DUBLIN--(BUSINESS WIRE)--The "Global Lighting as a Service Market: Focus on Applications, Leading Players Ranking, and Competitive Landscape - Analysis and Forecast (2018-2025)" report has been added to ResearchAndMarkets.com's offering.
The global lighting as a service market is expected to grow at a CAGR of 40.8% in the forecast period 2018-2025.
In terms of application, the commercial segment is anticipated to dominate the market throughout the forecast period register the highest growth during the forecast period. This growth can be attributed to the widespread adoption of LaaS business model by various commercial organizations as it offers enhanced energy savings and cost reductions.
Due to widespread adoption of the lighting as a service in various countries of Europe, such as Germany and the UK, the Europe market for LaaS is expected to witness the fastest growth rate in the forecast period 2018-2025. The growth of LaaS model in Europe region can be attributed to the increase in the demand for energy efficient lighting system.
The growth of the North America LaaS market is primarily attributed to the factors such as the presence of the market leaders in the lighting industry and government's policy to reduce energy consumption in the region by replacing old lighting with the efficient LED lightings.
The Gulf Cooperation plans to reduce carbon footprint by 2025. Reduction in carbon footprint can be achieved through a reduction in electricity usage. Currently, the adoption of lighting as a service model is minimal, however as the companies and large-scale projects start replacing the existing lightings to meet the demand of Gulf Corporation, the market is expected to witness an increased growth.
The global LaaS market is witnessing a steady growth. The market is anticipated to have a beaming growth owing to collaborations between manufacturers and distributors. These partnerships will help companies to strengthen their presence in more than one region or country. Partnerships help the companies in the expansion of their business in regions apart from their manufacturing base center.
- Adoption of Solid-State Lighting
- Low Upfront Costs
- Suppliers Driving the Demand for Lighting as a Service Market
- Lack of Knowledge Among End Users
- Difficulty in Affordable Financing
- Partnerships with Other Lighting as a Service (LaaS) Distributors
- Integration of Internet of Things (IoT) and Human Centric Lighting (HCL) with Lighting Services
- Acuity Brands, Inc.
- Eco Engineering
- Enlighted Inc.
- GE Lighting
- LightEdison, LLC
- LumenServe, Inc.
- Metrus Energy, Inc.
- Philips Lighting
- RCG Lighthouse
- SIB Lighting
- UrbanVolt, Ltd.
- Valoya OY
- Zumtobel Group AG
- Aura Light International AB
- Citizen Energy
- Every Watt Matters
- Green Lumens
- LED Lease
- Lunera, Inc.
For more information about this report visit https://www.researchandmarkets.com/research/93rc5b/global?w=4