Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
The global HID ballast market is expected to decline gradually over the period of 10 years between 2022 and 2027. This market is expected to register a growth rate of -9.8% during the forecasted period.
HID ballast sales are expected to reach US$ 6.8 billion in 2022, before falling to US$ 3.6 billion by 2027. One of the major reasons for the market's declining growth is the increased replacement of HID with new energy efficient LED luminaries.
Key market players are focusing on expanding their product offerings and providing innovative products to gain a competitive advantage, particularly over other local players, in order to maintain revenue growth.
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Global HID Ballast Market: Key Regional Takeaways
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 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 2022 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 2021 and is expected to reach 28,327 (‘000 Units) by 2027 end while expanding at a CAGR of -7.5% over the forecast period.
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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.
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.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 28, 2022