Global Lighting as a Service (LaaS) Market: Overview
Lighting refers to one of the permanent needs of power for residential, commercial, and industrial spaces. Light as a Service or LaaS refers to a two-year-old project, which is co-funded by Innovate UK, an UK-based agency. LaaS is an improved version of lighting and it is capable of allowing the shift from the age-old conventional lighting system to a smart one with the help of technologies like Internet of Things (IoT) and sensors. This new lighting system is expected to lessen the cost and improve energy efficiency sans any investment from the end of the consumers. Lighting as a service (LaaS) is expected to bring forth a lighting system that is connected, controlled, and powered by digital networks. This creates wide scope and abilities for the management of smart loads, diminishes carbon emissions and costs, and generates new application areas for lighting. These factors are estimated open plethora of opportunities for the global lighting as a service (LaaS) market over the timeframe of analysis, from 2020 to 2030.
Product type, end user, and region are the two important parameters based on which the global lighting as a service (LaaS) market has been classified.
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Global Lighting as a Service (LaaS) Market: Notable Developments
One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global lighting as a service (LaaS) market is mentioned as below:
- In 2017, Cisco systems Inc. made considerable invested in the research and development activities of NuLED. The latter is a prominent American manufacturer and innovator of LED lighting systems. Increased investment from Cisco is expected to boost the market for LED lighting systems and help bring more innovations.
Some of the prominent organizations in the global lighting as a service (LaaS) market comprise the below-mentioned:
- Koninklijke Philips N.V.
- General Electric Company
- Eaton Corporation plc
- Osram Licht AG
- Future Energy Solutions Lighting Group, LLLP
- Cisco Systems, Inc.
Global Lighting as a Service (LaaS) Market: Key Trends
The global lighting as a service (LaaS) market is characterized by the presence of the following restraints, drivers, and opportunities.
Benefits of Cost Saving and Personalization to Propel Growth of the Market
The savings of energy and cost offered by the system drive the utilization of the lighting as a service technology across various applications in commercial sector. This factor is estimated to propel growth of the global lighting as a service (LaaS) market over the timeframe of analysis, from 2020 to 2030. This highly advanced lighting technology offers several benefits, such as users will be relieved from the burden of burnout, minor upgrades are allowed to be done without any extra cost, and so on. These benefits are likely to play pivotal role in the phenomenal growth of the global lighting as a service (LaaS) market in the years to come.
The global lighting as a service (LaaS) market is still in an embryonic stage with immense scope of development in the future. There is lack of awareness about the technology, which is likely to act as a setback for the growth of the global lighting as a service (LaaS) market. However, it is expected that integrating internet of things (IoT) technology with the LaaS system will open plethora of opportunities for the market in the forthcoming years. With IoT-based lighting system, customers will be able to personalize temperature and lighting at workspaces, thereby creating a much better and comfortable work environment.
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Global Lighting as a Service (LaaS) Market: Geographical Analysis
North America is estimated to dominate the landscape of the global lighting as a service (LaaS) market over the period of forecast, from 2020 to 2030. Growth of the North America market is ascribed to the fact that the region is the first adopter of latest technologies. In addition, presence of several manufacturers of such systems in the region is likely to support development of the regional market in due course of time.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.