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Lighting-as-a-Service (LaaS) Market size was over USD 1.15 billion in 2023 and is poised to exceed USD 60.85 billion by the end of 2036, witnessing over 35.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of lighting-as-a-service is evaluated at USD 1.48 billion.
Rising need for energy-efficient lighting systems, along with the absence of any upfront investment in LaaS adoption are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the favourable government policies for adoption of energy-efficient lighting systems on a global level.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
35.7% |
|
Base Year Market Size (2023) |
USD 1.15 billion |
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Forecast Year Market Size (2036) |
USD 60.85 billion |
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Regional Scope |
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The market is segmented based on installation type into indoor and outdoor, out of which, the indoor segment is anticipated to grab the largest share by the end of 2021 on account of high rate of adoption of Lighting-as-a-Service in commercial establishments. Moreover, there has been a significant growth of commercial sector in developing countries, which is also projected to contribute to the growth of the segment during the forecast period. On the basis of end-user, the municipal segment in the global lighting-as-a-service (LaaS) market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that Lighting-as-a-Service (LaaS) is being adopted by major cities because of its energy and cost saving advantages over traditional lighting systems.
Our in-depth analysis of the global market includes the following segments
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By Installation Type |
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By End-User |
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APAC Market Statistics
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. Asia Pacific industry is set to account for largest revenue share by 2036, owing to growing smart cities in the region, which require smart lighting solutions on a large scale.
North America Market Analysis
Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the government initiatives to adopt energy-efficient lighting solutions. Along with this, LaaS is also being adopted by commercial sector because of its cost saving potential, which is also expected to contribute to the market growth in the region.
Alternatively, the market in Europe is also anticipated to occupy a significant share in the market on account of extensive adoption of this model in the region. As per the analysis of International Energy Agency, by 2018, total greenhouse gases emissions in European Union have decreased by 17% since 2005, and by 23% since 1990.
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Author Credits: Abhishek Verma
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