Lighting ballasts: Key market research findings
- Demand for intelligent lighting systems
- Emergence of smart cities
- Key market players are Acuity Brands, Atlas Lighting Products, Eaton, GE, and Philips
Technavio’s market research analysts predict the global market for lighting ballasts to exceed 872 million units by 2020. Factors such as global warming and the rapid depletion of non-renewable energy emphasize on the indispensable need for energy conservation. Such requirements have propelled several countries to come up with energy-efficient lighting solutions such as lamp ballasts. At present, APAC dominates the market and accounted for around 42% of the total market shares. Much of the region’s growth can be attributed to the increasing use of lighting devices in residential applications.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The lighting industry is going through several technological advancements with the latest being the introduction of new generation intelligent lighting systems and controls. Electron ballast with embedded intelligence is gaining traction in the market as it enables the lighting system to adapt to the changing requirements. The ballasts are connected through a low-voltage bus, which allows it to perform several functions such as automatic shut-off, daylight harvesting, demand response, and personal dimming control. These intelligent lighting systems not only save energy but are also beneficial in providing valuable information that can be used for energy analysis and maintenance,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research.
The emergence of smart cities will be one of the major factors that will have a positive impact on the growth of the lighting ballasts market during the forecast period. Smart lighting helps conserve energy and lower the operational expenses and is an important aspect for the construction of smart cities. Governments have started announcing strategic partnerships with lighting manufacturers to install intelligent lighting systems and also to replace conventional street lights with automated energy-efficient LED lights. With the growing number of smart homes across the globe, the market for smart lighting and subsequently lighting ballasts will witness massive growth.
Some of the leading vendors in this market include Acuity Brands, Atlas Lighting Products, Eaton, GE, and Philips. Though the market is characterized by the presence of well-diversified international and regional vendors, the local vendors are finding it difficult to compete with international players who outshine them in terms of quality, technology, and price. As a result, international lighting ballast manufacturers are increasing their footprint in the market. An increase in product/service extensions, innovations in technology, and M&A activities is expected to intensify the level of vendor competition in the market in the next four years. International players will also start acquiring regional vendors and grow inorganically during the forecast period.
A more detailed analysis is available in the Technavio report, Global Lighting Ballasts Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
