San Francisco, California, May 15, 2017 : Lighting as a service (LaaS) has been gaining much traction as a service delivery model amongst an increasing number of businesses and the market for this innovative model has presented immense scope for growth. In a report presented by TMR Research, the numerous opportunities in store for players in this niche market have been discussed in depth. Titled “Lighting as a Service Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025”, the report is a collection of accurate, unbiased, and the latest information pertaining to this growing market and is collated with the help of primary and secondary research.
The energy and cost saving properties of lighting as a service has upped its adoption across the commercial and industrial sectors and the market is slated to witness strong growth in the coming years. However, lack of proper awareness among consumers is likely to limit its usage in some parts of the world.
From a geographical standpoint, the global market for lighting as a service is segmented into Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa. North America accounts for a significant share in the LaaS market and is fueled primarily by the rising launch of commercial spaces and buildings. Considering that lighting as a service enables lower consumption of energy and higher cost savings, the demand for the same has grown in this regional market. Another factor driving the lighting as a service market in North America is strong support on the part of the government to switch conventional lighting systems with energy-efficient solutions.
Thriving industrial and commercial sectors is the main reason behind the expansion of the Europe LaaS market. As far as Asia Pacific is concerned, the market presents several upcoming opportunities owing to the ongoing development of public parking spaces, streets, highways, walkways, parks, and others. Nations such as Indonesia, Malaysia, the Philippines, India, Thailand, and China have been identified as most lucrative by industry experts.
One of the most interesting features of the report is the section on the vendor landscape. The most prominent and promising players in the lighting as a service market have been identified and evaluated at length. Cree Inc., Lunera Lighting, General Electric Lighting, SIB Lighting, Zumtobel Group AG, Koninklijke Philips N.V., Itelecom, and Igor Inc. are some of the key companies operating in this space. These vendors have been resorting to a number of growth strategies to stay in the competition, such as partnerships and collaborations, mergers and acquisitions, launching new products, and investing in innovative technologies and service models.