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(Hosting-NewsWire.com, March 22, 2018 ) Global Lighting as a Service Market and Regional Market Size, Status and Forecast to 2025
Lighting as a Service (LaaS) is a service delivery model in which light service is charged on a subscription basis rather than via a one-time payment. Benefits of lighting as a service include - long-life, high-efficiency lighting, reduced energy bills, no upfront investment, constant energy savings, and allows nominal upgrades.
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Competitive Landscape:
The major players in the market are as follows:
These players include Koninklijke Philips N.V (Netherlands), General Electric Lighting (U.S.), Zumtobel Group AG (Austria), SIB Lighting (U.S.), Lunera Lighting (U.S.), Igor Inc. (U.S.) and Cree Inc. (U.S.). Leading players are trying to penetrate developing economies and are adopting various strategies to increase their market share.
The global market is witnessing significant growth on account of the increase in demand for energy efficient lighting systems, and government policies supporting adoption of energy efficient lighting systems over traditional lighting. Increasing convergence of Internet of Things (IoT) with lighting is also expected to drive the demand for the lighting as a service market across the globe.
The indoor segment led the overall lighting as a service market in 2015, owing to the increasing electricity demand from the commercial sector. However, the outdoor segment is expected to register the higher growth rate during the forecast period. Increasing convergence of IoT for street lighting design and efficient utilization is the main driver behind the growth of the outdoor installation segment in the lighting as a service market. Outdoor installation covers street lighting, park and recreational areas, and parking garages, among others.
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Market Dynamics:
Market Drivers 1.1 Rising development of smart cities
1.2 Favorable government policies & regulations for adoption of energy-efficient lighting systems
1.3 Rising convergence of internet of things with lighting systems
1.4 Improved financial benefits
Market Restraints 2.1 Poor awareness about the value of a service oriented model of lighting
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