Lighting-as-a-Service Market Top Growth Companies, Global Growth, Size, Trends, Key Players by 2031

According to a new report published by Allied Market Research, titled, "Lighting-as-a-Service Market," The lighting-as-a-service market size was valued at $694.68 million in 2021, and is estimated to reach $11.8 billion by 2031, growing at a CAGR of 33.1% from 2022 to 2031.

Lighting as a service is an all-inclusive subscription-based pricing model geared at making LED lighting an option for any business owner, facility manager, or service manager. LaaS does not require any high up-front payment and breaks these costs out over time, making it a much more affordable option. Moreover, with the rapid pace of technological improvement in LED lighting, people often feel stuck with yesterday's technology when new advancements hit the market. Lighting as a service also solves the problem of missing out on the latest improvements to LED.

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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 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.

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 the 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.

Based on components, the luminaries and controls segment contributed to the largest share of more than half of the global lighting-as-a-service market in 2021, and is expected to lead the trail during the forecast period. This is because it helps to reduce the cost of lighting systems. However, the service segment is projected to witness the fastest CAGR of 37.0% from 2022 to 2031. This is owing to the surge in adoption of professional services for integration and deployment of lighting-as-a-service.

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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.

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 several factors, such as adoption of lighting as a service among various end users, such as government and commercial sector in the region. In addition, the growing number of lighting as a service vendor 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 the lighting-as-a-service industry during the forecast period, owing to the 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.

The novel coronavirus majorly affected the livelihood of people and put the economy in shambles. The supply chain was one of the first industries to witness the repercussions of the pandemic. With travel bans in place and logistics suspensions, the import of lighting supplies has become challenging. Furthermore, the lighting production outlets also came to a halt as their workforce could not resume their duties due to quarantine. However, COVID-19 has continuously affected allied sectors that are associated with the lighting as a service market. In addition, the implementation of work-from-home policies limited the market growth. Thus, COVID-19 harmed the lighting as a service market.

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Leading Market Players:

• Eaton Corporation
• Digital Lumens, Incorporated.
• Every Watt Matters
• Honeywell International Inc.
• IGOR Inc.
• Koninklijke Philips N.V.
• Lutron Electronics Co., Inc.
• OSRAM GmbH
• Seiko Epson Corporation
• Stouch Lighting

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.

Key Questions Answered in the Intelligent Study

• What is the market size and growth rate of the global and regional market by various segments?
• What is the market size and growth rate of the market for selective countries?
• Which region or sub-segment is expected to drive the market in the forecast period?
• What Factors are estimated to drive and restrain the market growth?
• What are the key technological and market trends shaping the market?
• What are the key opportunities in the market?
• What are the key companies operating in the market?
• Which company accounted for the highest market share?

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