Lighting-as-a-Service Market Size Surges with Cost-Effective Lighting Infrastructure Solutions
LaaS market is being driven by pursuit of energy efficiency, adoption of smart lighting solutions, focus on sustainability & ongoing technological advancements.
PORTLAND, OREGON, UNITED STATES, June 22, 2023/EINPresswire.com/ — Lighting-as-a-Service Market size was estimated at $694.68 million in 2021 and is projected to increase to $11.8 billion by 2031, with a CAGR of 33.1% from 2022 to 2031.
An all-inclusive subscription-based pricing structure called “lighting as a service” aims to make LED lighting a possibility for any business owner, facility manager, or service manager. LaaS is a significantly more reasonable choice because it does not demand a large upfront payment and spreads out these costs over time. Furthermore, individuals frequently feel stuck with outdated technology when new innovations enter the market due to the rapid speed of technological growth in LED lighting. Additionally, the issue of missing out on the most recent advancements in LED is resolved by lighting as a service.
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One of the primary drivers of the LaaS market is the growing emphasis on energy efficiency and cost savings. LED lighting systems are more energy-efficient than traditional lighting technologies, offering significant reductions in energy consumption and operating costs. LaaS enables businesses to upgrade their lighting infrastructure without upfront capital investment, allowing them to benefit from immediate energy savings and lower maintenance costs.
The increasing adoption of smart and connected lighting solutions is another major trend in the LaaS market. With the integration of Internet of Things (IoT) technologies, lighting systems can be controlled, monitored, and optimized remotely. LaaS providers offer advanced lighting solutions with features like motion sensors, daylight harvesting, and adaptive lighting controls, enabling businesses to achieve optimal lighting conditions, enhance occupant comfort, and further increase energy savings.
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Sustainability has become a key priority for businesses across various sectors. LaaS aligns with this trend by promoting sustainable practices through energy-efficient lighting solutions. By utilizing LaaS, organizations can reduce their carbon footprint and contribute to environmental conservation. This focus on sustainability, coupled with the increasing availability of renewable energy sources, is driving the demand for LaaS as a greener alternative to traditional lighting models.
The LaaS market is witnessing rapid technological advancements that are expanding its scope and possibilities. Innovations such as wireless connectivity, advanced analytics, and predictive maintenance capabilities are enhancing the value proposition of LaaS. These technologies enable remote monitoring, data-driven insights, and proactive maintenance, resulting in improved operational efficiency, reduced downtime, and enhanced overall lighting performance.
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The key players profiled in the lighting-as-a-service market analysis 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Allied Analytics LLP
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