Lighting as a Service Market Report by Component (Luminaries and Control Equipment, Software and Communication Systems, Maintenance Services), Installation (Indoor, Outdoor), End User (Commercial, Industrial, Municipal, and Others), and Region 2024-2032
The global lighting as a servicemarket size reached US$ 892.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 15,135.3 Million by 2032, exhibiting a growth rate (CAGR) of 35.86% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 892.2 Million
Market Forecast in 2032
US$ 15,135.3 Million
Market Growth Rate (2024-2032)
35.86%
Lighting as a service (LaaS) refers to a service-based model that provides technical and financial management services to enable an easy switchover from old-style lighting to smart lighting. By using sensors and the Internet of Things (IoT) technology, it assists with the installation of lighting systems and recycling equipment, along with proper maintenance and management of the same. Furthermore, it does not demand upfront investments from end users as it requires charges on a monthly basis instead of a one-time fee for light services. Through the service, lighting retrofits are charged to customers as a part of an ongoing purchase agreement, which allows the cost to be spread out over the course of several months or years. Some of the key advantages of using lighting as a service include reduced energy consumption, continual cost savings, no maintenance liability, and the ability to add-on features, including data collection, inter-device communication, and remote management.
Lighting as a Service Market Trends:
The market is majorly driven by the escalating demand for energy-efficient lighting systems across the globe. This can be attributed to the paradigm shift of the masses towards sustainable lighting solutions from conventional lighting. Moreover, continual product innovations and the launch of new products are providing an impetus to the market growth. Also, the rapid utilization of light-emitting diode (LED) as an energy-efficient lighting technology is creating a positive outlook for the market. Favorable policies and regulations adopted by government bodies of several countries for promoting energy conservation are acting as significant growth-inducing factors for the market. Some of the other factors contributing to the market include rapid urbanization and industrialization, the emergence of smart homes, the inflating disposable income levels of the masses ad extensive research and development (R&D) activities conducted by the key players.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global lighting as a servicemarket report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on component, installation, and end user.
Breakup by Component:
Luminaries and Control Equipment
Software and Communication Systems
Maintenance Services
Breakup by Installation:
Indoor
Outdoor
Breakup by End User:
Commercial
Industrial
Municipal
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Acuity Brands Lighting Inc., Electricity Supply Board (ESB) Group, Enlighted Inc., Every Watt Matters, LumenServe Inc., RCG LightHouse, Signify N.V., Stouch Lighting and UrbanVolt.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Million
Segment Coverage
Component, Installation, End User, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global lighting as a service market was valued at US$ 892.2 Million in 2023.
We expect the global lighting as a service market to exhibit a CAGR of 35.86% during 2024-2032.
The rising demand for lighting as a service, as it offers reduced energy consumption, continual cost savings, no maintenance liability, etc., is primarily driving the global lighting as a service market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for lighting as a service.
Based on the installation, the global lighting as a service market has been categorized into indoor and outdoor. Currently, indoor accounts for the majority of the total market share.
Based on the end user, the global lighting as a service market can be bifurcated into commercial, industrial, municipal, and others. Among these, commercial exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global lighting as a service market include Acuity Brands Lighting Inc., Electricity Supply Board (ESB) Group, Enlighted Inc., Every Watt Matters, LumenServe Inc., RCG LightHouse, Signify N.V., Stouch Lighting, and UrbanVolt.
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