Global Lighting as a Service (LaaS) Market is likely to grow at a CAGR of 45% in the forecast period of 2021-26

Lighting as a Service is a business model based on service where light service is provided to an organization by charging a subscription rather than a one-time payment.

According to the MarkNtel Advisors research report, "Global Lighting as a Service (LaaS) Market Analysis, 2021," the market is likely to grow at a CAGR of 45%% in the forecast period of 2021-26. The robust growth of the market owes prominently to the constant development projects of building smart cities globally. Additionally, Lighting as a service comes with many benefits to various end-user industries and takes no upfront costs. Besides, the lowers energy consumption, and continuing cost savings, with improved lighting experience and no maintenance liability, are supporting the market growth of the Lighting as a Service across the world. Moreover, procuring add-on functions and systems like inter-device communication, data collection, and remote management are other aspects of the service, booming the demand of Lighting as a Service robustly.

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Key questions answered in the study
1. What are the current and future trends in the Global Lighting as a Service (LaaS) Market?
2. How has the industry been evolving in terms of geography and services adoption?
3. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Global Lighting as a Service (LaaS) Market?
5. What are the customer orientation, purchase behavior, and expectations from the Global Lighting as a Service (LaaS) Market service providers across various regions?

Impact of Covid-19
The outbreak of the Covid-19 pandemic affected various sectors across the globe. However, the Global Lighting as a Service Market witnessed the maximum hit. To combat the spread of the Covid-19, governments were compelled to impose restrictions on the movement of people and bring complete lockdown. It led to the shut down of commercial units and people tended to work from home. This move brought a severe decline for the Lighting as a Service Market across the commercial sector. Besides, with the possibility of work from home continuing in the coming years, it is likely to hamper the market growth in the short run.

On the other hand, monitoring the crisis across the globe, the Global Lighting as a Service (LaaS) Market shall generate positive & fruitful prospects post the pandemic. To adapt amidst the new normal, various technological merchants are introducing projects & ideas to provide improved infection-control Lighting service to the buildings. Furthermore, with the gradual upliftment of the restrictions, the Global Lighting as a Service (LaaS) Market is likely to regain its pace in the forecast period and recover from the loss.

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According to MarkNtel Advisors, the leading players in the Global Lighting as a Service (LaaS) Market are General Electric Lighting, Koninklijke Philips N.V, Zumtobel Group AG, SIB Lighting, Lunera Lighting, IGOR Inc., Cree, Inc., RCG Lighthouse, Telecom USA, Future Energy Solutions.

Market Segmentation:
1. By Installation (Indoor, Outdoor)
2. By Components (Luminaire & Control Equipment, Software & Communication Systems, Maintenance & Other Services)
3. By End-Users (Commercial, Municipal, Industrial)
4. By Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa)
5. By Countries (US, Canada, Mexico, Brazil, Chile, Argentina, Germany, France, UK, Russia & CIS South Africa, Nigeria, UAE, Saudi Arabia, Kuwait, Qatar, China, India, Southeast Asia, Japan, Others)
6. By Competitors (General Electric Lighting, Koninklijke Philips N.V, Zumtobel Group AG, SIB Lighting, Lunera Lighting, IGOR Inc., Cree, Inc., RCG Lighthouse, Telecom USA, Future Energy Solutions)

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MarkNtel Advisors is a leading research, consulting and data analytics firm that provides a wide range of strategic reports on diverse industry verticals to a substantial and varied client base that includes multinational corporations, financial institutions, governments, and individuals.

We specialize in niche industries and emerging geographies to support our clients in the formulation of strategies viz. Go to Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, trend analysis, etc. in around 15 industry verticals to enable our clients in identifying attractive investment opportunities and maximizing ROI through an early mover advantage.

This release was published on openPR.