The global LED
(Light-emitting diode) drivers market size is expected to reach
USD 14.19 billion by 2024 according to a new report by Grand View Research,
Inc. LEDs are increasingly capturing more market share across lighting and
display segments, which is anticipated to grow over the future owing to
high-efficiency benefits. As the marketplace is driven by the concept of
offering consumers with the most effective and efficient lighting products,
LEDs win easily. LED lighting products are replacing the traditional lighting
products due to numerous benefits such as longer life, greater energy
efficiency, increased environmental friendliness, miniaturization, lower heat
output and directionality.
The growing demand for IoT is compelling companies to
make their products compatible with it, including LED lighting solutions. The
concept of smart cities, an initiative by several governments to improve the
energy efficiency in most populated cities, is expected to contribute to the
industry growth. Companies are collaborating and joining forces to facilitate
the deployment of public lighting systems to cities around the world connected
with a remote management for energy saving and efficient maintenance. For
example, recently in 2016, Vodafone and Philips Lighting collaborated for smart
cities and connected lighting services.
Moreover, there is an increase in demand for drivers
with small power loss, a lower system package, and lower cost for applications
in the low- to mid-power range while still providing high reliability. In order
to meet the requirements, driver manufacturers have been incorporating
Primary-Side Regulation (PSR) to lower cost by eliminating secondary feedback
circuitry as well as Power-Factor Correction (PFC) circuitry for higher power
quality.
Browse full research report on LED Driver Market: https://www.grandviewresearch.com/industry-analysis/led-drivers-market
Further
key findings from the report suggest:
- The constant current segment is anticipated to grow at CAGR of over
15% from 2016 to 2024. Constant current drivers provide greater system reliability
for general lighting applications than constant voltage drivers. Moreover,
it avoids the absolute forward current, which maximizes light output
without overstressing LEDs ensuring matched luminous intensity essential
for backlighting applications, display illumination, and LEDs. This has
caused a shift of lighting market towards constant current drivers for a
wide range of applications in commercial, residential and industrial
sectors.
- The outdoor lighting segment is anticipated to witness a strong
growth with a CAGR of nearly 16% over the forecast period, owing to the
increased investments in Europe and Asia Pacific. The German government is
planning to reduce carbon emissions by 40% by 2020, which will increase
the demand for Light-emitting diode lighting contributing towards the
industry growth. Moreover, the digital signage segment is anticipated to
grow significantly over the next eight years, creating a significant
demand for LEDs fueling the LED drivers’ growth.
- The commercial end-use segment is expected to grow at a CAGR of
over 15% from 2016 to 2024. The segment has witnessed high adoption of LED
lights as an alternative to HID, incandescent and fluorescent lighting
owing to the growing construction of commercial buildings, retail stores
and office spaces across countries such as India, China and Australia,
which will drive the demand for energy efficient drivers.
- Asia Pacific dominated the industry contributing to over 46% of the
global revenue in 2015. Stringent government regulations across Asia
Pacific are expected to fuel the demand for efficient lighting solutions.
Moreover, a decline in the average selling price of drivers has resulted
in a rise in the demand across the lighting industry.
- Key industry participants include AC Electronics, Atmel
Corporation, Cree, Inc., General Electric Company, Harvard Technology
Ltd., Koninklijke Philips N.V., Lutron Electronics Co., Macroblock Inc.,
Maxim Integrated Products, Inc., NXP Semiconductor N.V., On Semiconductor
Corporation, Osram GmbH, ROHM Semiconductors and STMicroelectronics N.V.
Manufacturers operating in the market are investing immensely on R&D
and focusing on product differentiation with advanced technologies owing
to the competitive nature of the market.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/automotive-and-transportation
Grand
View Research has segmented the global LED drivers market on the basis of
supply type, application, end-use and region:
LED
Drivers Supply Type Outlook (USD Million, Million Units, 2014 - 2024)
- Constant
voltage
- Constant
current
LED
Driver Application Outlook (USD Million, Million Units, 2014 - 2024)
- Automotive
- Consumer
electronics
- Outdoor
lighting
- Signage
- Others
LED
Driver End-Use Outlook (USD Million, Million Units, 2014 - 2024)
- Industrial
- Commercial
- Residential
LED
Driver Regional Outlook (USD Million, Million Units, 2014 - 2024)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- India
- China
- Japan
- Korea
- Latin America
- Brazil
- Mexico
- Middle East
& Africa
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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