According to a new market research report published by Acute Market Reports “Global HID Ballast Market (Product (Electromagnetic HID Ballast, Electronic HID Ballast); Application (Automotive, Residential, Commercial, Industrial, Outdoor) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the HID ballast market is set to decline with a CAGR of -8.2% during the forecast period, starting from US$ 9.05 Bn in 2018.
The increasing adoption of the LED lighting solution is the most prominent factor hindering the market growth. LED lighting has emerged as one of the most prominent alternatives for lighting solutions due to their high efficiency and performance. The LED lamps are designed from the solid material and do not contain any fragile filament and tube. This increases the durability of the lamp. The LED lamp also consumes less power and does not contain harmful component such as Mercury. This makes it an ideal choice for the lighting application in the indoor and outdoor facilities. Moreover, the supportive government initiatives for the promotion of energy efficient technologies are also augmenting the demand for the LED lamps across the globe.
The application of the HID ballast in the automotive sector is estimated to grow significantly during the forecast period. The market is driven by the wide scale adoption of the HID lamps among automotives. However, the increasing adoption of the LED lighting in the automotives is acting as a major constraint in the growth of the market. On the other hand, industrial sector is also estimated to gain market share during the forecast period. The ability to withstand harsh environmental conditions along with the high reliability makes HID lamps a suitable option for the industrial lighting application.
MEA accounted for more than 15% share in the HID ballast market. The lack of regulatory framework for restricting the use of inefficient lighting solutions is the primary factor responsible for the growth of the market in the region. On the other hand, Europe’s HID ballast market is estimated to decline during the forecast period. The stringent government regulation in the region to restrict the use of the inefficient lighting technologies is the primary factor hindering the market growth.
Key players in the tunable filter market are Acuity Brands, Cree Inc., Eaton Corporation, General Electric Company, Halco Lighting Technologies, IOTA Engineering, Magnitude Lighiting, OSRAM Licht AG, Philips Lighting Holding B.V., Starlite Lighting, Deco Lighting, The Delta Group, Unique Lighting System, and Westinghouse Electric Corporation.
Browse the full report at https://www.acutemarketreports.com/report/hid-ballast-market
The Global HID Ballast Market is Segmented into:
|Segmentation||By Product Segment (2017–2027; US$ Bn)|
|By Application Segment (2017–2027; US$ Bn)|
|By Geography Segment (2016–2026; US$ Mn)|
*Complete segmentation list is on report page
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