Valley Cottage, NY -- (SBWire) -- 06/06/2018 --The global HID ballast market is expected to decline gradually over the period of 10 years between 2017 and 2027. This market is expected to register a growth rate of -9.1% during the forecasted period. In a bid to sustain revenue growth, key market players are laying emphasis on increasing their product offerings and providing innovative products to achieve competitive edge, specifically over other local players. One of the significant reasons behind the declining growth of the market is increasing replacement of HID with new energy efficient LED luminaries. According to the new report published by Future Market Insights titled "HID Ballast Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)," companies are focussing on expanding their businesses in the growing markets of developing countries and are striving to offer high quality products at competitive prices. Global sales of HID ballasts is estimated to be valued at US$ 9,061.6 Mn in 2018 and this is projected to drop down to US$ 3,647.5 Mn by 2027.
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Global HID Ballast Market: Key Regional Takeaways
Increasing government investments for the replacement of conventional lighting with energy efficient lighting systems is expected to provide traction in the North America HID ballast market during the forecast period
Growing adoption and subsequent sales of energy efficient lighting systems for enhanced outdoor brightness in areas such as stadiums and parking spaces is expected to create an opportunity for electronic ballasts over the forecast period
Rising replacements of tunnel lighting and street lighting as well as a growing trend for decorative lighting is estimated to propel the Latin America HID ballast market throughout the forecast period
Regional manufacturers are focussing on increasing the illumination efficiency of car headlights. This may influence the application of HID ballast in the automotive sector during the forecast period
Global HID Ballast Market: Forecast by Product Type
On the basis of product type, global HID ballast market is segmented into electromagnetic ballast and electronic ballast. Electromagnetic ballast technology improves the performance of lighting systems owing to its higher efficiency, optimal lumen maintenance as well as enhanced colour control over magnetic HID Ballast. The electromagnetic ballast segment is estimated to be valued at US$ 1,038.5 Mn in 2017 and this is anticipated to reach US$ 287.1 Mn by the end of 2027. Due to limited usability and subsequently decreasing sales in the global market, the electromagnetic ballast segment is expected to shrink rapidly over the forecast period.
Global HID Ballast Market: Forecast by Application
On the basis of application, the global HID ballast market is segmented into automotive, residential, commercial, industrial, and outdoors. Automotive components manufacturers, mainly headlights and headlamps manufacturers, are focussing on the manufacturing of energy efficient lamps such as HID lamps and LED lamps to enhance the vision of the driver. The automotive application segment was pegged at 64,510 ('000 Units) in 2016 and is expected to reach 28,327 ('000 Units) by 2027 end while expanding at a CAGR of -7.5% over the forecast period.
Global HID Ballast Market: Forecast by Sales Channel
The sales channel segment comprises offline and online segments. Offline sales has been a prominent channel for most of the market players due to the fact that they gain direct access to the customer to portray their offerings. It offers high chances of negotiations and also helps build better business relations. On the other hand growing internet infrastructure is likely to create significant opportunities for market players aiming to capitalise on lucrative opportunities in the untapped markets of several developing nations.
Global HID Ballast Market: Forecast by Region
The key regions of North America, Latin America, Eastern Europe, Western Europe, APEJ, Japan and MEA are covered in this report. Growing construction infrastructure, a rapidly expanding commercial sector and rising demand for outdoor and parking lighting are providing high traction for the HID ballast market in APEJ.
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Global HID Ballast Market: Competitive Landscape
Some of the key leaders operating in the global HID ballast market are Philips Lighting Holding B.V., General Electric Company, Fulham Co., Inc. Villa Industrias, S.A. de C.V., Eaton Corporation
Westinghouse Electric Corporation, Morimoto HID, Satco Products Inc., Howard Industries, Inc., Halco Lighting Technologies, Iris Energy Private Limited, OSRAM Licht AG, HELLA KGaA Hueck & Co., Universal Lighting Technologies, GUANGZHOU FUCHW INDUSTRIAL CO., LTD., Lighting and Power Technologies, LLC, and Advanced Lighting Technologies, Inc.
HID Ballast Market Segmentation, Industry Trends and Development to 2027
Future Market Insights has announced the addition of the “HID Ballast Market :Global Industry Analysis Opportunity Assessment 2027” report to their offering.