Global Lighting as a Service Market: Overview
LED lightings are taking place of traditional incumbent technologies. Lighting as a service is expanding its market along with technological advancement across the world. The lighting industry is rapidly changing and adopting modern solutions involved in a modern lighting system to meet customer demand. Lighting as a service market offers services such as maintenance, technical, financial, and other services. These offerings may also involve recycling of equipment, installation of a lighting system, and continue through maintenance and management. Several companies offer combinations of these services to better serve customer and retention for a longer time.
Global Lighting as a Service Market: Growth Factors
Owing to rising demand for the energy, the efficient lighting is expected to augment global lighting as a service market growth. Government guidelines and regulations for implementation of energy-efficient lighting systems are projected to propel the global market in the coming future. Several benefits offered by the lighting as a service include ensuring cost savings, no safeguarding charge, which is forcing countries to use lighting as a service model, no straight costs and reduction in energy consumption may foster the global lighting as a service market growth in future. Companies focus on new business strategies to enhance the global market share by adopting new products and techniques, partnerships & collaborations, mergers & acquisitions, which may positively impact the global market in the near future. Conversely, lack of responsiveness regarding true value propositions of the lighting as service system may hinder the global lighting as a service market growth to some extent.
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Global Lighting as a Service Market: Segmentation
The global lighting as a service market is categorized based on components as maintenance & other services, luminaries & control equipment, and software & communication systems. Based on installation, the global market is divided as outdoor, and indoor. Further, the global market is divided based on end-user as municipal, commercial, and industrial.
Global Lighting as a Service Market: Regional Analysis
The global lighting as a service market is geographically segmented as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia Pacific contributed for the largest market share in the global market. In addition, development of smart cities in this region is anticipated to foster the global lighting as a service market growth.
Global Lighting as a Service Market: Competitive Players
Key players in the global lighting as a service market are Koninklijke Philips N.V, Future Energy Solutions, RCG Lighthouse, Lutron Electronics Company, Inc., Cree, Inc., Telecom USA, and Lunera Lighting. Other players include SIB Lighting, Digital Lumens, Inc., Legrand S.A., Acuity Brands Lighting, Inc, Igor Inc., Osram Licht Ag, Cooper Industries, Inc., and General Electric Lighting.