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
