The global LED drivers market is witnessing rapid sales due to the pressing demand for energy-efficient lights. Additionally, the booming automotive sector drives considerable market demand. Moreover, the rising demand for energy-efficient lights and increasing use in the digital advertising & consumer electronics sector accelerate the market growth.
According to Market Research Future (MRFR), the global LED drivers market valuation is expected to reach USD 17,522.74 Million by 2026, growing at 25.25% CAGR throughout the assessment period (2020-2026). Extensive uptake of LEDs in various small and large devices across the electronics industry is a major growth driver for the substantial market demand.
Recent COVID-19 pandemic increased the importance of sanitizing more than ever. This further has pushed applications of UV-C LED disinfection technology. LED drivers would play a causal role and the features needed for UV-C applications. Rising developments of compact, efficient, and effective UV-C LED lights to kill germs are expected to boost the market size, requiring accurate drivers to ensure safe and optimal operation.
Global LED Drivers Market – Segments
The LED driver market report is segmented into type, component, luminaires type, application, and region. The type segment is sub-segmented into constant voltage and constant current. The component segment is sub-segmented into driver IC, discrete component, and others.
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The luminaires type segment is sub-segmented into type A lamps, decorative lamps, T lamps, reflectors, and others. The application segment is sub-segmented into commercial lighting, industrial lighting, automotive lighting, residential lighting, and others. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Global LED Drivers Market – Regional Analysis
The Asia Pacific region dominates the global LED drivers market. Major factors bolstering the market growth include rapidly dropping prices of LED lighting, rapid urbanization, and changing lifestyles of people. Besides, increasing government initiatives to promote energy-saving lighting drive the growth of the market. Moreover, rapid developments in the automotive lighting industry in this region boost the market demand.
Exploding adoption of LED technology in mobiles & televisions and growing numbers of industries in various APAC countries influence the market growth. China is the largest market for LED drivers in the region, while Japan and India hold the second and third positions, respectively. The APAC LED drivers market is expected to continue with its dominance throughout the forecast period.
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Europe derives the second-largest share in the global LED drivers market. The market growth is driven by the strong presence of key market players and the easy availability of proficient technical expertise. Additionally, the convergence of IoT and lighting has promoted its adoption in smart building technologies in Europe.
Recent EU legislation would bring a major shift in the LED lighting market. The proliferating applications across a wide spectrum of industries, from healthcare to the lighting industry, support the LED drivers market in the region.
The North American LED drivers market is projected to acquire a substantial market share. Factors such as large technological advances and rapid adoption of telecommunication devices & efficient lighting systems push the regional market growth hugely. Furthermore, the rapidly growing sectors such as electronics, telecommunications, and medical devices foster the growth of the market.
Global LED Drivers Market – Competitive Analysis
Highly competitive, the LED drivers market appears fragmented, with several big and small players churning the market competition. The volumetric nature of the market reflects intense pricing pressure. The poor differentiation of raw materials is a significant factor that leads to hiking price sensitivity in the market.
Simultaneously manufacturers are shifting their bases to emerging regions where the labor costs are lower, a trend hastened by the advent of affordable shipping. Manufacturers use a variety of distribution channels to gain a larger LED drivers market share.
Major Players
Players driving the global LED drivers market include Harvard Technology Ltd. (UK), Osram GmbH (Germany), Texas Instruments (US), Macroblock Inc. (Taiwan), Maxim Integrated (US), Atmel Corporation (US), Cree, Inc. (the US), General Electric Company (US), ROHM Semiconductors (Japan), AC Electronics (US), ON Semiconductor (US), Signify Holding (Netherlands), NXP Semiconductors NV (Netherlands), Lutron Electronics Co., Inc. (US), and STMicroelectronics NV (Switzerland), among others.
Industry/ Innovation/ Related News:
March 18, 2021 —- Cuvée Systems Inc. (the US), a leading global developer of the most innovative power electronics, announced that its Universal Quad Mode Driver ideal for both residential and commercial applications. These drivers are being sold in three different constant current outputs.
With multiple international certifications, an ultra-compact size and plastic and metal housing options, this driver streamlines the installation in a wide range of lighting environments.
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