San Francisco, California, August 10, 2018 – The global lighting as a service (LaaS) market is envisaged to attain growth with the increase in demand for energy-efficient lighting systems amid growing concerns regarding power saving. In a report by TMR Research, the market is extensively analyzed based on critical growth factors, market segmentation, and geographical assessment. Carrying the title “Lighting as a Service Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” the report digs deep into the competitive landscape and profiles key players of the market. The need to replace conventional lighting systems supported by government initiatives is expected to set the tone for valuable market growth.
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The global LaaS market is envisioned to gain impetus with the rising focus on the development of smart cities. LaaS consumers could save on energy costs, improve their lighting experience, and have no maintenance liability and upfront costs. LaaS also offers additional services such as inter-device communication, data collection, and remote management. The demand for LaaS solutions is anticipated to see a rise as a result of the increasing engagement of IoT for the functioning and designing of street lighting. The market is foreseen to gather pace in the commercial sector due to the increasing need to sustain and conserve energy.
The global LaaS market is envisioned to witness an increasing rate of indoor installation because of the quick development of the commercial sector in emerging economies. Nonetheless, outdoor installation could also see a rise on the back of the high integration of IoT in street lighting systems. Besides street lighting, LaaS could be used in recreational areas, parks, and parking garages. Trailed by Europe, North America is prognosticated to take the lead in the market. This could be on account of the growing government support for the replacement of conventional lighting systems.
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