$750 Million Lighting as a Service Market – Forecasts From 2017 to 2022 – Research and Markets

DUBLIN–(BUSINESS WIRE)–The "Lighting
as a Service Market – Forecasts from 2017 to 2022" report has
been added to Research and Markets' offering.

The lighting as a service (LaaS) market is projected to witness a CAGR
of 48.12% during the forecast period to reach a total market size of
US$0.750 billion by 2022, increasing from US$0.071 billion in 2017.

The ability of LaaS to provide a wide variety of solution is driving the
growth of the market. The LED lights are penetrating the market deeply
with its falling price and its capability of conserving energy.

A significant portion of revenue to the lighting industry is based on
the replacement of burned-out lamps, which presents the opportunity for
the lighting companies to replace repeat sales of bulbs with recurring
revenues from LaaS contracts. LaaS also provides the provision for
upgrading existing lighting technology, allowing its customers to keep
pace with the rapid changes in the lighting technology.

Moreover, government initiatives supporting adoption of energy efficient
lighting system and increasing convergence of internet of things with
lighting is expected to boost the demand for lighting as a service
market.

Amongst end users, the Municipal segment is projected to grow at a
robust pace on account of the development of smart cities requiring more
advanced and sustainable infrastructure. The municipal end users
basically include lighting offered by local governments for streets,
open public spaces, walkways, bridges, public parking areas, and
highways. The commercial segment is projected to grow significantly
during the forecast period. The energy savings and cost reductions
promised by lighting as a service constitute an attractive offer for
commercial end users in view of the increasing corporate focus on
sustainability and energy efficiency.

Geographically, North America is currently the largest market for
lighting as a service, closely followed by Europe. The lighting as a
service market in North America will be driven by demand from commercial
establishments keen to leverage the cost saving potential of efficient
lighting systems and contribute to the global movement to reduce energy
consumption.

The lighting as a service market is competitive owing to the presence of
well diversified international, regional, and local players. However,
some big international players dominate the market share owing to their
brand image and market reach. The high market growth and favorable
government policies are further attracting more players in the market
while enhancing the competitive rivalry. The competitive landscape
details strategies, products, and investments being done by key players
in different technologies and companies to boost their market presence.

Some of the major players discussed in the report are Acuity Brands
Lighting, Inc, Eaton, Cree, Inc., Koninklijke Philips N.V, Osram Licht
Ag, Lutron electronics co, Inc., SIB lighting among others.

Segmentation

By Installation

• Indoor
• outdoor

By Components

• Luminaries and control equipment
• Software and communication system
• Maintenance and other services

By End-User

• Commercial
• Municipal
• Industrial
• Residential

Companies Mentioned

• Acuity Brands Lighting, Inc
• Eaton
• Cree, Inc.
• Koninklijke Philips N.V
• Osram Licht AG
• Legrand
• Lutron Electronics Co., Inc
• SIB Lighting
• Facility Solutions Group
• General Electric Company

For more information about this report visit https://www.researchandmarkets.com/research/d7476z/750_million?w=4

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Related
Topics: Lighting
Equipment