A 3.6x increase in valuation of LED lighting controllers during 2017-2025
As stated by Persistence Market Research, the global LED lighting controllers market is anticipated to grow at an exponential rate during the period of assessment. The global LED lighting controllers market has been witnessing a continuous growth path since past years and the situation of the market is expected to further improve after 2017, according to this research report. The global market for LED controllers is anticipated to grow at a CAGR of 17.4% during the period of forecast. In 2017, the global market was valued at about US$ 1400 Mn and is estimated to reach a valuation of more than US$ 5 Bn by the end of the year of assessment. This huge growth is owing to the development of smart lighting infrastructure, increasing demand for better lighting infrastructure and increasing green building projects. Moreover, trends such as emergence of innovative smart lighting concepts, increasing lighting projects and increasing application of lighting solutions in the healthcare sector are spearheading this gigantic growth.
Smart homes and Internet of Things to boost global market demand
With emergence of Internet of things, the demand for smart and automated home solution is increasing with rapid pace, which is anticipated to serve as a huge optimistic opportunity for the adoption of LED Lighting Controllers for residential applications. Also, governments of various countries such as India, China are vigorously promoting the adoption of smart street lamps owing to the ongoing ‘Smart City’ initiatives and also government of various nations are giving contracts to vendors for decoration of old monuments & architecture, which is also lucrative opportunity for vendors associated with lighting related products such as LED lighting controllers with a view to avail tenders from governments.
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Energy conservation and its awareness to offer high growth opportunities for LED lighting controllers
Rising awareness about energy conservation and utilizing scarce resources judiciously are crucial factors promoting the adoption of LED lighting and its related products. The benefits of automated lighting systems paired with advantages of using LED is a huge cost and energy saving opportunity. Further, these automated lighting solutions are featured with day light harvesting, occupancy & motion sensing and others, which are intelligently avoiding electricity wastage thus promoting sustainability. Therefore increase in demand for automated lighting system is expected to showcase optimistic growth opportunity for LED lighting controllers.
Increasing use of LED lighting controllers in the street lighting sector to boost its growth during the forecast period
The street lighting sector has shown increased inclination towards use of LED lighting since past many years. The commercial segment in the end user category is anticipated to reach a value of more than US$ 1.6 Bn by the end of the assessment year from a value of around US$ 424 Mn in 2017. This segment reflects a high growth rate and is poised to register a CAGR of 18.6% during the period of forecast. This segment accounted for above 30% of the total LED lighting controllers market share in 2016 and is likely to dominate the global market in the years to come. This growth can be attributed towards increasing government activities to implement street lighting in several regions in the globe.
Commercial and government segments are also expected to show higher growth during the period of assessment. The LED lighting controllers usage in the commercial segment is a bit slower than that in the government segment. The government segment is projected to reflect a comparatively high CAGR of 16.6% during the assessment period. However, the commercial segment is expected to show a higher valuation in the global LED lighting controllers market by the end of the assessment year.