Lighting as a Service (Laas) Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global lighting as a service (laas) market is anticipated to grow at a significant CAGR 38% during the forecast period (2022-2028). Lighting as a service provider companies solution for the lighting in their offices to reduce the cost of energy consumption effectively. They provide cost-effective solutions so that companies can focus more on the business with the capital which is saved in the reduction of lighting expenditure. This solution is provided keeping in mind that there is no upfront cost to the business. In lighting as a service, maintenance on lamps and fixtures is reduced. The energy-efficient lighting solution is installed throughout the office and company premises. In this, the organization makes monthly payments to cover the cost of lamps, fixtures, and installation. Since this program is a service agreement, it comes under operating expense.

The adoption of light as a service is making changes in the overall reduction of consumption in various offices. For instance, in July 2020, Syncreon is working in the field of light as a service and is providing services to its clients. In DC in Niederaula, Germany, the company has provided the lighting solution with an outsourcing model. This company had rented light as a service model and provided the company with high-efficiency LED lighting. The major aim of this lighting solution was to trim the energy consumption and carbon footprint.

Some major players in the market include Philips N.V., Cooper Industries, Digital Lumens, and Cree Lighting. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in Feb 2020, US LED is a provider of LED solutions. This company has announced its new Lighting as a service program named Light now. This involves providing customers with new lighting solutions at no upfront cost.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Product Type
  • By End-User
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape-Koninklijke Philips N.V, SIB Lighting, Philips N.V., Cooper Industries, Digital Lumens, Cree Lighting, and Others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Lighting as a service (Laas) Market Report by Segment

By Product Type

• Indoor

By End-User

• Corporate Office
• Government Office
• Factories
• Others