Focus on Smart Cities Pushes Adoption of Lighting as a Service (LaaS)

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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Lighting as a Service Market Forecast 2017-2025 Explored In Latest Research

Global Lighting-as-a-Service Market: Snapshot

The rise of circular economy is driving business model innovation across all industries, with a key spin-off being the emergence of ‘something-as-a-service’ business model. The lighting-as-a-service (LaaS) is fast emerging as an innovative service delivery model in the lighting industry. The transition to LaaS is mainly motivated by numerous short- and long-term gains, increased cost savings, enhanced energy efficiency, and better control of resources. In addition, a large number of LaaS providers and end users can harness the capabilities of a wide array of digital analytics, with the IoT at the forefront. The lighting-as-a-service model is fast gaining traction across businesses who want to unleash the value proposition of the LED technology. Several end-use organizations, particularly government facilities, restaurants, and hospitals, seek to garner substantial cost and energy savings brought about by using LED lights. The LaaS model helps them get over expensive retrofits and avoid large upfront capital investment since they usually pay monthly subscription fees to the provider throughout the contract.

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Driven by reduction in maintenance cost and a better control of lighting, restaurants and hospitals are increasingly shifting from traditional fluorescent lighting to LED lighting for all spaces. The LaaS model helps them ease installation of fixtures, negotiate monthly rates, and increase energy savings over time. Typically, LaaS providers audit the energy usage from lighting and demand a percentage of the energy cost savings for the upfront investment they make in retrofitting. Once the contract matures, buildings can own the LED lights, which further leads to sustainable benefit enjoyed by the end users. During the contract, all technological upgrades are managed by the LaaS provider, and any significant advancement may warrant for new contract; however, the end users do not need to invest any capital upfront, thereby enabling them to enjoy efficient lighting continuously.

Lighting as a Service Market: Overview

The global lighting as a service market is displaying significant growth due to the increasing demand for energy efficient lighting systems and support from several governments for phasing out traditional lighting systems with energy efficient ones.

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Lighting as a service (LaaS) refers to a service delivery model wherein light service is provided based on a subscription model rather than a one-time installation model. The basis of the idea is that manufactures install, maintain, and operate customer’s lighting systems and does not have any upfront investment for the customer.

The global lighting as a service market can be analyzed by end-user, installation, component, and region. By end-user, the market can be segmented into commercial, industrial, and municipal.

The report extensively relies on primary and secondary research sources and makes use of industry-centric databases and tools. The analysis of the report will prove to be a useful instrument for stakeholders of the global lighting as a service market.

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Lighting as a Service Market: Trends and Opportunities

Worldwide, the development of smart cities is one of the major factors driving the global lighting as a services market. Some of the benefits of deploying lighting as a service include no upfront costs, lower energy conservation, no maintenance liability, improved lighting experience, and savings on energy bills. Lighting as a service also enables the ability to obtain add-on functions and systems such as remote management, data collection, and inter-device communication.

The increasing use of IoT for the design and functioning of street lighting is also anticipated to propel the demand for lighting as a service solutions across the globe.

The commercial end-user segment is expected to present lucrative growth opportunities to this market. Lighting as a service offers energy savings and reduction in energy bills, which is attractive for commercial end users in view of increasing focus on energy conservation and sustainability.

The indoor installation segment is expected to lead in the near future retaining its dominant position as held in the recent past. The fast development of the commercial sector in developing countries is favoring the growth of the indoor segment in this market. However, the outdoor segment is expected to register fastest CAGR during the forecast period. The increasing convergence of Internet of Things (IoT) for effective street lighting solutions is the major factor behind the growth of the outdoor installation segment in this market. Outdoor installation includes street lighting, parking garages, park and recreational areas among others.

However, the abundance of low quality LED products in the market that have performance issues is posing a huge challenge to the lighting as a service market.

Lighting as a Service Market: Regional Overview

The lighting as a service market can be analyzed with respect to the five broad regions of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Amongst these, North America is the leading regional market due to the governmental support for replacing traditional lighting systems with energy efficient lighting systems. The region is closely followed by Europe.

Lighting as a Service Market: Competitive Landscape

Some of the key companies in the global lighting as a service market include Koninklijke Philips N.V., Zumtobel Group AG, Lunera Lighting, Itelecom, General Electric Lighting, SIB Lighting, Igor Inc., and Cree Inc. The top players are focused on contracts and agreements, partnerships and collaborations, and investments and expansions in order to gain a competitive advantage and translate into business growth.

Demand for Lighting as a Service Rises with Need for Energy Conservation

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.