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46 +% CAGR Growth To be achieved by Lighting as a Service Market by 2021 according to new research report

Press Release   •   Nov 07, 2016 14:56 EST

The global market is witnessing significant growth on account of the increase in demand for energy efficient lighting systems, and government policies supporting adoption of energy efficient lighting systems over traditional lighting. Increasing convergence of Internet of Things (IoT) with lighting is also expected to drive the demand for the Lighting as a Service Market across the globe.

Browse 70 market data Tables and 50 Figures spread through 146 Pages and in-depth TOC on "Lighting as a Service Market"http://www.rnrmarketresearch.com/lighting-as-a-service-market-by-end-user-commercial-municipal-and-industrial-installation-indoor-and-outdoor-component-luminaires-software-communication-systems-and-maintenance-services-and-region-st-to-2021-market-report.html

The indoor segment led the overall Lighting as a Service Market in 2015, owing to the increasing electricity demand from the commercial sector. However, the outdoor segment is expected to register the higher growth rate during the forecast period. Increasing convergence of IoT for street lighting design and efficient utilization is the main driver behind the growth of the outdoor installation segment in the Lighting as a Service Market. Outdoor installation covers street lighting, park and recreational areas, and parking garages, among others.

The lighting as a service market is projected to reach USD 638.7 million by 2021, growing at a CAGR of 46.3% from 2016 to 2021. Lighting as a service (LaaS) is an enhanced form of lighting that is enabling the move from traditional lighting to smart lighting using sensors and Internet of Thing (IoT) technology to reduce energy cost and increase energy efficiency without any investment from the end-user. Increasing demand for energy efficient lighting and government policies and regulations for adoption of energy efficient lighting systems are expected to drive the lighting as a service market. Lack of awareness about the true value propositions of the lighting as service model is acting as a restraint for the growth of the lighting as a service market.

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The Municipal segment is expected to witness fastest demand during the forecast period. The municipal end users include lighting offered by local governments for streets, open public spaces, walkways, bridges, public parking areas, and highways. Plans to develop smart city infrastructure is driving municipalities to adopt advanced, intelligent lighting systems.

With regard to end-users, the commercial segment is estimated to constitute the largest segment of the lighting as a service market in 2016. The energy savings and cost reductions promised by lighting as a service constitute an attractive offer for commercial end users in view of the increasing corporate focus on sustainability and energy efficiency.

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North America is currently the largest market for lighting as a service, closely followed by Europe. The lighting as a service market in North America will be driven by demand from commercial establishments keen to leverage the cost saving potential of efficient lighting systems and contribute to the global movement to reduce energy consumption. The market in region is projected to grow at a high rate, with the U.S. estimated to register the fastest growth in the region. Europe is expected to grow at the highest CAGR during the forecast period owing to increasing demand from the commercial as well as industrial sectors.

The companies profiled in this report are

Koninklijke Philips N.V
General Electric Lighting
Zumtobel Group AG
SIB Lighting
IGOR Inc.
Lunera Lighting
RCG Lighthouse
Cree, Inc.
Itelecom USA
Future Energy Solutions

The report identifies and addresses key markets for lighting as a service, which is useful for service providers to review the growth in demand for the service.

The report helps service providers to understand the pulse of the market and provides insights on drivers, restraints, and challenges.

The report will help key players to better understand the competition’s strategies and will help in making strategic decisions.

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