The Global Lighting as a Service Market Analysis, 2020 research report depicts a deep-dive market analysis of statistics of Global Lighting as a Service market which consists of region-wise market size, market forecast, CAGR market segmentation, market share of various components, end users, installation type, etc.
According to MarkNtel Advisors’ market research report titled “Global Lighting as a Service Market Analysis, 2020”, the market size of Lighting as a Service market across the globe is forecast to grow at the CAGR of around 45% during 2020-25. The key factors contributing to the market growth of the Global Lighting as a Service market are the emerging need for energy-efficient, growing demand for connected and low-cost lighting systems along with the development of smart cities. Moreover, owing to the extensive government regulations for optimum energy efficiency, the manufacturers are offering various low energy consumable energy solutions, therefore end-users are replacing or retrofitting their old lighting system with the new energy-efficient ones due to which the market for Lighting as a Service is escalating steadily.
Asia-Pacific to Register the Highest CAGR in Forthcoming Years
In 2019, North America acquired the major market share. The presence of numerous lighting manufacturers and solution providers in countries such as the U.S and Canada coupled with the government regulations for changing old lighting systems with energy-efficient ones are key factors contributing to the growth of the Lighting as a Service market in North America.
|Study Period||Historical Data: 2015-19|
|Base Year: 2019|
|Forecast Period: 2020-25|
|Regions Covered||North America|
|Middle East & Africa|
|Unit Denominations||USD Million/Billion|
Furthermore, the APAC is expected to grow at the highest CAGR during 2020-25 owing to a surge in smart city and smart home projects in countries such as China and India. Also, the growing adoption of IoT-based solutions in the commercial sector and the manufacturing sector in the region is a contributing factor for the growth of the increasing market share of the APAC region in the Global Lighting as a Service market.
Outdoor Segment to see Robust Growth During 2020-25
In 2019, the indoor segment captured the major market share in the Global Lighting as a Service market. The key contributing factor for the growth in the market share is the deployment of smart lighting solutions in residential homes, offices, malls, etc. Furthermore, the IoT integration in a lighting system with other types of equipment such as HVAC, fans, etc is also helping in the growth of the indoor segment.
However, it is expected that the outdoor segment would grow at the highest CAGR in the forecast period owing to the construction of roads and highways across the globe. Also, the rising government investment for the betterment of parking, public places, etc. would contribute to the growing market size of the outdoor segment in the forecast period.
In 2019, the commercial sector acquired the major market share on an account of a surging number of retail malls, shopping complexes, hostels, etc. Also, the deployment of IoT technology in the commercial sector to reduce energy consumption is resulting in the integration of smart lighting solution, due to which the market share of the commercial sector in Global Lighting as a Service market is on the rise, as stated in the MarkNtel Advisors’ research report “Global Lighting as a Service Market Analysis, 2020”.
According to MarkNtel Advisors, the availability of numerous local and foreign players in regions makes the global industry highly competitive. The key players with a considerable share in the industry are General Electric Lighting, Koninklijke Philips N.V, Zumtobel Group AG, SIB Lighting, Lunera Lighting, IGOR Inc., Cree, Inc., RCG Lighthouse, Itelecom USA, Future Energy Solutions., The players are launching new products, doing strategic alliance to gain a competitive advantage in the industry.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation, and Statistics
Global Lighting as a Service Market Analysis, 2015-2025F
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Lighting as a Service Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of Global Lighting as a Service Market during 2020-25?
A. Global Lighting as a Service Market is expected to grow at a CAGR 45% during 2020-25.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that North America will dominate the market with the majority market share, and market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating Global Lighting as a Service market?
A General Electric Lighting, Koninklijke Philips N.V, Zumtobel Group AG, SIB Lighting, Lunera Lighting, IGOR Inc., Cree, Inc., RCG Lighthouse, Itelecom USA, Future Energy Solutions, etc., are the leading players in the Global Lighting as a Service market.
Q. Which End-User would emerge as an opportunity area for players in Global Lighting as a Service Market?
A. The commercial sector segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which type of installation would emerge as an opportunity area for players in Global Lighting as a Service Market?
A. The indoor segment grabbed a significant market share continue to grow at the highest CAGR, presenting immense opportunities for manufacturers and service providers of Global Lighting as a Service Market.