According to analysts at Zion Market Research, the Global Lighting as a Service Market accounted for more than USD 92.31 Million in 2020 and is expected to reach more than USD 165.85 Million by 2028, growing at a CAGR of more than 7.6% from 2021 to 2028.
Increasing demand for energy efficient lighting system To Spur Growth
Owing to rising demand for the energy, the efficient lighting is expected to augment global lighting as a service market growth. Government guidelines and regulations for implementation of energy-efficient lighting systems are projected to propel the global market in the coming future. Several benefits offered by the lighting as a service include ensuring cost savings, no safeguarding charge, which is forcing countries to use lighting as a service model, no straight costs and reduction in energy consumption may foster the global lighting as a service market growth in future.
Companies focus on new business strategies to enhance the global market share by adopting new products and techniques, partnerships & collaborations, mergers & acquisitions, which may positively impact the global market in the near future. Conversely, lack of responsiveness regarding true value propositions of the lighting as service system may hinder the global lighting as a service market growth to some extent.
Major companies in Global Lighting as a Service Market are Future Energy Solutions, RCG Lighthouse, Koninklijke Philips N.V, Lutron Electronics Company, Inc., Itelecom USA, Cree Inc., and Lunera Lighting.
Adoption of energy efficient lighting systems to show Growth in North American Region
The global lighting as a service market is geographically segmented as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia Pacific contributed for the largest market share in the global market. In addition, development of smart cities in this region is anticipated to foster the global lighting as a service market growth.
The North American region is estimated to dominate the worldwide Lighting as a Service market within the forecast period, due to the government policies & regulations regarding the adoption of efficient lighting systems across the region. The United States is one of the major countries with significant development in electricity consumption, and is adopting various plans to increase the efficiency of the lighting system in the country. There is a huge presence of key players in this region that complements the growth with strong capability of R&D and technology.
Browse the full “Global Lighting as a Service Market By Components (Luminaries & Control equipment, Software & Communication systems and Maintenance & other services), By Installation (Indoor and Outdoor) and By End Use Industry (Commercial, Municipal and Industrial): Global Industry Perspective, Comprehensive Analysis and Forecast, 2021 – 2028.” Report at https://www.zionmarketresearch.com/report/lighting-as-a-service-market
The Global Lighting as a Service Market is segmented as follows:
By Components
- Luminaries and Control Equipment
- Software and Communication System
- Maintenance and others
By Installation
- Indoor
- Outdoor
By End Industry User
- Commercial
- Municipal
- Industrial
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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