Lucintel Forecasts LED Driver Market to Reach $21.9 Billion by 2027

According to the recent study the LED driver market is projected to reach an estimated $21.9 billion by 2027 from $9.6 billion in 2021, at a CAGR of 15% from 2021 to 2027. Growth in this market is primarily driven by increasing building and construction activities, favorable government regulation for energy efficiency, and increasing adoption of LED lightings in emerging countries.
Browse 113 figures / charts and 98 tables in this 183 -page report to understand trends, opportunities and forecast in LED driver market by supply type (constant current and constant voltage), luminaire type (type A lamp, decorative lamp, T lamp, reflectors and others), applications (general lighting, automotive lighting and backlighting), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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"Constant current market is expected to remain the largest segment during the forecast period."
Based on supply type, the LED driver market is segmented into constant current and constant voltage. Lucintel forecasts that the constant current is expected to witness the largest segment over the forecast period and it is also expected to witness the highest growth due to ability to provide consistent brightness with lower power consumption and increasing demand in LED backlighting and general lighting applications.
"Within the LED driver market, the general lighting segment is expected to remain the largest application"
Based on application, the general lighting segment is expected to witness the largest segment and it is also expected to witness the highest growth over the forecast period due to increasing demand for energy-efficient products in residential and commercial lighting, increasing usage of the LED driver for building and lighting management system, and decreasing price of LEDs.
"Asia Pacific will dominate the LED driver market in near future"
Asia Pacific is expected to be the largest region and it is also expected to witness the highest growth over the forecast period due to increasing penetration of LED lighting in automotive and building & construction industry. Production and consumption of LED lighting in China is highest; modernization of infrastructure is expected to propel the demand for lighting products in China.
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Major players of LED driver market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Texas Instruments, Toshiba Semiconductor, STMicroelectronics, ON Semiconductor, and ROHM Semiconductor are among the major LED driver providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/led-driver-market.aspx or helpdesk@lucintel.com
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