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May 17, 2023

Lighting as a Service Market to reach USD 8.7 Bn by 2029, growing at a CAGR of 44.8 percent and forecast (2023

Pune, June 05, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, an

Pune, June 05, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, an international business & consultancy firm has recently published a research report on the " Lighting as a Service Market ". The total global market size for the Lighting as a Service Market was valued at USD 0.652 Bn in 2022 and is expected to grow at a CAGR of 44.8 percent over the forecast period to reach USD 8.7 Bn by 2029.

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Lighting as a Service Market Report Scope and Research Methodology

The report covers a competitive analysis of Lighting as a Service Market drivers, restraints, opportunities and other growth factors. The report gives an industry competitive analysis including the company profile, market growth strategies, status, and other key factors, which are supposed to affect the business positively or negatively and will provide an easy and clear business view of the industry to the decision-makers. Also, the report gives in-depth details on mergers and acquisitions, government deals, brand promotion, partnerships, J&V, and recent technology development and product advancement in the market. The swot analysis is used for determining the industry's strengths and weaknesses and the bottom-up approach was used to estimate the Lighting as a Service Market size.

Lighting as a Service Market Overview

Lighting as a Service (LaaS) is a service-based model, which provides financial and technical management services. The growing use of IoT is influencing the installation of lighting systems and access to client-specific targeted lighting needs and designs solutions.

Increasing demand for energy-efficient lighting systems and shipping toward sustainable lighting solutions to drive the market growth

The Lighting as a Service Market growth is primarily driven by businesses and organizations focused on sustainability and energy-efficiency lighting solutions, particularly LED lighting solutions. The lighting system is used in commercial and residential sectors such as offices, stores, malls, institutions, hospitals and others. Lighting as a Service gives financial advantages including a fast return on investment with no upfront capital and government subsidies for the installation of this lighting solution that uses minimum energy . The development in technologies is expected to boost market growth. With the rise in the adoption of lighting as a service product, government policies and regulations are influencing key factors for the market. Also, acceptance of energy-efficient lighting systems and convergence into the internet of things as well as lighting systems, economic and smart cities development are expected to drive the global Lighting as a Service Market over the forecast period. However, a rise in data privacy and security concerns and less awareness and understating of LaaS is expected to restrain the Lighting as a Service Market growth.

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The huge adoption of Lighting as a Service solution in the Asia Pacific to fuel the regional market growth

Asia Pacific dominated the global Lighting as a Service Market share in 2022 and is expected to grow at a significant CAGR throughout the forecast period. The regional market growth is fuelled by industry or business infrastructure development, modernization and urbanization and government initiatives for promoting energy-efficient solutions as well as government regulations and rules for using such solutions. The changing economy with growing disposable income and consumer demand for smart lighting solutions or devices for various end-use applications is expected to drive the Asia Pacific Lighting as a Service Market growth potential across the world.

Lighting as a Service Market Segmentation

By Type:

• Hardware • Software & Services • Installation & Design Services • Financing & Maintenance Services

Based on the Type, the hardware segment to hold the market over the forecast period

Based on the Component, the hardware segment dominated the Lighting as a Service Market share in 2022. Hardware works as a lighting fixture and controls the system. The segment growth is fuelling due to the growing demand for sustainable and energy-efficient technologies. However, the software as a service segment is expected to sustain its position in the global market over the forecast period. This growth is being by increasing the adoption of IoT enabled lighting systems and product cost-efficiency services. Such factors are responsible for the segment growth in the Lighting as a Service Market.

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By Technology:

• LED Lighting • Fluorescent Lighting • Other

Based on the Technology, the LED Lighting segment to dominate the market over the forecast period

Based on Technology, the LED lighting segment accounted for the Lighting as a Service Market share in 2022. This LED lighting offers a better product, fluorescent lighting and other advancement. The market growth for LED lighting is basically its cost-effectiveness, benefits and more consumer preference for energy-efficient light with great technological advantages. Such factors are expected to boost the segment growth in the Lighting as a Service Market.

By End-User • Commercial • Industrial • Residential • Municipal/Public

Lighting as a Service Key Players include:

• Acuity Brands • Ameresco • Cree, Inc. • Digital Lumens • Eaton • General Electric • Honeywell • Illumitex • Infineon Technologies • Legrand • Lutron Electronics • Lunera Lighting • NXP Semiconductors • Philips Lighting • RCG Lighthouse • Schneider Electric • Signify • SIB Lighting • Soraa • Sylvania • Zumtobel Group • Zumtobel Group AG

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Key questions answered in the Lighting as a Service Market are:

Key Offerings:

Maximize Market Research is a leading Electronics research firm that has also published the following reports:

Lighting Transformer Market : The total market size was valued at USD 2.1 Bn in 2022 and the total revenue is expected to grow at a CAGR of 5.4 percent from 2023 to 2029, reaching USD 3 Bn. The increase in government policies for improving energy-efficient lighting is expected to be a key driver for market growth.

Linear Lighting Market : The total market size was valued at USD 21.8 Bn in 2022 and the total revenue is expected to grow at a CAGR of 11.42 percent from 2023 to 2029, reaching USD 46.5 Bn. The rising demand for high-performance and aesthetically pleasing linear lighting is expected to drive market growth.

Specialty Lighting Market : The total market size was valued at USD 7.14 Bn in 2022 and the total revenue is expected to grow at a CAGR of 5.56 percent from 2023 to 2029, reaching USD 10.42 Bn. The increasing number of events such as music, sports, tours, etc. are expected to drive market growth.

Intelligent Street Lighting Systems Market : The total market size was valued at USD 11.91 Bn in 2021 and the total revenue is expected to grow at a CAGR of 14.33 percent from 2022 to 2029, reaching USD 34.76 Bn. The growing demand for smart infrastructure and electric connections is expected to drive market growth.

Luminaire and Lighting Control Market : The total market size was valued at USD 81.81 Bn in 2022 and the total revenue is expected to grow at a CAGR of 6.5 percent from 2023 to 2029, reaching USD 127.13 Bn. Modernization and rapid urbanization are expected to drive market growth.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic Industries, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified Type estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.