The Global Lighting as a Service Market size was valued at USD 1.27 Billion in 2021 and is projected to reach USD 13.73 Billion by 2028, growing at a CAGR of 40.4% from 2022 to 2028.
The market for "lighting- as- a-service" analyzes the business model where the client does not purchase its lighting fixtures. Instead, it signs a multilayered contract that includes a flat charge for the required lights. The lighting company offers the lights, luminaries, and controls in addition to perhaps providing extra services like data analysis and financing arrangements. The lighting system is installed by independent installation companies, who are paid by the lighting company to maintain the system for the duration of the contract. The report also discusses the market expansion of various end users and how that has affected various geographical region.
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The report provides comprehensive details about demand forecasts, market trends, and both micro and macro indicators. The Lighting as a Service market report also gives information about the factors that are making this market grow and the objects that are holding it back. Using tools like Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the keyword market, the report provides details about the market.
In Market Segmentation On By Component, Lighting as a Service Market Report Covers:
- Software
- Luminaries Controls
- Service
In Market Segmentation By Installation, Lighting as a Service Market Report Covers:
- Outdoor
- Indoor
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By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
- Middle East Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of SA)
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COVID-19 Impact On The Lighting as a Service Market
The recent outbreak of coronavirus has proven to be a bane for the market. The pandemic has led to the suspension of business activity on account of the coronavirus pandemic and has resulted in disruptions in global supply chains, border restrictions, and travel restrictions by government bodies. Mandatory containment measures and health safety compliances have put huge pressure on remote operations across a wide array of industry verticals which further derailed the market growth rate. However, at the end of 2020, global companies witnessed rising investments in cloud solutions to facilitate easy remote working.
Top Key Players Covered In Lighting as a Service Market
- Igor Inc. (U.S.)
- Itelecom (Chile)
- Koninklijke Philips N.V. (Netherlands)
- General Electric Lighting (U.S.)
- Zumtobel Group AG(Austria)
- SIB Lighting (U.S.)
- Lunera Lighting (U.S.)
- Cree Inc. (U.S.)
- Future Energy Solutions (U.S.)
- Rcg Lighthouse (Latvia) and Other Major Players
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