Lighting is one of the permanent power needs for both industries and public buildings. LaaS (Light as a Service) is a two-year project co-funded by the UK-based agency name Innovate UK. It is a better version of lighting which enables the move from old-style lighting to smart lighting with the help of sensors and Internet of Things (IoT) technology, this reduces the cost and enhance the efficiency of energy without any investment from the end-users side. Lighting as a service (LaaS) will bring lighting to the market which is powered, controlled and connected by digital networks; this create broad capabilities to manage smart loads, create new use cases for lighting, and reduce costs and carbon emissions.
Lighting as a Service (LaaS) Market: Drivers & Restraints
Majorly, due to cost and energy saving properties offered by lighting as a service (LaaS), fuel its application in the commercial sector, this is directly driving the market of lighting as a service (LaaS) globally. The key factor that lifts the market growth of lighting as a service market are a convenience provided by the LaaS such as, burn out will not be the user’s responsibility, LaaS allow any nominal upgrade to be completed within existing operational expenditure of that contract.
Besides experiencing unprecedented market growth, lighting as a service (LaaS) market is facing primary restraint; lack of familiarity with new technology lighting and lighting control products. This factor act as a constraint on the growth of Lighting as a Service (LaaS) market.
Lighting as a Service (LaaS) Market: Segmentation
The global lighting as a service (LaaS) market is segmented by its product type, end users type, and global key players.
Based on the product type the Lighting as a Service (LaaS) market is segmented into:
Based on the end users, Lighting as a Service (LaaS) market is segmented into:
Based on the key players, lighting as a service (LaaS) market is segmented into:
Lighting as a Service (LaaS) Market: Regional Outlook
Regarding geography, the global lightning as a service (LaaS) market has been categorized into seven key regions including North and Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Japan, and the Middle East & Africa. The lightning as a service market is globally expected to register healthy CAGR during the forecast period. Among the regions mentioned above, north America is the largest market for lighting as a service (LaaS), closely followed by Western and Eastern Europe. In North America, the lighting as a service market is driven by the rise in the demand for commercial launches, as LaaS has a cost saving potential and offer the reduction in energy consumption worldwide. Owing to growing demand from the commercial as well as industrial sectors Eastern and Western Europe are second leading regions. The local segment is expected to witness the fastest demand during the forecast period. The municipal end users include lighting offered by local governments for open public spaces, streets, bridges, public parking areas, walkways, and highways are also driving the market in emerging countries such as China, India along with Philippines, Thailand, Malaysia and Indonesia is a reason for Asia-Pacific (excluding Japan) being the fastest growing region in the world.
Lighting as a Service (LaaS) Market: Key Players
In the market for lighting as a service (LaaS), the companies are very much involved in the activities such as merger and acquisition, collaboration and partnership, the launch of new products and strategizing the technique to sustain longer as well as capture high market share in the market. Few of the market players accounting for global Lighting as a Service (LaaS) market includes Koninklijke Philips N.V, Cooper Industries, Inc., SIB Lighting, Cree, Inc., RCG Lighthouse, Digital Lumens, Inc., Lutron, Electronics Company, Inc., Future Energy Solutions, Lunera Lighting, General Electric Lighting, Osram Licht Ag, Itelecom Usa, Legrand S.A., and Igor Inc.