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.
In depth research report on LED
(Light-emitting Diode) Driver 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.
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
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
o
France
·
Asia Pacific
o
India
o
China
o
Japan
o
Korea
·
Latin America
o
Brazil
o
Mexico
·
Middle East &
Africa
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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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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