The outlook for High-Intensity Discharge (HID) ballasts casts a shadow over the global lighting industry, with sales expected to decline at a Compound Annual Growth Rate (CAGR) of -9.8% from 2022 to 2027. This substantial decrease is foreseen to lead the market from its current valuation of US$ 6.8 billion in 2022 to a diminished value of US$ 3.6 billion by 2027.
Interestingly, HID ballasts currently command a modest 5.6% share of the overall global lighting products market. Despite their relatively small market presence, the sector has been impacted by stringent governmental regulations aimed at promoting energy-efficient lighting solutions worldwide.
Governments around the world have actively endorsed greener and more sustainable lighting alternatives to reduce energy consumption and address concerns related to climate change. Consequently, traditional HID ballasts have faced challenges in keeping pace with the evolving lighting landscape, marked by a surge in the adoption of LED and other energy-efficient alternatives.
Empower Your Decisions: Request Our Sample Report And Embrace Data-Driven Success. https://www.futuremarketinsights.com/reports/sample/rep-gb-4233
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.
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.
Stay Competitive By Adapting To Trends. Buy Now To Be A Frontrunner In Evolution: https://www.futuremarketinsights.com/checkout/4233
Key Players:
- 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
- Advanced Lighting Technologies Inc.
Key Segments of HID Ballast Industry Survey:
HID Ballast Market by Product Type:
- Electromagnetic HID Ballasts
- Electronic HID Ballasts
HID Ballast Market by Application:
- HID Ballasts for Automotive
- HID Ballasts for Residential
- HID Ballasts for Commercial
- HID Ballasts for Industrial
- HID Ballasts for Outdoors
HID Ballast Market by Sales channel:
- Online Sales of HID Ballasts
- Offline Sales of HID Ballasts
HID Ballast Market by Region:
- North America HID Ballast Market
- Latin America HID Ballast Market
- Europe HID Ballast Market
- East Asia HID Ballast Market
- South Asia & Pacific HID Ballast Market
- Middle East & Africa (MEA) HID Ballast Market
Chart Your Course: Invest In Custom Reports For In-Depth Analysis Of Strategic Regional Segments. https://www.futuremarketinsights.com/customization-available/rep-gb-4233
No comments:
Post a Comment