New York, May 18, 2018 (GLOBE NEWSWIRE) -- Persistence Market Research presents a new report titled ‘Lighting Controllers Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025’ that studies the performance of the global lighting controllers market over an eight year assessment period from 2017 to 2025. The report presents the value forecast of the global lighting controllers market and provides important insights into the factors driving market growth as well as the factors restricting market growth.
As per the assessment of Persistence Market Research, the global lighting controllers market was estimated to be valued at nearly US$ 4,800 Mn in 2017 and is anticipated to touch a valuation of nearly US$ 17,400 Mn in 2025 and in the process exhibit a CAGR of 17.6% during the period of forecast 2017-2025.
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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are focusing on developing smart cities by changing the existing infrastructure, such as old incandescent bulbs and outdated communication systems, and are installing new technologies such as embedded and connected lighting fixtures to impart better living standards to the people.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.
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Global Lighting Controllers Market: Segmentation and Forecast
The global lighting controllers market is segmented on the basis of technology, application and region.
- By technology, the sensor segment was estimated to be valued at nearly US$ 1,400 Mn in 2017 and is expected to reach a valuation of nearly US$ 4,700 Mn in 2025, witnessing significant growth during the forecast period.
- By application, the commercial segment was estimated to be valued at nearly US$ 2,000 Mn in 2017 and is anticipated to register a CAGR of 17.0% during the period of forecast.
- By region, the Asia Pacific lighting controllers market was estimated to be valued at nearly US$ 1,550 Mn in 2017 and is likely to reach a valuation of nearly US$ 6,000 Mn in 2025, reflecting a CAGR of 18.5% during the period of assessment.
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Global Lighting Controllers Market: Competitive Landscape
In this report, some of the prominent companies active in the global lighting controllers market have been profiled, which include companies such as Hubbell, GE Lighting, LLC, OSRAM Licht AG, Philips Lighting Holding B.V., Acuity Brands Lighting, Inc., Eaton Corporation, Schneider Electric S.E., Honeywell International, Lutron Electronics and CREE, INC.
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