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Market research analysts at Technavio have predicted that the global LED lighting ballast market will grow impressively during the forecast period and will post a CAGR of more than 26% by 2020. Lighting applications account for a considerable share of the global energy consumption. The escalating energy costs and consumption will compel both governments and consumers to reduce power consumption by employing energy-efficient lighting solutions. LED lights reduce energy consumption more effectively than the incandescent lamps and are also more durable than incandescent bulbs. Moreover, the implementation of flexible LED technology will enable the effective use of lighting controls, which will increase the potential for power saving. This will encourage more consumers to deploy LED lighting in many sectors, resulting in the augmented growth of the LED ballast market.
Several cities across the globe, especially in the developed countries, have started revamping their homes to smart homes, where the home network is always connected to consumer electronic devices and entertainment gadgets that interact with each other. The smart home market will grow significantly during the predicted period and will accelerate the installation of intelligent lighting systems including lamps and fixtures, which in turn, will accelerate the adoption of LED lamps and lighting ballasts for residential applications.
The market is characterized by the presence of well-diversified international and regional vendors. As the international players are increasing their footprint in the market, the regional vendors are finding it difficult to compete with them in terms of quality, technology, and price. As a result of the increase in product/service extensions, innovations in technology, and M&As, the competitive environment in this market is likely to intensify in the coming years. The international players will grow inorganically during the forecast period by acquiring regional or local players. To retain their market share and to stay ahead of their competitors, LED lighting ballast manufacturers not only have to develop new technologies, but will also have to keep ahead of emerging technologies that can have an impact on their product lines.
The prominent vendors in the market are –
This market study estimates that in terms of geography, APAC accounted for more than 50% of the total share of the market during 2015. The region is witnessing a rapid increase in the demand for general lighting from the residential segment. Also, the availability of low-cost labor and raw materials have resulted in the region attracting several international companies to establish their manufacturing units. APAC is also becoming a hub for industries such as retail, hospitality, and healthcare. This will increase the demand for lighting ballasts from the commercial segment as well.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Technology landscape
PART 06: Market landscape
PART 07: Market size and forecast
PART 08: Analysis
PART 09: Geographical segmentation
PART 10: Market drivers
PART 11: Impact of drivers
PART 12: Market challenges
PART 13: Impact of drivers and challenges
PART 14: Market trends
PART 15: Vendor landscape
PART 16: Appendix
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