Lighting-as-a-Service Market to Reach $11.8 Billion

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.

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.