Albany, NY -- (SBWIRE) -- 11/10/2017 -- According to a new research report published by Transparency Market Research, a U.S.-based research and intelligence firm, the for Latin America Energy Efficient Lamps And Ballasts Market is expected to reach US$3,510.1 million by the end of 2018. The report, titled "Energy Efficient Lamps and Ballasts Market - Latin America Industry Analysis, Market Size, Share, Growth, Trends and Forecast, 2012 - 2018", also indicates that the market is expected to grow at a healthy CAGR of 23.0% during the forecast period from 2012 to 2018.
However, a sluggish growth rate is anticipated after a decade owing to the long life span of energy efficient lamps such as compact fluorescent lamps (CFL), and light emitting diode (LED) lamps. Most of the countries in Latin America have proactively participated in the drive to gradually phase out the use of incandescent bulbs and lamps. This has created significant opportunities for the energy efficient lamps and ballast market to capitalize on. The demand for energy efficient lamps is mostly driven by the demand for replacement of obsolete items and new installments in Latin America.
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The market for energy efficient lamps and ballasts in Latin America has been analyzed by the report on the basis of different product categories that are currently available in the market. The publication segments the market into CFLs, high intensity discharge (HID) lamps, fluorescent lamps, and LED lamps in terms of product types. According to the findings of the report, among these segments the market for LED lamps and CFLs is projected to register maximum demand during the forecast period from 2012 to 2018. Fluorescent lamps accounted for maximum demand in the market in 2012. This rise in demand was greatly contributed by the low cost of energy efficient lamps. However, trends indicate that significant reduction in the price of CFLs and surge in demand for energy efficient lamps is expected to bolster growth in the market in the forthcoming years. LED lamps are projected to register maximum demand in the energy efficient lamps and ballasts market in Latin America by the end of 2018.
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The different geographic regions analyzed by the report include Brazil, Mexico, South America, Argentina, Central America, and the Caribbean. Among these regions, Mexico, Argentina, and Brazil are the fastest growing markets for energy efficient lighting and ballasts in Latin America. These countries have already reached the advanced stage of transforming its electricity landscape into energy efficient lighting solutions. The expansion of the market for energy efficient lights in the region is primarily driven by the fact that Latin America has been host to FIFA World Cup 2014 and is slated to host the Olympics 2016 as well.
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According to the report, major companies dominating the market include Philips Lighting, Acuity Brands, OSRAM, GE electronics, Havells, Cooper Lighting, and many more. The region also imports products from Chinese manufacturers.