Another major driving force for the Lighting as a Service market is the advantage of ownership of the infrastructure. As LaaS is not a lease, enterprises will be owners of the new lighting system once the original installation cost is covered. This option is especially beneficial for small enterprises that cannot afford lease or loan facilities for an infrastructure upgrade, making Lighting as a Service an attractive option for them.
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The Lighting as a Service market is currently in its nascent stage and the lack of awareness by enterprises has hindered its growth. However, the integration of IoT with LaaS is expected to create opportunities in the market. With IoT-based Lighting as a Service systems, employees can personalize lighting and temperature at their workspaces using a smartphone app, creating a better work environment. The IoT-based LaaS will also help facility managers track usage patterns of lights, reducing them where not required and significantly decreasing the building’s carbon footprint.
The commercial enterprise is the leading segment in the Lighting as a Service market. This is due to their increased migration to the subscription model of LaaS rather than owning and maintaining the lighting infrastructure. The municipal sector is expected to have the fastest growth rate due to the adoption of LaaS by major cities and towns that are attracted by its energy-saving benefits over traditional lighting solutions. The indoor lighting segment has the highest market share due to the rapid adoption of Lighting as a Service in commercial offices and business venues.
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North America is the leading region in the Lighting as a Service market. The rapid development of smart cities in the U.S. has surged the need for energy-efficient lighting systems. Nearly 40% of a city’s energy budget in the U.S. is consumed by street lighting and LaaS-based efficient lighting can save up to 50% of these costs, making it an attractive option for several U.S. Municipal corporations. The growing demand for energy-saving lighting solutions by large warehouses and manufacturing units in the U.S. has also accelerated the adoption of these types of services.
Europe is the fastest-growing region in the Lighting as a Service market due to the widespread adoption of the LaaS model by the UK and German enterprises. The European Union draft on Circular Economy Package, providing benefits to enterprises that use recyclable energy solutions, has made LaaS a viable energy-saving option for many European firms. Asia Pacific has also seen steady growth as Indian and Chinese governments are endorsing smart lighting solutions on a wide scale. The UJAALA scheme by the Indian government distributed 350 million LED bulbs as of June 15, 2019, paving a way for the adoption of Lighting as a Service services in this region.
At Global Market Insights, our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the Lighting as a Service market. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
- Definition and scope of research
- Market dynamics, growth drivers and industry pitfalls
- Regulatory and political guidelines for the industry
- Demographics and statistical data
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Some of the major players operating the Lighting as a Service market are Digital Lumens, Eaton, Future Energy Solutions, SIB Lighting, Cree Inc., RCG Lighthouse, Lutron Electronics Co., Lunera, General Electric Company, Osram Licht Ag, Itelecom, Igor Inc, UltraVolt, and Koninklijke Philips N.V. With the market still being in its early stages, LaaS providers are investing in R&D for integrating IoT-based lighting and improving the efficiency of semiconductor chips in LED lights. In 2017, Cisco invested in R&D development of NuLED, an American manufacturer of low-voltage LEDs, for app-based lighting controls of its server rooms.
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