Lighting-as-a-Service Market - Overview
Lighting-as-a-Service (LaaS) is an all-inclusive subscription-based procurement mechanism that provides design and installation, other technical requirement, maintenance, and recycling or disposal services of lighting system for different end-users. The benefits of LaaS include smart management of loads, creation of new use cases for lighting, reduced costs, carbon emissions, adherence to government mandates and standards. Increase in demand for energy efficient lighting, increased cost savings, spread of Internet of Things (IoT) to design smart, sustainable and connected lighting systems has led to the growing adoption of Lighting-as-a-service by the various end-users. Furthermore, the pressing needs of the commercial space owners to remain updated with the latest lighting technology is effectively met by LaaS. However, lack of awareness regarding the lighting-as-a-service offering among the potential end-users restrain the market growth. The report segments the lighting-as-a-service market based on component, installation, application, and region.

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Based on the installation, the market is bifurcated into indoor and outdoor. The indoor installation segment is expected to hold the largest share during the forecast period owing to the growing smart and efficient lighting demand from the commercial sector. Whereas, the rapid convergence of IoT for efficient street lighting designs boost the outdoor installation segment. The outdoor installation segment includes lighting system on street, in park and recreational areas, and in parking garages, among others.
Based on application, the market is segmented into commercial, industrial, and others. The commercial segment dominates the lighting-as-a-service market throughout the forecast period, and it is anticipated to hold the highest CAGR during the forecast period. Factors such as increased energy savings and overall cost reductions accelerate the widespread adoption of lighting-as-a-service by various commercial organizations. Furthermore, the municipal organization within the others segment is anticipated to register the second highest CAGR during the forecast period. This segment is widely adopting LaaS for outdoor lighting systems installations.

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Key Players
The key players operating in the lighting-as-a-service market are Koninklijke Philips N.V. (Netherlands), General Electric Lighting (US), Zumtobel Group AG (Austria), SIB Lighting (US), Lunera Lighting (US), Igor Inc. (US), Itelecom (Chile), Cree Inc. (US), Valoya Oy (Finland), UrbanVolt (Ireland), Sparkfund (US), RCG Lighthouse (Latvia), Metrus Energy, Inc. (US), and Enlighted Inc. (US).
These players are largely investing in growth strategies such as partnerships & collaborations, and contracts & agreement to strengthen their position in the global lighting-as-a-service market. For instance, in 2018, Gooee collaborated with Aurora AOne to launch a residential lighting product line in the UK and Australia that will use ZigBee controls.

Regional Analysis
The global market for lighting-as-a-service is estimated to grow at a notable rate during the forecast period from 2018 to 2023. The geographical analysis of lighting-as-a-service market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the lighting-as-a-service market from 2018 to 2023 owing to the stringent government to adopt energy efficient lighting system, high concentration of market players in the region, and developed infrastructure that is increasingly adopting latest lighting technologies. Europe that closely follows is anticipated to register the highest CAGR during the forecast period. Furthermore, in Asia-Pacific, China and India is expected to emerge as a significant market for lighting services during the forecast period.

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