Growing at 33.1% CAGR | The Lighting-as-a-Service Market Reach USD 11.8 Billion by 2031

According to the report published by Allied Market Research, Growing at 33.1% CAGR | The Lighting-as-a-Service Market Reach USD 11.8 Billion by 2031 . The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 220 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A31617

The global lighting-as-a-service market was valued at $694.7 million in 2021, and is projected to reach $11.8 billion by 2031, growing at a CAGR of 33.1% from 2022 to 2031.

The lighting as a service market is segmented on the basis of component, installation, end user, and region. On the basis of component, the market is segmented into luminaries and controls, software and communication systems, and service. On the basis of installation, the market is segmented into outdoor and indoor. By end user, the market is segmented into commercial, municipal, and industrial. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐟𝐮𝐥𝐥 𝐬𝐮𝐦𝐦𝐚𝐫𝐲 𝐚𝐭 : https://www.alliedmarketresearch.com/lighting-as-a-service-market-A31617

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.

Based on end user, the commercial segment was the largest market in 2021, accounting for nearly half of the global lighting-as-a-service market, and is likely to lead the trail throughout the forecast period, as lighting-as-a-service is highly used in development of commercial properties. However, the municipal segment is anticipated to manifest the fastest CAGR of 35.9% during the forecast period.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A31617

Based on region, North America was the largest market in 2021, accounting for nearly two-fifths of the global lighting-as-a-service market, owing to high rate of technology adoption and infrastructure development in the region. However, the market in Asia-Pacific is anticipated to manifest the largest revenue growth and grow at the fastest CAGR of 36.8% during the forecast period, owing to the growing digital and economic transformation in the region.

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

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A31617

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.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 (220 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/lighting-as-a-service-market/purchase-options

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