About Lighting as a Service
Lighting as a service is the best cost-effective solution as it eliminated the initial capital investment and offers high-quality lighting services on the basis of monthly or yearly subscription. The service enables energy saving by approximately 70% and it improves operations and makes more comfortable surroundings without a big office renovation. Increasing adoption of lighting service in commercial spaces for reducing the upfront cost and increasing demand for emerging economies due to energy and cost reducing properties are the major key drivers for the market. Additionally, the rising trend of energy-efficient lighting system and increasing development of smart cities are the factors that have been supplementing the overall growth of the market. However, lack of awareness about benefits associated with lighting as a service, intense competition among key players and lack of knowledge among end users are limiting the growth of the market. Moreover, government policies and regulation to promote lighting as a service model and increasing investment in R&D for lighting are the factors that can create a big opportunity for the market in the coming years.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 47.25% |
The demand for Veterinary Diseases is increasing as the Incidence of Animal Diseases is increasing with each passing day. The businesses in this industry facing major competition on a global scale with leading players of the market who hold a major market share. The Leading Players are engaged in organic and non-organic strategic global expansion to maintain their Market Position.The Vendors having a strong hold in the market are Philips N.V. (Signify), General Electric Lighting, Zumtobel Group AG, SIB Lighting, Lunera Lighting. Analyst at AMA Research estimates that United States and European Vendors will contribute the maximum growth to Global Lighting as a Service market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Philips N.V. (Signify) (Netherlands), General Electric Lighting (United States), Zumtobel Group AG (Austria), SIB Lighting (United States, Lunera Lighting (United States), Igor Inc. (United States), Itelecom (Chile), Cree Inc. (United States), Cooper Industries, Inc (United States) and Future Energy Solutions (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Sparkfund (United States) and Metrus Energy Inc (United States).
Segmentation Overview
AMA Research has segmented the market of Global Lighting as a Service market by and Region.
On the basis of geography, the market of Lighting as a Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Service , the sub-segment i.e. Recycling Of Equipment will boost the Lighting as a Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Installation Type, the sub-segment i.e. Indoor will boost the Lighting as a Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Application , the sub-segment i.e. Municipal will boost the Lighting as a Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Luminaires will boost the Lighting as a Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Trend of Energy Efficient Lighting System and Increasing Development of Smart Cities
Market Growth Drivers:
Increasing Adoption of Lighting Service in Commercial Spaces for Reducing Upfront Cost and Increasing Demand for Emerging Economies Due to Energy and Cost Reducing Properties
Challenges:
Intense Competition and Lack of Knowledge among End Users
Restraints:
Lack of Awareness about Benefits Associated with Lighting as a Service
Opportunities:
Government Policies and Regulation to Promote Lighting as a Service Model and Increasing Investment in R&D for Lighting
Market Leaders and their expansionary development strategies
In April 2023, Kontakt.io, a pioneer in inpatient journey analytics, and Signify, a world leader in lighting systems, have announced a partnership to incorporate BLE-powered indoor IoT and location services into Signify’s connected lighting solutions, enabling healthcare providers to seamlessly and affordably future proof building infrastructure—retrofits and new constructions alike—and create a better experience for staff and patients.
In May 2023, Signify announced the launch of its first-ever ‘Philips Solar Light Hub’ in India, an exclusive retail store aimed to encourage wider use of solar lighting products. With an endeavor to offer customers an interactive space to explore solar lighting applications and showcase its comprehensive range of products, the store will cater to various user segments, from home and garden to industrial and street lighting applications
Key Target Audience
LED Manufacturers, Raw Material Suppliers, Lighting as a Service Providers, Investors, Event Managers, Research Organization and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.