The global LED (Light-emitting diode) drivers market size is expected to reach USD 14.19 billion by 2024 according to a new report by Grand View Research, Inc. LEDs are increasingly capturing more market share across lighting and display segments, which is anticipated to grow over the future owing to high-efficiency benefits. As the marketplace is driven by the concept of offering consumers with the most effective and efficient lighting products, LEDs win easily. LED lighting products are replacing the traditional lighting products due to numerous benefits such as longer life, greater energy efficiency, increased environmental friendliness, miniaturization, lower heat output and directionality.
The growing demand for IoT is compelling companies to make their products compatible with it, including LED lighting solutions. The concept of smart cities, an initiative by several governments to improve the energy efficiency in most populated cities, is expected to contribute to the industry growth. Companies are collaborating and joining forces to facilitate the deployment of public lighting systems to cities around the world connected with a remote management for energy saving and efficient maintenance. For example, recently in 2016, Vodafone and Philips Lighting collaborated for smart cities and connected lighting services.
Moreover, there is an increase in demand for drivers with small power loss, a lower system package, and lower cost for applications in the low- to mid-power range while still providing high reliability. In order to meet the requirements, driver manufacturers have been incorporating Primary-Side Regulation (PSR) to lower cost by eliminating secondary feedback circuitry as well as Power-Factor Correction (PFC) circuitry for higher power quality.
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Further key findings from the report suggest:
The constant current segment is anticipated to grow at CAGR of over 15% from 2016 to 2024. Constant current drivers provide greater system reliability for general lighting applications than constant voltage drivers. Moreover, it avoids the absolute forward current, which maximizes light output without overstressing LEDs ensuring matched luminous intensity essential for backlighting applications, display illumination, and LEDs. This has caused a shift of lighting market towards constant current drivers for a wide range of applications in commercial, residential and industrial sectors.
The outdoor lighting segment is anticipated to witness a strong growth with a CAGR of nearly 16% over the forecast period, owing to the increased investments in Europe and Asia Pacific. The German government is planning to reduce carbon emissions by 40% by 2020, which will increase the demand for Light-emitting diode lighting contributing towards the industry growth. Moreover, the digital signage segment is anticipated to grow significantly over the next eight years, creating a significant demand for LEDs fueling the LED drivers’ growth.
The commercial end-use segment is expected to grow at a CAGR of over 15% from 2016 to 2024. The segment has witnessed high adoption of LED lights as an alternative to HID, incandescent and fluorescent lighting owing to the growing construction of commercial buildings, retail stores and office spaces across countries such as India, China and Australia, which will drive the demand for energy efficient drivers.
Asia Pacific dominated the industry contributing to over 46% of the global revenue in 2015. Stringent government regulations across Asia Pacific are expected to fuel the demand for efficient lighting solutions. Moreover, a decline in the average selling price of drivers has resulted in a rise in the demand across the lighting industry.
Key industry participants include AC Electronics, Atmel Corporation, Cree, Inc., General Electric Company, Harvard Technology Ltd., Koninklijke Philips N.V., Lutron Electronics Co., Macroblock Inc., Maxim Integrated Products, Inc., NXP Semiconductor N.V., On Semiconductor Corporation, Osram GmbH, ROHM Semiconductors and STMicroelectronics N.V. Manufacturers operating in the market are investing immensely on R&D and focusing on product differentiation with advanced technologies owing to the competitive nature of the market.
Grand View Research has segmented the global LED drivers market on the basis of supply type, application, end-use and region:
LED Drivers Supply Type Outlook (USD Million, Million Units, 2014 - 2024)
LED Driver Application Outlook (USD Million, Million Units, 2014 - 2024)
LED Driver End-Use Outlook (USD Million, Million Units, 2014 - 2024)
LED Driver Regional Outlook (USD Million, Million Units, 2014 - 2024)
Middle East & Africa
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