Lighting Ballasts Market to Exceed 872 Million Units by 2020

PUNE, India, August 30, 2016 /PRNewswire/ --

The global lighting ballasts market 2016-2020 report says declining manufacturing cost of LED will be a key trend for market growth because of the government subsidies on the purchase of semiconductor equipment such as metal-organic chemical vapor deposition (MOCVD), which are used for manufacturing LEDs. This has encouraged LED manufacturers to increase their LED production capacity. Also, favorable government support has enabled vendors to reduce the variable cost associated with manufacturing by operating their manufacturing facility at full capacity.

Complete report on lighting ballasts market spread across 95 pages, analyzing 16 major companies and providing 46 data exhibits now available at http://www.sandlerresearch.org/global-lighting-ballasts-market-2016-2020.html.

The analysts predict that by 2020, the global lighting ballasts market will exceed 872 million units. According to the lighting ballasts market report, offering government subsidies and incentive programs will be a key driver for market growth. Global warming and the rapid depletion of non-renewable energy highlight the indispensable need for energy conservation. Currently, it is estimated that lighting applications account for more than 20% of global electricity consumption. This high consumption has led several countries worldwide to frame policies that ban the use of inefficient lighting sources and promote the use of efficient lighting sources through subsidies and tax incentive programs. These incentives are being offered by different governmental and non-governmental entities. It is generally being offered by federal, state, and local governments or by utilities because of general efficiency requirements set by the government.

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.