthermore, lighting as a service offers various benefits which include ensuring cost savings, no safeguarding charge, which is forcing countries to use lighting as a service model, no straight costs and reduction in energy consumption may fuel the global lighting as a service market growth in the coming future. Companies focus on new business strategies to boost the global market share by implementing new techniques and products, mergers & acquisitions, partnerships & collaborations, which may positively impact the global market over the forecast period.
The report "Global Lighting as a Service Market, By Components (Luminaries & Control Equipment, Software’s & Communication Systems, and Maintenance & Other Services), By Installation (Indoor and Outdoor), By End-user (Commercial, Industrial, and Municipal), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030.
- On April 2018, Lutron Electronics, the leader in automated shading solutions and smart lighting controls, has signed an agreement to acquire Ketra. Ketra’s Natural Light solutions offer the highest-quality light which seamlessly emulates daylight in interior spaces.
Key Market Insights from the report:
The global lighting as a service Market accounted for US$ 364.9 million in 2020 and is estimated to be US$ 19892.41 million in 2030 and is projected to register a 46.5% CAGR over the forecast period. The market report has been segmented based on component, installation, end-user, and region.
- By component, the target market is segmented into luminaries & control equipment, software’s & communication systems, and maintenance & other services
- By installation, the indoor installation segment accounted for the highest market share in 2015 and is projected to dominate the global market over the forecast period. The growing commercial sector in emerging countries is the major factor driving the growth of the indoor segment in the lighting as a service.
- By end-user, in 2018, the commercial segment ruled the end-user segment and is projected to witness its leading position over the forecast period. The municipal segment is estimated to lead the target market in terms of growth rate in the coming years.
- By region, the market in North America dominates the light as a service market due to stringent government rules to adopt energy-efficient lighting systems. Also, increasing infrastructure development to adopt the latest lighting technologies and high concentration of market players in the region.
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The prominent player operating in the global lighting as a service market includes Koninklijke Philips N.V, RCG Lighthouse, Future Energy Solutions, Lutron Electronics Company, Inc., Cree, Inc., Itelecom USA, SIB Lighting, Lunera Lighting, Digital Lumens, Inc., and Legrand S.A.
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