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Magnetic Ballasts Market Report
Magnetic Ballasts Market Trends, Dynamics & Market Insights
Magnetic Ballasts Market, By Type (Magnetic Magnetic Ballasts, Electronic Magnetic Ballasts), By Application (Residential, Industrial, Commercial), and Region - COVID-19 Impact Analysis and Forecast to 2026. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global magnetic ballasts market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The Magnetic Ballasts Market is estimated to grow from USD xx million in 2020 to USD xx million by 2026 at a healthy CAGR of xx% during the forecast period.
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Magnetic ballasts are the older ballast technology. For HIDs, some HPS lamps and metal halides use magnetic ballasts. Magnetic ballasts are primarily the culprit for buzzing and flickering as they regulate electricity incrementally. It regulates the voltage, a fluorescent light receives so that the bulb doesn't overheat and immediately explode.
Key players operating in the magnetic ballasts market are-
Growing demand for ballast control circuits from different compact fluorescent lamps or high-intensity discharge lamps worldwide boosts the industry's growth. Also, increasing demand for LED lighting augments the product demand. LEDs outperform the performance of traditional LCDs and cold cathode fluorescent lamps in terms of size, energy efficiency, reliability, and mechanical ruggedness. In addition, an advantage of the inductive magnetic ballast is that the UV lamp electrodes last longer because less electrode sputtering occurs.
Based on application, the magnetic ballasts market is categorized into residential, industrial, and commercial. The industrial segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. Digital innovation which is taking place in the lighting industry is likely to surge the demand for lighting ballast, which helps the lighting appliances to perform various functions such as automatic shut-off, daylight harvesting, personal dimming & demand response among others, further bolstering the segment growth.
By region, the Asia Pacific market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to the increasing concentration of lighting ballast manufacturers in this region along with rising demand from well-established LED light manufacturers, further proliferating the regional market growth.
The COVID-19 outbreak has moderately affected the magnetic ballasts industry. Rising coronavirus cases across the globe resulted in stringent social distance and lockdown norms across the globe, which led to supply chain disruption, thus affecting the product demand. The coronavirus pandemic has created a decline in the need for energy-efficient lighting in the residential sector. In addition, the industrial operations were affected due to a temporary halt and limited workforce, which further affected the industry growth.
The following is a list of the customers that the magnetic ballasts market aims to convert the most:
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LEDVANCE (Germany), Industrias Sola Basic (ISB) (Mexico), Advance Ballast (US), Robertson (UK), Helvar (Finland), and Universal Lighting Technologies (US) are among the key players in the magnetic ballasts market.
Growing demand for ballast control circuits from different compact fluorescent lamps or high-intensity discharge lamps, increasing demand for LED lighting are the factors driving the growth of magnetic ballasts market.
The industrial segment is expected to register a healthy CAGR in the magnetic ballasts market in the coming years.
Asia-pacific accounted for the largest share in the magnetic ballasts market during the next five years.
Magnetic ballasts vendors, Magnetic ballasts retailers, Consumer electronic companies, Lighting companies are the target audience in the magnetic ballasts market.
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