The global lighting as a service market size reached US$ 408.8 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 4,529.44 Million by 2027, exhibiting a growth rate (CAGR) of 45.70% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Lighting as a service (LaaS) refers to a service-based model that provides technical and financial management services to enable an easy switchover from old-style lighting to smart lighting. By using sensors and the Internet of Things (IoT) technology, it assists with the installation of lighting systems and recycling equipment, along with proper maintenance and management of the same. Furthermore, it does not demand upfront investments from end users as it requires charges on a monthly basis instead of a one-time fee for light services. Through the service, lighting retrofits are charged to customers as a part of an ongoing purchase agreement, which allows the cost to be spread out over the course of several months or years. Some of the key advantages of using lighting as a service include reduced energy consumption, continual cost savings, no maintenance liability, and the ability to add-on features, including data collection, inter-device communication, and remote management.

Lighting as a Service Market Trends:
The market is majorly driven by the escalating demand for energy-efficient lighting systems across the globe. This can be attributed to the paradigm shift of the masses towards sustainable lighting solutions from conventional lighting. Moreover, continual product innovations and the launch of new products are providing an impetus to the market growth. Also, the rapid utilization of light-emitting diode (LED) as an energy-efficient lighting technology is creating a positive outlook for the market. Favorable policies and regulations adopted by government bodies of several countries for promoting energy conservation are acting as significant growth-inducing factors for the market. Some of the other factors contributing to the market include rapid urbanization and industrialization, the emergence of smart homes, the inflating disposable income levels of the masses ad extensive research and development (R&D) activities conducted by the key players.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global lighting as a service market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, installation and end user.

Breakup by Component:

Luminaries and Control Equipment
Software and Communication Systems
Maintenance Services

Breakup by Installation:

Indoor
Outdoor

Breakup by End User:

Commercial
Industrial
Municipal
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Acuity Brands Lighting Inc., Electricity Supply Board (ESB) Group, Enlighted Inc., Every Watt Matters, LumenServe Inc., RCG LightHouse, Signify N.V., Stouch Lighting and UrbanVolt.

Key questions answered in this report:
How has the global lighting as a service market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global lighting as a service market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the installation?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global lighting as a service market and who are the key players?
What is the degree of competition in the industry?