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

  • Report ID: 2966
  • Published Date: Sep 23, 2024
  • Report Format: PDF, PPT

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

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.

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Author Credits:  Abhishek Verma


  • Report ID: 2966
  • Published Date: Sep 23, 2024
  • Report Format: PDF, PPT

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.
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