Global Lighting as a Service Market to Grow at a CAGR of 50% in the Forecast Period of 2024-2032, Aided by the Increasing Demand for Energy-Efficient Lighting Systems

The global Lighting as a Service (LaaS) market is expected to be driven by the myriad benefits of the service, including the reduction of the overall lighting-related costs and generation of free cash flow, along with the maintenance of the lighting systems and hardware. The high energy efficiency and low maintenance costs of LaaS, as compared to conventional lighting, will also amplify the industry demand over the forecast period. Shifting preference towards sustainable lighting solutions and the emergence of LED as an energy-efficient lighting technology are the key trends characterising the Lighting as a Service (LaaS) market outlook. By 2027, the Lighting as a Service market is estimated to be dominated by the industrial end-user segment. This is a result of the rising incidences of accidents caused by unsafe lighting and insufficient safeguarding in industrial environments. Growth from the segment is also credited to the mounting installation of LED technology across industrial sites to yield superior light quality, cost savings, and improved energy efficiency. The increasing expenditure on home alterations and the robust demand for lighting fixtures and lamps will boost the adoption of the LaaS business model globally.

Various government initiatives are leading to the increased adoption of LED lighting, which is supporting the expansion of Lighting as a Service market. For example, Signify NV (OTCMKTS: PHPPY) expanded its LED Toplighting compact range in January 2020, making it easier to switch to LED grow lights in the greenhouse. To cut operating expenses, the company produced a high-efficiency version and a high-output version for various crops. The suggested solution is compatible with the GrowWise Control System and uses 50% less energy.

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Market Analysis by End User and Regions:

• The end users of the market are commercial, outdoor, and industrial.

• The regional markets for Lighting as a Service include North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa.

Key Findings of the Report:

• Various government regulations for optimum energy efficiency are boosting the market growth.

• The presence of several manufacturers of such systems in the region is likely to support the development of the market in due course of time.

• The municipal end-users include lighting offered by local governments for open public spaces, streets, bridges, public parking areas, walkways, and highways are also driving the market in emerging countries.

• Integrating technology such as the internet of things (IoT) with the LaaS system is projected to provide the market with various prospects in the future years.

Key Offerings of the Report:

• The EMR report gives an overview of the global Lighting as a Service market for the periods (2018-2023) and (2024-2032).    

• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for end user and major regions of Lighting as a Service.    

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global Lighting as a Service industry are Every Watt Matters, Stouch Lighting, Electricity Supply Board (ESB) Group, LumenServe Inc, and RCG Lighthouse, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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