2016- In 2020, the annual growth rate of LED lighting ballast market reached 26. 2

The decline in manufacturing costs of LED has contributed to the growth of the market. Since 2012, the manufacturing cost of LED has been declining and will continue to decline in the forecast period. The decrease of chips and components used in the manufacturing process of LED devices leads to the decrease of LED manufacturing costs. The decrease of LED manufacturing cost leads to the decrease of initial installation cost of LED lamps. This has accelerated the LED research and marketing company's statement that the compound annual growth rate of the LED lighting ballast market from 2016 to 2020 reached 26. 2. The decline in manufacturing costs of LED has contributed to the growth of the market. Since 2012, the manufacturing cost of LED has been declining and will continue to decline in the forecast period. The decrease of chips and components used in the manufacturing process of LED devices leads to the decrease of LED manufacturing costs. The decrease of LED manufacturing cost leads to the decrease of initial installation cost of LED lamps. This accelerates the application of LED lamps. According to reports, another key driving force for the growth of this market is the demand for energy-saving lighting solutions. Increasing energy consumption forces the government and consumers to reduce energy consumption and adopt energy-saving lighting solutions. LED can not only provide effective lighting, but also save energy consumption. The energy consumption of LED is less than that of traditional incandescent lamp, and LED lamp is more durable than incandescent lamp. In addition, flexible LED technology enables people to effectively use lighting control, thus increasing the potential of energy conservation and consumption reduction. These have prompted consumers to adopt LED lighting in many industries. In addition, the report points out that one of the major challenges in the market will be the high average cost of LED lamps.