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India News Releases
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(India.CityRegions.Com, March 30, 2018 ) The Global Lighting as a Service Market was valued at USD 96.98 million in 2016 and is projected to reach USD 2964.89 million by 2025, growing at a CAGR of 46.23% from 2017 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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The major players in the market are as follows: General Electric Lighting, SIB Lighting, Lunera Lighting, Cree, Inc., Future Energy Solutions, Itelecom USA, RCG Lighthouse, IGOR Inc., Zumtobel Group AG, Koninklijke Philips N.V
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.
Market Dynamics: 1. 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 2. Market Restraints 2.1 Poor awareness about the value of a service oriented model of lighting
Market Segmentation: The Global Lighting as a Service Market is segmented on the basis of installation, component, end user, and region.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Research Methodology: Research study on the Global Lighting as a Service Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review. The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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Source: EmailWire.Com
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