Lighting as a service (LaaS) refers to the third-party management of lighting arrangement in an organization or in customer premises. LaaS also includes additional services such as technical, financial, and maintenance & other services. The process always starts with the installation of a lighting system and then continues with the maintenance and recycling or disposal of the equipment at the end. For meeting customers’ needs, various companies have already started their lighting service with a plethora of other related services. LaaS is a superior type of lighting service which will evolve with the rising adoption of IoT-based technologies, which help in reducing power consumption and increasing energy efficiency with a less than minimum investment from the end-user.
The global Lightning As A Service Market was valued at US$ 173.7 million in the year 2018 and is expected to reach US$ 844.6 million by the year 2023, growing at a CAGR of approximately 37.2%. The minimum capital cost and financial benefits offered by this service are driving the growth of the market. However, quality issues related to LED products are obstructing the growth of the market.
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The lighting as a service (LaaS) market is segmented on the basis of components as luminaire & control equipment, software & communication system, and maintenance & other services.
On the basis of installation, the market is categorized as indoor and outdoor category. Among these, the sub-segment indoor installation is leading the LaaS market, owing to the increasing demand for electricity in the commercial sector. However, the outdoor segment is expected to grow at the highest CAGR, owing to the increasing adoption of IoT-based street lighting design.
According to the end-user, the LaaS market is divided into commercial, municipal, and industrial sectors. The commercial sector is expected to hold the largest share in the market and the municipal segment is expected to grow at the highest CAGR during the forecast period.
Geographically, North America is holding a dominating position in the LaaS market due to the rising demand for cost-saving lighting services in the commercial sector. The US has adopted the EISA act in 2007 for the purpose of building more efficient lighting systems. The LED lighting market has become vital to meet the EISA energy standard. These factors have led to the growth of the LaaS market in this region.
Key players of this market are, Koninklijke Philips N.V (Netherlands), Cooper Industries Inc. (US), SIB Lighting (US), Cree Inc. (US), RCG Lighthouse (Latvia), Digital Lumens Inc. (US), Igor Inc. (US), Lutron Electronics Company Inc. (US), Future Energy Solutions (US), Lunera Lighting (US), and General Electric Lighting (US), amongst others.