The performance of the global lighting controllers market during an eight-year assessment period, from 2017 to 2025, is examined in a recent study from Persistence Market Research titled “Lighting Controllers Market: Global Industry Analysis 2012-2016 and Forecast 2017-2025.” The study estimates the size of the world market for lighting controllers and provides crucial information on the industry growth drivers and inhibitors.
The global market for lighting controllers was assessed to be worth about US$ 4,800 million in 2017 and is anticipated to grow to be worth around US$ 17,400 million in 2025, displaying a CAGR of 17.6% over the forecast period of 2017–2025, according to Persistence Market Research’s analysis.
Government Spending on Smart City Projects in the APAC Region Boosting Revenue Growth of the Lighting Controllers Market
The governments in emerging economies such as China and India are focusing on developing smart cities by changing the existing infrastructure, such as old incandescent bulbs and outdated communication systems, and are installing new technologies such as embedded and connected lighting fixtures to impart better living standards to the people.
Also, government spending on smart city management services such as road monitoring applications, environment, light sensing, and advanced energy saving is the primary factor which is fueling the growth of the lighting controllers market. For example, in April 2017, the Indian government announced plans to invest in the smart cities initiative. The Indian government has already allocated over US$ 2.3 Bn to this project in the last two budgets.
Partnership with the government is a lucrative business model for manufacturers of lighting controllers in North America
Over the years it has been observed that the major players located in North America are focusing on extracting government contracts associated with lighting projects such as street lighting and architecture/monument lighting. The objective of extracting government contracts is to get bulk business. Besides, the success of one project may germinate the high possibility of extracting more lighting contracts from the government.
For instance, in February 2017, with a partnership with the General Electric Company, the Government of San Diego, U.S., announced a US$ 30 million investment to deploy the smart city IoT sensor platform in order to transform the street lighting of San Diego city into a connected digital infrastructure. This platform collects real-time sensor data across the city that can be used to develop applications that benefit the community.
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