Lighting-as-a-Service Market Opportunities, Growth Potential, Demand

Posted by Sakshi Mishra on April 21st, 2021

Market Overview 

Lighting-as-a-service market 2020 is on track to procure a valuation of USD 814.59 million by 2023, confirms Market Research Future (MRFR). MRFR also affirms that the market can advance at an exceptional rate of 47.73% during the forecast period (between 2018 and 2023). We will provide COVID-19 impact analysis with the report, offering an extensive market evaluation post the coronavirus disease outbreak. 

Top Boosters and Main Challenges 

The rapid surge in the global economy has led to business innovations across every industry, with a major development being the introduction of ‘something-as-a-service’ model. The lighting-as-a-service/LaaS has emerged as a novel delivery service in the lighting industry. The rising adoption of LaaS is the result of various short term and long-term benefits, including enhanced energy efficiency, better control of resources and increased cost savings.

A majority of LaaS providers along with various end users are able to leverage the benefits of a broad range of digital analytics, with IoT standing at the vanguard. The lighting-as-a-service market has gained immense traction among businesses who desire a vast array of advantages of using the LED technology. Most of the end-users, primarily restaurants, hospitals and government facilities are focused on massive energy and cost savings, which steers their focus on the use of LED lights, leading to high profits for the LaaS market.

Several leading companies are highly focused on new growth strategies to expand their share in the global market, with the adoption of products launches, mergers & acquisitions and partnerships & collaborations, which also induce expansion of the lighting as a service market. 

For instance, in June 2020, TLD/The Lighting Designer software launched a cloud-based specification and design tool with a sole aim to transform the lighting as a service industry, while boosting the company profitability. This tool is a combination of lighting control systems, lighting fixture specification and electrical design, which allows people from diverse fields to build extensive technical designs.

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Market Segmentation 

Lighting-as-a-Service (LaaS) Market has been considered for component, installation as well as application.

The component-wise sections are software, services and luminaries & controls.

Depending on installation, the market segments can be indoor as well as outdoor.

The various application areas covered in the market study include industrial, commercial, and more.

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