Lighting as a Service Market

Market Overview:

The global lighting as a service market size reached US$ 892.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 15,135.3 Million by 2032, exhibiting a growth rate (CAGR) of 35.86% during 2024-2032.

Lighting as a service (LaaS) refers to a service-based model that provides technical and financial management services to enable an easy switchover from old-style lighting to smart lighting. By using sensors and the Internet of Things (IoT) technology, it assists with the installation of lighting systems and recycling equipment, along with proper maintenance and management of the same. Furthermore, it does not demand upfront investments from end users as it requires charges on a monthly basis instead of a one-time fee for light services. Through the service, lighting retrofits are charged to customers as a part of an ongoing purchase agreement, which allows the cost to be spread out over the course of several months or years. Some of the key advantages of using lighting as a service include reduced energy consumption, continual cost savings, no maintenance liability, and the ability to add-on features, including data collection, inter-device communication, and remote management.

Lighting as a Service Market Trends:

The market is majorly driven by the escalating demand for energy-efficient lighting systems across the globe. This can be attributed to the paradigm shift of the masses towards sustainable lighting solutions from conventional lighting. Moreover, continual product innovations and the launch of new products are providing an impetus to the market growth. Also, the rapid utilization of light-emitting diode (LED) as an energy-efficient lighting technology is creating a positive outlook for the market. Favorable policies and regulations adopted by government bodies of several countries for promoting energy conservation are acting as significant growth-inducing factors for the market. Some of the other factors contributing to the market include rapid urbanization and industrialization, the emergence of smart homes, the inflating disposable income levels of the masses ad extensive research and development (R&D) activities conducted by the key players.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global lighting as a service market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on component, installation, and end user.

Breakup by Component:

• Luminaries and Control Equipment
• Software and Communication Systems
• Maintenance Services
   

Breakup by Installation:

• Indoor
• Outdoor
   

Breakup by End User:

• Commercial
• Industrial
• Municipal
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Acuity Brands Lighting Inc., Electricity Supply Board (ESB) Group, Enlighted Inc., Every Watt Matters, LumenServe Inc., RCG LightHouse, Signify N.V., Stouch Lighting and UrbanVolt.

Report Coverage: