Dublin, Aug. 21, 2024 (GLOBE NEWSWIRE) — The “Digital Ballasts – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Digital Ballasts is estimated at US$505.8 Million in 2023 and is projected to reach US$650.6 Million by 2030, growing at a CAGR of 3.7% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the digital ballasts market is driven by several factors, including the rapid expansion of the LED lighting market, which often utilizes digital ballast technology for optimal performance. Another significant growth driver is the increasing adoption of green building practices, where energy-efficient components are essential for certification under standards like LEED and BREEAM. Consumer behavior has also shifted towards more sustainable living, influencing demand across residential, commercial, and industrial sectors.
Furthermore, the enhancement of global supply chains and the reduction in costs of electronic components have made digital ballasts more accessible and appealing to a broader market. This convergence of technology advancement, regulatory pressures, consumer preferences, and economic factors positions the digital ballasts market for continued expansion and innovation
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Multi-Wattage Digital Ballasts segment, which is expected to reach US$283.4 Million by 2030 with a CAGR of a 4.1%. The Dimmable Digital Ballasts segment is also set to grow at 3.5% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $137.8 Million in 2023, and China, forecasted to grow at an impressive 7.0% CAGR to reach $136.4 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Acuity Brands, Inc., Atlas Electricals Private Limited, Decent Enterprises, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $505.8 Million |
| Forecasted Market Value (USD) by 2030 | $650.6 Million |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Digital Ballasts – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Advances in Lighting Technology Propel Growth in Digital Ballasts Market
- Rising Demand for Energy Efficiency Drives Adoption of High-Performance Digital Ballasts
- Increasing Focus on Sustainable Lighting Solutions Expands Market Opportunities
- Stringent Energy Regulations Strengthen Business Case for Digital Ballasts
- Growth in Commercial Agriculture Spurs Demand for Advanced Horticultural Lighting
- Expansion of Global Green Building Initiatives Generates Demand for Eco-Friendly Lighting
- Technological Innovations in Dimming Capabilities Enhance Market Appeal
- Rising Popularity of Smart Home Systems Influences Integration with Digital Ballasts
FOCUS ON SELECT PLAYERS
- Acuity Brands, Inc.
- Atlas Electricals Private Limited
- Decent Enterprises
- Eata Electronics
- Fulham Co., Inc.
- Gavita International B.V.
- Hydrofarm LLC.
- Intelux Electronics Pvt. Ltd.
- Lumatek Ltd.
- Lutron Electronics Co., Inc.
- Quiz Electronics LLP
- Schneider Electric SE
- Signify Holding
- Standish Milling Company
For more information about this report visit https://www.researchandmarkets.com/r/s2s9ds
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Source: Crypto Insider