Press release
LED Drivers Market Report Perceives A Fabulous Growth Prospects; Unleashed Market Insights Till 2025 (SARS-CoV-2, Covid-19 Analysis)
LED Drivers Market
Light emitting diodes, abbreviated and commonly known as LEDs, have gained much popularity in recent years. It was discovered in 29161, and in the current era, it has taken over the lighting industry due to its energy-efficiency. However, the specialized devices that facilitate the use of LED are, like transformers for low-voltage bulbs or ballasts for fluorescent lamps, are the LED drivers. These devices are responsible for providing LEDs with the correct amount of power supply for functioning. Thus, the LED driver market has gained much traction with the rising adoption of LED lighting technologies.
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How is LED’s popularity Set to Impact LED Drivers Market?
It is important to understand the benefits of LED to understand the lucrativeness of the future trajectory of the LED drivers market. The product has gained multiple applications across different industry verticals which are supposed to prompt market growth in the coming years. Led s have mainly gained traction as it proven to be around 80% more efficient than the conventional incandescent and fluorescent lights. Thus, the rising awareness about this is further expected to augment the demand for the product. In turn, this is projected to lead the growth trajectory of the LED drivers market. Moreover, 95% of the energy in LEDs is converted to light, which means that the energy wasted as heat accounts for only 5%. This is another factor that has helped the LED technology to raise awareness to boost demand for itself.
Segmentation
According to Market Research Future, the market for the global LED drivers has been segmented on the basis of type, component, luminaires type, application, and region.
LED drivers are electrical components that delivers power to an LED or an array of LEDs in a regulated waymanner. LED drivers are gaining popularity among the masses owing to the benefits theyits offers which include premature failure, low voltage consumption, and increased LED life span. Growing adoption of LED lighting, in general lighting applications and increase in smart street lighting projects across the globe are the key factors driving the LED drivers market.
Based on type, the market has been categorized as constant voltage and constant current. The constant current segment is projected to account for the larger share during the review period owing to its benefits such as a high consistent brightness and burnout/thermal runaway avoidance. However, the constant voltage segment is expected to register the a significant CAGR during the forecast period. In 2017, Hatch Lighting had launched a new product line of constant voltage LED drivers for use with MLV (TRIAC) dimmers.
Based on component, the market has been categorized into driver IC, discrete component, and others. The driver IC segment dominated the market in 2018. This segment is expected to register the highest CAGR during the forecast period from 2019 to 2025.
Based on luminaires type, the market has been categorized as type A lamps, decorative lamps, T lamps, reflectors, and others. The tType-A lamps segment is expected to dominate the review period, however, the T lamps segment is expected to register the highest CAGR during the forecast period. The low cost and effective lighting capabilities at low voltage drive the demand for T lamps among the masses.
Based on application, the market has been categorized as commercial lighting, industrial lighting, automotive lighting, residential lighting, and others. The commercial lighting segment is expected to dominate the review period whereas the automotive lighting segment is expected to register the highest CAGR during the forecast period. The advancement in automotive LED lighting and demand for low- voltage consumption consuming lighting for vehiclesby a vehicle lighting drive the demand for LED drivers market.
Regional Analysis
The geographic analysis of the global LED drivers market has been done for North America, Europe, Asia-Pacific, and the rest of the world.
The North American market has been segmented into the US, Canada, and Mexico. The regional market is expected to account for a significant share of the global LED drivers market during the review period. The growth of the market in North America can be attributed to the high concentration of market players and the easy availability of proficient technical expertise in the region. Furthermore, the rise in smart street lighting and smart building projects in the region is expected to drive the demand for LED drivers in the region.
In terms of market size, Europe is expected to hold the second-largest share in the LED drivers market. The European market has been divided into the UK, the Netherlands, Germany, France, and the rest of Europe. Germany generates the highest demand for LED drivers in Europe, whereas the market in France is expected to register the highest growth rate during the forecast period.
The market in Asia-Pacific is expected to hold the largest market share and register the highest CAGR during the review period of 2019 to 2025. The regional market has been classified as China, Japan, India, South Korea, and the rest of Asia-Pacific. China is among the leading revenue generators in the Asia-Pacific LED drivers market. Reduction in prices of LED lighting, rapid urbanization and changing lifestyles of people, and increase in the number of government initiatives to promote energy-saving lighting is expected to drive the demand for LED drivers in Asia-Pacific
The rest of the world includes South America, and the Middle East, and Africa. Among these, the market in the Middle East and Africa is expected to register the highest CAGR during the forecast.
Key players
The key players profiled in the global LED drivers industry research report are Osram GmbH (Germany), Harvard Technology Ltd. (UK), Texas Instruments (US), Maxim Integrated (US), Macroblock Inc. (Taiwan), Atmel Corporation (US), General Electric Company (US), Cree, Inc. (US), ROHM Semiconductors (Japan), ON Semiconductor (US), AC Electronics (US), Signify Holding (Netherlands), Lutron Electronics Co., Inc. (US), NXP Semiconductors N.V. (Netherlands), and STMicroelectronics N.V. (Switzerland).
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