Research Nester released a report titled “Lighting-as-a-Service (LaaS) Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global lighting-as-a-service (LaaS) market in terms of market segmentation by installation type, end-user, and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global lighting-as-a-service (LaaS) market is projected to grow with a high CAGR during the forecast period, i.e., 2021-2029 on account of expanding need for energy-efficient lighting systems and lack of any upfront investment in LaaS adoption. According to International Energy Agency, the energy intensity, i.e., the amount of energy used to generate a GDP unit, of the worldwide economy reduced by 36% between 1990 and 2018.
The market is segmented by installation type into indoor and outdoor. Among these segments, the indoor segment is anticipated to hold the largest share by the end of 2021 in the global lighting-as-a-service (LaaS) market as a result of the surge in rate of adoption of Lighting-as-a-Service in commercial institutions owing to its multiple benefits.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the global lighting-as-a-service (LaaS) market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to the favorable government regulatory policies to encourage the adoption of energy-efficient lighting solutions, especially in the United States, which leads in terms of commercial establishments in the region.
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The Expanding Need for Energy-Efficient Lighting Systems to Drive Market Growth
According to the data collected from U.S. Energy Information Administration, the total energy consumption worldwide increased from 567 Quadrillion British Thermal Units in 2014, to 599 Quadrillion British Thermal Units in 2018.
Increasing demand for energy globally, along with the adoption of clean energy technologies on a global level is estimated to boost the market growth. Additionally, the increasing convergence of Internet of Things (IoT) in lighting systems to reduce energy intake is also expected to boost the market growth in upcoming years.
However, the dumping of low-quality lighting products in the market of developing economies and shortage of expertise in new technology are some of the factors that are estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global lighting-as-a-service (LaaS) market which includes company profiling of Koninklijke Philips N.V. (AMS: PHIA), Acuity Brands, Inc. (NYSE: AYI), General Electric Lighting, Lutron Electronics Company, Zumtobel Group AG (VIE: ZAG), Igor, Inc., Eco Engineering, Inc., Cooper Industries, Inc., and Cree, Inc (NASDAQ: CREE). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global lighting-as-a-service (LaaS) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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