Lighting as Service (LaaS) Market Everything You Need To Know…!
The Global Lighting as Service (LaaS) Market is predicted to attain a valuation of USD 6.28 billion by the end of 2027, expanding at a CAGR of 46.1% throughout the projected timeframe, according to the recent analysis by Emergen Research. The market predominantly is driven by the augmenting need for cost-efficient and environmentally sustainable lighting solutions.
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The increasing integration of IoT with lighting systems aims for lower consumption of power across various industrial verticals. However, the service’s subscription program typically offers better overall cost compared to self-installation systems, which is anticipated to restrain the market growth.
Lighting as Service (LaaS)
(The escalating requirement for energy-efficient lighting solutions and the increasing incorporation of Internet of Things (IoT) in lighting solutions are propelling the industry’s growth.)
The LaaS model has been extensively applied in the industrial and broad installation of diode lights, such as outside facilities and retrofitting buildings, as a measure to minimize installation prices. Small scale vendors have highly used the LaaS in added services such as internet-connected lighting solutions and energy consumption management.
The international diode has found extensive usage in the last decade, growing from 7% industry’s share in 2013 to contribute to half of the lighting sales in the international market in 2019. Developed markets such as North America and Europe are forecast witness remarkable growth of the luminaire segment.
For the purpose of this report, Emergen Research has segmented into the Global Lighting as a Service Market on the basis of component, installation, application, and region:
Component Outlook (Revenue, USD Billion; 2017–2027)
· Service
· Software
· Luminaries and Controls
Application Outlook (Revenue, USD Billion; 2017–2027)
· Industrial
· Commercial
· Others
Installation Outlook (Revenue, USD Billion; 2017–2027)
· Outdoor
· Indoor
Major players of the market include General Electric, Future Energy Solutions, UrbanVolt, Igor Inc., Valoya Oy, SIB Lighting, and Lunera Lighting, among others.
More Insights on this report: https://www.emergenresearch.com/industry-report/lighting-as-a-service-market
