Lighting-as-a-Service Market to Reach $11.8 Billion, Globally, by 2031 at 33.1% CAGR

Allied Market Research

Increase in adoption of lighting-as-a-service products, government policies and regulations regarding the adoption of energy efficient lighting systems, the convergence of IoT and lighting systems, and the development of smart cities drive the growth of the global lighting-as-a-service market.

PORTLAND, Ore., Dec. 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Lighting-as-a-Service Market by Component (Luminaries and Controls, Software and Communication Systems, Service), by Installation (Outdoor, Indoor), by End User (Commercial, Municipal, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global lighting-as-a-service industry is estimated to generate $694.7 million in 2021 and $ $11.8 billion by 2031, witnessing a CAGR of 33.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Download Free Sample Report at:
https://www.alliedmarketresearch.com/request-sample/32067

Drivers, Restraints and Opportunities

Increase in adoption of lighting-as-a-service products, cost & energy saving properties of lighting-as-a-service, government policies and regulations regarding the adoption of energy efficient lighting systems, the convergence of IoT (Internet Of Things) and lighting systems, the development of smart cities, and improving economic conditions fuel the growth of the global lighting-as-a-service market. However, the lack of familiarity with new technology and lighting control products hinder the market growth. On the other hand, initiatives taken by government for energy efficiency and energy conservation to provide consumers with an informed choice about energy saving present new opportunities in the market in the coming years.

Covid-19 Scenario

• The global lighting-as-a-service market witnessed a low growth during the COVID-19 pandemic. The supply chain was one of the first industries to be affected by the pandemic. Travel restrictions and logistics suspensions hampered the import of lighting supplies.
• Furthermore, the lighting production facilities were closed as the workforce could not resume their duties due to lockdown.
• The pandemic affected the allied sectors that are associated with the lighting as service market. The implementation of work-from-home policies also hindered the market growth.

The luminaries and controls segment to dominate the market in terms of revenue during the forecast period