Lighting as a Service Market Set to Explode in The Coming Years | Digital Lumens, Eaton, Future Energy Solutions, SIB Lighting, Cree Inc., RCG Lighthouse, Lutron Electronics Co.
Another major driving force for the Lighting as a Service market is the advantage of ownership of the infrastructure. As LaaS is not a lease, enterprises will be owners of the new lighting system once the original installation cost is covered. This option is especially beneficial for small enterprises that cannot afford lease or loan facilities for an infrastructure upgrade, making Lighting as a Service an attractive option for them.
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The Lighting as a Service market is currently in its nascent stage and the lack of awareness by enterprises has hindered its growth. However, the integration of IoT with LaaS is expected to create opportunities in the market. With IoT-based Lighting as a Service systems, employees can personalize lighting and temperature at their workspaces using a smartphone app, creating a better work environment. The IoT-based LaaS will also help facility managers track usage patterns of lights, reducing them where not required and significantly decreasing the building’s carbon footprint.
North America is the leading region in the Lighting as a Service market. The rapid development of smart cities in the U.S. has surged the need for energy-efficient lighting systems. Nearly 40% of a city’s energy budget in the U.S. is consumed by street lighting and LaaS-based efficient lighting can save up to 50% of these costs, making it an attractive option for several U.S. Municipal corporations. The growing demand for energy-saving lighting solutions by large warehouses and manufacturing units in the U.S. has also accelerated the adoption of these types of services.
Some of the major players operating the Lighting as a Service market are Digital Lumens, Eaton, Future Energy Solutions, SIB Lighting, Cree Inc., RCG Lighthouse, Lutron Electronics Co., Lunera, General Electric Company, Osram Licht Ag, Itelecom, Igor Inc, UltraVolt, and Koninklijke Philips N.V. With the market still being in its early stages, LaaS providers are investing in R&D for integrating IoT-based lighting and improving the efficiency of semiconductor chips in LED lights. In 2017, Cisco invested in R&D development of NuLED, an American manufacturer of low-voltage LEDs, for app-based lighting controls of its server rooms.
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Lighting as a Service Market, By End User, 2014-2025 (USD Million)
Lighting as a Service Market Market, By Installation, 2014-2025 (USD Million)
Market, By Component, 2014-2025 (USD Million)
• Luminaire and Control Equipment
• Software and Communication System
• Maintenance and Other Services
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