The Global Lighting as a Service Market is projected to grow at a CAGR of 46.3% from 2016 to 2021, to reach a market size of USD 638.7 Million by 2021. This growth is attributed to increasing demand for energy efficient lighting systems, zero capital cost requirement and growing convergence of Internet of Things (IoT) in lighting systems to reduce energy consumption across the globe.
Browse 70 market data Tables and 50 Figures spread through 146 Pages and in-depth TOC on "Lighting as a Service Market by End-User (Commercial, Municipal, and Industrial), Installation (Indoor, and Outdoor), Component (Luminaires, Software & Communication Systems, and Maintenance Services), and Region - Global Forecast to 2021"
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The global market is witnessing significant growth on account of the increase in demand for energy efficient lighting systems, and government policies supporting adoption of energy efficient lighting systems over traditional lighting. Increasing convergence of Internet of Things (IoT) with lighting is also expected to drive the demand for the lighting as a service market across the globe.
The indoor segment led the overall lighting as a service market in 2015, owing to the increasing electricity demand from the commercial sector. However, the outdoor segment is expected to register the higher growth rate during the forecast period. Increasing convergence of IoT for street lighting design and efficient utilization is the main driver behind the growth of the outdoor installation segment in the lighting as a service market. Outdoor installation covers street lighting, park and recreational areas, and parking garages, among others.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the lighting as a service market. These players include Koninklijke Philips N.V (Netherlands), General Electric Lighting (U.S.), Zumtobel Group AG (Austria), SIB Lighting (U.S.), Lunera Lighting (U.S.), Igor Inc. (U.S.) and Cree Inc. (U.S.). Leading players are trying to penetrate developing economies and are adopting various strategies to increase their market share.
The commercial segment is expected to dominate the global lighting as a service market during the forecast period, whereas the municipal segment is expected to constitute the fastest growing segment, by end-user. Energy savings and cost reductions promised by lighting as a service constitute an attractive offer for commercial end users in view of the increasing corporate focus on sustainability and energy efficiency.
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North America is expected to dominate the Global Lighting as a Service Market, and is driven by demand from commercial establishments keen to leverage the cost saving potential of efficient lighting systems and government policy support to phase out traditional lighting systems to reduce energy consumption in the region. It is closely followed by Europe.