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

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

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

Growth Drivers

  • Rising Need for Energy-Efficient Lighting Systems
  • Absence of Any Upfront Investment in LaaS Adoption

Challenges

  • Dumping of Low-Quality Lighting Products in the Market
  • Lack of Expertise in New Technology

Lighting-as-a-Service (LaaS) Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

35.7%

Base Year Market Size (2023)

USD 1.15 billion

Forecast Year Market Size (2036)

USD 60.85 billion

Regional Scope
  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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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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