DUBLIN — The “Lighting as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global lighting as a service (LaaS) market has achieved remarkable growth, reaching a market size of US$ 622 million in 2022. Industry analysts anticipate an exceptional surge in the coming years, with the market projected to reach US$ 6,300 million by 2028, showcasing an astonishing Compound Annual Growth Rate (CAGR) of 43.5% during the period of 2023-2028.
Lighting as a service represents a service-based model that offers technical and financial management services, facilitating the transition from traditional lighting to smart lighting. Leveraging sensors and Internet of Things (IoT) technology, it streamlines the installation of lighting systems and recycling equipment, along with effective maintenance and management. Notably, LaaS eliminates the need for upfront investments from end users, opting for monthly charges instead of a one-time fee for lighting services.
LaaS enables lighting retrofits to be incorporated into ongoing purchase agreements, allowing the costs to be spread over several months or years. Key advantages of LaaS include reduced energy consumption, ongoing cost savings, minimal maintenance obligations, and the ability to incorporate features such as data collection, inter-device communication, and remote management.
Lighting as a Service Market Trends:
The market is primarily driven by the surging demand for energy-efficient lighting systems on a global scale. This shift can be attributed to a widespread transition from conventional lighting to sustainable lighting solutions. Continuous product innovations and new product launches are further propelling market growth.
The rapid adoption of light-emitting diode (LED) technology, known for its energy efficiency, contributes positively to the market. Favorable policies and regulations implemented by governments worldwide to promote energy conservation act as significant growth catalysts. Other contributing factors include rapid urbanization, industrialization, the rise of smart homes, increased disposable income levels, and extensive research and development (R&D) efforts by industry leaders.
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Tagged with LaaS, lightED