Revenue for Global Lighting as a Service Market Is Expected to Experience a 14% Compound Annual Growth Rate from 2020-2029
More lighting companies are expected to adopt this business model to meet the changing lighting landscape within the commercial buildings sector
A new report from Guidehouse Insights examines the lighting as a service (LaaS) market for commercial buildings, providing global forecasts for revenue through 2029.
LaaS is the third-party management of a lighting system, which can include additional maintenance, financial, technical, or operational services. The business model’s offerings range from basic lighting upgrades to services that include advanced sensors, controls, and network communications to add value that supports an organization’s core mission. Click to tweet: According to a new report from Guidehouse Insights, global LaaS revenue, currently estimated at $992.5 million, is expected to experience a compound annual growth rate of 14.3% through 2029.
“This business model enables commercial customers to outsource select areas of their business over a set time or avoid an upfront capital investment and instead focus on core business areas,” says Krystal Maxwell, senior research analyst with Guidehouse Insights. “This approach also ensures the outsourced business is being kept up to date with market developments by the service provider.”
According the report, the number of companies offering amenities within an as a service business model is increasing to meet the changing lighting landscape within commercial buildings. Growing LaaS offerings can be leveraged for expansion into more connected systems and help expand the broader intelligent building market. Although lighting has been considered the easy option within the commercial building industry, LaaS provides an entry for further energy as a service offerings beyond lighting.
The report, Market Data: Lighting as a Service, examines the LaaS market for commercial buildings. It provides a forecast for LaaS revenue, segmented by service type, building type, and region from 2020 through 2029. High level trends and market issues are discussed. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Market Data: Lighting as a Service, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.