The LED lights market has undergone a significant transformation in the last couple of years. The Energy Independence and Security Act (EISA) passed in 2007 led to a major change in the lighting industry as it replaced the outdated inefficient lighting technology. LED lighting has now become necessary to meet the new standards of EISA's energy standards. The adoption of LED lighting systems led to reduced energy costs and significant improvements in performance. However, installation of LED-based lighting system requires high upfront cost, which led to the development of new financial structures such as Lighting as a Service (LAAS). These new financial structures have helped both the public and private sector companies capitalize on continuous innovations that are taking place in the LED industry.
One of the major issues that lighting as a service business models aims at solving is that of energy management. Some of the advantages of energy management include cost reduction, energy price fluctuations and supply shortage reduction, and carbon emissions reduction. Companies are now integrating Internet of Things (IoT) solutions with luminaries to save more energy. With internet connected LED lights the service providers will be able to constantly monitor lights.
These sensors can also help collect data about various building operations. Rooms equipped with sensors can adapt lighting levels according to the usage pattern of the room, dimming the min vacant areas and increasing the brightness levels in the occupied areas.
According to the latest market research report by BIS Research, titled ‘Global Lighting as a Service Marke…ecast (2017-2025)', global lighting as a service market is expected to reach $4.74 billion by 2025. In terms of Geography, North America had the largest market share in 2016. The growth of the North American lighting as a service market is primarily attributed to the factors such as the presence of the market leaders in the lighting industry and government's policy to reduce energy consumption in the region by replacing old lighting with the more efficient LED lighting. In terms of application, the Commercial segment would dominate the market throughout the forecast period and would also register the highest growth during the forecast period. This growth can be attributed to the widespread adoption of this business model by various commercial organizations as it offers enhanced energy savings and cost reductions.
Few companies mentioned in the report:
- Acuity Brands Lighting
- Eco Engineering
- Enlighted Inc.
- General Electric Lighting
- Light Edison
- Metrus Energy
- Philips Lighting
- RCG Lighthouse
- Sib Lighting
- Zumtobel Group Ag
Key questions addressed in the report:
- What are the major market drivers, challenges and opportunities in the global lighting as a service market?
- How the lighting as a service market will evolve and what is its scope in the future?
- What was the market share of the leading segments and sub-segments of the global lighting as a service market in 2016 and what will be the shares in 2025?
- How will each segment of the global lighting as a service market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2025?
- How will the industry evolve during the forecast period between 2017 and 2025?
- What will be the growth rate of different segments during the forecast period? Which is the leading segment of application?
- How has the market been segmented on the basis of application?
- Which geographical location will dominate the lighting as a service market?
- What are the new strategies adopted by the existing market players to make a mark in the industry?
- Who are the key players in the lighting as a service market?
- What major opportunities do the lighting as a service companies foresee?
- What strategies are adopted by the lighting as a service providers to sustain or grow in the market?
- What are the major projects done by the lighting as a service providers?
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