PUBLISHER: Allied Market Research | PRODUCT CODE: 1193371
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193371
Lighting as a service (Laas) is a simple approach to converting business to energy-efficient lighting technology without the complication of budget constraints. LaaS aims to reduce the installation and maintenance costs and facilitates the growth of the LED market, and in doing so, manufacturers and service providers are offering new financial structures, which address the pain points of their customers.
LaaS is a lighting retrofit that uses Internet of Things (IoT) and sensor technology to provide powerful, controlled, and efficient lighting. With LaaS, lighting control systems optimize the use of light, resulting in energy and cost savings and increased productivity. Installing smart lighting systems in buildings can reduce energy costs by 50%.
Increasing adoption of lighting as a service product and cost and energy saving properties of lighting as a service are factors that propel the growth of the lighting as a service market. However, lack of familiarity with new technology and lighting control products is expected to hamper the growth of the market. Furthermore, policies and regulations adopted by government to promote energy conservation is expected to provide lucrative opportunities for the lighting as a service market.
The lighting as a service market is segmented on the basis of component, installation, end user, and region. On the basis of component, the market is segmented into luminaries and controls, softwares and communication systems, and service. On the basis of installation, the market is segmented into outdoor and indoor. By end user, the market is segmented into commercial, municipal, and industrial. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players in the market are Eaton, Digital Lumens, Incorporated, Every Watt Matters, Honeywell International Inc., IGOR Inc., Koninklijke Philips N.V., Lutron Electronics Co., Inc., OSRAM GmbH, Seiko Epson Corporation, and Stouch Lighting.
By Component
By Installation
By End User
By Region