Newark, NJ, Oct. 21, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global LED driver market is expected to grow from USD 6.25 billion in 2020 and to reach USD 37.73 billion by 2028, growing at a CAGR of 25.2% during the forecast period 2021-2028.
The LED driver Market Is witnessing significant growth from the past years. This growth is because they provide key benefits for LED lighting with smaller form factors, higher reliability and higher efficiency on the dimming curve. The increase in energy efficiency policies by the federal government and councils of all countries has deliberately motivated investments in energy-efficient practices and technologies. Display devices, such as smartphones, tablets, laptops and televisions, have widely adopted LED backlight systems due to their low power consumption and small and thin packaging capacity. Despite their wide adoption, manufacturers continue to invest in backlight systems to enhance the user experience.
LED driver is referred to as an electrical device that helps supply power to a string of LEDs in a regulated manner is an LED driver. The LED driver is used to prevent premature failure of the LED by controlling the thermal runaway. Thermal runaway is a phenomenon in which the temperature of the LED increases, the forward voltage VF and the light decrease as the current increases. While designing the LED driver, various factors, such as the need to have a constant current or voltage driver, and another factor is the type of LED to be used, space constraints, commercial viability, the device of application, and other factors.
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The global LED driver Market Is expected to witness significant growth due to factors such as increasing technological advancement in lighting components and initiatives to develop technologically advanced and sustainable living spaces, growing penetration of LED lighting in various applications, such as outdoor, automotive, industrial and horticulture across the globe, rising demand for intelligent IOT-based lighting solutions. The factors restraining the market growth are Solid-state lighting (SSL) and driver manufacturers worldwide follow their standards in manufacturing such an essential component of lighting systems, resulting in a lack of interoperability between end-use applications in developing regions. Investing more in research and development to improve the efficiency of existing lighting solutions will provide market growth opportunities.
Key players operating in global LED driver market include Atmel Corp., Cree, Inc., General Electric Company, Koninklijke Philips N.V., Macroblock, Inc., Lutron Electronics Co., Inc., Maxim Integrated Products, Inc., Harvard Technology Ltd., On Semiconductor Corp., Osram GmbH, STMicroelectronics, NXP Semiconductors N.V., Texas Instruments, Inc., and ROHM Semiconductors, AC Electronics. To gain a significant market share in the global LED driver Market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. AC Electronics and Atmel Corp. are some of the key manufacturers operating in LED driver Market.
- For instance, in June 2016, Fulham Company Group acquired Lumotech's LED driver business to strengthen its European distribution channels and develop sustainable energy solutions. This launch strengthened the position of the company across the world.
Constant Current segment dominated the market and held the largest market share of 57% in 2020
Based on supply type, the global LED driver market is segmented into constant current, constant voltage. The constant current segment dominated the market and held the largest market share of 57% in 2020. This growth is attributed to the rising usage in developing economies as they offer more control and ability to design uniform brightness and clear display and more efficient as they are able to stabilize the current flow, thus consuming less power than constant voltage drivers.
Consumer Electronics segment dominated the market and held the largest market share of 27% in the year 2020
Based on Application Type, the global LED driver market is segmented into lighting, consumer electronics, automotive, outdoor display. Consumer Electronics segment dominated the market and held the largest market share of 27% in 2020. This growth is attributed to the increasing growing adoption of smartphones and LED TVs.
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Regional Segment of LED Driver Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global LED driver market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific region held the largest market share of 18.16% in 2020. This growth is ascertained by the Asia-Pacific region owing to government subsidies, improved manufacturing facilities and greater penetration of LED lighting in the region and rapid economic expansion and an increasing number of households along with greater access to electricity in rural areas in the country. The market in North America is expected to witness significant growth, owing to growing adoption of LED lighting in the high-end and low-end automotive segments in the country. The Europe region is witnessing significant growth, because of the ban on less efficient halogen and incandescent bulbs along with profitable LED incentive programs.
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About the report:
The global LED driver market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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