Global LED Lighting Ballast Market to Grow 26.2% by 2020

The global LED lighting ballast market to grow at a CAGR of 26.2% during the period 2016-2020. The declining manufacturing cost of LEDs will be a key trend for market growth. The manufacturing cost of LEDs have been declining since 2012 and will continue to decline during the forecast period. The decline is mainly due to the declining ASP of the chips and components used in the manufacturing process of the LED devices. The reduction in manufacturing cost of LEDs is leading to the decline in initial installation cost of LED lamps and fixtures. This is accelerating the installation of new LED lamps and fixtures across all the application segments. 

According to the report, demand for energy efficient lighting solutions will be a key driver for market growth. Escalating energy cost and consumption has been compelling both governments and consumers to reduce energy consumption and employ power-saving lighting solutions. LEDs are technically efficient in terms of lighting and power consumption. LEDs limit power consumption more effectively than conventional incandescent bulbs. In addition to providing power-efficient lighting, LED bulbs are considerably more durable than incandescent bulbs, by up to thousands of hours. Also, flexible LED technology enables the effective use of lighting controls and thus, increases the potential for saving. This factor has encouraged consumers to deploy LED lighting in many sectors, resulting in wider adoption.