Lighting-as-a-Service (LaaS) Market Share

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.

Frequently Asked Questions (FAQ)

Rising need for energy-efficient lighting systems and absence of any upfront investment in LaaS adoption are the key factors driving market growth.

The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.

Dumping of low-quality lighting products in the market and lack of expertise in new technology are estimated to hamper market growth.

The market in Asia Pacific region will provide ample growth opportunities owing to the growth of many smart cities in the countries of the region which require smart lighting solutions on a large scale.

The major players dominating the lighting-as-a-service (LaaS) market are Koninklijke Philips N.V., Acuity Brands, Inc., General Electric Lighting, Inc., and Lutron Electronics Company among others.

Lighting-as-a-Service (LaaS) Market Share