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.
Market Overview
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.
Global Lightning as a Service is also known as Light as a Service, it is a service-based model which is expanding its market along with technological advancement across the world. The LED lighting is taking place of traditional incumbent technologies. Adoption of modern solutions in lightning system to meet customer demand is rapidly changing the industry. The lightning service markets provide services like maintenance and management, installation, financials, technical, designing and other services. Companies even offer a combination of such services for providing better service which enables better customer retention for longer period of time.
COVID-19 Impact Analysis
The Covid-19 pandemic has opened up gateways for technological vendors across the smart building sector for launching new propositions to help firms improve buildings infection control. The smart ultraviolet light solutions have been developed which can kill bacteria and viruses on surface through safe lighting rays. Measure in order to develop infection resistant systems have been serving as an opportunity in technological advances when it comes to market growth.
However, Covid-19 has been continuously affecting allied sectors that are associated with the lighting as service market. There has been a halt to the new commercial building projects. Additionally, the implementation of work-from-home policies is expected to hamper the market growth.
Growth Factors
Rise in demand for energy has been driving the market as lightning as a service offers an efficient lighting system. Lighting as a service provide cost and energy saving properties which is fueling its application in the sector. The lighting industry is facing an unprecedented disruption due to the shift of lighting from conventional mode to energy-efficient lighting. With this change in the industry, LED lighting is becoming more popular for business uses. The unreliability brought about by the conventional lighting is increasing the adoption of Lighting as a Service products. The key factor that lifts the market growth of lighting as a service market is the convenience provided by the Lighting as a Service.
Lighting nearly accounts for 90% of electricity usage for households and 18-40% for economic premises. There's a growing demand for energy saving across the world, making scope for the market and emerging as a more convenient and efficient form of lighting. It is expected that the transition to energy-efficient lighting would scale back the world electricity demand for lighting by 30-40% in 2030.
Report Scope :
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Installation Segment Analysis Preview
Indoor segment held the largest market share of around 56.45% in 2020 and is expected to dominate the market during the forecast period. This is attributable to growing commercial sector in developing countries. With the increasing electricity consumption, various commercial industries are focusing on adoption of lighting as a service model, it mainly focuses on paying for the light and not the equipment that delivers it.
Although, the outdoor segment is estimated to constitute for the fastest growing segment in the market.
End User Segment Analysis Preview
Commercial end-users’ segment will grow at a CAGR of over 10% from 2021 to 2028. This is attributable to the energy savings and cost reductions offered by Lighting as a Service constitute a more feasible offer to the growing focus on sustainability and energy efficiency. The commercial segment includes the area used for commercial activities like offices, stores, institutions, malls, hospitals etc., these spaces are generally not for residential, industrial or manufacturing purposes.
Regional Analysis Preview
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.
The Asia Pacific region is projected to grow at a CAGR of more than 10% over the forecast period. The Asia-Pacific region is one of the fastest growing regions for lighting as a service market. The municipal end-users including lighting offered by local governments for open spaces public parking areas, walkways, streets, and highways are the market drivers in emerging countries. The countries in this region excluding Japan are the reason for fastest growth in the world.
Key Market Players & Competitive Landscape
Some of key players 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.
Key players are focusing on enhancing their product line to meet the efficiency, ease of use and technological advancement requirement of the customers. Various Government authorities are taking initiatives on developing smart cities and upgrade the lighting system with smart lights, which is catering to the market growth of lighting as a service.
The Global Lighting as a Service Market is segmented as follows:
By Components
By Installation
By End Industry User
By Region
List of Figures
FIG NO. 1. Market Attractiveness Analysis, By Components
FIG NO. 2. Market Attractiveness Analysis, By Installation
FIG NO. 3. Market Attractiveness Analysis, By End Industry User
FIG NO. 4. Market Attractiveness Analysis, By Region
FIG NO. 5. Global Lighting as a Service Market Revenue, 2016 – 2028 (USD Million)
FIG NO. 6. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 7. Market Revenue Share, By Components, 2020 & 2028
FIG NO. 8. Global Lighting as a Service Market for Luminaries and Control Equipment, Revenue (USD Million) 2016 – 2028
FIG NO. 9. Comparative Revenue Analysis of Lighting as a Service Market for Luminaries and Control Equipment, By Country, 2020 & 2028
FIG NO. 10. Global Lighting as a Service Market for Software and Communication System, Revenue (USD Million) 2016 – 2028
FIG NO. 11. Comparative Revenue Analysis of Lighting as a Service Market for Software and Communication System, By Country, 2020 & 2028
FIG NO. 12. Global Lighting as a Service Market for Maintenance and others, Revenue (USD Million) 2016 – 2028
FIG NO. 13. Comparative Revenue Analysis of Lighting as a Service Market for Maintenance and others, By Country, 2020 & 2028
FIG NO. 14. Market Revenue Share, By Installation, 2020 & 2028
FIG NO. 15. Global Lighting as a Service Market for Indoor, Revenue (USD Million) 2016 – 2028
FIG NO. 16. Comparative Revenue Analysis of Lighting as a Service Market for Indoor, By Country, 2020 & 2028
FIG NO. 17. Global Lighting as a Service Market for Outdoor, Revenue (USD Million) 2016 – 2028
FIG NO. 18. Comparative Revenue Analysis of Lighting as a Service Market for Outdoor, By Country, 2020 & 2028
FIG NO. 19. Market Revenue Share, By End Industry User, 2020 & 2028
FIG NO. 20. Global Lighting as a Service Market for Commercial, Revenue (USD Million) 2016 – 2028
FIG NO. 21. Comparative Revenue Analysis of Lighting as a Service Market for Commercial, By Country, 2020 & 2028
FIG NO. 22. Global Lighting as a Service Market for Municipal, Revenue (USD Million) 2016 – 2028
FIG NO. 23. Comparative Revenue Analysis of Lighting as a Service Market for Municipal, By Country, 2020 & 2028
FIG NO. 24. Global Lighting as a Service Market for Industrial, Revenue (USD Million) 2016 – 2028
FIG NO. 25. Comparative Revenue Analysis of Lighting as a Service Market for Industrial, By Country, 2020 & 2028
FIG NO. 26. Global Lighting as a Service Market Revenue Share, By Region, 2020 & 2028
FIG NO. 27. North America Lighting as a Service Market Revenue, 2016 - 2028 (USD Million)
FIG NO. 28. Porter’s Five Forces Analysis for Global Lighting as a Service Market
FIG NO. 29. PEST Analysis for Global Lighting as a Service Market
FIG NO. 30. Pricing Analysis for Global Lighting as a Service Market
FIG NO. 31. Value Chain Analysis for Global Lighting as a Service Market
FIG NO. 32. Company Share Analysis, 2019
FIG NO. 33. Radar Determinant Chart, 2019
FIG NO. 34. Company Strategic Developments – Heat Map Analysis
FIG NO. 35. Future Energy Solutions Business Segment Revenue Share, 2020 (%)
FIG NO. 36. Future Energy Solutions Geographical Segment Revenue Share, 2020 (%)
FIG NO. 37. Market Channels
FIG NO. 38. Marketing Channel Development Trend
FIG NO. 39. Growth in World Gross Product, 2008-2018
FIG NO. 40. Research Methodology – Detailed View
FIG NO. 41. Research Methodology
List of Tables
TABLE NO. 1. Global Lighting as a Service Market: Snapshot
TABLE NO. 2. Quarterly Lighting as a Service Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Lighting as a Service Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
TABLE NO. 6. Global Lighting as a Service Market for Luminaries and Control Equipment, by Region, 2016 – 2028 (USD Million)
TABLE NO. 7. Global Lighting as a Service Market for Software and Communication System, by Region, 2016 – 2028 (USD Million)
TABLE NO. 8. Global Lighting as a Service Market for Maintenance and others, by Region, 2016 – 2028 (USD Million)
TABLE NO. 9. Global Lighting as a Service Market for Indoor, by Region, 2016 – 2028 (USD Million)
TABLE NO. 10. Global Lighting as a Service Market for Outdoor, by Region, 2016 – 2028 (USD Million)
TABLE NO. 11. Global Lighting as a Service Market for Commercial, by Region, 2016 – 2028 (USD Million)
TABLE NO. 12. Global Lighting as a Service Market for Municipal, by Region, 2016 – 2028 (USD Million)
TABLE NO. 13. Global Lighting as a Service Market for Industrial, by Region, 2016 – 2028 (USD Million)
TABLE NO. 14. Global Lighting as a Service Market Revenue, By Region, 2016 – 2028 (USD Million)
TABLE NO. 15. North America Lighting as a Service Market Revenue, By Country, 2016 – 2028 (USD Million)
TABLE NO. 16. North America Lighting as a Service Market Revenue, By Components, 2016 – 2028 (USD Million)
TABLE NO. 17. North America Lighting as a Service Market Revenue, By Installation, 2016 – 2028 (USD Million)
TABLE NO. 18. North America Lighting as a Service Market Revenue, By End Industry User, 2016 – 2028 (USD Million)
TABLE NO. 19. Drivers for the Lighting as a Service Market: Impact Analysis
TABLE NO. 20. Restraints for the Lighting as a Service Market: Impact Analysis
TABLE NO. 21. Major Buyers of Lighting as a Service
TABLE NO. 22. Distributors/Traders List of Lighting as a Service
TABLE NO. 23. Global Lighting as a Service Market, Company Market Revenue, 2016 – 2019 (USD Million)
TABLE NO. 24. Global Lighting as a Service Market, Company Y-o-Y Growth, 2017 – 2019 (USD Million)
Request the coronavirus impact analysis across industries and markets
The Global Lighting as a Service Market was valued at USD 92.31 Million in 2020.
The Global Lighting as a Service Market is expected to reach 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.
Some of the key factors driving the Global Lighting as a Service Market growth are Rise in demand for energy has been driving the market as lightning as a service offers an efficient lighting system. Other benefits offered by lightning as service include ensuring cost savings, no safeguarding charge, which is enabling countries to use and convert their conventional system to lighting as a service model. Overall reductions in cost are accelerating the widespread adoption across the globe.
The North American region held a share of 35.65% in 2020. 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 providing efficient lighting systems across the region.
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