According to the report by Expert Market Research (EMR), the global lighting as a service market size is projected to grow at a CAGR of 50% between 2024 and 2032. Aided by the shift towards energy-efficient lighting solutions and the increasing adoption of smart lighting systems across various sectors, the market is expected to grow significantly by 2032.
LaaS is an innovative service model in the lighting industry, where lighting service providers deliver light as a service rather than a product. This model includes the design, installation, maintenance, and management of lighting systems, often incorporating energy-efficient and smart lighting solutions. Clients benefit from reduced upfront costs and improved energy efficiency without the burden of owning and maintaining the lighting infrastructure.
The transition to energy-efficient lighting solutions, primarily LED technology, is a significant driver of the lighting as a service market demand. The growing awareness of sustainability and the need for energy conservation are propelling the demand for LaaS, especially among businesses and municipalities looking to reduce energy costs and carbon footprints.
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Technological advancements in the lighting industry, particularly in IoT and smart lighting systems, have expanded the scope and appeal of LaaS. Smart lighting solutions that offer remote monitoring, control, and data analytics capabilities are increasingly integrated into LaaS offerings, enhancing their value proposition.
North America and Europe are accounting for significant portions of the lighting as a service market share, owing to their early adoption of energy-efficient technologies and strong regulatory frameworks promoting sustainable practices. However, Asia-Pacific is expected to exhibit significant growth due to increasing industrialisation and urbanisation, coupled with growing awareness about energy-efficient lighting solutions.
According to the lighting as a service market analysis, the LaaS model aligns with global sustainability goals by promoting energy-efficient lighting solutions and reducing waste associated with traditional lighting systems. LaaS providers often ensure the recycling and proper disposal of old lighting fixtures, further contributing to environmental conservation.
The future of the LaaS market appears promising, with emerging trends such as integration with renewable energy sources and the development of more advanced, energy-efficient lighting technologies. The market is also expected to benefit from the growing focus on smart cities, where LaaS can play a crucial role in developing intelligent and sustainable urban lighting infrastructures.
Lighting as a Service Market Segmentation
The market can be divided based on end user and region.
Market Breakup by End User
- Commercial
- Outdoor
- Industrial
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Lighting as a Service Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global lighting as a service market. Some of the major players explored in the report by Expert Market Research are as follows:
- Every Watt Matters
- Stouch Lighting
- Electricity Supply Board (ESB) Group
- LumenServe Inc
- RCG Lighthouse
- Others
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