PUNE, India, October 12, 2016 /PRNewswire/ --
The lighting as a service market is projected to hit USD 638.7 million by 2021 with municipal end user segment expected to grow at a highest CAGR while North America is expected to be the largest market for lighting as a service.
Complete report on global lighting as a service market spread across 146 pages, profiling 10 companies and supported with 70 tables and 50 figures is now available at http://www.reportsnreports.com/reports/709735-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.html .
Lighting as a service (LaaS) is an enhanced form of lighting that is enabling the move from traditional lighting to smart lighting using sensors and Internet of Thing (IoT) technology to reduce energy cost and increase energy efficiency without any investment from the end-user. Increasing demand for energy efficient lighting and government policies and regulations for adoption of energy efficient lighting systems are expected to drive the lighting as a service market. Lack of awareness about the true value propositions of the lighting as service model is acting as a restraint for the growth of the lighting as a service market.
The Municipal segment is expected to witness fastest demand during the forecast period. The municipal end users include lighting offered by local governments for streets, open public spaces, walkways, bridges, public parking areas, and highways. Plans to develop smart city infrastructure is driving municipalities to adopt advanced, intelligent lighting systems.
With regard to end-users, the commercial segment is estimated to constitute the largest segment of the lighting as a service market in 2016. The 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.
North America is currently the largest market for lighting as a service, closely followed by Europe. The lighting as a service market in North America will be driven by demand from commercial establishments keen to leverage the cost saving potential of efficient lighting systems and contribute to the global movement to reduce energy consumption. The market in region is projected to grow at a high rate, with the U.S. estimated to register the fastest growth in the region. Europe is expected to grow at the highest CAGR during the forecast period owing to increasing demand from the commercial as well as industrial sectors.
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:
The leading players in the lighting as a service market 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.). Order a copy of 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 research report at http://www.reportsnreports.com/purchase.aspx?name=709735 .
On a related note, another report on Smart Lighting Market Global Forecast to 2022 says, LED light source to be the leading segment of the smart lighting market and is expected to grow at the highest rate during the forecast period. Europe expected to hold the largest market share during the forecast period. The global market is expected to be valued at USD 19.47 billion by 2022 and is expected to witness a shipment of 1.27 billion units by 2022, at a CAGR of 27.1% and 71.3%, respectively, between 2016 and 2022. Companies like Philips Lighting, Acuity Brands Lighting, Inc., General Electric Company, OSRAM Licht AG, Honeywell International, Cooper Industries, Inc., Digital Lumens, Inc., Legrand S.A., Lutron Electronics Company, Inc., Street Light. Vision, Schneider Electric SE have been profiled in this 169 pages research report available at http://www.reportsnreports.com/reports/226128-global-smart-lighting-market-2013-2018-by-component-sensors-controllers-chipsets-others-lighting-type-led-fl-cfl-hid-connectivity-wired-wireless-application-commercial-industrial-public-government-residential-geography.html .
Explore more reports on the IT & Telecommunication market at http://www.reportsnreports.com/market-research/information-technology/ .
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