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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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.
The geographical dissection of the market for Lighting-as-a-Service comprises Europe, North America, Asia Pacific/APAC, as well as RoW/the rest of the world.
Between 2018 and 2023, North America could be the market leader for lighting-as-a-service, as a result of the presence of strict government regulations with regard to use of lighting systems that facilitate energy saving. This has compelled companies to uptake energy efficient lighting systems, which favors the regional market to a large extent. The dense population of leading vendors in the United States and the presence of an advanced infrastructure that enables fast penetration of the latest lighting technologies can also result in market expansion in the region. The high number of smart cities in the region along with the accelerated deployment of IoT for designing as well as functioning of lighting products can be a significant boosting factor in the market.
Europe, in addition to be the second leading market, can also procure the highest expansion rate in the years to come. The market thrives on the back of the escalating developments in the infrastructure and the surge in government policies that promote the sales of lighting as a service. The frequent technological advancements like IoT connected devices and the surging demand for energy-efficient and smart lighting services have also provided the regional market with massive impetus.
Leading Market Competitors
Some of the leading market competitors that have been listed in the MRFR report include UrbanVolt (Ireland), Enlighted Inc. (US), Sparkfund (US), Lunera Lighting (US), Metrus Energy, Inc. (US), Itelecom (Chile), Cree Inc. (US), Valoya Oy (Finland), General Electric Lighting (US), Koninklijke Philips N.V. (Netherlands), Igor Inc. (US), Zumtobel Group AG (Austria), RCG Lighthouse (Latvia), SIB Lighting (US), to mention a few.
Favorable regulations imposed by governments everywhere have promoted the demand for energy efficient lighting systems, which has resulted in the development of Lumiere infrastructure. This scenario promises a host of lucrative opportunities for the leading players, who are focused on enhancing their presence in untapped regions. To do so, most of these companies are entering partnerships, agreements and launching new and advanced products to boost their market position.
To cite a reference, in June 2020, Hardware Resources launched TandemLED, which is a white LED lighting technology that offers users with the ability to adjust the LED lights from 2,700K (Warm White) to 5,000K (Daylight White), in addition to every white color temperature that comes in between.
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