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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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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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