Lighting as a Service (LaaS) Market

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.

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.

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.

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