Press release
Lighting-as-a-Service Market Sets New Record, Projected at USD 11.8 Billion, Globally, by 2031 at 33.1% CAGR
According to the report, the global lighting-as-a-service industry is estimated to generate $694.7 million in 2021 and $ $11.8 billion by 2031, witnessing a CAGR of 33.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.Increase in adoption of lighting-as-a-service products, cost & energy saving properties of lighting-as-a-service, government policies and regulations regarding the adoption of energy-efficient lighting systems, the convergence of IoT (Internet Of Things) and lighting systems, the development of smart cities, and improving economic conditions fuel the growth of the global lighting-as-a-service market. However, the lack of familiarity with new technology and lighting control products hinder the market growth. On the other hand, initiatives taken by the government for energy efficiency and energy conservation to provide consumers with an informed choice about energy saving present new opportunities in the market in the coming years.
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Covid-19 Scenario:
• The global lighting-as-a-service market witnessed a low growth during the COVID-19 pandemic. The supply chain was one of the first industries to be affected by the pandemic. Travel restrictions and logistics suspensions hampered the import of lighting supplies.
• Furthermore, the lighting production facilities were closed as the workforce could not resume their duties due to lockdown.
• The pandemic affected the allied sectors that are associated with the lighting as service market. The implementation of work-from-home policies also hindered the market growth.
Based on installation, the indoor segment held the largest share of more than three-fifths of the global lighting-as-a-service market in 2021, and is expected to maintain a prominent growth during the forecast period, as it is highly adopted by shopping complexes and halls for effective displays. However, the outdoor segment is likely to exhibit the highest CAGR of 35.7% in 2031, as lighting-as-a-service provides complete visibility and efficiency of all lighting systems.
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By end user, the commercial segment dominated the LaaS market in 2021, and is expected to maintain its dominance in the coming years owing to adoption of lighting as a service by various commercial sectors for energy efficient lighting system. However, the municipal segment is expected to witness highest growth rate during the forecast period, owing to rise in adoption of LaaS services among end users such as municipal and public sector as they ensure effective functioning of solutions and platforms throughout the lighting process.
Region-wise, the LaaS Market was dominated by North America in 2021, and is expected to retain its position during the forecast period. This is attributed to a number of factors, such as adoption of lighting as a service among various end users, such as government and commercial sector in the region. In addition, presence of growing number of lighting as a service vendors across the U.S. and Canada is expected to provide lucrative opportunities for the lighting-as-a-service market forecast. However, Asia-Pacific is expected to witness significant growth in lighting-as-a-service industry during the forecast period, owing to wide presence of small-and medium-scale organizations, which are turning toward lighting as a service solution to efficiently manage their lighting system, particularly in developing countries such as China, India, and South Korea.
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Based on installation, the indoor segment held the largest share of more than three-fifths of the global lighting-as-a-service market in 2021, and is expected to maintain a prominent growth during the forecast period, as it is highly adopted by shopping complexes and halls for effective displays. However, the outdoor segment is likely to exhibit the highest CAGR of 35.7% in 2031, as lighting-as-a-service provides complete visibility and efficiency of all lighting systems.
The report analyzes these key players of the global lighting-as-a-service market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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