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Global LED Panel Light Drivers Market Technological Improvements Steering Growth during 2018-2028 / Koninklijke Philips N.V., OSRAM Pvt. Ltd., Havells India Ltd, Wipro Limited, Bajaj Electricals Ltd., Eveready Industries India Ltd
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LED panel lights are ideal for illuminating the indoor spaces of offices and residential sectors. They are also used in several indoor platforms, such as manufacturing facilities, gymnasiums, warehouses and more.
Increase in the number of new entrants in corporate sectors has boosted the adoption of LED panel lights. New business entrants and organisations are working continuously to create an innovative ambiance in their business premises, which is increasing the adoption of LED panel light drivers. On the other hand, LED panel light drivers and lights are now commonly used for the interior decoration of homes owing to several reasons, which include quality, material, different colour options, flexibility in design, energy efficiency and the long lifespan of LED panel drivers & lights. These are some of the factors driving the market of LED panel light drivers.
However, due to their multiple features, LED panel light drivers are not able to save power. LED panel light drivers deliver lower output as compared to other spot LED downlights that consume the same watts of power, owing to their diffuser that helps spread light uniformly. Moreover, there are areas in developing regions where traditional lamps, CFLs and other types of lighting are still being used.
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In these regions, LEDs are not widely used due to their higher price as compared to traditional lighting products. This acts as a restraint for the LED panel light drivers market as these there is no demand for LED panel light drivers in these regions. The above-mentioned factors are expected to hamper the growth of the market.
LED Panel Light Drivers Market: Key Players
Examples of some of the market participants in the global LED panel light drivers market identified across the value chain include Koninklijke Philips N.V., OSRAM Pvt. Ltd., Havells India Ltd, Wipro Limited, Bajaj Electricals Ltd., Eveready Industries India Ltd., Syska Hennessy Group, Ajanta Manufacturing Limited and Moser Baer India Limited.
LED Panel Light Drivers Market: Regional Overview
On the basis of geography, the LED panel light drivers market can be segmented as North America, Latin America, Europe, CIS & Russia, Asia Pacific excluding Japan, Japan and the Middle East & Africa. Among various regions, Greater China and India are expected to be the largest markets, and Japan is expected to be an emerging market due to the increasing penetration of LED panel lights in the residential and commercial sectors. Production and usage of LED panel lights in Greater China is the highest and urbanisation of infrastructure in the country is expected to propel the demand for lighting products. In the MEA region, there is high demand for LED panel light drivers owing to smart city projects in Qatar and UAE. In terms of value, the North America region is expected to dominate the LED panel light drivers market followed by China and Asia Pacific excluding Japan, and Greater China, the U.S. and India are expected to be among regions holding a significant market share.
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